Mainland growth may exceed target

China's economic growth may accelerate to 8 per cent next year, with the new leadership maintaining macroeconomic policies but focusing more on promoting social equality.

The annual central economic working conference, usually held in early or mid-December, will likely maintain the 2013 annual growth target at 7.5 per cent, unchanged from this year's, said He Keng, a deputy director of the Financial and Economic Affairs Committee of the National People's Congress. This was his personal view.

Economists have been discussing whether incoming Premier Li Keqiang may favour growth as low as 7 per cent for next year.

But He told the South China Morning Post that "lowering the growth target looks unnecessary for now, mainly because the economy has been recovering".

On the other hand, policy makers will be careful not to raise the target in 2013, given mounting challenges like subdued export growth and tepid domestic consumption, which is unlikely to rebound significantly within the short term, He said.

As a legacy of the planned economy, Beijing has been setting annual growth targets, which largely serve as guidance for policy but not closely linked with the actual forecasts.