China to set lower economic growth target

Premier Wen Jiabao will set an economic growth target of 8% this year, down from the 11.4% registered last year, the South China Morning Post reported. Wen will outline the country’s economic goals in the government work report, which will be delivered on Wednesday’s first plenary session of the 11th National People’s Congress. Inflation will be projected to grow at 4.8% this year, matching last year’s recorded rise. China originally wanted to restrict inflation to 3% in 2007. Wen will set a deficit target of US$25.3 billion for 2008, US$9.1 billion less than last year’s budget. He is also likely to reiterate the goals set by the Central Economic Work Conference in December to prevent an overheating of the economy and clamp down on inflation.