Foreign Investors More Confident of Chinese Economy

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Last updated at: (Beijing Time) Monday, June 30, 2003

Foreign Investors More Confident of Chinese Economy

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As the shadow cast over China's economy by the SARS epidemic begins to fade, some international financial institutions have again become upbeat about the country's economic growth. Foreign investors are also gaining confidence in investment prospects in one of the world's fastest developing economies.

The sudden outbreak of the SARS epidemic in April forced many international investment banks to downgrade their forecast of China's GDP growth. The Asian Development Bank's forecast of China's growth rate dropped from 7.5 percent at the beginning of year to 7.3 percent at the end of April.

But the ADB says it will most likely readjust the figure due to the effective measures the Chinese government has taken and the rebounding economy in the post��SARS period.

Meanwhile, a recent report from the State Statistics Bureau shows that in the first five months of this year, the number of the government's newly��approved foreign��funded companies has reached nearly 16,000, a 30 percent increase from the same period last year. Contracted foreign capital totaled 38 billion US dollars, up 42 percent.

Yao Jingyuan, spokesman of the State Statistics Bureau, said, "The global business and financial circles are still quite optimistic about China's economic development despite the negative impact of SARS. China is still one of the most favored countries for foreign investors."

For the US��based retailing giant Wal-Mart, preparations have been in full swing for the opening of its first mega��market in the Chinese capital, even during the most critical months of the fight against the epidemic.

Wal-Mart is just one of the many examples of foreign companies who stuck to their investment plans despite the SARS outbreak. Experts explain it is because of the ever��increasing capability of the Chinese economy to deal with contingencies that has led to the increased confidence of foreign investors.

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