China set its growth target at 8%

China has set its goal of 2012 economic growth below the rate of 8%, said the future Chinese President Xi Jinping, according to comments published today by Xinhua News Agency.

However, Xi Jinping said in an interview with the Irish Times that the Chinese economy would not register the significant slowdown this year. These remarks are similar to those he made before leaving the U.S. for Ireland.

“From this year we rightly lowered our goal of economic growth. This will help relieve pressure in terms of inflation, energy, resources and environment,” said Xi Jinping, currently Vice President of China. The growth target of China is regarded as a guideline rather than a serious objective. China has set a goal for 2012 growth of gross domestic product (GDP) at 7.5%, said researchers.