China’s GDP grows by 7.9%

China’s economy grew by 7.9 percent in the first half of the year compared with the same period in 2000, official statistics showed recently.

YeZhen, a spokesman for the national bureau of statistics, said gross domestic product (GDP) grew by 7.9 percent to 4,294 billion yuan (418 billion dollars).

China’s economy has taken a beating as the global economic slowdown has led to a cooling of Chinese exports.

The growth rate was in line with expectations as government statisticians had previously said the economy would grow by about eight percent in the first half of the year.

In the second quarter of this year, China’s GDP grew by 7.8 percent, a slightly slower rate than the first-quarter growth of 8.1 percent.

Japan’s economic reform programme

Japan’s government recently approved a sweeping economic and fiscal reform plan designed to bring the country’s comatose economy back to life.

Key proposals in the plan include cleaning up massive bad loans in the Japanese banking sector and urging the government to review the allocation of public funds and public works projects.

It warns of tough economic times in the next two to three years as Japan goes through "an intensive adjustment period" in carrying out reforms in a bid to secure long-term robust economic growth.

Under the plan, the government will cap government bonds issuance at 30 trillion yen (244 billion dollars) for the year to March 2003, with the next step being to realise a budgetary surplus.

Thai economy to grow by 2.5%

Thailand’s gross domestic product should grow by at least 2.5% in 2001, with economic recovery accelerating over the next few years, Finance Minister Somkid Jatusripitak said recently.

Somkid’s optimism set the tone for a three-day "Mobile Cabinet" meeting which will focus on an economy still reeling from the aftershocks of the 1997 Asian crisis.

Somkid told that GDP growth should pick up in 2002 to average 4 percent while average growth rates from there on should be between 5 and 6 percent.