CRI听力:Provinces Cut GDP Growth Targets amid 'New Normal'

A new report says 29 of 31 provincial regions on the mainland have lowered their GDP growth targets for 2015. Beijing, the capital region, has lowered its target to 7 percent, down from 7.5.

Li Yaoxin, Director of the Shanghai Economic and Information Commission, believes the changes, including Shanghai's elimination of GDP targets, will help to create a healthier economic growth pattern.

"Eliminating the GDP growth target is a "historical inevitability". We are now more concerned about the quality and structure of growth instead of just its quantity and efficiency. GDP should be used as one of the indicators of how well we did, and not be an overall target."

According to a report issued by the Shanghai government, its goal is to achieve a more stable, better structured, and high-quality economic growth pattern. At the same time, it's hoped a better-developed economy will also allow the government to further improve environmental protection.

Among the other 29 regions which have lowered their GDP targets, most have set a number at around seven percent.
Niu Li is the head of the Macroeconomic study Department in China's State Information Center.

"We've reached consensus that the shifting from former high speed growth rate, such as the 9.8 percent increase that has been the average number of the past 35 years, to a slightly slower but stable growth rate, is indeed necessary. Even the exact number is not agreed on yet. I believe it should be between six to eight percent, around seven percent. Now we've reached seven percent."

China recorded a 7.4 percent GDP growth in 2014, the lowest in 24 years, and many provinces missed their targets. In 2015, most provinces are facing major challenges such as overproduction, restructuring, and industrial transformation and updating. And Niu Li says eliminating old habits will take time.

"Even though we've talked a lot about the "new normal," when entering a new stage we still need time to accept new concepts and adjust to new practices."

For CRI, I'm Niu Honglin.