China sets 2013 growth target at 7.5%

China has set its 2013 economic growth target at 7.5 percent, unchanged from last year's, according to a speech to be given by Premier Wen Jiabao at the opening of the national legislature Tuesday. China's economy grew 7.8 percent in 2012, its worst performance for 13 years, in the face of weakness at home and in key overseas markets. The economy expanded 9.3 percent in 2011 and 10.4 percent in 2010. "We deem it necessary and appropriate to set this year's target for economic growth at about 7.5 percent, a goal that we will still have to work hard to attain," an advance copy of the speech said. China also set its inflation target for this year at 3.5 percent. The target is lower than last year's, which was set at 4.0 percent. China's actual inflation rate for 2012 came in well below that, at 2.6 percent. "China is still under considerable inflationary pressure this year," the speech said.