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China stabilizing GDP growth, prioritizing reform

China stabilizing GDP growth, prioritizing reform

China stabilizing GDP growth, prioritizing reform

China sets GDP growth target for 2014

China is on track to have its lowest GDP-growth in over a decade this year, and next year won't be much different.

Aiming for a more sustainable economy that allows for "quality growth," as state news agency Xinhua puts it, the Chinese government has decided to aim for 7.5% growth in 2014, the same as this year.

Some think-tanks had advised even lower targets for next year.

Leaders reached this decision at China's annual Central Economic Work Conference earlier this month.

The target is considered a compromise between two competing forces: The need for reforms and the need for growth, Reuters reports.

"Two camps who proposed growth target – 7 percent or 7.5 percent – made their points. But the government favors 7.5 percent," an anonymous Chinese economist told Reuters.

The South China Morning Post reports that reforms will be a "top priority" next year, but that these steps will be "conducive to growth."

Meanwhile, China's commerce ministry's think tank predicts that exports may grow by at least 10% next year thanks to improving economic conditions in many countries.

Exports are already rising: Overseas shipments gained 12.7% this November compared with the same month last year, pushing China's trade surplus to its highest in more than four years,according to Bloomberg.

China – the world's most prolific exporter – is the biggest coal, iron ore, rare earths, and gold producer on earth.


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