Economists: China's Economy Proceeds Steadily

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Last updated at: (Beijing Time) Friday, August 30, 2002

Economists: China's Economy Proceeds Steadily

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This year marks the first year of China's WTO accession. Some Western media predict that China's WTO entry is like "opening the Pandora's Box", it was sure to cause economy crash, and some even put forward the so-called Eastern economy's "20 years limitation", suspecting China's economic development.

Looking back the first half of this year's economy performance, how would the next half year's go?

National Bureau of Statistics (NBS) conducted a survey with more than 100 economists lately.

According to the survey, experts expressed satisfaction about first half year's economy performance and predict that the latter half year's GDP may reach 7.4%, exceeding that of the statistics from the NBS conducted on July 15. The statistics indicate that China's GDP increased by 7.8% in the first half of this year. Other indexes are also better than expected. National economy generally functions well.

Experts said that after the "9.11" incident, international economy is in a straitened situation. Many international organizations lowered their expectation on world economy and global trade volume.

Facing a recessive world economy, China's domestic demand has not yet been fully on the drive, industry structure problems still exist. China's economic growth rate dropped to 7.3% in 2001 from 8% in 2000, with an adjustment of targets made

Early this year, world economy shows some sluggish recovery, especially a bounce of American economy made.

The Chinese government lost no time in carrying out an active financial and stable monetary policy, expanding domestic demands and foreign trade opportunities.

In the first half of this year, China gradually got rid of the unfavorable influence in world economy, rising from the impacts of the WTO entry.

Statistics from the NBS show that in the first half of this year, major economy indexes witnessed sound development, consumption, investment and export contributed 50%, 49% and 1% , respectively to the national economy.

Some experts analyzed that the macro-economy in the first half of the year kept good momentum. Along with government's policy support and world economy recovery, it also benefits from various micro policies.

The good performance in the first half of the year laid a good foundation for achieving the expected 7% growth rate target.

There will be some difficulties in the latter half of the year that we have to face. There are still some uncertain factors in world economy recovery, domestic economic contradictions are still striking, financial revenue growth rate is still very slow, commodities are at a low price level, laid-off workers are in a large number and rural area's demand increases slowly.

By PD Online Staff Li Yan

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