China's Economy Grew 9.1 Pct. in 2003
Tue Jan 20, 1:16 PM ET
BEIJING - China's economy grew a surprising 9.9 percent in the final quarter of last year, the government said Tuesday, signaling a quick recovery from the economic fallout of the SARS (news - web sites) epidemic and hinting at a favorable outlook for 2004.
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Investment and foreign trade helped drive the country's annual gross domestic product growth to 9.1 percent, according to the official figures released by the National Bureau of Statistics.
At 11.7 trillion yuan ($1.4 trillion), full-year GDP (news - web sites) growth was the highest since 1997, said Li Deshui, the bureau's commissioner.
"When we look at the economic performance of 2003 we are very happy to see ... rapid economic growth, a stable CPI (consumer price index), an improvement in the employment situation, and very good balance of payments," Li said.
Economic growth is the primary concern of China's leadership, which has promised its citizens fast development and increasing living standards.
The full-year GDP rise exceeded market consensus, and was much higher than the 8.5 percent predicted last week by Xie Xuren, China's State Taxation Administration commissioner.
For 2004, Li projected at least 7 percent growth, with a lively first quarter backed by continued investment. He also said consumer demand will be stronger, while export growth was likely to slow.
The emergence of severe acute respiratory syndrome last spring kept people and investors away from China for months, causing widespread worry of a long-term economic impact.
Its strong fourth quarter and full-year GDP growth may raise further concerns that China's economy may be overheating.
But, Li said, while some "select regions and select sectors" may be showing signs of overheating, the overall picture is sound.
URL:http://story.news.yahoo.com/news?tmpl=story&ncid=1203&e=4&u=/ap/20040120/ap_on_bi_ge/china_economy&sid=95609868 |
