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Nation's GDP to Grow by 7.5 Percent
China will maintain fast economic growth this year, with the growth rate of the gross domestic product (GDP) standing at about 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 percent to 8 per cent or even higher than that of this year, provided no major accidents take place in the world's political and economic environment, and no serious natural disasters or other major problems crop up in China.
It is too soon to tell what impact the September 11 US terrorist attacks and the US retaliation will have on China's economy, if any.
According to the report, investment in fixed assets will increase by 13.5 per cent in 2001 and 11.3 per cent in 2002 -- the fastest growth since China introduced a pro-active fiscal policy following the outbreak of the Asian financial crisis in 1997.
Consumption will maintain steady growth and become one of the main factors propelling macroeconomic growth in China. It is expected that retail sales of consumer goods will grow by 10.4 percent this year and 10 per cent next year.
And the growth rate of imports and exports for this year and next year will reach double digits, the report said.
The country will still maintain a favorable balance in foreign trade.
Source: China Daily
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