CRI听力:China's GDP Growth Targets 7.5% in 2012

Chinese Premier Wen Jiabao announced the GDP target in his Government Work Report in Beijing, which was delivered during the 5th Session of the 11th National People's Congress, or NPC, China's top legislature.

'The major targets for this year's national economic and social development are to increase GDP by around 7.5 percent, and more than 9 million new jobs will be created in towns and cities.'

This is the first time for China to lower its GDP growth target after keeping it stable around 8 percent for seven consecutive years. Actually, slower growth is simply a reality. China experienced a slowdown in GDP growth to 9.2 percent in 2011, down from 10.3 percent in 2010.

However, Tang Min, economist and executive vice Chairman of the You Change China Social Entrepreneur Foundation, says the trend was not an unexpected event and is the result of macro economic adjustments.

'An important factor is our macro adjustments, like regulations on the real estate market which caused sales to decline and the tightening monetary policy aimed at calming inflation. The adjustment was on our own initiative. If we did not make such adjustments, the risks would be higher. These factors will still have an impact on this year, so slowdowns may occur.'

The question is this: why does China, a country with rapid economic growth for decades, plan for slower growth in developing the economy?

Premier Wen Jiabao explains in his government work report.

'Lowering the GDP growth target is mainly to guide all sectors to focus their work on transforming the pattern of economic development, raise the quality and to achieve better development lasting longer and at a higher level.'

Tim Condon, Chief Economist for ING Bank Asia based in Singapore, explains that growth is really needed to accommodate employment and raise people's wellbeing. It cannot be stopped, but it must be adjusted to achieve balance.

'I think we want to focus on quality, and I think what we should be focused on is sustainability. In China's case probably it means more economic rebalancing.'

Different regions have different stories. For example, in 2011, provinces in central China have shown strong growth. Inland province Hubei had GDP growth of 13.8 percent, higher than many costal provinces and municipalities, including Guangdong, which is one of the richest provinces in the country but had only 10 percent GDP growth.

Ye Qing, Deputy Director of the Hubei Bureau of Statistics, said that each region has its own economic growth pattern, presenting a mixed picture.

'Hubei's economy is in a rapid growth period. This pattern co-exists with what happens in costal regions, which are in a transitional period after fast economic growth for 30 years.'

On the other hand, those who have slower growth are not pessimistic. Li Xinghao is the chairman and Chief Executive of CHIGO Air Conditioning Group in Fo Shan, Guangdong province. As an NPC deputy, Li Xinghao feels that no matter how fast the local economy grows, it's more important to be concerned about whether or not people are happy with their lives.

'It is important to maintain moderate economic growth and to make people happier and improve their livelihoods. In Guangdong, we now realize that a happy life is the best fortune.'

The target of 7.5 percent is a signal of continued economic growth. China should not be judged to have a good or bad economy purely on growth figures, whether or not it is sticking to the 'golden line' of 8%. One thing is for sure: China's willingness to raise the quality of the economy and pursue sustainable development has the potential to benefit more people.

For CRI, I'm Su Yi.