JOE McDONALD
AP Business Writer
BEIJING – China’s Premier Wen Jiabao promised strong growth this year and said the government will combat inflation and risks to banks to keep the rebound in the world’s third-largest economy on track.
In an annual report to China’s legislature, Wen announced a growth target Friday of 8 percent in a “crucial year” for recovery. He said stimulus spending and easy credit will continue because the basis of renewed global growth is still weak.
Beijing will keep its currency “basically stable,” Wen said, giving no sign whether it might ease exchange-rate controls that Washington and other trading partners say keep China’s yuan undervalued, swelling its trade surplus.