China pegs economic growth at 8.5 percent

Dec. 2, 2003 at 9:08 AM
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BEIJING, Dec. 2 (UPI) -- China's economy is expected to grow 8.5 percent this year, with gross domestic product to top $1.3 trillion.

The figures were released by Ma Kai, minister in charge of the State Development and Reform Commission, in Beijing, the People's Daily reported Tuesday.

Ma said will also reduce the level of treasury bonds to be issued next year to $13.3 billion and shift the focus of government investment to economic restructuring and promoting balanced growth.

Noting China improved economic efficiency while maintaining rapid growth, he predicted profits of industrial enterprises would grow 40 percent to 50 percent this year.

He said high-tech industries contributed some 23.7 percent to the growth of industrial output in China this year.

According to the SDRC's estimate, China's exports would reach $820 billion this year, increasing more than 30 percent over last year.

Ma predicted per capita disposable income of urban residents would grow 8 percent this year, while per capita income of rural residents would grow 4 percent.

Topics: Ma Kai
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