China sets minimum acceptable growth rate at seven percent

China has declared that the minimum level of annual economic growth acceptable to the central government is seven percent.

An official at the National Policy Research Office of the State Council, Yang Shubing, said China will have to achieve a minimum growth of seven percent in the coming years to double the size of the economy in 2020 in comparison to what it was in 2010, the China Daily reports.

Yang said recent economic data revealed that China will certainly achieve a growth rate of not lower than 7.5 percent in 2013.

Some key indicators of economic development, like electricity generation increased by 13.4 percent from last year and industrial output grew at the fastest pace recording 10.4 percent year-on-year growth, the report added.

Officials said that current reform measures, including the newly announced Shanghai Free Trade Zone and streamlined administrative approval procedures, targeted not only short-term growth, but also long-term sustained growth.