Trial now
USDCAD TECHS

Returning Lower

US TSYS SUMMARY

Risk-On Ahead July Employment Report

SOUTH AFRICA

New Finance Minister Godongwana Profile

AUDUSD TECHS

Bearish Focus

By William Bi
     BEIJING (MNI) - China's government won't set goals to grow its GDP by
"multiples" from 2020, according to a statement given to reporters at a press
conference in Beijing on Thursday. 
     In a plan outlining its "two-step" phase of growth starting in 2020, China
said it will achieve growth through "evolutions" in quality, efficiency and
"driving forces." 
     China's economy is changing toward a higher-quality growth phase and the
most acute problem now is the low quality of production rather than the lack of
production capacity, the statement said. 
     China will promote high-quality growth, Yang Weimin, an official with the
government's Economic and Finance Work Group, told reporters. China been
de-emphasizing rates of growth for the last five years, he argued. 
     China will comprehensively improve the real economy through technological
innovation, modern finance and the development of human resources, Yang said. 
     China will become a "moderately prosperous society" by 2020, the statement
said.  China will set as priorities tackling "major risks, reducing poverty and
curbing pollution. 
     China will tap into its large potential and achieve basic socialist
modernization by 2035, 15 years earlier than its previous timeline, according to
the statement.
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
--MNI Beijing Bureau; +86 (10) 8532-5998; email: vince.morkri@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MT$$$$,MGQ$$$]