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China's GDP to Grow by 7.5 Percent: Report
China will maintain fast economic growth this year, and the growth rate of the gross domestic product (GDP) will stand at around 7.5 percent.
This prediction was made by a key task team for analyzing and forecasting China's economic situation under the Chinese Academy of Social Sciences in an autumn report.
The report also predicted that in 2002, the GDP growth rate will be around 7 to 8 percent or even higher than that of the previous year if no major accidents take place in the world's political and economic environment, and no serious natural disasters or other major problems crop up inside China.
According to the report, investment in fixed assets will increase by 13.5 percent and 11.3 percent in 2001 and 2002, respectively, which will be the fastest growth since China introduced a pro-active fiscal policy following the outbreak of Asian financial crisis in 1997.
Consumption will maintain steady growth and become one of main factors propelling macro-economic growth in China. It is expected that retail sales of consumer goods this year and next year will grow by 10.4 percent and 10 percent respectively.
In the meantime, the growth rate of imports and exports for this year and next year will just reach double digits, with the import increase rate continuing to outstrip the export growth rate, said the report.
However, the report added, the country will still maintain a favorable balance in foreign trade.
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