China's Economy Expanded 8.1% in 3rd Quarter, Driven by Exports
Wed Oct 16, 3:23 AM ET
By Owen Brown and Andrew Batson
Dow Jones Newswires
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BEIJING -- China's economic growth remains one of the fastest in the world, with official figures issued Wednesday showing GDP (news - web sites) grew 8.1% year on year in the third quarter of 2002.
State Statistics Bureau figures also show GDP grew 7.9% year on year to 7.17 trillion yuan ($8.66 billion) in the first nine months of this year.
The third quarter result came in above market expectations, which centered on an increase of 8% year on year, flat against the second quarter growth rate. However, the growth in China's GDP in the first nine months of this year matched market forecasts.
China's economic growth continues to be driven by export-related industrial production, foreign direct investment and government spending on fixed assets.
State Statistics Bureau Deputy Director Qiu Xiaohua said the results provide a good foundation for achieving the government's full-year macroeconomic forecasts. China has forecast a 2002 GDP growth rate of around 7%, in line with a rise of 7.3% year on year in 2001.
Mr. Qiu said in a statement that the results in the first nine months of this year suggest China's GDP could grow in 2002 to a record 10 trillion yuan.
The statistics bureau's statement didn't provide third-quarter details for industrial output, retail sales, trade, prices, foreign direct investment or fixed asset investment.
But in the first nine months of this year, retail sales rose 8.7% year on year to 2.91 trillion yuan, a percentage point faster growth than the first half of 2002.
In the same nine-month period, China's consumer price index (news - web sites) fell 0.8% year on year, flat on the first-half CPI result, suggesting |
