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Sunday, August 30, 1998

China's premier confident of 8% growth in 1998 

REUTERS  
BEIJING, Aug 29: Premier Zhu Rongji said he was confident China would reach its goal of 8.0 per cent economic growth for 1998, the official China Daily said on Saturday.

Government efforts in the second half of the year would pick up the slack left by China's slower-than-expected economic performance in the first half, the newspaper quoted Zhu as telling visiting US church leader Pat Robertson.Beijing plans massive infrastructure investment to stimulate demand and boost growth.

China's economy grew at 7.0 per cent in first half of 1998. The country's actual growth for the whole of 1997 was 8.8 per cent.

The country needs to maintain brisk growth to create enough jobs for laid-off state workers and maintain social stability.

A senior economist with Chinese Academy of Sciences, Hu Angang, said this week that summer floods could slow economic growth to 7.3 per cent this year. But the State Information Centre reported on Friday that China's economic growth in the third quarter is not likely to drop further despite the flood damage.

Zhu reportedly made his comments on Friday in a meeting with Robertson, chairman of the US Christian Broadcast Network.He also said the economic crisis gripping most of Asia would have little influence on China's development and economic reforms, the China Daily said.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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