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Home >> Business
UPDATED: 08:42, September 10, 2004
China's GDP to rise by 9 percent in the 3rd quarter
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China has maintained robust economic growth, with the GDP rising 9.8 percent and 9.6 percent in the 1st and 2nd quarter respectively, says an article written by Qi Jingmei, a scholar of the Economic Forecast Department of the State Information Center. To tackle the too fast increase of investment in certain sectors and loans, the government has worked out a couple of macro control measures, the effects of which have been seen in recent months. Some indexes in certain sectors have begun to fall. The increasing speed of currency loan has become lower than the objectives of the macro control.

In the 3rd quarter, the GDP is expected to grow at 9 percent. The macro control will emphasize on the principle of "differential treatments". On the basis of adjusting economic structure, quickening economic system reform and pushing forward transformation in growth methods, China will strive to prolong the prosperous period to attain rapid and beneficial economic growth.

In the first half of the year, China's GDP reaches 5, 878.8 bln yuan, an increase of 9.7 percent as against same period last year. This shows the national economy is still in the new round of increase which began in 2002.

The GDP is expected to reach 3381.3 bln yuan in the 3rd quarter, a 9 percent increase as against same period last year. The increasing speed is 0.6 percent lower than the 2nd quarter and 0.7 percent lower than the 1st half. The gross GDP for the first three quarters will reach 9, 258.6 bln yuan, an increase of 9.4 percent. The decline in the 3rd quarter is attributed to two reasons: the base number of last year is too high, the macro control measures have seen notable effects in the quarter.

The resident consumption price rises by 3.8 percent from Jan to July, and it rises 5 percent and 5.3 percent in June and July. The consumption price is predicted to rise by 4.8 percent in the 3rd quarter, 2 percent and 0.4 percent higher than the 1st and 2nd quarter respectively.

This year China's foreign trade continues to rise at high speed. The trade surplus has dropped down obviously and deficit risen as the import speed quickens. The gross import value reaches US$ 623.11 bln from Jan to July, an increase of 38.3 percent as against last year. The import value amounts to US$ 309.1 bln, representing an increase of 35.5 percent and export amounts to US$ 313.9 bln, an rise of 41. 3 percent. The trade deficit is US$ 4. 87 bln. In the 3rd quarter, the gross export value will be around US$ 155 bln , 32 percent higher; the import value will reach US$152 bln, 35 percent higher. The trade surplus will be US$ 2.7 bln.

By People's Daily Online

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