.contact us |.about us
News > Business News ...
Search:
    Advertisement
China GDP speeds up; pace seen continuing
( 2004-01-20 22:54) (chinadaily.com.cn/Agencies)

China's economy sped up late last year, expanding 9.1 percent for its best performance since 1997 and with more in store this year, the government revealed.

Gross domestic product surged 9.9 percent in the fourth quarter of 2003 year-on-year and for the whole of 2003 grew 9.1 percent, which was the fastest annual growth rate since 1997.

The National Bureau of Statistics (NBS) said gross domestic product was 11.6694 trillion yuan (1.414 trillion dollars), up 9.1 percent. Per capita gross domestic product was US$1,090.

Growth in 2002 was 8 percent. The NBS's Web site, www.stats.gov.cn, showed that growth in 1997 was 8.8 percent. In 1996 it was 9.7 percent.

The NBS head Li Deshui said:"It was a hard-won successful achievement after the outbreak of the SARS epidemic and frequent natural disasters."

Despite the positive picture, Li warned that China's GDP in the first quarter of 2004 will probably slow from the fourth quarter's 9.9 percent -- but it will not be a "dramatic decline."

Li gave a conservative forecast for GDP growth in 2004 at "over seven percent" but stressed China will continue the trend of rapid growth of recent years which has made it the fastest growing major economy in the world.

"I believe we'll still keep the momentum of fast growth," Li said, citing the large number of infrastructure and other investment projects launched last year which will continue into 2004, as well as stable consumer demand.

He rejected concerns that China's economy may be overheating. Abrupt changes to economic policy were unnecessary, he added.

Li acknowledged that the seven-year-high growth since 1997 was driven mainly by surges in capital investment. However, one indicator of overheating, inflation, has been under control, with the benchmark consumer price index only 1.2 percent higher in 2003 than in 2002. 

Although inflation has picked up, to 3.2 percent in the 12 months through December, the increase was due almost entirely to higher food prices that offset falls in most manufactured goods.

Most economists say inflation in the low or middle single digits is not a problem for China.

These major indicators showed that the economy should not be considered to be overheating, Li said.

But he admitted that certain areas and certain industries did appear to be overheating, citing a rapid increase in bank loans, duplicated construction and copycat investments with many regions following the same path to growth, such as real estate investment.

Steel consumption, for example, was too fast, said Li. China consumed 36 percent of the world's total steel supply, 30 percent of coal and 55 percent of cement last year, reflecting low efficiency compared with the developed nations. Shortages emerged in electric power, coal, petroleum and transport supply, forming new bottlenecks in the economy.

In order to cope with these problems, Li went on, the Chinese government had taken a series of measures to guide the economy in the direction of inclusive, coordinated and sustainable development.

This year and in the years ahead, China would seek rapid economic growth along with a balance between social and economic development, Li said.

Li said that China's export growth rate would slow in 2004, after a rise of 34.6 percent in 2003 to a record US$438.37 billion, due to a reduction in export tax rebates and increased protectionism, but would then bounce back.

Imports surged 39.9 percent to US$412.84 billion and are expected to continue growing this year.

Rural income continued to grow at a significantly lower rate than urban income, increasing by 4.3 percent compared to 9.3 percent in cities, reflecting a widening wealth gap.

That highlighted slower growth in the agricultural sector, which Li attributed to a host of natural disasters including drought in the south. The sector grew by 2.5 percent, compared to 12.5 percent for industry.

The service sector grew by only 6.7 percent -- a reflection of the impact from SARS, Li said.

Urban unemployment reached 4.3 percent by the end of December.

Experts said, the Chinese government, concerned about a widening rich-poor gap and uneven development between the prosperous coast and lagging interior, is expected to shift spending more toward social services rather than direct economic stimulus.

This year Beijing is expected to ease back on state spending and take further steps to cool lending to industries seen in danger of overheating -- building up too much capacity that would leave them with excess debt and unsold products, raising the risk of business failures and damage to the rest of the economy.

 
Close  
   
  Today's Top News   Top Business News
   
+WHO: Bird flu death rises to 15; vaccination recommended
(2004-02-05)
+Solana: EU ready to lift China arms embargo
(2004-02-05)
+Nation tops TV, cell phone, monitor production
(2004-02-05)
+Absence ... still makes China hot
(2004-02-05)
+Hu: Developing world in key role
(2004-02-04)
+KFC: We operate normally in China despite bird flu outbreaks
(2004-02-05)
+Starbucks takes aim at China chain
(2004-02-05)
+Former Microsoft China chief gets new job
(2004-02-05)
+Private airline prepared for take off
(2004-02-05)
+Investors lured by call of siren
(2004-02-05)
   
  Go to Another Section  
     
 
 
     
  Article Tools  
     
 
 
     
  Related Articles  
     
 

+Nov industry output up 17.9%
2003-12-10

+Official: China's GDP growing 9.1% in 2003
2004-01-20

+China: GDP growing 9.1% in 2003
2004-01-20

   
        .contact us |.about us
  Copyright By chinadaily.com.cn. All rights reserved  
主站蜘蛛池模板: 最近中文字幕高清免费大全8| 美女扒了内裤让男人桶爽视频 | 色屁屁一区二区三区视频国产 | 啊公交车坐最后一排被c视频| 黑人巨茎大战俄罗斯美女| 成人免费视频在线播放| 久久精品国产亚洲夜色AV网站| 欧美日韩一区二区三区自拍| 国产乱妇乱子在线播放视频 | 国产精品福利一区二区久久| 久久久久亚洲AV无码专区首| 欧美一级在线免费观看| 午夜久久久久久| 野花香社区在线视频观看播放| 国产特级淫片免费看| 67194成手机免费观看| 天堂va在线高清一区| www.91av.| 日本免费一区尤物| 亚洲精品在线网站| 草莓视频在线免费播放草莓视频在线免费播放 | 国产综合在线观看| 99久久久国产精品免费蜜臀| 日本19禁啪啪无遮挡免费动图 | 91青青国产在线观看免费| 天堂mv在线免费看| aa视频在线观看| 夫妇交换性三中文字幕| 久久成人国产精品| 欧美黑人巨大videos极品视频 | а√天堂资源中文在线官网| 成人激情免费视频| 中文字幕黄色片| 无套日出白浆在线播放| 亚洲天堂中文网| 欧美黑人又粗又大久久久| 亚洲精品国产精品国自产网站| 爽天天天天天天天| 四虎永久成人免费影院域名 | 久久精品国产亚洲av麻豆| 日韩精品高清自在线|