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´╗┐China pledges to keep hold of 7

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The party says its plans are the most ambitious reforms since the late supreme leader Deng Xiaoping's launch of market oriented change in 1979 that set off China's boom.

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In his first annual policy speech as China's top economic official, Premier Li Keqiang said Beijing will promote consumer spending, ease exchange rate controls and improve access to credit for productive businesses.

Li set an official growth target of 7.5%. That was the same as last year but looked unusually ambitious after growth in 2013 tumbled to a two decade low of 7.7% as the government cooled a lending and investment boom. That suggested Beijing is trying to reassure companies and financial markets it is ready with interest rate cuts or other steps if needed to keep growth in the world's No. 2 economy from falling too low.

Adidas Sl 72 Brown Leather

Adidas Sl 72 Brown Leather

Adidas Sl 72 Brown Leather

That would overturn a system under which investors wait for each industry or line of business to be declared open to private competition. Companies say that system fails to Adidas Adizero Rose 3

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The premier gave no details about key issues such as whether private investors would gain any management control in state run industries. That is in line with a time tested strategy under which the ruling party experiments with reforms in a single city or province and studies the results before crafting detailed rules for rolling out changes nationwide.

"We sense that the government is not ready to accept growth much lower than 7.5%," the two economists said.

Services such as one launched by e commerce giant Alibaba Group have drawn billions of dollars in deposits from small savers by paying higher rates than state banks. Critics see them as a threat to a financial system that supports politically favored companies. A commentator for state television last month called them "financial parasites."

They Adidas Sl 72 Brown Leather said the government would deploy stimulus measures if quarterly growth fell to 7% or less.

more control over lending and interest rates, the premier said. That would allow profitable companies to compete for credit by paying higher rates, possibly channeling more money to entrepreneurs who generate most of China's new jobs and wealth but are mostly unable to get loans from the state run system. It also might boost rates paid on savings, putting more money in the pockets of Chinese families and encouraging consumer spending.

Li promised to open state controlled industries such as banking, oil, power generation, railways and telecommunications to private investment. He pledged to "level the playing field" for Chinese and foreign companies to promote competition.

Still, despite pledges of reform, the ruling party made clear the limits to possible change in its November plan by declaring that state ownership will remain the core of the economy. Beijing has issued a flurry of minor changes such as simplifying processes for registering new businesses but has yet to take action on major tasks such as overhauling the state run banking system.

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Entrepreneurs and investors are watching the annual meeting of the National People's Congress for details of how President Xi Jinping and other party leaders will carry out their November pledge to give markets a "decisive role" in allocating resources. That could radically change an economy dominated by state companies that Adidas Tech Super (Blast Purple / Aluminium / Black)

The premier also threw the government's support behind the growth of popular new Internet based banking services, promising to promote their "healthy development."

BEIJING (AP) China's government pledged Wednesday to promote sustainable growth by opening state dominated industries to private investment and making banks more market oriented while keeping this year's economic expansion at a relatively robust 7.5%.

Li's pledges were in line with Communist Party plans issued in November that call for promoting market forces and domestic consumption to replace a model based on exports and investment that delivered three decades of explosive growth but has run out of steam.

Adidas Sl 72 Brown Leather

Adidas Sl 72 Brown Leather

"We will enhance people's ability to consume," said Li.

On Wednesday, Li promised changes in banking and finance that reform advocates say are essential to making the economy more efficient and productive.

Beijing responded to an abrupt decline in growth in mid 2013 with a mini stimulus of higher spending on railway construction but Li has said further gains have to come from longer term restructuring.

"We need to make sure the market plays a decisive role," said Li in a nationally televised speech to China's legislature. He promised to "break mental shackles and vested interests" a reference to possible resistance from state companies that might lose subsidies and monopolies.

Beijing will make domestic demand "the main engine driving growth," Li said. He promised to promote consumer spending by raising incomes and encourage growth of service industries such as education, tourism and care for the elderly, the premier said.

In a separate report, the Cabinet planning agency, the National Development and Reform Commission, promised to experiment with a change sought by business groups to simplify investment by issuing a "negative list" of fields that are off limits, leaving all others open.

Adidas Sl 72 Brown Leather

Adidas Sl 72 Brown Leather

receive low cost access to loans, energy and land.

keep pace with changes in technology and markets.

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