China's GDP grows 7.9% in Jan. -June on year

Asian Economic News, July 23, 2001

BEIJING, July 17 Kyodo

China's gross domestic product (GDP) rose 7.9% in the first half of this year over the same period last year to 4,294.2 billion yuan (about $519.4 billion), the National Bureau of Statistics said Tuesday.

The growth rate exceeds the government's target of 7% growth for the whole year, and partly reflects steady expansion of domestic demand spurred by strong consumer demand and increased government spending.

But the growth rate has been held back by the continued sluggishness of the Japanese economy and the sharp slowing of growth of the U.S. economy.

Capital investment in the public and private sectors increased 15.1% from January to June, compared to the same period in 2000, while total retail sales, an indicator of consumer demand, grew 10.3%.

China's exports from January to June this year increased 8.8% to $124.57 billion, while imports rose 14% to $116.43 billion, resulting in a decline in the trade surplus, according to the General Administration of Customs statistics.

Exports in June declined for the first time after a surge of exports last year, reaching $22.08 billion in June, down 0.6%, while imports grew only 4.7% to $21.25 billion.