China 2003 GDP Forecast cut to 7.5 Percent: Report

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Last updated at: (Beijing Time) Thursday, May 22, 2003

China 2003 GDP Forecast cut to 7.5 Percent: Report

An official report predicts China's gross domestic product is likely to rise 7 and a half percent year-on-year in 2003. The impact of SARS on China's economy is short-term.

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An official report predicts China's gross domestic product, or GDP, is likely to rise 7 and a half percent year-on-year in 2003, compared with the previous estimate of 9 percent.

The report by the State Information Centre says the country's GDP growth in the second and third quarters is likely to be the slowest in the year, but may rapidly rebound in the fourth quarter. It notes the impact of SARS on China's economy is short-term and would be effectively contained by the end of June.

Despite the impact of SARS on China's exports, the report estimates China is still expected to record a 24 billion US dollar trade surplus for 2003.

Fixed-asset investment is likely to maintain a 15 percent increase rate in 2003, while foreign direct investment will shrink to about 50 billion US dollars in 2003, compared with 52.7 billion a year earlier.

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