China's Economy to Grow 7-8 Percent in 2003: NBS

Home>>Business

Last updated at: (Beijing Time) Sunday, March 23, 2003

China's Economy to Grow 7-8 Percent in 2003: NBS

China's economy is expected to keep a fast and healthy development this year, most likely to growby seven to eight percent, a senior Chinese official predicted Saturday.

DISCUSSION

CHINESE

SEND TO FRIEND

China's economy is expected to keep a fast and healthy development this year, most likely to growby seven to eight percent, a senior Chinese official predicted Saturday.

Qiu Xiaohua, deputy director of the National Bureau of Statistics (NBS), said that his prediction iss based on the assumption that the military action against Iraq would not have much effect upon the world economy.

The NBS statistics showed that in the first two months of 2003,China's fixed asset investment was 30 percent higher than the sametime last year, the highest growth rate since 1996.

The economic returns of China's enterprises also improved remarkably, with statistics indicating that the efficiency of industrial enterprises grew 120 percent.

Meanwhile, Chian witnessed a trade deficit of 600 million US dollars in the first two months of this year, the first of its kind since 1996.

Qiu said that the deficit resulted from increased petroleum imports and price rises. Surging demand led to an import growth of57.1 percent over the same period last year.

The contracted foreign investment in the first two months has achieved a growth rate of 59.1 percent and that of actual foreign investment was 53.6 percent, said the statistics.

The NBS also said that the amount of broad money (M2) supply increased by 18.1 percent, 5.1 percentage points higher than the same period of last year.

Questions?Comments? Click here

Figures Show China Among World's Fastest Developed

China's Market Economy Takes over the Rural Economy

China's GDP to Exceed 10 Trillion Yuan Expected

The US Must Not Put Pressure On the UN ( 3 Messages)

Saddam Vows to Globalize War if Attacked ( 5 Messages)

China's Z11 Helicopters Get Green Light for Civilian Use ( 5 Messages)

New Premier Comes from Grass Roots ( 2 Messages)

China Hopes War can be Avoided: FM ( 3 Messages)