China's Economy to Peak at Beginning and End of Year

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Last updated at: (Beijing Time) Wednesday, July 16, 2003

China's Economy to Peak at Beginning and End of Year

China's economic growth will show a "U" pattern for 2003, with high growth in the first and fourth quarters, said a senior government official Tuesday.

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China's economic growth will show a "U" pattern for 2003, with high growth in the first and fourth quarters, said a senior government official Tuesday.

Qiu Xiaohua, deputy director of the National Bureau of Statistics, made the prediction while reporting the performance ofthe national economy to the Financial and Economic Committee of the National People's Congress (NPC).

Qiu said the first quarter witnessed the fastest economic growth for the same period since 1995. Owing to the impact of SARS,GDP growth in the second quarter plunged to the lowest point since1992. However, since June, when the epidemic was brought under control, the national economy began to move upward.

Qiu said judging from the overall economic performance in the first half of the year, the impact from SARS was temporary, regional and limited. It did not touch the basic elements of the economy or alter the rapid growth of China's economy. The overall economic situation remained positive.

He said China's economy was in the midst of a growth stage. The internal driving force was growing and the upward momentum would remain in the second half of the year.

Qiu said SARS constituted an impact rather than a crisis. The basic factors underpinning China's long-term economic growth, a vast market potential, rich labor resources, relatively adequate capital and improved infrastructure and supply of basic products, remained intact.

China enjoyed a number of positive factors for its economic growth. Among them were the fading away of the SARS impact, China's accumulation of rich macro-control experience and the improving economic situation worldwide, said Qiu.

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