Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (11336)	9/1/2003 12:58:01 AM
From: StanX Long	Read Replies (1) \| Respond to of 95888

China's economic boom expected to continue China's economy will expand 8.3 percent this year despite the impact of SARS and the rapid growth will continue into next year, state media said, citing a government-sponsored report. Monday September 1, 12:34 PM sg.biz.yahoo.com At the same time, the State Information Center warned that China, one of the fastest growing major economies in the world, must address the problems of high unemployment, inefficiency and lackluster consumption, the China Daily said. The report said the economy will slow in the third quarter as Severe Acute Respiratory Syndrome (SARS), which struck in the second, took its toll on a wide range of industries but fast growth will resume in the final three months of the year. China's top legislator Wu Bangguo on Sunday gave a more modest prediction, saying the economy will grow by at least seven percent, according to the Xinhua news agency. "We are confident that the objective of seven percent economic growth in the year can be realized," said Wu, chairman of the National People's Congress, who was in the Philippines for an official visit. Economic growth in coming months will be fueled by expanding exports and a resumption in consumer spending, the report said. Growth in consumption, however, will be kept in check by only modest gains in income, especially in rural areas, leaving it below 2002's increase but ahead of the first half performance, the report said. Investment is predicted to grow 20 percent in the second half of the year -- a 12 percentage point drop from the first half. SARS put a halt to many trade negotiations when it broke out in the spring as overseas and domestic investors from unaffected cities avoided travelling to those that were badly hit, including Beijing. The State Information Center team forecast a 20 percent growth in exports this year, a drop of two percentage points over 2002, noting that some countries had blocked Chinese exports, citing SARS as the reason. Imports this year, however, are expected to rise 27 percent, six percentage points more than in the previous 12 months, cutting the trade surplus by 50 percent to 15 billion dollars. The growth trend will continue into 2004, with GDP growth to be maintained at eight percent, the report said, noting that the global economy is showing signs of resurgence which will have a positive impact on China's trade. High unemployment, however, will pose a severe challenge to China's economy, the report stressed. The number of new workers will reach 50 million in the next five years but only seven to eight million new jobs are predicted to be created each year even if GDP growth is as high as 8.5 percent. Last month, Qiu Xiaohua, deputy director of the National Bureau of Statistics predicted that China's GDP will almost certainly grow by seven percent and possibly eight percent. China's gross domestic product (GDP) grew 8.2 percent year-on-year in the first half of this year after 8.0 percent in 2002.