Premier Wen Jiabao said Wednesday that the 7.5 percent GDP growth target for 2012 is a result of the government's proactive macro-control and can not be viewed as low.

China's GDP has reached 47 trillion yuan (7.46 trillion U.S. dollars). On this basis, the growth rate of 7.5 percent can not be counted as low, not to mention the economy would keep expanding at this pace, Wen told a press conference after the conclusion of the annual parliamentary session.

Indeed, the Chinese economy faces slowing trend due to impacts from the European debt crisis and contracting overseas demands, Wen noted.

Under such circumstances, to lower the growth mainly aims to facilitate economic restructuring, the premier said.

China lowered its GDP growth target to 7.5 percent for 2012 from around 8 percent in the past seven consecutive years, according to a government work report approved by the parliamentary session.

Previously, China announced to target a 7 percent GDP growth from 2011 to 2015, the country's 12th Five-Year Plan period.

Wen reiterated that slower growth is made to fit with targets in the 12th Five-Year Plan, and to guide people in all sectors to focus their work on accelerating the transformation of the pattern of economic development and making growth less dependent on natural resource consumption and environmental pollution.

"We will make every effort to let ordinary people enjoy more benefits," he said.

Chinese economy is able to overcome the unbalanced, incoordinate and unsustainable development mode to achieve expansion of higher quality, which is helpful for world economic growth, he said.

China not to loosen regulations on housing market

Premier Wen Jiabao said Wednesday that the country will not slacken its efforts in regulating housing prices, which he considered still "far from a reasonable level."

"If we develop the housing market blindly, a bubble will emerge in the housing sector. When the bubble bursts, not only the housing market will be affected, it will weigh on the entire Chinese economy," said Wen at a press conference after the conclusion of China's annual parliamentary session.

RMB exchange rate approaching equilibrium

The real effective exchange rate of Renminbi may have reached its equilibrious level after rising by 30 percent since China launched the exchange rate reform in 2005, Chinese Premier Wen Jiabao said Wednesday.

Wen urges cooperation to address trade imbalance with U.S.

Cooperation is the way to address trade imbalance between China and the United States as well as the difficulties and frictions arising from it, Chinese Premier Wen Jiabao said Wednesday.