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China's Economic Situation in 2002
2004/06/09



   
  In 2002, under the leadership of CPC Central Committee and the State Council, and guided by the Teng Hsiao-Ping Theory and Important Thought of "Three Represents", different regions and departments implemented active fiscal policy and moderate monetary policy,and aggressively advanced strategic adjustment of economic structure. Reforms were deepened, the level of opening to the outside world was enhanced, domestic demand enjoyed a fast and sustained growth, market economy order was distinctively improved, the national economy held over a favorable development momentum, and the expected targets of economic and social development determined at beginning of the year had been realized.

  I. National economy enjoyed a fast and sustained growth, and the gross economy jumped up a new step. In 2002, the GDP was expected to reach RMB 10,200 billions, a rise of 8.0% as compared with last year, and the gross economy jumped up a new step and realized a historical breach. In view of seasons, the GDP grew by 7.6% in the first quarter, 8.0% in the second quarter, 8.1% in the third quarter and this trend was kept in the fourth quarter, which showed the further enhanced economic growth vitality.

  II. Agricultural production developed stably and agricultural structure adjustment obtained distinct results. The planted area for high- quality and special-purpose farm products was increased, and primary farm products production was being centralized to predominant producing areas. Regional layout was further optimized, and the development of special agriculture and ecological agriculture was quickened. Crop planting zones and industry development zones with characteristics were being formed. The annual grain output was 457,110 kilotons, a rise of 1% as compared with last year; the cotton output was somewhat dropped due to reduction of cultivation area; the oil crops output grew by 1.2%, and the output of meat and marine products remained a firm growth.

  III. Industrial production grew fast and enterprise efficiency was further improved. Export-oriented products, high-tech products and consumption products that met the requirements of consumption structure upgrade kept a faster growth, which boosted the sustained and fast growth of the whole industry. From January to November, the above-scale industrial enterprises completed an added value of RMB 2826.6 billions, a rise of 12.4% as compared with the same period last year, and the growth rate was 2.4% higher. It was expected that the added value of above-scale industrial enterprises would exceed 3 trillions in the whole year with a growth rate of more than 12%, the fastest growth rate in the last few years. Of which, the six major industries, namely electronic communication equipment, transport and communication facilities, chemical industry, electric machinery, metallurgy and textile, contributed more than half to the industrial growth, their product mix was improved and their competitive power was further strengthened. The export value of shipment of industrial products grew fast. In the first 11 months, an export value of shipment of RMB 1765.6 billions was realized in industrial enterprises, a rise of 22.3% as compared with the same period last year, and the growth rate was 13.2% higher. The profits realized by industrial enterprises kept growing on the basis of three consecutive years of large scale growth. From January to November, the above-scale industrial enterprises realized a profit of RMB 495.6 billions, a rise of 19.5% as compared with the same period last year, and it was expected to reach RMB 550 billions for the whole year, a rise of 20%; of which the state-owned and state-owned proprietary enterprises realized a profit of RMB 232.7 billions, a rise of 10.2%, which was expected to exceed 250 billions for the whole year and would hit a record.

  IV. Capital investment grew fast and consumer market operated stably. From January to November, state-owned units and units of other types of economies completed a capital investment of RMB 2611.9 billions, a rise of 23.4% as compared with the same period last year, and the growth rate was 7.1% higher, of which the capital construction investment rose by 23.8%, renovation and reformation investment rose by 15.7% and realty development investment rose by 28.2%. Nongovernmental investment also tended to be active. In the first three quarters of this year, the collective and individual investment rose by 18%, and the growth rate was 8.9% higher than the same period last year. The market distribution rose stably. From January to November, the total volume of retail sales was RMB 3650.6 billions, a rise of 8.8% as compared with the same period last year, and the growth rate was 10.3% after price factor was deducted, which was almost the same as last year. Consumption concerns such as commercial housing and automobiles were being formed initially. From January to November, the sale of commercial housing rose by 37.1%, of which that was distributed to individuals rose by 90%; and the sale column of automobiles rose by 70.6%. It was predicted that both whole-society fixed capital investment and total column of retail sales of social consumables shall breach 4 trillions.

  V. Import and export in foreign trade enjoyed a swift growth and foreign exchange reserve was being increased. From January to November, the total export-import volume was USD 560.2 billions, a rise of 21.0% as compared with the same period last year, and the growth rate was 13.6 % higher, of which, that of export was USD 293.7 billions, a rise of 21.6%  and 15.2% higher, and that of import was 266.5 billions, a rise of 20.5% and 11.9% higher. The yearly total export-import volume was expected to breach USD 600 billions, and would hit a new record. The scale of utilization of foreign capital was being enlarged. From January to November, USD 48 billions of foreign direct investment was utilized, a rise of 14.6% as compared with the same period last year. It was predicted that over USD 50 billions of direct foreign investment would be utilized yearly. Until the end of November, the state foreign exchange reserve was USD 274.6 billions, 62.4 billions more than that at the end of last year.

  VI. The general price level dropped a little and the income of urban and rural citizens kept on growing. From January to November, the general level of consumption price dropped 0.8 % as compared with the same period last year, of which that in urban area dropped by 1.0%, and that in rural area dropped by 0.4%. In view of different categories, the food price dropped by 0.7%,of which that of grain dropped by 1.7%, that of meat, poultry and their products dropped by 0.5%,that of marine products dropped by 3.5%, that of fresh vegetables dropped by 2.8%, and that of eggs rose by 3.1%, prices of articles for recreation, education, culture and service rose by 0.6%, and prices of other goods and services somewhat dropped or kept the former status. From January to November, the ex-factory price of industrial goods dropped by 2.5% as compared with the same period last year, and the purchase price of raw and processed materials, fuel and powers dropped by 2.7%. The yearly disposable income of town dwellers all over the country is expected to exceed RMB 7,500 Yuan in average, 10% more than that in last year; that of rural dwellers shall reach 2,470 Yuan, 4% more than that in last year. At the same time,the saving deposit of urban and rural civilians grew fast, and the saving deposit balance was RMB 8569.3 billions by the end of November, 1201.6 billions more than that at beginning of the year.

  Looking forward to the year of 2003, Zhu Zhixin pointed out that the international environment was full of uncertainties and domestic economy development was confronted with quite a few contradictions and problems, but there were more chances than challenges as a whole and the national economy was hopeful to keep this favorable development trend. Under the leadership of CPC Central Committee with Hu Jintao as the Secretary-General, we must hold high the great banner of Teng Hsiao-ping Theory, and comprehensively carry out the Important Thought of "Three Represents". We must earnestly implement the spirit of the 16th CPC National Congress and Economic Work Conference of the CPC Central Committee, and devote ourselves wholly to construction and development. We must actively react to difficulties and challenges brought along by the changing economic environment both here and abroad, stick to the policy of enlarging domestic demand,keep the continuity and stability of macroeconomic policy, further deepen reforms, enlarge openness, and promote the fast, sustained and healthy development of national economy and the overall advancement of the society.


                           Source: China State Statistic Bureau

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