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To: Daniel Simon who wrote (39477)	3/26/1999 12:50:00 AM
From: Don Dorsey	Respond to of 50808

CHINA'S ECONOMY EXPECTED TO GROW 8.5 PCT IN 1ST QUARTER BEIJING, Mar 26, 1999 (Asia Pulse via COMTEX) -- Despite a drop in exports and foreign investment, China's gross domestic product is projected to grow by 8.5% to 1.71 trillion yuan in the first quarter this year. According to a report by the State Information Center, confidence in investment is recovering due to the rise in corporate profits in the last quarter of 1998, and fixed-asset investment by state-owned enterprises is expected to increase by 20% in the first quarter from the same period last year. With government support, the downward export trend will be slowed to some 7%, while imports are expected to grow by about 5%. The report says the retail price index and consumer price index in the first quarter will fall 2.6% and 1%, respectively, but total retail sales will surge 7.8% to some 769 billion yuan. Expanding domestic demand will continue to sustain rapid industrial growth, with industrial added value expected to grow 10.5% to 427 billion yuan, according to the report. The three deposit and lending interest rate cuts last year also benefited industrial enterprises, reducing their financial expenses by 3.1% from 1997, and this trend is expected to continue this year.