Economist: China's GDP Growth Target still Attainable

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Last updated at: (Beijing Time) Thursday, June 19, 2003

Economist: China's GDP Growth Target still Attainable

A leading Chinese economist predicted China is likely to attain its economic growth target setwell before the outbreak of the severe respiratory syndrome (SARS).

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A leading Chinese economist predicted China is likely to attain its economic growth target setwell before the outbreak of the severe respiratory syndrome (SARS).

Qiu Xiaohua, deputy director of the National Bureau of Statistics, said Tuesday that China's gross domestic product (GDP) is expected to grow by 7 percent this year, a target set in the first quarter of this year.

Qiu made the announcement at a seminar in Fuzhou, the capital of east China's Fujian province.

Qiu told a press conference in March that China's projected GDPgrowth of 7 percent was attainable while the bureau estimated thatChina's economy would grow by seven to eight percent this year.

Qiu said investment on the Chinese mainland grew by 31.6 percent during the first quarter, and it continued its upward trend in May to rise 34.5 percent with foreign trade up 30 percent.

China used a total of 27 billion US dollars worth of overseas investment in the first five months of this year, an increase of 48.2 percent year on year, he said.

Fiscal revenue during the five months jumped by 28 percent while price index went up by 0.7 percent, he added.

The economic figures indicated the Chinese economy was still onthe fast track, and that the growth rate for the first half of this year was set to be no less than 8 percentage points, Qiu said.

The country's service sector, tourism and transportation sectors in particular, were hit by SARS during late April and May,Qiu acknowledged.

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