China's top planner confident about economy

China's top planner has given an overview of the nation's economy. Chairman of the National Development and Reofrm Commission, Zhang Ping, took questions from the media on economic and social development.

He discussed efforts to combat the unprecedented financial crisis that has hammered the world's economy since 2008. Zhang described the government's macro-economic control measures as a success. He says they helped the country gain a steady footing against the financial crisis over the past five years.

Zhang Ping said, "The government expanded domestic demand to stimulate economic growth, and worked out revitalization plans for ten industries including the catering industry. Meanwhile, it encouraged technological innovation to create conditions for long-term development and effectively deal with the global financial crisis. The government also made great efforts to enhance social insurance."

The chief economic planner is confident about the overall economy in the long run. Zhang pointed out the 7.8-percent gross domestic product growth in 2012. It exceeded the original target of 7.5 percent, though it receded from the 9.3 percent in 2011. Consumer prices rose 2.6 percent in 2012, 1.4 percentage points lower than the 4-percent inflation target set. Average rural income rose 10.7 percent in 2012, and 9.6 percent in cities and townships. Zhang said challenges remain, but deepening reform will further drive economic development.