IMF: Economic Growth in China Exceeds Expectations

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Last updated at: (Beijing Time) Thursday, September 26, 2002

IMF: Economic Growth in China Exceeds Expectations

The economic increase in China has continued to exceed expectations buoyed by strong public investment and export growth, the International Monetary Fund (IMF)said Wednesday.

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The economic increase in China has continued to exceed expectations buoyed by strong public investment and export growth, the International Monetary Fund (IMF) said Wednesday.

In its latest "World Economic Outlook", the IMF predicted that the GDP growth in China is expected at 7.5 percent this year, an increase of 0.5 percentage points comparing with the projection in April. However, it forecasted that the increase will slow a bit to7.2 percent in 2003.

The IMF also stressed that China's import growth has picked up significantly this year and it has provided support to the economic recovery elsewhere in the Asia and Pacific region.

The report said that, over the medium term, both economic growth and fiscal sustainability in China depend importantly on economic structural reform, especially making further progress toward developing a sound and commercially oriented banking system and completing the restructuring of state enterprises.

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