China's GDP Reaches 9,593.3 Billion Yuan

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Last updated at: (Beijing Time) Friday, March 01, 2002

China's GDP Reaches 9,593.3 Billion Yuan

China's gross domestic product (GDP) of 2001 was 9,593.3 billion yuan, an increase of 7.3 percent over the previous year in constant terms, exceeding the targeted seven percent growth, according to official statistics released Thursday in Beijing. Despite the slow-down of the world economy in 2001, Chinese economy still kept sustained and healthy growth.

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Added value of industries

Zhu Zhixin, commissioner of the National Bureau of Statistics, said at a press conference that the added value of the primary industry was 1461 billion yuan, up 2.8 percent, and that of the secondary industry was 4,906.9 billion yuan, up 8.7 percent, and that of the tertiary industry was 3,225.4 billion yuan, up 7.4 percent.

Investment in fixed assets

The completed investment in fixed assets of the country in 2001 was 3,689.8 billion yuan, up 12.1 percent over the previous year.

Total retails sales

In 2001, the total retail sales of consumer goods was 3,759.5 billion yuan, up 10.1 percent over the previous year.

Volume of imports and exports

China's total volume of imports and exports in 2001 reached 509. 8 billion U.S. dollars, up 7.5 percent over the previous year.

Zhu said, last year's export value was 266.2 billion U.S. dollars, up 6.8 percent, and import value was 243.6 billion U.S. dollars, up 8.2 percent. Last year China had a trade surplus of 22. 5 billion U.S. dollars, a decline of 1.6 billion U.S. dollars over the previous year.

Direct foreign investment

He said that direct foreign investment registered rapid growth. The actually utilized foreign direct investment was 46.8 billion U. S. dollars, up 14.9 percent over the previous year.

Foreign exchange reserve

Foreign exchange reserves continued to grow. By the end of last year, China's foreign exchange reserves reached 212.2 billion U.S. dollars an increase of 46.6 billion U.S. dollars as compared with that at the end of the previous year.

The exchange rate of Renminbi, the local currency, stood at one U.S. dollar for 8.2766 RMB yuan at the end of the year, appreciating 15 basic points as compared with the end of the previous year.

People's living standard

In 2001, the overall level of consumer prices was up by 0.7 percent over the previous year. Of this total, the consumer price level in urban areas was up 0.7 percent, and it was 0.8 percent in rural areas.

The annual per capita disposable income of urban households was 6,860 yuan in 2001, a real increase of 8.5 percent. The per capita net income of rural households was 2,366 yuan, a real growth of 4. 2 percent.

Zhu pointed out, despite the slow-down of the world economy in 2001, Chinese economy still kept sustained and healthy growth.

China's economy will remain a sustained growth

China's economy will grow on average by six percent a year for the next two decades, propelling it to become the second-largest in the world by 2030, a report by a leading investment bank said last Friday.

China's membership of the World Trade Organisation (WTO) may cause disruption in the short term but ultimately the benefits will outweigh the costs, Lehman Brothers said in a bullish assessment.

The report, entitled "China: Gigantic Possibilities, Present Realities", covers the prospects for China's economic, political, social and foreign policy from a market perspective.

It predicts that whatever the potential setbacks, China will not be deflected from its present policy of opening its economy to the wider world. >>details

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