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 | Friday, April 28, 2000, updated at 20:27(GMT+8) | ||||||||||||
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Economists Predict Higher GDP Growth Rate This YearChinese economists are cautiously optimistic about China's economic performance in 2000, predicting that it will surely be better than last year, with the growth rate of gross domestic product (GDP) expected to reach 7.5 percent.An analytical report released April 28 by veteran economists with the Chinese Academy of Social Sciences (CASS) pointed to a stable world economic situation and the continuation of the government's current macro-control policies. Value added to the agricultural sector is projected to grow 2.9 percent this year, with a 8.8 percent rise anticipated for the manufacturing sector, and 7.6 percent growth rate for the service sector. The report says that fixed asset investments will amount to 3. 226 trillion yuan for the year, up 8 percent, lower than the government-scheduled growth rate of 10 percent. "It is hopeful that the down-hill economic situation will turn around by this year," said noted economist Liu Guoguang in a written speech. It still takes time to overcome deflation rising since late 1997, the report warns, predicting that the retail sale price index will remain negative in 2000. However, exports will make greater contributions to GDP growth. Another reason for optimism is that China has gained some experience in coping with deflation over the past year, and that the government has also turned to stimulating both the consumption and investment demands through the pro-active fiscal policy, the report says.
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