China's Economy Rebounds After SARS

China’s economy grew more than expected in June after the world’s most populous nation brought under control a deadly outbreak of SARS.

    Chinese man wears anti-SARS mask on way to the office

    Retail sales increased 8.3 percent year-on-year against forecast expansion of 7 percent , the Chinese government said in a report.

    Gross domestic product in China also increased, rising by 8.2 percent to 5 trillion yuan in the first six-months of the year. This will continue through the remainder of 2003, with annual growth for the year expected to top last year’s 6 percent.

    ”Consumer spending bore the brunt of SARS and will rebound,” Yao Jingyuan, chief economist at the National Bureau of Statistics, told a Beijing press conference. “Economic growth will pick up in the third quarter.’’ 

    The figures show that Chinese consumers are venturing back to shopping malls and restaurants throughout the country after the spread of severe acute respiratory syndrome was halted.

    Foreign investment

    The outbreak reached its zenith in April and May, killing some 813 people throughout the region.

    Economic growth in May, the highpoint in the crisis slid to 4.3 percent, according to the report.

    Foreign investment in China is also increasing as business people revert to more frequent travel after restrictions on movement were lifted.

    Citigroup this week became the second foreign company to invest in the country’s securities under the Qualified Foreign Institutional Investor scheme. UBS Group SA has also subscribed to the investment plan.

    SOURCE: Aljazeera + Agencies


    YOU MIGHT ALSO LIKE

    How different voting systems work around the world

    How different voting systems work around the world

    Nearly two billion voters in 52 countries around the world will head to the polls this year to elect their leaders.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    Will you push the boundaries or play it safe?

    Will you push the boundaries or play it safe?

    Curate an art exhibition and survive Thailand's censorship crackdown in this interactive game.