Chinese parliament talks economy
March 07, 2010 | Posted by Chris
This weekend in Beijing the Chinese parliament continued its week-long annual legislative session, a gathering of 3,000 political delegates at which Premier Wen Jiabao delivered the Chinese equivalent of the State of the Union address, according to the Wall Street Journal. Also known as the National People's Congress, this week's gathering is a largely ceremonial event where party representatives discuss and ratify the policies of China's top leadership. Premier Wen Jiabao spoke of the Chinese economy, articulating the need to balance growth and inflation while pointing out the strengths and weaknesses of China's economic state. The top focus of the meeting has been how to transition away from the massive government stimulus initiatives that were adopted last year to combat the financial downturn -- while not cooling down the economy too much: as predicted, Wen called for an 8% growth target this year. Analysts say the picture of China's economy is unclear, because it remains to be seen whether Chinese consumers are ready to become the main drivers of an economy that has traditionally been driven by exports. However, it's reported that Chinese businesses and households are "less fazed" by this uncertainty than international financial markets -- a positive sign for the stability of China's economy.