Search Asia Times

Advanced Search
 
China

Report predicts 8.2% GDP growth for China

BEIJING - China's gross domestic product (GDP) is predicted to grow at around 8.2 percent in 2003, according to a report.

According to the report, which was released by the Chinese Academy of Social Sciences, one of China's leading academic institutions, the country's economy will maintain fast growth this year and next year, with annual GDP growth rate exceeding the average level for the past five years since the outbreak of the Asian financial crisis in 1997.

The GDP growth rate for 2004, if neither abrupt changes in the international political and economic environment nor severe domestic natural disasters occur, should reach 8 percent, the report said.

Investments in fixed assets for 2003 and 2004 are predicted at 5.15 trillion yuan and 5.856 trillion yuan respectively, with actual annual increase rates standing at 18 percent and 12.1 percent.

The expected fall in growth rate of fixed assets investment in 2004 will be the result of China's macroeconomic control and the deepening of economic reconstruction following the likely record high in 2003.

The issue of deflation, which has been troubling China since the outbreak of the Asian financial crisis in 1997, will be further alleviated, the report said.

For urban residents, the impact of severe acute respiratory syndrome (SARS) is likely to slow down the increase rate of per-capita income in 2003, but a rapid recovery is likely next year.

Rural residents however, will suffer more from the epidemic disease and the growth rate of their per capita income will remain much slower than for their urban counterparts.

Consumption is expected to maintain relatively steady growth and act as one of the crucial factors boosting economic progress, the report said.

The pace of progress in foreign trade was somewhat affected by SARS in the first half of the year, but growth momentum for the whole year remains relatively strong.

(Asia Pulse/XIC)
 
Oct 29, 2003


 


   
         
No material from Asia Times Online may be republished in any form without written permission.
Copyright 2003, Asia Times Online, 4305 Far East Finance Centre, 16 Harcourt Rd, Central, Hong Kong
 
 

Asian Sex Gazette | Asian Sex News China