China says effectively turning the corner on the economy

The world's second-biggest economy had halted a slowing trend, the head of the powerful economic planning agency said, adding that he was confident GDP growth would exceed 7.5 percent in 2012.

Zhang Ping, head of the National Development and Reform Commission (NDRC), was speaking to reporters on the sidelines of the 18th Party Congress at which outgoing President Hu Jintao said China should double its 2010 GDP and per capita income by 2020, as previous targets have implied.

Hu said China's development should be much more balanced, coordinated and sustainable. The party has in recent years tied its legitimacy to economic growth and lifting hundreds of millions out of poverty.

Signs of stabilisation in the economy were getting more obvious in October. We are fully confident that we can achieve the economic growth target for this year. In other words, we are able to maintain economic growth of above 7.5 percent, Zhang said, warning against complacency.

We dare not lower our vigilance, he said. The foundation of the economic stabilisation is not solid enough... Under the backdrop of a persistent global financial crisis as well as a new situation and problems in the economy, we must make preparations for dealing with difficulties and challenges over the long

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