Figures, Powerful Notes to China's Economy in 2002

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Last updated at: (Beijing Time) Tuesday, December 24, 2002

Figures, Powerful Notes to China's Economy in 2002

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At the yearend, many people are viewing the year soon to be over in different angles. In the eyes of Qiu Xiaohua, Deputy Director of the State Statistic Bureau, figures are the most persuasive notes to the development of the Chinese economy. In an interview with the reporters, he made an appraisal on some key figures showing the economic development in 2002. In a macroscopic view and micro-substantial performance, said Qiu Xiaohua, the foundation for economic development in China has become more and more consolidated.

GDP 1000 USD/per capita, a new soaring point for economy

In the first year of China's membership in WTO China has made a very good presentation of itself in economy and it sees more indexes manifest better than as expected at the beginning of the year. The entire macro-economy has kept a steady rise, said Qiu Xiaohua, with the first season to rise by 7.6 percent, to increase by 8 percent in the 2nd season and 8.1 percent for the third. The annual GDP has exceeded RMB 10 trillion yuan, a growth rate of 8 percent as against that of last year, an average of almost USD 1000 per head. The Chinese economy will henceforth enter a new soaring period as Qiu Xiaohua put it.

A two 4-trillion yuan: an evolution in investment and consumption structure

The investment and consumption in 2002 have not only realized a bigger increase in total volume but also spelt an evolution in their configuration.

The investment growth as a whole has become a spotlight in the economic increase this year, said Qiu Xiaohua. This was buttered from the active support of the national financial policy but also a result owing to the great increase of investment from among the people and the use of foreign capital. The annual investment in the fixed assets has surpassed 4 trillion yuan, being an important motive force spurring the growth of economy.

This year will also witness a 30 percent increase in the sales of apartments with automobile sales to exceed 1.1 million in number, said Qiu Xiaohua. The overseas opinion has it that China is going to be the 3rd large auto-market in the world, next to the US and Japan only. This year will see, for the first time, a breakthrough of 4 trillion yuan in the total retailing amount of consuming goods in society, in which the developing and enjoying types of consumption is going to be a force of importance in the steady growth of the consumption market.

We've registered a record of USD 600 billion in foreign trade, winning a steadfast place of a big country in the world trade.

China has scored a dazzling economy in foreign trade this year, reaping an unexpected fine result in both importation and exportation.

The total value of import and export will go up to a new level of USD 600 billion, overtaking USD 500 billion, the total import and export value of last year, said Qiu Xiaohua. China is now gradually consolidating its status of a large country in world trade. It has witnessed a favorable balance in international revenue and expenditure with its foreign exchange reserve outstripping USD 270 billion by the end of last November and possible to reach USD 280 billion at the yearend.

Nevertheless, the previous eleven months saw the actual use of foreign capital to reach USD 48 billion, a growth of 14.6 percent and the whole year to see it exceed 50 billion in the US dollars. China is going to be one of the safest, the most appealing hotbeds with the greatest commercial potential for investment in the world.

China has witnessed a newly added deposit of over one trillion-yuan, resulting in its people to enjoy more substantial benefits.

The year of 2002 saw the people get more practical benefits from the country's development.

For the first time Qiu Xiaohua mentioned the high deposit increase. He said this year saw a two-digital increase for the income of the people in cities with that for the rural inhabitants to remain more or less the same as last year. Towards the end of last November we've witnessed a balanced deposit for the people in China's cities and rural areas to have increased by 1.2 trillion-yuan as compared to that at the beginning of the year, indicating that the development in economy has brought to people more substantial benefits.

He said, the governments at all levels set a special store by the construction of social insurance system, paying much attention to the "two guarantees" and "one minimum-income guarantee", thus making a considerable number of the masses in cities with low-income and difficulties in life to have an improved livelihood.

660 billion-yuan treasury bonds to speedily give forth accumulated effects

Why is it that when the world economy is at low ebb but China still retains an economy much better than as expected?

Qiu Xiaohua said, these years have witnessed China to practice consecutively a policy of expanding its internal needs, issuing long-term treasury notes reaching 660 billion-yuan in people's currency. And now with its accumulated effects being by and by set free it has become a very important factor promoting the growth of economy in China.

Qiu Xiaohua is of opinion that we saw, before and after the 16th Party Congress, the initiatives in all places are further soaring up in the country, the great spiritual strength being turned into material force. In addition, the microscopic vitality has been restored and strengthened. China has acted reasonably as a member of the World Trade Organization and the world economy is getting a recovery in a mediocre way. All these are the important factors for China's economy to stage a good performance this year.

Nonetheless, we still have many problems deserving our further attention if turning round to look at the economy this year. We are still facing with a heavy pressure of unemployment of workforces and the downward trend of commodity prices is so far not fully altered, said Qiu Xiaohua. All these require us to take effective measures for solution so soon as possible.

By People's Daily Online

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