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Booming Chinese economy overshadowed by SARS

Author

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  • Waltraut Urban

    (The Vienna Institute for International Economic Studies, wiiw)

Abstract

In the first quarter of this year, GDP growth hit a record level of 9.9%, the fastest quarterly growth for six years. But growth fell back in the second quarter to only 6.7%, due to the 'severe acute respiratory syndrome' (SARS) epidemic negatively affecting in particular the services sector and certain regions, above all Beijing and the province of Guangdong, while some sectors of the economy such as real estate, steel, construction materials and automobiles continued to boom. Overall economic growth during the first half of the year came to 8.2%. In both quarters, the Chinese economy was supported by a rapid increase of investment and fast rising exports, while consumer demand was relatively weak in the first quarter already and further decelerated in the April to June period. With the SARS crisis overcome, GDP growth may reach 8.1% for the whole year 2003 and probably run up to 8.3% in 2004.

Suggested Citation

  • Waltraut Urban, 2003. "Booming Chinese economy overshadowed by SARS," wiiw China Report 2003-1, The Vienna Institute for International Economic Studies, wiiw.
    • Handle: RePEc:wii:chrepo:2003-1
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    More about this item

    Keywords

    China; GDP growth; investment; consumer demand; foreign trade; foreign direct investment; government; severe acute respiratory syndrome (SARS); state-owned assets; banking supervision; exchange rate.;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P24 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights
    • P27 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Performance and Prospects

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