II. Overall Requirements and Major Objectives for Economic and Social Development in 2008
In pursuing economic and social development in 2008, we must fully implement the guidelines adopted at the Seventeenth Party Congress, hold high the great banner of socialism with Chinese characteristics, take Deng Xiaoping Theory and the important thought of Three Represents as our guide and thoroughly apply the Scientific Outlook on Development. We will focus our efforts on transforming the pattern of economic development and improving the socialist market economy. We will continue to strengthen and improve macroeconomic regulation, work vigorously to advance reform and opening up and strengthen the country's capacity for independent innovation, and work hard to improve the economic structure and quality of economic growth. We must intensify efforts to save energy, reduce emissions and protect the environment. More attention will be paid to enhancing people's well being and promoting social harmony as we strive for sound and fast economic development.
In view of the above requirements and what is needed versus what is possible, and in conformity with the Outline of the Eleventh Five-Year Plan for National Economic and Social Development, we have set the following major objectives for economic and social development in 2008:
- Raising the quality of economic growth. We need to further improve the economic structure, accelerate the development of tertiary industry, increase the contribution of high-tech industries to the economy and increase R&D expenditures as a percentage of GDP to 1.6%. Energy consumption per unit of GDP, sulfur dioxide emissions and chemical oxygen demand should fall by a larger margin than last year. Government revenue and corporate profits are expected to grow steadily. On the basis of structural improvement, improved efficiency, lower energy consumption and environmental protection measures, China's GDP is expected to grow by about 8% in 2008. A major reason for introducing the above targets for economic development is to communicate to society the government's regulatory intentions and guide all sectors to focus their work and attention on transforming the pattern of development, improving the quality of economic growth, saving energy and reducing emissions in order to achieve both sound and fast development. All local authorities should set targets for local GDP growth at an appropriate level in line with local conditions and avoid blind competition and setting targets at each administrative level that are too high.