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| CASS forecasts Chinese economy to grow 7.9％ this year |
| CCTV.COM 2003-07-07 13:07:12 |
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Economic researchers at the Chinese Academy of Social Sciences, or the CASS, have predicted that the Chinese economy will grow 7.9 percent this year despite the SARS epidemic.
The forecast has been made in an analysis report on the Chinese economy issued by a CASS economic research group. The researchers project that although SARS has yielded a significant negative impact on China's economic and social development, it will reduce this year's economic growth by no more than one percent.
The researchers explain that this is because the Chinese economy is in an era of rapid growth and hence, it is relatively strong in offsetting the negative impact on the economy caused by a short－term crisis like SARS.
The CASS report expects that investments and consumer spending, which are the two major drivers of the Chinese economy, will continue to maintain double－digit growth this year. Among them, national investments in fixed assets are projected to grow 14.5 percent, while retail, 10.4 percent. Economic researchers at the CASS believe these figures are unprecedented for the Chinese economy.
Wang Tongsan, head of the economic research group, said, "The two drivers will lead China's GDP to grow at 7.9 percent this year. The figure is higher than the average annual GDP growth rate in China since the Asian financial crisis. "
The report also predicts that China's exports this year will increase by 14.1 percent over last year and the nation is expected to realize a foreign trade surplus of more than 10 billion US dollars.
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Editor: Xiao Wei CCTV.com
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