China's Leaders Want To Slow Their Heated Economy
China will not see a double dip in its economy this year, according to one Chinese official. He was speaking after a new vision was announced for the world's second biggest economy. But can the government make it happen?
ARI SHAPIRO, Host:
NPR's Louisa Lim reports from Beijing on how difficult that could be.
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LOUISA LIM: China's government's new economic growth target is seven percent a year, way down from the past five sizzling years, which averaged 11.2 percent annual growth.
ZHANG PING: (Foreign language spoken)
LIM: China Merchants Bank chairman, Ma Weihua, spelled out his doubts to NPR.
MA WEIHUA: (Foreign language spoken) (Through Translator) Local governments want fast development to increase their revenues and improve peoples' lives. But nationally, over-fast development could harm stable development and increase inflation.
LIM: Chen Xitao from Anhui province is typical.
CHEN XITAO: (Foreign language spoken) (Through Translator) The report just states a goal. I should say that our province is less developed. Our growth will definitely be faster than seven percent.
LIM: Louisa Lim, NPR News, Beijing.
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