China prepares to end GDP obsession

BEIJING, March 6 (Xinhua) -- China will seek lower economic growth in the coming five years as the constant pursuit of rapid expansion in past years has brought about unbalanced economic and social development. China is targeting an annual average growth rate of seven percent in the next five years to 2015, Premier Wen Jiabao told nearly 3,000 national legislators Saturday.

The move is meant to bring a "significant improvement in the quality and performance of economic growth," Wen said. The new target is quite impressive for the developed nations still struggling to stimulate economic growth after the international financial crisis. However, it seems modest in comparison with the target of 7.5 percent five years ago.

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