It’s Official: China’s Economy Grew at 9.9
Percent in First Quarter of 2003
China's economy grew 9.9 percent from a year ago in the
first quarter, the highest growth rate in six years, the
Chinese National Bureau of Statistics said on Thursday.
The bureau's chief economist Yao Jingyuan said the economy
grew by 9.9 percent to 2,356 trillion yuan in the first
three months of the year.
It was the fastest first quarter growth since 1997 and
2.3 percentage points higher than first quarter growth
in 2002.
"This year the nation's economic growth was strong
due to stable and continued macro economic policy and
the continued strengthening of the micro economy as well
as the positive effect of the continued role of the World
Trade Organization," he said.
Industrial growth was up 17.2 percent to 834.3 billion
yuan, 6.3 percentage points faster than the same period
last year.
Fixed asset investment rose to 615.5 billion yuan, up
27.8 percent over same period last year and 8.2 percentage
points faster than the first quarter in 2002.
State fixed asset investment jumped 31.6 percent to 447.9
billion yuan while retail sales rose 9.2 percent to 1.1109
trillion yuan.
However, many economists say they expect Chinese economic
growth to slow in coming months as a weak global economy
saps demand for China's exports and the government eases
back on stimulus spending that has created a record budget
deficit.
China's exports soared nearly 34 percent in the first
quarter to more than US$86 billion, although high oil
prices and larger imports meant the country posted a slight
trade deficit of about US$1 billion.
Before you go, did you like this article?
If so, you can receive a free email newsletter version
each weekday. Sign up using the China Business Express
form on this page.
