China's economic growth rate hit a six-year high of 8.5 per cent in 2003 as it rebounded from the country's outbreak of severe acute respiratory syndrome
Published:
14 January 2004 y., Wednesday
China's economic growth rate hit a six-year high of 8.5 per cent in 2003 as it rebounded from the country's outbreak of severe acute respiratory syndrome, a senior official said Tuesday.
Xie Xuren, commissioner of the State Taxation Administration, gave the figure during a news conference to discuss tax revenues. The government's official growth figure for 2003 is to be released on Jan. 20.
Trade and investment drove China's growth last year, despite a slump in domestic consumption due to the SARS outbreak, which cut sharply into spending in travel and other industries.
Tax revenues jumped 20.3 per cent in 2003 to a record two trillion yuan ($242 billion US), driven by a surge in investment, corporate profits and imports, Xie said.
Jun Ma, an economist for Deutsche Bank, said exports were the main driving force in China's economic expansion, with industrial output rising by more than 17 per cent in the final three months of the year.
"Exports were growing in the last few months at an average of 40 per cent, which is tremendous," Ma said. "Investment was also another factor behind the very strong growth."
Šaltinis:
Canadian Press
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
In European sustainable energy week 2010, new EU energy commissioner presents strategy to reduce Europe’s dependence on fossil fuel.
more »
The EBRD is launching a Project Complaint Mechanism, which is expected to enhance the accountability and transparency of the Bank’s operations.
more »
The EBRD is boosting the availability of local currency financing in Armenia with a synthetic loan in Armenian Drams (AMD) worth $4 million to FINCA UCO CJSC for on-lending to local micro and small enterprises (MSEs).
more »
This year is the UN year of biodiversity and it brings endangered species into the spotlight.
more »
The World Bank Board of Directors today approved a US$65 million project to support the recovery of Haiti’s critical infrastructure as well as the reestablishment of basic State functions following the devastating 7.0 magnitude earthquake on January 12, 2010.
more »
Haiti’s arduous reconstruction and recovery process jolted forward today following fresh commitments to help the Caribbean nation rebuild in the wake of its devastating January 12 earthquake.
more »
A mission from the African Department of the International Monetary Fund (IMF) visited Uganda during March 4-17, 2010, to conduct the seventh and final review under Uganda’s Policy Support Instrument (PSI) and reach understandings on a policy framework for a new three-year PSI to cover the period 2010 to 2013.
more »
The European Economic and Social Committee (EESC), as the first EU institution, rose to the challenge of providing a comprehensive vision for the future of the Common Agriculture Policy (CAP), in advance of the European Commission's papers on the matter, due to be issued later this year and in 2011.
more »
The outlook for primary energy supplies, heat, and electricity is questionable for the Eastern Europe and Central Asia region, despite Russia and Central Asia’s current role as a major energy supplier to both Eastern and Western Europe.
more »
The Executive Board of the International Monetary Fund (IMF) today approved a 36-month, SDR 513.9 million (about US$790 million) Stand-By Arrangement (SBA) for El Salvador to help the country mitigate the adverse effects of the global crisis.
more »