China's Economy Grows Rapidly

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

China's Economy Grows Rapidly

China's economy grew rapidly in the first half of this year, thanks to the dynamic growth of investment and export, a senior government official said in Beijing Tuesday.

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China's economy grew rapidly in the first half of this year, thanks to the dynamic growth of investment and export, a senior government official said in Beijing Tuesday.

Zhu Zhixin, vice-minister in charge of the State Development and Reform Commission, spoke while reporting the national economicperformance to the Financial and Economic Committee of the National People's Congress (NPC).

Zhu said investment on fixed assets rose more than 30 percent year-on-year in the first half of this year, a growth rate nearly 10 percentage points higher than the same period last year.

Exports grew more than 30 percent in the period, with exports of machinery and electrical products up more than 40 percent and that of new and hi-tech products up 50 percent, said Zhu.

Influenced by SARS, consumption slowed down in the first six months. Yet while the catering sector was seriously affected, sales of cars, IT products and apartments maintained high growth. Sales of sanitation and health products, sports goods, Internet shopping and telephone shopping had actually been advanced by SARS,said Zhu.

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