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In a move to rebalance China’s economy, Chinese Premier, Wen Jiabao, plans cut its annual growth target from 8% to 7.5%.
Jiabao informed National People’s Congress delegates that additional goals are to “create more than nine million new jobs in rural and urban areas, keep the registered urban unemployment rate at or below 4.6%, hold rises of the CPI around 4%, increase the volume of total exports and imports by around 10%, and continue to improve our international balance of payments.”
The plans to rebalance the economy come ahead of a projected economic slowdown for China, after Premier Jiabao and President Hu Jintao hand over power this coming fall.