Chinese Economy Shows Improvement in 2002

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Last updated at: (Beijing Time) Thursday, December 19, 2002

Chinese Economy Shows Improvement in 2002

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Minister in charge of the State Economic and Trade Commission Li Rongrong said Wednesday China's economy in 2002 has shown many encouraging changes and clear improvement in growth speed, quality and efficiency.

Speaking at the annual national economic and trade conference, Li said that in the past 11 months, China's large industrial enterprises achieved added value of 2.83 trillion yuan (342 billion US dollars), up 12.4 percent from the same period last year.

Meanwhile, the investment in technological upgrading increased 15.7 percent, the export value of industrial products rose 22.3 percent, and the total sales of consumer goods rose 10 percent.

Li said that the quality of the economic growth continued to improve. In the January-November period, the production-marketing ratio of industrial products reached 97.68 percent, and the profits of large enterprises increased 16.3 percent against a year-on-year 1.1 percentage point drop in the factory price in the first 10 months of the year.

Big strides have also been made in industrial restructuring. Sofar this year 533 loss-making enterprises have been closed or restructured, writing off bad debts totaling 61.67 billion yuan.

Corporate technological advancement has been further reinforced,with big growth registered in information technology and other high-tech industries, Li said.

Trade industry

China's trade industry has successfully stood the test of its first year after the country's entry of the World Trade Organization, with clear improvements achieved in foreign trade and market construction, said the senior Chinese Official.

Li told the annual national economic and trade conference that this year a number of laws and regulations were promulgated to provide a legal basis for better using foreign capital to rationalize industrial structure.

By the end of November, 304 overseas processing and trade projects had been ratified, with a contracted investment of 1.2 billion US dollars. It is predicted that these projects can bring about an annual export value of 2.1 billion dollars in raw materials and parts.

Li said market construction has also made considerable progress. In the first half of this year, the 30 largest chain stores increased their shops to a total of 6,692, increasing 59.2 percent over the same period of last year, and the aggregate sales volume increased 39.2 percent.

Market Order

China took new steps to improve and standardize the market order in 2002, according to the minister of the State Economic and Trade Commission.

Li said the improvements focused on the cultural, construction, and travel industries, and on dangerous chemicals and oil stations. A group of major problem cases including those involving fake goods, had been checked, with business administration departments alone checking 125 cases involving 15 billion yuan (1.8 billion US dollars) from January toSeptember this year.

Li said a series of policies and laws were issued this year in an effort to eradicate problems in the market economy. The business-centered credit system was established, and information on the quality of goods important to food production could now be collected, inspected, managed and issued systematically. Up to 27 provinces had issued regional laws on meat and other goods.

Enterprises shed 8,494 items of fees this year, involving 34.18billion yuan (4.12 US dollars), he said.

Li said the safety of road transport and mining had been strengthened this year. Major accidents had decreased by 7 percentfrom the same period last year and the death toll had fallen by 8.8 percent year-on-year.

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