Home>News Center>China
       
 

China's economy soars 9.7% amid overheating signs
(chinadaily.com.cn/agencies)
Updated: 2004-04-15 15:37

China's economy grew by 9.7 percent in the first quarter of 2004 compared with a year earlier, the government said, warning that companies are investing at too fast a pace.


Local visitors watch a new type television at a trade fair in Shanghai. China's economy grew by 9.7% in the first quarter of 2004 compared with a year earlier, the government said, warning that companies are investing at too fast a pace. [AFP]
Asia's second-largest economy was fueled by spending on new plant and equipment in the first three months, with investment in fixed assets rising by a breath-taking 43 percent, according to the National Bureau of Statistics.

The bureau said the consumer price index (CPI) rose 2.8 percent in the first quarter, compared with 0.5 percent in the same period last year. The food price increased 7.1 percent, adding 2.4 percentage points to the growth of CPI.

"It's a kind of bubble," said Andy Xie, a China economist with Morgan Stanley in Hong Kong. "If the government doesn't do anything, the bubble becomes bigger."

The first quarter economic growth figure compared with a 9.9 percent expansion in the fourth quarter of last year and 9.1 percent for all 2003.

Zheng Jingping, the NBS spokesman, said the economy had kept the momentum of fast growth since early 2004 but acknowledged there were "problems."

"The scale of investment in fixed assets is too large and growth is too fast," he told a news briefing in Beijing.

In announcing the figures, Zheng cited growth of investment in fixed assets as presenting problems in economic development.

"The blind and repeated investment in low-level construction projects in certain industries and selected areas is not being put under effective control," he said.

Investment in real estate projects, an area of particular concern among policy makers, was up by a staggering 41.1 percent in the first quarter, according to the NBS figures.

"This leads to bottleneck restrictions in the supply of major raw materials, energy and transportation, and greater pressure for price rises," he said.

China's gross retail sales were up 10.7 percent, or 9.2 percent when adjusted for inflation.

The first quarter GDP figure was marginally above expectations and followed a slew of government statistics showing very brisk economic activity in the first three months.

China's industrial output rose nearly 18 percent year-on-year in the first quarter, while imports surged 42 percent in the same period.

The figures will likely be pivotal in determining economic policies in the months ahead.

A vigorous ongoing debate is underway within the government and among independent economists about the health of China's growth, fueled by some breathtaking figures such as fixed-asset investment, suggesting too much money is flowing into the economy.

The International Monetary Fund joined the fray on Wednesday, saying in a report that the Chinese economy appears to be overheating and it was unclear whether authorities have it under control.

"There are some signs of overheating," International Monetary Fund chief economist Raghuram Rajan said.

"There is a tremendous amount of investment that is going on, credit has expanded tremendously and the Chinese authorities are trying to control this.

"The jury is still out on whether they have brought it under control."

Rajan said it was uncertain whether exchange rate flexibility would help to slow the economy, apparently referring to calls by some that China allow its currency to appreciate a little bit.

Chinese farmers' income rose an annualized 9.2 percent in the first quarter of the year after deducting price hikes. The farmers reaped 834 yuan (US$100.5) in per capita income in the three-month period. Over the same period the per capita income of urban residents rose 9.8 percent to 2,639 yuan (US$318), the spokesman said.

 
  Today's Top News     Top China News
 

China's economy soars 9.7% amid overheating signs

 

   
 

68 officials punished for deadly accidents

 

   
 

Cheney: US, China share more in common

 

   
 

Purported Bin Laden tape offers truce

 

   
 

1 Italian hostage killed; 2 more Japanese held

 

   
 

EU set to lift ban on arms sales to China

 

   
  Shanghai maglev ticket prices cut by 1/3
   
  Cheney: US, China share more in common
   
  68 officials punished for deadly accidents
   
  IMF: China's economy to grow fast for 25 years
   
  EU set to lift ban on arms sales to China
   
  Prices to hike 10% for air travelers
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
IMF: China's economy to grow fast for 25 years
   
Expert: China's economy to grow by 9%
   
China to continue enhancing macro control
   
Government puts lid on overheating industries
   
No losers as China grows
   
Ma Kai: Sizzling economy to be controlled
   
State to decelerate overheated industries
  News Talk  
  An American apolgy to the family of Chinese pilot  
Advertisement
         
主站蜘蛛池模板: 国产SM主人调教女M视频| 三上悠亚日韩精品| 久久综合综合久久| 腿打开一下一会就不疼了| 日韩精品无码一区二区三区| 国产不卡一卡2卡三卡4卡5卡在线| 一级毛片免费在线播放| 欧美性大战久久久久久久| 国产亚洲综合一区二区在线| a级毛片毛片免费观看久潮喷| 樱花草在线社区www| 台湾一级淫片完整版视频播放| JIZZ成熟丰满| 欧美综合自拍亚洲综合图| 国产真实露脸精彩对白| 东京一本一道一二三区| 欧美日韩在线免费| 四虎影院成人在线观看| 91精品国产高清久久久久久| 日本一本一区二区| 人人做人人爽人人爱| 香蕉成人伊视频在线观看| 女人腿张开让男人桶爽| 五月天婷婷在线观看视频| 精品无码久久久久国产| 国产精品久久久久毛片真精品| 中文字幕丝袜诱惑| 欧美一区二区影院| 再深点灬舒服灬太大了男小| 美女巨胸喷奶水视频www免费| 成人片在线观看地址KK4444| 亚洲人成网国产最新在线| 老司机aⅴ在线精品导航| 国产精品小青蛙在线观看| 中文字幕julia中文字幕| 欧美乱人伦视频| 儿子女朋友爸爸的朋友| 黄色免费在线观看网址| 国精产品wnw2544a| 中文字幕乱码中文乱码51精品| 日本阿v视频在线观看高清|