Xian on course to meet 12pc growth rate

PUBLISHED : Tuesday, 04 August, 1998, 12:00am
UPDATED : Tuesday, 04 August, 1998, 12:00am

Xian - the city famous for the terracotta warriors - is on track to reach its targeted gross domestic product growth rate of 12 per cent this year, according to deputy secretary-general Zhang Guangyuan.

He said the city had achieved a growth rate of 13.6 per cent in the first half.

'Growth has been relatively fast in recent years. A bigger push in infrastructure investments this year should be able to help keep the momentum going,' Mr Zhang said after a press conference about a planned trade and investment fair to be held in Xian, Shaanxi, between September 12 and 17.

The mainland has been struggling to achieve 8 per cent GDP growth this year as the Asian financial turmoil takes its toll on exports and foreign investments.

Foreign Trade and Economic Co-operation Bureau vice-director Chen Kuanming said the city had experienced a 20 per cent growth in contracted foreign investment to US$200.3 million in the first half, or 50 per cent of this year's $400 million target.

Utilised foreign investments surged 15 per cent to $120 million.

Exports fell more than 10 per cent but efforts to stem the slide had started to show results in June, Mr Chen said.

He said the city would launch the sale of assets in sectors such as textiles, machinery, light industry, food, chemicals and power, during the trade and investment fair.