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To: Lee who wrote (118156)	4/17/1999 11:16:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 176387

[Economy-China] Chinese economy grew at 8.3% in Q1. Lee: Looks like it is steady as she goes in China as well,fueled by increased government spending and consumer spending,though export was down. Well thank god they have a domestic market to rely on unlike some of the other S.E.Asian countries. ==================== China's First-Quarter GDP Rises 8.3% on Increased Investment Beijing, Apr. 17 (Bloomberg) -- China's economy grew 8.3 percent in the first quarter of 1999 compared with the same period in 1998, as a result of policies to boost domestic demand through increased investment, the official Xinhua news agency reported. The report confirms remarks by Premier Zhu Rongji in Washington earlier this month on the development of China's gross domestic product in the first three months of 1999. China's economy grew by 7.2 percent in the first quarter of last year, and expanded by 7.8 percent in all of 1998, just short of an official target of 8 percent growth. In March this year, Zhu said the growth target for gross domestic product in 1999 is 7 percent, a decision made late last year at a joint conference of party and government officials. Fixed-asset investment by state-owned companies -- the benchmark indicator of investment spending -- rose by an annual 22.7 percent in the first three months of the year, compared with year-on-year growth of just 10.3 percent in the first quarter of 1998. Even with such signs of growing economic activity, China continues to see falling prices, with the retail price index declining 2.9 percent in the first three months of 1999 compared with the first quarter of 1998. Xinhua said members of parliament's financial and economic committee, meeting Thursday and Friday for a quarterly conference on China's general economic situation, saw the first-quarter figures as an indication the economy is developing in a stable manner. At the same time, they pointed out danger signs in the economy, such as shrinking exports and declining use of foreign capital. Exports Decline During the first three months of 1999, China's exports declined by 7.9 percent on the year, while its imports rose by 11.6 percent. China has not yet announced statistics for foreign direct investment in the first quarter. The lawmakers also expressed concerns over problems collecting sufficient tax revenue, Xinhua said. A report in the People's Daily today said revenue grew by an annual 26.1 percent in the first quarter of 1999 over the same period in 1998 to reach 232.44 billion yuan ($28 billion). In the same period, fiscal expenditures grew by 17.5 percent to hit 184.02 billion yuan, the paper said. The lawmakers agreed sluggish domestic demand remains a major obstacle to higher economic growth and suggested the creation of more jobs aimed at increasing the income of urban dwellers, Xinhua said. Retail Sales A report by the Asia Pulse news agency indicated retail sales grew by about 7 percent in the first quarter of the year, compared with annual growth of 6.9 percent posted in the first quarter of 1998. Consumer spending accounts for approximately 55 percent of the Chinese economy. With the Xinhua announcement, China has published most major macro-economic indexes for the first quarter of 1999, ahead of the release of the regular first-quarter GDP report by the National Bureau of Statistics slated for Tuesday. The already published statistics include the nation's value-added industrial output, which rose by 10.1 percent in the first quarter of the year compared with the same period in 1998.