China's Economy to Grow by at Least 7.8 Percent, Experts

Home>>Business

Last updated at: (Beijing Time) Monday, October 14, 2002

China's Economy to Grow by at Least 7.8 Percent, Experts

China's economy will grow by 7.8 percent or more this year, a government think tank predicted.

DISCUSSION

CHINESE

SEND TO FRIEND

China's economy will grow by 7.8 percent or more this year, a government think tank predicted.

The Chinese Academy of Social Sciences made the prediction in a report issued Friday, the Economic Information Daily said.

The academy attributed the growing economy to the government's fiscal policies and to the continuing expansion in domestic demand.

Foreign trade has also greatly increased, as has actual foreign direct investment.

The academy predicted that in 2003, barring any unexpected international or domestic events or serious natural disasters, the economy would continue to grow at a rate of 7 percent or higher.

The report offered three suggestions for maintaining future development: continue expanding domestic demand, combine raising residents' income with overcoming deflationary pressures, and stepping up macroeconomic adjustments, which in the past have included issuing treasury bonds and cutting interest rates.

China's economy grew 7.8 percent in the first half of 2002, compared with the same period last year. The economy grew by 7.3 percent last year.

Chinese officials have expressed increasing confidence in recent months that economic growth will exceed the government's seven percent target this year because of massive state spending and rising exports.

The central bank in a recent report said this year's growth may top 7.5 percent, while some researchers are even more bullish, expecting a 7.7 percent rise.

Questions?Comments? Click here

China's Economic Growth Aids Global Development

China's Economy Maintains Steady Growth

Fewer Slogans, More Practical, Reflect Social Changes in China ( 16 Messages)

Jiang Expects In-depth Discussion with US President ( 4 Messages)

China Slaps US Religious Freedom Report ( 2 Messages)

China Opposes US Congress Committee's Interference in China's Internal Affairs ( 9 Messages)

Multinationals Fight for Chinese Markets ( 27 Messages)