China Economy Grows 7.4 Percent in 2001: Official

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Last updated at: (Beijing Time) Monday, December 03, 2001

China Economy Grows 7.4 Percent in 2001: Official

China's economy is expected to grow by 7.4 percent this year, a senior Chinese economy official said Sunday in Beijing.

China's economy is expected to grow by 7.4 percent this year, a senior Chinese economy official said Sunday in Beijing.

Zeng Peiyan, minister in charge of the State Development Planning Commission (SDPC), told the annual national planning meeting that the economy has seen a sustained, rapid growth with low inflation. The gross domestic product (GDP) of the country is expected to reach 9,645 billion yuan this year.

He attributed the rapid economic growth to the correct macro-economic policy that the Chinese government adopted. He pointed out that the Chinese government has focused on increasing domestic demand and firmly pushed ahead with economy restructuring.

The growth was hard to win taking into consideration of the slowdown of the world economy, he said.

The performance of the economy also improved. According to official statistics, profits of industrial enterprises totaled 364.7 billion yuan during January-October, increasing 9.3 percent over the same period of last year. In the same period, fiscal revenue of the central government rose by 256.8 billion yuan over one year ago.

Zeng predicts that the inflation rate for the year is about 1 percent. In the mean time, the disposable income of urban residents is expected to grow by about 7 percent and the net

income of rural residents 4 percent.

Unemployment rate will be lower than 4 percent this year, Zeng said. He noted that by the end of October, the national reserve of foreign exchanges reached 203 billion US dollars.

Central Economic Working Conference Held November 27 to 29

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