China's
economy posts 8% growth
China confirmed its status as the
world fastest growing major economy recently announcing an expansion
of eight percent in 2002 and predicting growth will remain over
seven percent this year.
Last year gross domestic product
(GDP) reached 10.24 trillion Yuan (1.25 trillion dollars), national
bureau of statistics commissioner Zhu Zhixin said at a press
conference. Growth last year was up from 7.3 percent in 2001.
The 2002 figure is slightly higher
than a 7.9 percent forecast recently made by the State Information
Center a government think-tank, and a seven percent forecast
made early last year.
Zhu said fourth quarter growth
came in at 8.1 percent, matching the third quarter figure. Growth
in the first three months of 2002 was 7.6 percent, which jumped
to eight percent in the second quarter.
Zhu attributed China's fast growth
to large-scale government spending, which accounted for roughly
half of GDP in 2002 after steadily rising over the past five
years.
Fixed assets investment an indication
of government spending on infrastructure and other area rose
16.1 percent over the previous year, reaching 4.3 trillion yuan.
The investment exceeded four trillion Yuan for the first time
and the growth was the highest since 1996.
Japan's
economy enjoys growth
Japan defied its crities recently
by announcing its economy continued to grow through to the end
of last year thanks to resilient private spending and rising
exports.
Gross domestic product (GDP) in
the three months to December slowed to 0.5 percent from the
previous quarter when it expanded a revised 0.7 percent.
But the figure contrasted sharply
with private economists expectations of around a 0.4 percent
contraction, boosting stock prices and the yen.
"It's a surprise, it was totally
out of the range or economists surveyed." Said JP Morgan chief
economist Masaki Kanno.
"The Japanese economy has not lost
momentum up to the end of last year that is the main message,"
he said.
In an annualized basis, the world's
second-biggest economy expanded 2.0 percent in October-December.
"The main surprise was a much stronger
than expected private consumption figure," said Dresdner Kleinwort
Wasserstein (DKW) economist Shuji Shirota.
Private consumption, which accounts
for about 60 percent of GDP advanced 0.1 percent in the three
months to December, much slower than the 0.8 percent rise seen
in July-September, but remaining in positive territory despite
fears over a slump in wages and growing unemployment.
Japan
registers trade deficit with Asia
Japan suffered a trade deficit
with the rest of Asia in January as imports from China surged
and Japanese exports slowed, official data showed recently.
The deficit fell by 44.9 percent
from a year earlier to 25.44 billion yen ($211.96 million).
However, it compared with a surplus
of 474.1 billion yen in December, the finance ministry said.
Exports to the region increased
by 15.4 percent to 1.63 trillion yen, slower than the 25.2 percent
jump seen in December. In January, imports advanced by 13.5
percent to 1,66 trillion yen.
"Generally, export figures in January
came in weaker due to the new year holiday. The overall rising
trend in exports and imports has not changed," a finance ministry
official said.
Singapore
plans new economic vision
This tiny Southeast Asian city
state long known for its wealth but now facing intense challenges
recently unveiled an economic strategy to compete with nearby
giants China and India.
The plan calls for lower for lower
personal and corporate taxes, higher goods and services taxes
and freezing the amount employers must pay into a state pension
program. The Economic Review Committee, a high-level group of
nearly 1,000 people led by Deputy Prime Minister Lee Hsien Long,
presented its 200 page report after spending 14 months deliberating
ways. The report forecasts annual economic growth rates of 3
percent to 5 percent over the next 15 years despite increasing
competition from ambitious neighbors.
Singapore's development hinges
on expanding its exports beyond the United States, the European
Union and Japan, into emerging markets such as China and India-but
it must also compete for exports with both countries, which
have low wage costs and two billion consumers, the report said.
Singapore should also continue to diversity its manufacturing
base and expand its services industry, the report added.
Thailand's
tourism industry expected to grow
Thailand's tourism industry is
expected to grow by 10 percent this year and generate as much
as 360 billion bath (US$8.4 billion), despite fears about terrorism
and the global economy, a private research center said recently.
Vietnam's
exports up
Vietnam's February exports rose
44.2 percent compared with a year ago to 1.25 billion dollars,
offset by a 25.9 percent rise in imports to 1.4 billion dollars,
preliminary government figures showed recently.
Rice exports soared 149.8 percent
to 23 million dollars, while exports of rubber were up 118.2
percent, cashew nuts 59.4 percent and tea 45.2 percent, according
to the General Statistics Office.
Exports of crude oil grew 71.9
percent to 330 million dollars even though the volume rose just
0.5 percent to 1.34 million tones.
Textile and garment exports also
rose 81.5 percent, while seafood grew 31.9 percent.
On the other side of the equation,
motorbike imports recorded the largest jump, up 111.6 percent
to 29 million dollars, while iron and steel imports increased
58.5 percent to 114 million dollars.
The import bill for refined oil
products rose 38.5 percent to 169 million dollars. Despite having
sizeable oil reserves, Vietnam has no operating refineries and
so is reliant on imported petroleum based products.
Equipment and machine imports increased
30.1 percent to 270 million dollars.
Philippine
business expect flat growth
Business executives in the Philippines
expect flat growth for the economy this year, with many fearing
higher inflation and interest rates, results of a survey released
recently showed.
The poll conducted by the respected
Makati Business Club from January 15 to 30 covered 102 member
executives.
"The expect the economy in 2003
to perform about the same as in 2002," it said.
"Fifty percent of survey respondents
believe that GDP (gross domestic product) growth in 2003 will
match growth in 2002," the group said, adding that 17 percent
expect a slowdown.
"For 2003, a majority of respondents
now believe both inflation and interest rates will be higher
than in 2002."
