WB Predicts China's Economy will Withstand SARS Epidemic

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Last updated at: (Beijing Time) Saturday, May 03, 2003

WB Predicts China's Economy will Withstand SARS Epidemic

The World Bank is predicting that China's economy, though hard hit by the SARS epidemic, will still experience growth of about 7.3 percent by the end of the year.

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The World Bank is predicting that China's economy, though hard hit by the SARS epidemic, will still experience growth of about 7.3 percent by the end of the year.

China established a two-billion-yuan (about 250 million US dollars) special fund for the prevention and treatment of the virus. The fund was earmarked for economic assistance for people unable to afford the expensive disease treatment.

The May holiday suspension of securities and futures transaction was extended an extra week, stopping transactions worth tens of billions of yuan. The markets welcomed the decision, considering it a "responsible measure to safeguard the health of investors", a market analyst said on Wednesday.

China also canceled the May Day Golden Week holiday, a week-long holiday celebrating International Labor Day, for fear that huge movements of people during the holiday would spread the disease nationwide.

Gao Qiang, vice-minister of health, said at a press conference that despite the big losses China's tourism industry would suffer, people's health was top priority.

The World Bank report said that China's tourism, transportation and industry would be severely hindered by the epidemic disease, but in the long run, China's strong domestic demand would still remain the major impetus to economic growth.

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