This year's GDP growth target of 7.5% is the lowest in eight years.

On the 5th, Premier Wen Jiabao of the State Council made a report on the government work at the Fifth Session of the 11th National People's Congress. In 2012, the GDP grew by 7.5%. This is the first time that China’s gross domestic product (GDP) growth target has fallen below 8% in eight years. Looking back, in 2004, China set the GDP growth target at 7%. Since 2005, this target has been determined to be 8% for seven consecutive years. Regarding the adjustment of this expected goal, Wen Jiabao explained that it is mainly to gradually connect with the objectives of the "Twelfth Five-Year Plan" and guide all parties to put their efforts to accelerate the transformation of economic development mode and effectively improve the quality and efficiency of economic development. In order to achieve a longer period, a higher level, and better quality development. The "Twelfth Five-Year Plan" approved by the Fourth Session of the 11th National People's Congress determines that the GDP will grow at an average annual rate of 7% in the next five years. In the 11th Five-Year Plan, this expected growth target was set at 7.5%. During the “Eleventh Five-Year Plan” period, the average annual growth rate of China’s GDP was 11.2%.

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