Top Chinese leaders stress 'new normal' growth
Beijing likely to tolerate slower rate with focus with higher efficiency
China's top leaders said they were confident of achieving their major economic goals for this year as they laid out a blueprint for 2015 designed to keep growth steady while pursuing new investment-led infrastructure and technology initiatives.
Wrapping up the three-day Central Economic Work Conference yesterday, the leaders vowed to guide a slower but greener and more sustainable "new normal" growth - but emphasised rising economic risks.
"The main goals and tasks for the full year are expected to be completed relatively well, with the economy running in a reasonable range while positive changes emerge in economic restructuring," a statement issued through Xinhua said.
Analysts widely expect economic growth to slow to a 24-year-low of 7.4 per cent this year. Beijing has said it will tolerate growth a bit slower than the official target of "about 7.5 per cent".
The statement did not mention any specific growth targets for the next year, although government think tanks have called for lowering it to 7 per cent.
"Chinese authorities will likely tolerate a slower growth rate at around 7 per cent under the framework of 'new normal' economy and will strike a balance between social, environmental, and economic targets," said ANZ Bank chief Greater China economist Liu Li-Gang.
Stressing the "huge elasticity, potential and room for manoeuvre" in the economy, the planners added that they expected the "new normal" growth to feature more diversified consumption as well as new investment opportunities.