ABSTRACT
In 1998, facing the unprecedented difficulties brought about by the Asian financial crisis and the catastrophic floods, the Party Central Committee and the State Council implemented active fiscal policies and flexible monetary policies to help maintain economic development in a stable fashion. The International Monetary Fund estimates that the world economic growth rate in 1999 will be 2.5%, 0.5% higher than 1998. It is also anticipated that the trend in Asian economies as a whole will rebound from decline to growth. The capacity utilization rate of a large portion of Chinese industries is very low, which is conducive to upgrading the current industrial structure by means of policies. In tertiary industry, we should accelerate its development, especially in the areas of social services and medical services. Presently, the growth in consumer spending in China is more or less stable.
