Official: China's Economy to Maintain 8 Percent Growth This YearThe Chinese economy is likely to maintain last year's 8 percent growth rate in 2001, Qiu Xiaohua, deputy head and spokesman of the National Bureau of Statistics, said.Qiu made the announcement at the Fifth China Capital Market Forum in Beijing Saturday. With China's expected admission to the World Trade Organization (WTO) sometime this year, investment from overseas is likely to rise by a large amount, the spokesman said. Admitting that increased government investment in 2000 had failed to produce the same increase from the private sector, Qiu said this is likely to change this year, as the government is set to relax restrictions on private investment and continue improving the investment environment. A major problem for the Chinese economy has been the slow rise in the income of farmers. The spokesman said that measures will be taken this year to solve the issue. An expected salary rise for civil servants will help stabilize urban consumption, he said. Since the government has made it clear that the current stable monetary policy and pro-active fiscal policy will be continued this year, Qiu said that policy continuity and economic stability will be certainties. According to him, China's Western Development Strategy will enter the substantive stage this year. The Western Development Strategy along with the government's efforts in developing high-tech sectors and upgrading traditional industries will all have positive effects on the economy. Another possible boost to the economy comes from the implementation of the urbanization strategy, which will greatly stimulate rural consumption and development. In urban areas, houses and automobiles will become new targets of consumption, he added. |
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