NEW YORK (TheStreet) -- China's government is vowing to make sweeping economic changes aimed at boosting consumption and developing high-tech industries, according to published media reports.

The world's No. 2 economy has also scrapped its annual target for banking lending this year, according to The Wall Street Journal.

The nation's premier, Wen Jiabao, outlined the government's economic goals in a speech over the weekend, the Associated Press reported.

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Boosting consumption, including that of imports, could lessen foreign criticism that China has unfairly supported its exporters at the cost of trading partners.

But such changes will require politically difficult moves, such as cutting back on low-interest loans and subsidies to state companies and real estate developers, the news service said.

And Wen did not specify how the government would manage this aspect of the reforms, the AP added.

Notably absent from Wen's announced economic goals over the weekend was Beijing's annual bank lending target, a tool that the government had used to try to control liquidity and inflation, The Wall Street Journal reported.

China's banking regulator confirmed Sunday that there won't be a publicly stated target in 2011, the newspaper added.

Wen did announce unspecified "interest rate reforms," which appeared to suggest the government might allow the market to set interest rates, but he provided no timeline for them, the AP reported.

As part of its efforts to encourage consumption, Wen said the government will provide subsidies to the poor in rural areas to use to purchase home appliances, the AP said.

This article was written by a staff member of TheStreet.