China's economy has entered into a new stage of fast growth from its adjustment-recovery period since the outbreak of the Asian Financial Crisis in 1997
Published:
13 November 2003 y., Thursday
China's economy has entered into a new stage of fast growth from its adjustment-recovery period since the outbreak of the Asian Financial Crisis in 1997, and six major changes have taken place in the conditions bolstering up China's economic growth, said Qiu Xiaohua, Deputy Director of the National Bureau of Statistics (NBS), on November 10.
He also said at the 2003 China Economic Growth Forum held in Suzhou, coastal Jiangsu Province, that what worried him last year was how to keep a sustained growth of the economy, but now some people are worried about whether the economy is overheating, China's economy has got across a turning point. The first three quarters of this year saw an 8.5 percent increase. And power shortage, price hike for steel products, and the substantial rise in housing and automobile consumption have all convinced people that China's economy is marching forward toward a new higher stage.
Qiu pointed out that in the discussions on the supporting factors boosting this round of growth, many critics linked up the growth with the rapid expansion of the credit scale as well as the economic behavior of local governments. However, a question that must not be neglected is that fundamental changes have taken place in the force supporting economic growth. In terms of investment, the fast economic growth is attributed to the rapid increase in private investment and overseas direct investment. It is also worth noticing that residents' upgraded consumption must not be underestimated.
According to Qiu's analysis, China's WTO membership has ushered in a new stage for China's opening to the outside world. The initial establishment of a new framework for the socialist market economic system has added fresh vigor to China's economy. A well-off society has been established as a whole, and new space has been opened for economic restructuring. In a word, China's new economic growth is the natural result of the interaction between marketization and internationalization and the increasing reinforcement of the inherent power of the economy.
Šaltinis:
People's Daily Online
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
On 11 February, heads of state or government of European Union member states will meet in Brussels to seek a commitment towards implementing a revitalised economic strategy to boost employment and growth in the EU.
more »
International Monetary Fund forecasts that Lithuania’s economy will grow 1.6 % this year, making it “the only one of the three Baltic economies expected to be in the positive territory in 2010”.
more »
Raynair announced it would open its 40th and 1st Central European base at Kaunas, Lithuania’s second largest city, in May with 2 based aircraft and 18 routes.
more »
A new Partnership Strategy for Morocco has been approved by the Board of Executive Directors of the World Bank.
more »
The electric car is an opportunity for European industry.
more »
The EBRD’s Board of Directors has adopted a new strategy for Kazakhstan, which reinforces the Bank’s commitment to further support the Kazakh economy and sets out the priorities for its activities in the country over the next three years.
more »
The European Commission has authorised, under EU state aid rules, plans notified by Sweden to provide a guarantee that would enable Saab Automobile AB to access a loan from the European Investment Bank (EIB).
more »
At the informal meeting of the Ministers of Competitiveness (Science and Industry), to be held between 7 and 9 February in San Sebastian, the issues on the table will include placing science at the top of the EU agenda and showcasing its role in economic recovery, as well taking the debate on the electric vehicle to EU level.
more »
The Executive Board of the International Monetary Fund (IMF) today approved a 27-month Stand-By Arrangement with Jamaica in the amount of SDR 820.5 million (about US$1.27 billion) to support the country’s economic reforms and help it cope with the consequences of the global downturn.
more »
Mr. Nadeem Ilahi, chief of an International Monetary Fund (IMF) staff mission to the Kyrgyz Republic, issued the following statement today in Bishkek.
more »