Top Biz News

China sets 8% year growth target

(Xinhua)
Updated: 2007-03-05 09:16

A report released by the World Bank on February 14 predicted a 9.6-point growth in China's economy this year. Louis Kuijs, senior economist on China and writer of the report said China has great potential improving its productivity.

The Chinese government vows to reduce urban unemployment to below 4.6 percent by creating at least nine million new jobs, while the overall increase of consumer prices, an important Internationally-recognized index for inflation, shall be checked under 3 percent, according to the report.

The central government budgetary spending on agriculture, rural areas and farmers reached 339.7 billion yuan (42.5 billion U.S. dollars) in 2006, a year-on-year increase of 42.2 billion yuan (5. 3 billion U.S. dollars). Agricultural tax and taxes on agricultural products that had been collected from farmers for over 2,600 years were rescinded nationwide.

Urban per capita disposable income rose to 11,759 yuan (1,469.9 U.S. dollars), and rural per capita net income climbed to 3,587 yuan (448.4 U.S. dollars) in 2006, 10.4 percent and 7.4 percent up respectively, according to the report.