China's Economic Growth Exceed Eight Percent: Experts

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Last updated at: (Beijing Time) Monday, July 14, 2003

China's Economic Growth Exceed Eight Percent: Experts

Despite the impact from severe acute respiratory syndrome (SARS), the Iraqi war and domestic natural disasters, economists predicted that China's growth rate for the first half of the year should have exceeded 8 percent, slightly higher than the same period of last year.

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Economists here predicted that China's growth rate for the first half of the year should have exceeded 8 percent, slightly higher than the same period of last year.

Despite the impact from severe acute respiratory syndrome (SARS), the Iraqi war and domestic natural disasters, the increase rates for investment and export were predicted to have both exceeded 30 percent.

While the growth rate for utilized direct foreign investment was estimated at nearly 30 percent, that for industrial production was put at around 16.2 percent.

According to Chen Dongqi, an expert with the State Development and Reform Commission, since China's economy is mainly motivated by investment, export and industry, which have all seen hikes in the first six months, the rapid upward trend for China's economy therefore remains irreversible.

However, experts here also warned that the economic growth for the whole year might look like the letter "V" when charted, though ultimately striving for 8 percent while ensuring 7 percent by the year end should be no problem.

Economists also raised caution against several major problems, such as employment difficulties, the fall of farmers' income due to SARS, the reemergence of high energy-consuming industries and the excessive increase of financial credits, which are natural in the course of economic development.

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