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Last updated at: (Beijing Time) Monday, February 24, 2003

China to See 7 Percent Growth in GDP in 2003: PBOC

China's GDP is expected to rise by about 7 percent for 2003, lower than the expected 8 percent growth in 2002, says the People's Bank of China.


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China's GDP is expected to rise by about 7 percent for 2003, lower than the expected 8 percent growth in 2002, says the People's Bank of China.

According to the central bank, broad money supply and narrow money supply are both expected to grow by about 16 percent this year, and various loans of its financial institutions are expected to grow by about 1.8 trillion yuan.

It said foreign trade volume will rise by more than 7 percent in 2003 while the urban registered unemployment rate will be below 4.5 percent.

The central bank said the country will strengthen its supervision for property loans to give more attention to potential economic bubbles caused by large real estate investment in some areas.

China will also swiftly adopt various kinds of monetary policies this year and enhance the role of these policies. The country plans to maintain relatively stable interest rates as well as foreign exchange rates in the near future.

The PBOC said China will gradually push forward reforms in its interest rate market and the rural financial sector this year, and will extend more loans for its rural economy. China will specially support the development of its small enterprises and the economy on a county level in 2003.


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