China's Economy Keeps Good Development Momentum: Premier

Home>>Business

Last updated at: (Beijing Time) Tuesday, March 05, 2002

China's Economy Keeps Good Development Momentum: Premier

China's national economy maintained a good momentum of development in the first year of the new century when the world economy was slowing down, said Chinese Premier Zhu Rongji.

DISCUSSION

CHINESE

SEND TO FRIEND

China's national economy maintained a good momentum of development in the first year of the new century when the world economy was slowing down, said Chinese Premier Zhu Rongji.

He made the statement in his government work report to the Fifth Session of the Ninth National People's Congress (NPC) opened Tuesday.

The premier said that "China's GDP in 2001 reached 9.5933 trillion yuan, an increase of 7.3 percent over the previous year thanks to our efforts to provide incentives to domestic demand and our unswerving implementation of the proactive fiscal policy and a stable monetary policy."

Progress was made in the economic restructuring; the structure of agricultural production improved; production of high-quality and special-purpose crops increased; information technology, biotechnology and other high-tech and new industries developed rapidly, he said.

He said that the country made significant progress in upgrading traditional industries, eliminating outmoded production capacity and in developing infrastructure, completing a number of key projects, including highways, railways, reinforcement of main dikes along major rivers, water control, and the upgrading of rural power grids.

"The program for developing the western region was initiated successfully, and major projects including the Qinghai-Tibet Railway and the transmission of electricity from the western to the eastern region were launched in succession. The quality of economic growth and economic efficiency further improved.

Total profits of industrial enterprises of scale reached 465.7 billion yuan, increasing 8.1 percent over the previous year. Tax revenue increased by a large margin. The national revenues reached 1.6371 trillion yuan, increasing by 240 billion yuan in comparable terms.

Financial operations were stable. The general consumer price level rose by 0.7 percent. The total volume of imports and exports exceeded 500 billion U.S.dollars, with exports amounting to 266.2 billion U.S. dollars, a rise of 6.8 percent. Foreign direct investment totaled 46.8 billion U.S. dollars, up 14.9 percent.

China enjoyed a favorable balance in international payments. The national foreign exchange reserves reached 212.2 billion U.S. dollars at the end of 2001, an increase of 46.6 billion U.S. dollars year-on-year.

The Renminbi exchange rates remained stable. The national economy maintained a sustainable, rapid and healthy development.

In 2001, the economic restructuring was further deepened as the reform of state-owned enterprises continued and the pace of establishing a modern corporate system was accelerated. A number of exhausting mines, insolvent enterprises and loss-making enterprises that had little hope of ending losses and turning a profit were declared bankrupt or closed.

Achievements were made in the reform of the grain and cotton distribution systems. Reform of the basic medical insurance system for urban employees, the medical and public health systems, and

the system for producing and distributing medicines progressed steadily.

China achieved successes in overhauling and regulating market order, uncovering and punishing 1.2 million cases of making and marketing fake goods, dealing powerful blows at criminals in the economic area, he noted.

Science, technology, education and other social undertakings developed in an all-round way. A number of state key hi-tech projects were officially launched and fresh efforts were directed to the development of a state scientific and technological innovation system.

In 2001, schools of higher learning enrolled 2.68 million students, an increase of 480,000 over the previous year.

Speed picked up in the protection of resources, environmental pollution control and ecological construction. Good results were achieved in projects for reforesting formerly cultivated land and protecting natural forests. Pollution control in key river valleys and regions was strengthened, and the environmental quality improved in some cities.

The efforts to promote socialist spiritual civilization and improve democracy and the legal system continued. Initial results were achieved in the nationwide crackdown on crime, and all facets of social order improved. Some underworld gangs were crushed, and criminals committing grave crimes were punished severely according to law.

Last year also witnessed new advances in modernizing national defense and the army, Zhu said.

China celebrated the 80th anniversary of the founding of the Communist Party of China in 2001. In an important speech on July 1,Jiang Zemin, general secretary of the CPC Central Committee, elaborated on the scientific contents and major significance of the idea of "Three Represents".

The Sixth Plenary Session of the 15th CPC Central Committee adopted an important decision on strengthening and improving the Party's style of work.

Beijing won the bid to host the 2008 Summer Olympic Games. China successfully held the Ninth Informal Meeting of APEC Economic Leaders and other important international conferences. Thanks to the consistent efforts made over the years, China became a member of the World Trade Organization (WTO) at last.

"These events will have a great and far-reaching impact on the development of the cause of our Party and state," the premier asserted. "They have tremendously inspired deep love of the country in the Chinese people of all nationalities, boosted their national pride and the rallying power of the Chinese nation."

The marked achievements in economic and social development in 2001 were, indeed, hard won, the premier said, adding that is the result of the correct policy decisions and timely measures taken by the CPC Central Committee with Jiang Zemin at the core on the basis of a firm grasp of the overall situation and accurate assessment of changes and also the result of the determined and concerted efforts made by the people of all nationalities.

Questions?Comments? Click here

Premier Zhu Reports Government Work

>> Full Coverage