Zeng Peiyuan, head of the State Development and Planning Commission, told the National People's Congress that China is targeting 7 per cent economic growth for 2003. Fixed asset investment would grow by 12 per cent, broad M2 money supply by 16 per cent and retail sales by 9 per cent. Consumer prices are expected to rise by 1 per cent.
He also said that the government would keep the exchange rate for the yuan stable – it is loosely pegged at Yn8.277 to the US dollar – and confirmed the government's forecast that the registered urban unemployment rate would probably rise to 4.5 per cent from 4 per cent at the end of 2002.