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China's GDP Predicted to Top US$1 Trillion: SIC
According to the estimate by the State Information Center (SIC) in its newly finished "Analysis of China's Macroeconomic Situation in 2000 and Prospects for 2001", China's GDP this year will exceed US$1 trillion for the first time.
In the opinion of the report, a major turning-point is expected to emerge in the operation of China's national economy in 2000, it's initially estimated that the total value of China's GDP this year will reach 8,928.3 billion yuan, an increase of 8.3 percent calculated on the basis of comparable price, or US$1,078.3 billion converted in accordance with the current exchange rate, representing a historical leap. The per-capita GDP will reach US$849, basically attaining the second-step strategic goal for the modernization drive.
The report forecasts that next year China's economy will present a pattern of "high growth, low inflation"and the growth rate is expected to reach 8.5 percent, slightly higher than that of this year. Besides, the consumption price index of citizens of the whole country is estimated to pick up to 2.3 percent and the general price level to be kept within the inflationary limit.
The report suggests that around 160 billion yuan worth of long-term national construction bonds be issued next year in order to bring about a steady growth in the fixed asset investment demand; at the same time, the wages of civil servants and the social security level of low-income stratum should once again be substantially raised at the opportune time.
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