One of World's Fastest-growing Economies in 21st CenturyChina is brewing another round of economic wonder in the next decade.There are several indications to show that China will attain such aspirations, as the Chinese economy has already shown major improvement at the turn of the century. Latest figures on the Chinese economy, announced by Qiu Xiaohua, deputy director of the National Bureau of Statistics at the ongoing conference of Overseas Chinese Worldwide 2000, are positive. The figures show a growth rate of 8.2 percent for the entire Chinese economy in the first half of the year and for the first eight months, industrial output rose by 11.6 percent, export volume by 34.6 percent. China's foreign exchange reserve is now approaching 160 billion US dollars. "This shows that the Chinese economy is very likely to end a relatively tumultuous time since 1993, especially since the outbreak of the Asian financial crisis," Qiu said. He said that " China is capable of seeking faster and better development in the new century." According to a blueprint mapped out by the central government, China will realize an annual growth rate of over seven percent in the coming decade, and by the year 2010, will have doubled the gross domestic output for the year 2000. If so, China will become one of the fastest-growing economies worldwide in the 21st century. Professor Fang Sheng, an economist with the Chinese People's University, echoed the remarks. China has quadrupled its Gross Domestic Product over the past two decades, which has helped reduced the distance from industrialized nations, he said. The fact that China is increasingly merging itself into the global economy, is carrying out strategically important economic restructuring, is speeding up the development of information technology and is exploring the west, has paved the way for fast economic development, said Fang. Furthermore, China's accession into the World Trade Organization (WTO) is drawing near. Further opening-up of China and its reforms will in turn accelerate economic development. The World Bank estimates that China's WTO accession will result in 116 billion US dollars in profit for China and four million job opportunities annually. In another development, China's reform of state-owned enterprises (SOEs), widely viewed as essential to China's success, is progressing smoothly. The marginal profit increase in the SOEs during the first eight months of this year signaled that China is able to lift the SOEs out of the red by the end of the century. The information industry is also leaping forward in China, maintaining a growth rate of 20 percent throughout the past decade. So far, China has the world's second largest fixed phone network and the third largest mobile phone network. The number of China's Internet users has reached 16.9 million, which doubled the number at the end of last year. The international society comments that "China's Internet economy used three years to achieve what takes other countries a decade to achieve." In the meantime, China is drafting a blueprint for the next five years. Sources say that China will continue its current momentum. The investment in fixed assets will increase by 10 percent annually and the total trade volume for the coming decade will exceed two trillion US dollars. Many CEOs in the world's major corporations agree that China's huge market potential is becoming a reality to the investors. |
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