Legislature approves 8% growth

A government plan for lower-than-expected economic growth of 8% in 2006 has been endorsed by the National People’s Congress. The legislature rubber stamped the policy on the last day of this year’s session by approving the latest Five Year Plan, according to state media. This growth rate is significantly slower than the 9.9% of last year. Economic growth is to level off at an average of 7.5% a year over the next half a decade, based on reduced consumption of energy and lower levels of pollution. Estimates from the World Bank and other sources are for growth of about 9% over 2006.