Table of Content

16 December 2003, Volume 23 Issue 12

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CHINA'S MACROECONOMIC SITUATION AND POLICIES:2003—2004

Institute of Economic Research, Renmin University of China

2003, (12):  5-10. 

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In 2003, China's economy sustains its expanding propensity since 2002, and real GDP is anticipated to grow at the annual rate of about 9 % . The business condition will fulfil its cyclical transformation from economic depression to economic prosperity in 2004. Furthermore, the first 2 decades of the 21st century will witness the historical trend of both high potential GDP growth and low core inflation. At the initial stage of economic expansion, China's macroeconomic management should continue implementing the moderately expansionary fiscal and monetary policies, and construct the policy combination around the axis of increasing domestic investment demand, to enhance the lasting and rapid economic growth in 2004 and in the future. As the natural effects of economic growth, the multiple targets of increasing employment, balancing economic structure and stabilizing exchange rate will be realized meanwhile.

CHOOSING THE OCCASION FOR RMB TO TRANSIT TO FLOATINGAND FREE EXCHANGING

XU Chong-zheng, WANG Xian-feng

2003, (12):  16-21. 

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It is a dynamic process to choose the exchange rate system. Our present system of pinning the U.S. dollar is not suitable for our market economy, and we need the real managed-floating exchange rate system. It is the occasion for RMB to transit to floating and free exchanging within one or two years in the future.

OUR INDUSTRIAL CLOTS: THEIR DEVELOPMENT, CHARACTERISTICS,AND PROBLEMS

QIAN Ping-fan

2003, (12):  26-31. 

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The development of our industrial clots has the characteristics as the followings: they are all self-motivated, mostly by deriving, decomposing, innovating and imitating, mainly in the rural areas or small towns in Zhejiang or Guangdong Province, with the main products of consumable goods; they are composed of the non-public firms, mostly middle-or-small-sized; the government plays a very important role for the successful industrial clots. Some of our industrial competitive abilities stem from the development of the industrial clots, though only textile industry on its own improves its competitive abilities by industrial clot. More importantly, of course, our industrial clots pull the local economic growth and promote the industrializing and urbanizing of our rural areas.