Chinese planners promise 12 million jobs, economic rebound

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Chinese economic officials have expressed confidence they can meet this year’s growth target of “around 5%” by generating 12 million new jobs and encouraging consumer spending. The Cabinet planning officials announced no details of spending or other initiatives to revive growth that slumped to 3% last year, the second-lowest in decades. But they said they plan an array of measures to raise incomes and encourage innovation. Efforts to revive the Chinese economy have global implications after weak retail, auto and housing sales depressed demand for imports. The country is the biggest market for its Asian neighbors and an important revenue source for Western companies.