China's economic growth enters a new era

Home>>Business

Last updated at: (Beijing Time) Tuesday, September 23, 2003

China's economic growth enters a new era

DISCUSSION

CHINESE

SEND TO FRIEND

Compared with two decades ago, China's economic growth has witnessed remarkable changes from both economic aggregate, growth rate and the mechanism, industries, markets and concepts supporting them, thus entering a new era of building an all-round well-off society.

The remark was made by Yao Jingyuan, general economist of the State Statistics Bureau. He summed up these changes into the following five pointes.

----China's economy is entering a new stage. The economic aggregate climbed to a new level with the figures rose from one digit to two digits. In 2002 the nation's economic aggregate reached 10.2 trillion RMB yuan, with the per capita GDP for the first time nearing 1,000 US dollars, indicating a new period of economic take-off. Viewing for the speed of economic development, now China is entering a rising stage of a period of new growth. The nation's GDP growth registered at 7.5 percent in 2001, 8 percent in 2002 and 9.9 percent during the first quarter of this year. Although affected by SARS, the GDP growth of the first half of this year was still kept at a fairly high level of 8.2 percent.

----China sees new changes in its mechanism of economic growth. This is displayed in lowered market accession, loosened governmental restrictions, improved investment and law environment. This is also shown in more effective use, faster circulation and more reasonable distribution of market elements, and market vitality has been playing a stronger role in boosting economic energy and raising economic efficiency.

----New energy is injected into China's economic growth. With the public sector remaining dominant, non-state-owned economy, especially overseas and non-governmental investment have brought new energy to the national economy. From a perspective of industries, the IT, real estate and automobile industries have become engines of China's economic growth, and the update of industrial structures will be speeded up. Viewed from regions, the high-growth area focusing on the Zhujiang River Delta, the Yangtze River Delta and the Bohai Sea rim has become a stronger economic engine. Meanwhile, the west development strategy and the revitalization of old industrial base of northeast China are also injecting new energy into the national economy.

----China's economic growth is facing new challenges. With WTO accession China's economy will be supported by a global market instead of a domestic one alone. This means blurred division between domestic and overseas markets in future competition, and the making of all related policies and regulation must take into consideration the situations both at home and abroad, as well as opportunities and pressures from both sides.

----New development concepts have been established in China's economic growth. The nation has shifted from seeking only GDP growth from increasing wealth and optimizing economic performance, and, based on this, reaching sound, effective and balanced development.

This is an article on the first page of the overseas edition of People's Daily, September 22, by journalist Liu Quan; translated by PD Online staff member Li Heng

Questions?Comments? Click here

China's Economy Faces Stiff Challenges: Minister

China's Economic Boom to Continue: Report

Chinese swiped national treasure returns home ( 6 Messages)

Chinese tourists' unsocial behavior sparks concern at home ( 2 Messages)

Chinese women changing attitudes toward sexual life: survey ( 8 Messages)

China opposes US listing of China as major drugs producer: FM spokesman ( 9 Messages)

Chinese returning from abroad encounter reverse culture shock ( 5 Messages)

Foreigners see social graces and disgraces in China ( 2 Messages)