Beijing expects double-digit economic growth in 2003
( 2003-12-24 23:32) (Xinhua)
Beijing's Deputy Mayor, Zhang Mao, said Wednesday that the economy of China's
capital is expected to grow by two digits this year, as it had already shaken
off the impact the outbreak of the severe acute respiratory syndrome (SARS)
crisis.
"Though the city was hit by an energy shortage in the fourth quarter, we are
sure the economy is still on its fast-growth track, " Zhang told a
teleconference meeting on the city's economy.
Zhang quoted the city's latest statistics as saying that Beijing's GDP
reached 312.06 billion yuan (about US$37.6 billion) from January to November, an
increase of 10.1 per cent year on year.
Investment in fixed assets has become the major driving force for Beijing's
economy while citizens' automobile and housing consumption also fueled the
strong economic growth, the statistics reveal.
During the first 11 months of this year, Beijing invested 172.14 billion yuan
(about US$20.7 billion) in fixed assets, a 20.1 per cent rise over the same
period of last year.
However, the deputy mayor said that Beijing still needed to establish an
early-warning system for the economy, and launch joint meetings between
different departments to handle emergencies like the SARS outbreak.
"We have to enhance our ability to collect information and formulate
scientific policies when facing emergencies," he said.
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