China expects 8 percent growth next year

Ulhas Joglekar ulhasj at SPAMbom4.vsnl.net.in
Mon Dec 20 05:44:23 MST 1999



20 December 1999
China expects 8 percent growth next year
BEIJING: A surge in exports means China will exceed the government-set
target of 7 percent economic growth this year, and the economy should expand
by 8 percent in 2000, the official China Daily reported Sunday.
A government agency that tracks the economy, the State Information Office,
predicts that growth in 1999 will reach 7.3 percent, aided by quickening
exports, the China Daily said in its Business Weekly editions.
Exports for the year should grow by 6.1 percent, compared with 0.5 percent
growth in 1998, the newspaper cited the agency as saying.
A senior agency economist, Xu Hongyuan, attributed the rebound in exports to
government tax rebates and refunds to state trading companies.
In forecasting next year's 8 percent growth rate, Xu cited a continued rise
in exports and government measures to stimulate spending, the newspaper
said.
Finance Minister Xiang Huaicheng said last week that tax rebates will be
increased next year, and the newspaper noted that investment in plants and
other fixed assets will rise 13.5 percent, compared with 9.3 percent this
year.
Most of the proceeds from an issue of 60 billion yuan ($7.2 billion) in
Treasury bonds during the second half of 1999 will be used next year and the
government is planning another 100 billion yuan ($12 billion) issue in 2000,
China Daily quoted Xu as saying.
China began a massive deficit-spending campaign in 1998 to ward off the
effects of Asia's financial crisis and declines in foreign investment and
assist foundering, inefficient state industries. (Associated Press)

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