China is targeting GDP growth of 7.5 percent and an inflation rate of 3.5 percent in 2013, as stated by Chinese Premier Wen Jiabao in his government work report speech delivered during the opening ceremony of China’s National People’s Congress (NPC). In addition, during 2013 China will add more than 9 million new jobs and keep the unemployment rate below 4.6 percent. In this speech, the Chinese premier stressed the necessity of boosting Chinese domestic consumption, stating that releasing the power of Chinese consumers was vital for the future of the world’s second biggest economy.
In 2012, China's economy grew by 7.8 percent, the worst performance in 13 years, compared with expansions of 9.3 percent in 2011 and 10.4 percent in 2010. Meanwhile, the actual inflation rate in 2012 was 2.6 percent, far below the original target of 4.0 percent.