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China's GDP Expected to Grow By Eight Percent This Year
China's gross domestic product (GDP) is expected to grow by eight percent this year since major economic indicators have showed improvements, said the latest issue of the country's most authoritative news weekly Outlook.
So far this year, China's economy has maintained a fairly good performance, and all economic indices have been relatively satisfactory, according to the June 5 issue of the magazine, which will hit newsstands early next week.
It is expected that the overall performance of the Chinese economy in the second half of the year will be better than that of the first half of the year, it said.
After two years of efforts, both the internal and external environments have become more favorable to the Chinese economy, the magazine said in an article by Zhang Hanya, an official with the State Development Planning Commission.
Internally, China has to a large extent adjusted itself to the new situation of the post short-supply economy, and acquired a significant amount of experience in macroeconomic tuning.
In the meantime, the series of economic policies and reforms aimed at propelling economic growth continue to exert positive effects on the overall economy, said Zhang, director of the commission's investment study institute.
The external environment has also continued to improve. Most of the Asian economies hit in the last financial crisis have now rebounded to normal growth, and are expected to demand more Chinese exports.
Also, the world economy is widely predicted to see higher growth this year, and China's anticipated entry into the World Trade Organization will also improve the external environment for the Chinese economy, Zhang said.
In the first quarter this year, China's GDP had a year-on-year growth of 8.1 percent, which was 1.9 percentage points higher than that of the previous quarter.
The country's industrial growth, which accounted for 43 percent of China's GDP, showed a robust year-on-year growth of 10.7 percent in the first quarter.
Capital investment has also been on the rise, up 9.3 percent in the first four months over that of the same period last year. And overall capital investment is expected to see an increase of 10 percent this year, Zhang said.
The first quarter's retail sales were 10.4 percent higher than those of the same period last year, and the country's trade volume witnessed a growth of 38.8 percent in the first four months this year.
Despite the good performance of the economy, the article noted that it will be very difficult to achieve faster economic growth after the economy has entered a period of relative balance.
Future efforts should be focused more on upgrading the country' s economic quality and efficiency, the Outlook article concluded.
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