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Chinese economy effectively turning the corner, says chief planner

Published on Nov 10, 2012 4:38 PM

BEIJING (REUTERS) - China announced on Saturday that its economy is effectively turning the corner, and that it is likely to meet its growth target for the year.

The world's second-biggest economy has halted a slowing trend, the head of the powerful economic planning agency said, adding he was confident GDP growth would exceed 7.5 per cent this year.

Mr Zhang Ping, head of the National Development and Reform Commission (NDRC), was speaking to reporters on the sidelines of the 18th Party Congress where outgoing President Hu Jintao said China should double its 2010 GDP and per capita income by 2020, as previous targets have implied.

Mr Hu said China's development should be "much more balanced, coordinated and sustainable".

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