China Sees Good Industrial Performance in First Half Year

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Last updated at: (Beijing Time) Wednesday, July 17, 2002

China Sees Good Industrial Performance in First Half Year

China achieved a good growth momentum in industry in the first half of this year, with the profit level better than expected, the State Economic and Trade Commission (SETC) said Tuesday.

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China achieved a good growth momentum in industry in the first half of this year, with the profit level better than expected, the State Economic and Trade Commission (SETC) said Tuesday.

Large industrial enterprises accomplished an added value of 1.446 trillion yuan (174.8 billion US dollars) in the six months, up11.7 percent year on year, said Xu Zhimin, deputy director of the SETC's Economic Operation Bureau under the SETC.

He said the sales rate of industrial products stood at 97.11 percent, 0.36 percentage points higher than the same period last year.

In the first five months, industrial enterprises realized a total profit of 175 billion yuan (21.16 billion dollars), up 2.8 percent. The composite economic efficiency index was 120.31, an increase of 2.25 points.

Most industries experienced demand recovery and accelerated production. Electronics and medical industries continued to grow at a fast speed, with their output value increasing 22.1 percent and 20.7 percent, respectively, in constant terms.

The output of electricity and crude oil rose 8.8 percent and 1.8 percent, respectively. In terms of output value, the chemical industry grew 14.9 percent, the machinery industry 20.9 percent, building materials 13.6 percent, the light industry 17 percent, the textiles industry 13.3 percent and the tobacco industry 11.2 percent.

In the first half year, key industries maintained the growth moment in exports, the drop in prices of industrial products slowed down, and the transportation industry saw considerable growth in turnover.

However, Xu said, some problems still exist: some industries are facing a weakening demand for their products, the recovery of the overall industrial profit level is adversely affected by the falling prices of industrial products, and some small enterprises shut down in the past are reopening secretly.

Despite the problems, the SETC predicted that the total industrial added value would grow by more than 10 percent this year, with profits close or up to last year's level. The target ofa 7-percent growth in gross domestic product set for the year could be achieved after hard work.

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