China's Economy to Grow by Over 7 Percent in 2002: JPMorgan

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Last updated at: (Beijing Time) Monday, May 13, 2002

China's Economy to Grow by Over 7 Percent in 2002: JPMorgan

A JPMorgan Chase Bank expert expressed confidence Friday that China's economy will continue to grow by more than seven percent this year.

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A JPMorgan Chase Bank expert expressed confidence Friday that China's economy will continue to grow by more than seven percent this year.

China will become a leading force in Asia's economic development, thanks to its economic reforms and a series of measures taken by the government, said Chia-Liang Lian, who is here to attend the 35th Annual Meeting of Board of Governors of the Asian Development Bank.

China has persevered in its reforms even during the Asian economic crisis and the global economic downturn, he noted. "China 's reforms, oriented by the market economy, are going on in an in-depth and all-round manner," he added.

China has built up foreign reserves 12 times greater than its short-term foreign debts, said Lian. "This is the engine of Chinese economic growth."

At present, foreign investors and financial experts are all confident of China's economy, as post-WTO China will have immense potentials for economic development, Lian said.

He predicted that China will become a major export market for Asia and the world at large, a "win-win" situation for Southeast Asia, he said.

At the present stage of economic transition, the Chinese government is fully aware of the importance of reducing the income gap, creating more jobs and building up sound social security and legal systems, Lian said, adding that China is taking effective measures to boost the sustained growth of the national economy and maintain social stability.

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