Beijing's Economy Forecast to Grow 9-10 Percent in 2003

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Last updated at: (Beijing Time) Sunday, August 17, 2003

Beijing's Economy Forecast to Grow 9-10 Percent in 2003

The Beijing Statistical Bureau has forecast a 9-10 percent economic growth rate for 2003 despite the outbreak of severe acute respiratory syndrome (SARS) in the national capital.

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The Beijing Statistical Bureau has forecast a 9-10 percent economic growth rate for 2003 despite the outbreak of severe acute respiratory syndrome (SARS) in the national capital.

As a city hit hard by the SARS disease, Beijing's economy has continued its growth momentum so far this year, said Lu Yingchuan of the Beijing Municipal Development Planning Committee.

According to statistics, the city's added industrial output value surged 12.4 percent year-on-year to reach 52.36 billion yuan(6.33 billion US dollars) in the first seven months this year.

Fixed assets investment totaled 89.33 billion yuan (10.8 billion US dollars) in the seven-month period, up 17.1 percent over last year's same period.

Beijing registered retail sales totaling 75.06 billion yuan (9.07 billion US dollars) in the first five months, a rise of 15.2 percent on a yearly basis.

Three months ago when the number of SARS cases was increasing rapidly in the Chinese capital, many international organizations forecast a lower economic growth rate for China.

However, facts have shown that SARS did not scare away foreign investors. In May, three foreign-financed enterprises were established in Beijing daily, and the total contractual foreign investment maintained a two-digit growth rate for the same month.

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