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http://www.china-rmb.com, a web site to the China market |
China Economic Indicators
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Economic Indicator |
Fact Sheet |
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China is still a very poor country. The table below will show that GNP per capital of China is only 1/50 of USA and 1/20 of South Korea. It will take years for China to catch up with the rest of the world and it is the top priority for the current government to improve the living standard of the 1.4 billion of Chinese in the Mainland China. The government has to take a different approach from the conventional western economic theory to handle a highly populated land. In 1999, increased government spending is likely to propel China's economic growth past the official projection of 7 percent this year, Chinese state media said Friday, citing a recent government research report. The report by the Chinese Academy of Social Sciences estimates growth in China's gross domestic product -- the total value of goods and services -- will reach about 7.6 percent in 1999, the official newspaper China Economic Times said. The report estimates next year's GDP growth at between 7.5 and 8 percent. But CASS, a government-run think tank, warned that structural problems in the economy could continue to create problems in the future, the newspaper said. China's state industries are struggling to restructure after decades of central planning that left most inefficient and laden with debts. The banks are overloaded with irrecoverable loans, weakening the financial system. The report, also carried by other newspapers, noted that consumers fearful of losing their jobs are refraining from spending, further hurting growth prospects. China recorded growth of 7.8 percent last year, after the government channeled billions of dollars into public works programs. This year, however, the economy has slipped deeper into a deflationary spiral. Economic growth fell to 7.1 percent at an annual rate in the second quarter from 8.3 percent in the first three months. The retail price index, China's benchmark inflation indicator, has been falling for almost two years and investment in fixed assets, a key factor in stimulating growth, has not revived despite the government's spending program. To counter those trends, the government has increased payments to laid-off workers, pay for civil servants and export tax rebates. For further information and academic study, please select the following pages: China - 1999 Economic Indicator Hong Kong - 1999 Economic Indicator Taiwan - 1999 Economic Indicator The Main Indicators of National Economy, P.R.China Census and Statistics Department - Frequently Asked Statistics Bureau of Statistics - Monthly Bulletin of Statistics
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http://www.china-rmb.com, a web site to the China market |
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