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China Growth to Counter Global Economic Downturn
China aims to maintain a good economic growth momentum and contribute to economic stability and development in the Asia-Pacific region, said Li Rongrong, minister in charge of the State Economic and Trade Commission at a press conference sponsored by the China Secretariat for APEC 2001.
Li said that China's gross domestic product (GDP) went up by an encouraging 7.6 percent from January to September, higher than the 7 percent growth target for the year.
The official attributed the GDP growth to the Chinese government's correct judgment on the world economic situation and proper and effective policies and measures it has taken.
The Chinese government had earlier predicted that the country's economy would face difficulties in the second half of the year and has, as a result, firmly continued implementing the policy of expanding domestic demand. And all localities across the country have done a good job of implementing relevant policies in this regard, the official said.
He said, the fact that China has maintained a 7 percent-plus economic growth rate is a great contribution to the Asia-Pacific regional economy and the world economy as a whole.
Next year, China will continue its policy of expanding domestic demand, the official said. "This is to ensure that the Chinese economy will continue to grow during the year and the policy is also intended to offset the impact on the Chinese economy of a slowing down world economy and the September 11 terrorist attacks in the United States," he said.
Measures being taken by the Chinese government in response to the global economic downturn include: continuing to implement a pro-active fiscal policy, speeding up economic reforms, stimulating consumption, and further increasing incomes for urban and rural people.
Li revealed that this year Chinese civil servants will receive 13 months' salaries for the first time.
He said, "We are convinced that there won't be economic development without persistence in reforms."
He also called on all APEC member economies to exert concerted efforts to reduce the adverse impact of the September 11 incident to the minimum, noting this will benefit the Chinese economy, the Asia-Pacific regional economy and the world economy as a whole. China's Economy Keeps Good Growth Momentum China's economy has maintained a momentum of rapid growth in sharp contrast to the global slowdown, with a GDP growth of 7.6 percent in the first nine months of 2001 compared with the same period of last year.
During the first three quarters of the year, the fiscal revenue increased by 24.2 percent compared with the same period of last year; investment in fixed assets rose 18.2 percent; the total retail sales of social consumables grew 10.1 percent, Li told a press conference on the sidelines of the ongoing APEC ministerial meeting.
The total volume of two-way trade saw a growth of 7 percent and foreign investment surged up 20.7 percent, he said.
While the national economy grows steadily, the industrial sectors keep a favorable development momentum in particular.
From January to September this year, state-level industries have achieved some 212 billion U.S. dollars of added value, an increase of 10.3 percent over the same period of last year.
In the mean time, from January to August this year, industrial enterprises achieved profits valued at some 34.4 billion U.S. dollars, a surge of 15.8 percent; most industrial sectors exceeded the same level of last year in terms of profits earned. China's State Firms to Post More Profits This Year China's state-owned enterprises (SOEs) will post a slightly bigger profit this year than in 2000, thanks to further substantial reforms, Li Said
The January-August period of this year saw a 13.7 percent rise in the total profits of the SOEs, which hit 155.55 billion yuan (18.74 billion U.S. dollars)
He predicted that the SOEs will maintain the momentum and by the end of this year, profits made by all state-owned industrial enterprises will total 430 billion yuan (some 51.81 billion U.S. dollars).
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