China’s economy expected to grow by 9% in H1
The Chinese Academy of International Trade and Economic Cooperation operating under the Ministry of Commerce forecasts China's GDP (Gross Domestic Product) to grow by 9% annually in the first half of 2004. However, economic growth is expected to slowdown in the second half because of government's struggles to cool the economy and bottlenecks in the energy industry. On the other hand, first half growth forecast strengthens concerns that full year economic growth rate may exceed government's target of 7%. China's GDP grew by 9.1% in 2003, the fastest growth rate since 1997, driven by investments in key industries such as real estate and steel. Chinese government, taking certain measures in recent weeks to ease overinvestment, could raise interest rates to take the economy under control.