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Last updated at: (Beijing Time) Thursday, November 27, 2003

China's GDP expected to exceed 11 trillion yuan this year

Officials with the National Statistics Bureau said Wednesday that this year's gross domestic product is expected to break a new record of 11 trillion yuan or over 1.3 trillion US dollars, with an economic growth rate of 8.5 percent.


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Officials with the National Statistics Bureau said Wednesday that this year's gross domestic product is expected to break a new record of 11 trillion yuan or over 1.3 trillion US dollars, with an economic growth rate of 8.5 percent.

They said China's economy continues to grow rapidly in spite of complicated international situations, the outbreak of SARS and frequent natural disasters. In the third quarter of this year, China's economy already recovered to its pre-SARS level.

Meanwhile, China's foreign exchange reserve hopes to hit a new high of 400 billion US dollars this year. And the industrial production growth rate has also reached the highest level since 1995. The country's import-export volume will also exceed that of last year.

The Organization for Economic Cooperation and Development (OECD) forecast a 8.4-percent growth this year for China in its half-yearly Economic Outlook report released Wednesday.

The forecast was up from the 7.7 percent in the OECD's previous outlook report published in April.

The expected growth increase is brought by corporate investment as a major growth factor but the booming businesses might also cause problems, warned the OECD.

"There are concerns that some of the investment may not turn out to be profitable and may add to excess capacity and non-performing loans in the future," said the report.

China's economic growth is expected to slow to 7.8 percent in 2004 and slip further to 7.4 percent in 2005, it said.

By People's Daily Online


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