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

    Interactive: How does your country vote at the UN?

    Interactive: How does your country vote at the UN?

    We visualised 1.2 million votes at the UN since 1946. What do you think are the biggest issues facing the world today?

    'We were forced out by the government soldiers'

    'We were forced out by the government soldiers'

    We dialled more than 35,000 random phone numbers to paint an accurate picture of displacement across South Sudan.

    Interactive: Plundering Cambodia's forests

    Interactive: Plundering Cambodia's forests

    Meet the man on a mission to take down Cambodia's timber tycoons and expose a rampant illegal cross-border trade.