China's economy is growing so fast that it may expand more than predicted. Galvanized by its WTO admission, the country's macroeconomic situation has improved remarkably, with government sources saying China's GDP growth for this year may well go beyond the figure reached in 2001.
China's GDP grew by 7.9 percent year on year in the first three quarters of this year. The country's exports increased by 19 per cent during the same period of time. These figures contrast sharply with the global trade volume drop of 1.5 per cent last year in the stagnant world economy.
A WTO report released on October 10th this year said that China had become the fourth largest trade body in the world after the United States, the European Union and Japan.
As multinationals become more confident in investing in post－WTO China, the influx of foreign investment has also increased rapidly. In the first nine months of this year, China's foreign investment put into use totaled some 40 billion US dollars, a 23 per cent increase year on year.
It's estimated that the total foreign investment influx into China will exceed 50 billion US dollars this year, making the country the largest foreign investment destination in the world.
Economists say that the strong momentum will continue through the rest of this year －－ backed up by pro－active fiscal policies and stable monetary policies adopted by the government.
|
