China parliament passes five-year economic plan

BEIJING: China's parliament on Monday rubber-stamped a five-year government plan calling for more sustainable and balanced annual economic growth of around seven percent annually until 2015. A resolution by the National People's Congress endorsed a wide range of social and economic targets laid out in the plan, which aims to transform China's fast-paced development model. The resolution was passed just before parliament closed its annual 10-day session on Monday morning. The plan intends to wean China off its dependency on volatile export demand and investment-led growth and build a more sustainable economy driven by domestic consumption and a more equitable distribution of wealth. The parliament, which has never voted down a resolution or law, tallied 2,709 votes in favour of the "Twelfth Five-Year Plan for National Economic and Social Development," with 119 votes against and 45 abstentions. China has usually set a target of eight percent economic growth, considered the minimum required to keep creating enough jobs and economic opportunity to stave off social unrest. The plan was officially approved by the ruling Communist Party late last year.