2003 First Quarter China Monetary Policy Implementation Report: 2003 First Quarter

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 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 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 growth showed an accelerating trend. There were many factors in China that 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, which would 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.