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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (64325)	6/12/2002 1:17:50 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

China's industry and exports show strong growth By Scott Hillis Wednesday June 12, 6:01 AM sg.news.yahoo.com BEIJING (Reuters) - China said on Tuesday exports and industrial output accelerated their already blistering growth in May, putting the country well on track to hit its crucial seven percent economic growth target this year. China had a trade surplus of<B< $2.2 billion in May, up 10 percent from a year earlier, with exports up 18.4 percent to $24.64 billion and imports climbing 19.3 percent to $22.44 billion, the official Xinhua news agency said. Meanwhile, industrial output in May shot up 12.9 percent to 261.7 billion yuan ($31.6 billion), the State Statistical Bureau said in a statement. The figures topped the official targets -- seven percent for exports and nine percent for industrial output -- the government says are necessary for China to achieve its seven percent overall growth target. Hitting that target is a vital goal for leaders who deem that pace necessary to create enough jobs to ward off the spectre of unemployment and social unrest in the wake of China's entry to the World Trade Organisation last December. "Seven percent is very easily reached," Deutsche Bank analyst Jun Ma said. "We are forecasting 7.5 percent for the whole year and there's still potential to exceed even this." China's gross domestic product grew a stronger-than-expected 7.6 percent year on year in the first quarter, rebounding from the slowest quarterly growth in the last three months of 2001. GDP grew 7.3 percent last year. WEAK DOLLAR, GLOBAL RECOVERY Exports from January to May rose 13.2 percent to $115.99 billion while imports grew 10.9 percent to $105.56 billion, Xinhua said, quoting customs figures.