China Posts Four-Year Record High Industrial Growth

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Last updated at: (Beijing Time) Wednesday, June 12, 2002

China Posts Four-Year Record High Industrial Growth

Booming exports pushed China's industrial production growth to 12.9 percent in May from the same month last year, the fastest expansion since 1998, official statistics said Tuesday.

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Propelled by a strong rally in manufacturing and exports, China's industrial output for May posted its highest monthly growth for the past 53 months.

The National Bureau of Statistics (NBS) announced on Tuesday that industrial output for May was worth a total of 261.7 billion yuan (31.53 billion U.S. dollars), a rise of 12.9 percent over a year ago. The growth was 0.8 percentage points higher than in April.

Industrial value added for January to May totaled 1,168 billionyuan (140 billion U.S. dollars), a rise of 11.6 percent over the same period last year.

According to the NBS, the booming manufacturing sector is the major force behind the rapid growth in industrial output. A strongrally in exports also contributed.

NBS figures show that three manufacturing sectors - telecommunications equipment, automobiles and electrical machinery- accounted for 41.2 percent of the growth in industrial output, and contributed 5.3 percentage points to the total growth rate.

Among manufactured products, outputs of computers, mobile telephones, automobiles and other durable consumer goods grew the most.

Meanwhile, outputs of coal, steel and steel products grew 19 percent, 26.1 percent and 21.4 percent respectively over a year ago.

The NBS said May exports of industrial products registered the highest growth for 20 months. Chinese industries fulfilled export orders worth 158.2 billion yuan (19 billion U.S. dollars), an increase of 25.3 percent over a year ago. The growth was 6.5 percentage points higher than in April.

Of industrial products, exports of electronic and telecommunications products saw the highest growth of 58.8 percentin May. Exports of electrical machinery, textiles and garments also rallied.

NBS figures also indicate Chinese industries sold 97.18 percentof their products in May. From January to May, total sales were 96.85 percent, 0.12 percentage points higher than in the same period last year.

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