China targets 8% GDP growth in 2009

WATCH VIDEO

In his work report, Premier Wen Jiabao set the targets for economic and social development.

Chinese Premier Wen Jiabao said, "GDP will grow by about 8 percent; In projecting the GDP growth target, we have taken into consideration both our need and ability to sustain development."

China's economy is facing a tough test, as its GDP growth rate dropped drastically over last year. But Wen Jiabao believes the slowdown is beginning to bottom out, and the economy can rebound on huge government investment.

A 4-trillion-yuan stimulus package worth 585 billion US dollars is in the annual central budgets. It's been submitted to the NPC for deliberation, and is expected to pass. One aim is to strengthen agriculture as the foundation of the economy.

Wen Jiabao laid out China's major tasks for 2009.

The priority is to boost development. This means an active fiscal policy to expand domestic demand. The country will also enhance agricultural productivity to increase the income of the farmers, who make up 80 percent of the population.

Premier Wen Jiabao said, "We will do everything in our power to stimulate employment. We will make full use of the role of the service sector, labor intensive industries, small and medium-sized enterprises, and the non-public sector of the economy in creating jobs.”