China's gross domestic product (GDP) increased 7.1 percent in 1999 as against 7.8 percent in 1998. The Chinese government is confident of maintaining the growth of GDP of around 7 percent this year, while continuing to follow a pro-active fiscal policy.

Mr. Zeng Peiyan, Minister of the State Development Planning Commission, said recently that there is no need to devalue Renminbi yuan (the Chinese currency) in the near future.

China's foreign exchange reserves grew to 154.675 billion U.S. dollars by December 31, 1999, 9.716 billion US dollars more than at the end of 1998. The increase of China's foreign exchange reserves is due to the stability and healthy state of China's international payments.

According to the figures released by the National Bureau of Statistics, China's exports grew by 6 percent over 1998 to 195 billion US dollars in 1999, with a trade surplus of about 30 billion US dollars.

China's total imports will exceed 1.3 trillion U.S. dollars from 2000 through 2005, representing an annual growth of over eight percent, said Minister of Foreign Trade and Economic Cooperation Shi Guangsheng in Beijing on January 6.