Morgan Stanley Economist : China's GDP Growth Benefits Global Economy

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Last updated at: (Beijing Time) Monday, October 21, 2002

Morgan Stanley Economist : China's GDP Growth Benefits Global Economy

Steve Roger, chief economist of Morgan Stanley made a report lately, he said that that the global can get benefits through China's GDP increase.

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Steve Roger, chief economist of Morgan Stanley made a report lately, he said that that the global can get benefits through China's GDP increase.

Roger said that when the international economy is being trapped in hardship, China is like an oasis in a desert. China's economy keeps a growth rate of 8 percent this year, driven by the internal reform and external globalization, China has become a country with the fastest growth in world economy.

By far, China is the only country that did not get affected by the heavy periodic recession of the world.

Roger said that China's robust economic growth mainly comes from three sources: first, the amazing export growth rate which topped 25% by the end of August, secondly, infrastructure expense maintains a high jump, which has brought the fixed assets to rise by 24%, in addition, in the previous 8 months this year, foreign direct investment approached 35 billion US dollars and it is expected to break last year's 47 billion US dollars.

Under the three propellants, China's industry output has grown by 13 percent, much higher than 2000-2001's 10.6 percent. And another factor is that China's determination on reform is not shaking, the high energy fuel pushed China's economy to a robust growth.

Roger also gave some advices on China's economic development. He said that as the global trade with US in the center is slowing down, it's better for China to take other measures to avoid excessive reliance on external demands and better to get more supports from domestic market.

A steady policy is quite important, it can not only provide security, but also help curb the inflation. In the meanwhile, the whole world can get great benefits from China's GDP growth, said Roger.

By PD Online Staff Li Yan

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