China Monetary Policy Implementation Report: First Quarter 2003

Author: Monetary Policy Analysis Team of the People's Bank of China
Publisher:
Publish Date: 2003-07-01
Features: In the first quarter of 2003, the national economy started off well. The quarterly gross domestic product (GDP) grew by 9.9%, accelerating by 2.3 percentage points compared to the same period the previous year. Investment remained the primary driver of the current rapid economic growth, and the general price level continued to rise. Agriculture and rural economy maintained steady development, with further optimization of the agricultural structure. Industry continued to grow rapidly, and economic efficiency continued to improve. In the first quarter of 2003, the national economy started off well. The monetary and credit environment showed accelerated growth. Many factors in China were conducive to the rapid growth of the national economy. However, the sudden outbreak of SARS posed a severe challenge to China's economic development, likely to have certain negative impacts on tourism, consumption, and even production. Under the strong leadership of the Party Central Committee and the State Council, the entire nation united in solidarity and was determined to overcome SARS, minimizing its negative impact on the economy to the lowest extent possible.