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China targets higher urban and rural income

China has targeted 7% of annual growth of urban per capita disposable income and rural per capita net income for the 12th Five-Year Plan period (2011-2015), according to Xinhua news.

The report cited premier Wen Jiabao saying China will coordinate increases in people’s income with economic development and increases in workers’ pay matched with productivity improvements.

The government will make increasing employment the foremost objective of economic and social development, create equitable job opportunities for the entire workforce, and create an extra 45 million urban jobs over the next five years, the report added.

China will also continue to raise social security benefits. The basic pension insurance and basic medical insurance systems will cover all urban and rural residents in five years, said the premier.

Further, low-income housing will be made available to around 20 percent of the country's urban households.

Source: Xinhua News