China is poised to hold on to its reputation as the world’s second-largest economy, next to the United States, if the projected 7.5 per cent gross domestic products (GDP) growth will materialize this year, experts and economists said.

The Chinese government has put the growth target for this year at around 7.5 per cent, which means the country’s GDP could top 61.1 trillion yuan, or around US$10 trillion, by the end of 2014.

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Last year, China was also the world’s second-largest economy with a GDP of US$9 trillion, trailing the United States which had GDP of US$16.2 trillion.

The 7.5 per cent growth target was announced by Premier Li Keqiang in his speech at the National People’s Congress. The target is the same as last year.

Premier Li also said the country will seek a stable monetary policy this year and will implement various financial reforms to achieve the growth projections and to further open China’s financial industry.

As economists and analysts placed their focus on the given growth figure, Finance Minister Lou Jiwei called for more comprehensive understanding on the country's growth target this year.

 Lou stressed that GDP growth, inflation and employment are all key factors that should be taken into consideration when assessing economic conditions.

Top Chinese leaders also vowed to implement policies that will protect and further develop the country’s financial structure, which recently has become too familiar to bailouts and other types of government intervention.

One of the main proposals is to include insurance in bank deposits to allow local government units to issue bonds while letting the local currency rise and fall more in trading.

Analysts see this as Beijing’s way to overhaul the economy without hurting it too much.