|
China's industrial output grew 7.9 percent in November, down 0.9 percentage point from the previous month, the lowest rate since the beginning of the year.
Figures from the National Bureau of Statistics suggest that China's industrial output stood at 238.9 billion yuan (US$28.8 billion) in November, up 7.9 per cent from October.
The further slowdown of industrial output suggests that the global slowdown is having an impact on China, despite measures taken by the central government to stimulate the economy, said Niu Li, an economist with the State Information Centre.
"November industrial growth was below our expectations,'' Niu said. "This has reflected the grim export picture.''
The growth of industrial output by State-owned firms and firms in which the State holds a majority stake was 2.2 percentage points lower than previous months, while those of shareholding and foreign-funded firms were down 0.9 percentage point and 1 percentage point, the statistics bureau said.
Growth in both heavy and light industries dropped in November, with the sectors recording figures of 8.8 per cent and 6.8 per cent respectively. The rates for October were 9.7 per cent and 7.5 per cent.
But Niu expressed confidence that China's economy will continue to grow at a rapid growth this year and next.
"Looking into the future, although we're facing many uncertain factors, the world's common idea to stabilize economy and fight against terrorism will be beneficial to China's economic development,'' Niu said.
The country also has much room to implement the policies of expanding domestic demand, he said.
"The economic growth of 7.0 per cent for this year and in 2002 is obtainable,'' he said.
Earlier, the Asian Development Bank (ADB) said this year's gross domestic product (GDP) is expected to top 7.3 per cent.
The bank further predicted that in 2002, the GDP is expected to grow 7 per cent.
"The September 11 terrorist attacks in the United States are likely to cast their shadow on the Chinese economy in the last quarter of this year and the first half of next year,'' said Tang Min, chief economist of the ADB Resident Mission in China.
The country's export growth may drop to 6 per cent this year and 4 per cent in 2002 as global demands shrink, he added.
But the ADB believes that China will still maintain a favourable growth next year as investment remains strong, due to large public investment programmes and a high level of foreign direct investment inflows.
(China Daily December 12, 2001)
|
