The first meeting of the twelfth National People’s Congress opened on March 5. Premier Wen Jiabao delivered the last government work report on behalf of this government.

In the report Premier Wen pointed out that the main goals of the development of the economic society this year are: GDP growth reaching around 7.5 percent with more harmonious development. CPI growth to be maintained at around 3.5 percent, and new employers in cities and towns numbering over 9 million people with registered unemployment rate lower than 4.6 percent. He touched on standards of living with the goal of actual per capita income growth of both urban and rural residents to synchronize with the economic growth, and the growth of labor reward synchronize with the improvement of labor productivity. As well a goal has been set to further improve balance of international payments.

Premier Wen said that setting the expected economic growth goal at around 7.5 percent was mainly based on two considerations: On one hand, China needs to continue seizing opportunities to promote development. In recent years, China’s manufacturing industry has accumulated great capacity, infrastructure conditions have largely improved, the savings rate is high and the aggregate amount of labor still large.

Premier Wen said that China needs to optimize the allocation and utilization of production factors, maintaining a reasonable pace of economic growth to provide necessary conditions for employment growth and people’s wellbeing, and to create a stable environment for economic restructuring and transformation of modes of production. China needs as well to accord economic growth with potential economic growth rate, and to adapt it to the power supply of production factors and endurance capacity of resources and environments.

On the other side, Premier Wen pointed out in the government work report, the government will guide each department to turn the core of work onto the acceleration of transformation of the mode of economic development and economic restructuring, and onto the improvement of the quality and efficiency of economic growth to promote the sustainable and healthy development of the economy.

"In light of comprehensive considerations,” said Premier Wen. “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 have to work hard to attain."