Premier Wen Jiabao delivers a report on the work of the government at the opening session at the Great Hall of the People in Beijing, March 5, 2007.   Mar.5 - China plans to gear down its economic growth to eight percent in 2007 from 10.7 per cent in the previous year, said Chinese Premier Wen Jiabao Monday.

 

"The most important task for us is to promote sound and fast economic growth," said the premier in a government work report delivered to 2,890 lawmakers from around the country at the opening meeting of the Fifth Session of the Tenth National People's Congress (NPC), China's top legislature.

 

"We need to greatly improve the quality and efficiency of economic growth," said the report.

 

The target was set after taking into consideration all factors, along with goals of employment and increase in consumer prices among others, according to the report.

 

Experts said that the target can help ensure a smooth economic growth and avoid big ups and downs.

 

NPC deputy Zhao Peng, president of the Anhui provincial branch of the Industrial and Commercial Bank of China, said the target is "reasonable".

 

"Higher growth rate will lead to overheating and a lower one is less helpful in resolving social problems," he said, adding that China still has stamina in economic development.

 

Chen Derong, NPC deputy and mayor of Jiaxing City in east China 's prosperous Zhejiang Province, said that the goal will be good for shifting the focus of local governments from blind economic competition to structural optimization of industries, improvement of efficiency and energy saving.

 

A report released by the World Bank on February 14 predicted a 9.6-point growth in China's economy this year. Louis Kuijs, senior economist on China and writer of the report said China has great potential improving its productivity.