Deutsche Bank Readjusts Forecast on China's Economic Growth

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Last updated at: (Beijing Time) Tuesday, August 05, 2003

Deutsche Bank Readjusts Forecast on China's Economic Growth

Deutsche Bank issued a monthly report here Monday, readjusting its forecast on the growth rate of China's gross domestic product (GDP) from 7.5 percent to eight percent.

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Deutsche Bank issued a monthly report here Monday, readjusting its forecast on the growth rate of China's gross domestic product (GDP) from 7.5 percent to eight percent.

The outbreak of the severe acute respiratory syndrome did not hinder China's economy as seriously as the bank previously predicted, said the report.

Meanwhile, the bank held that the Closer Economic Partnership Agreement (CEPA) signed between China's mainland and Hong Kong would bring "instant benefit" to Hong Kong's manufacturing industry, predicting that the policy of zero tariffs would help draw up 0.4 percent of Hong Kong's GDP growth before 2006 and create 5,000 - 10,000 job opportunities.

CEPA also works to stimulate domestic and foreign investment inHong Kong's manufactory enterprises that share strong business ties with those in China's mainland, the report said.

Some foreign service enterprises have shown strong interest in purchasing enterprises and banks on the mainland, with an eye to entering the market as soon as possible, the report said.

Deutsche Bank was granted Qualified Foreign Institutional Investor (QFII) status Sunday by China's securities authority and become the sixth foreign investment institution allowed to engage in securities business in China's domestic A-share market.

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