China Sees 17.5% Industrial Production Growth in First Two Months

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Last updated at: (Beijing Time) Monday, March 17, 2003

China Sees 17.5% Industrial Production Growth in First Two Months

The industrial production nationwide increased by 17.5 percent in the first two months as against the same period last year, coupled with US$ 109.03 billion foreign trade volume.

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The industrial production nationwide increased by 17.5 percent in the first two months as against the same period last year. Monthly report on industrial production released Tuesday by the National Bureau of Statistics shows that China accumulated 520.9 billion yuan of added value by scale industries in the first two months, up 19.8 percent to hit 254.7 billion yuan in February. In the same period, communications equipment, computer and electronic equipment of manufacturing industry contributed 19.1 percent growth to the whole industrial production, pulled up 3.4 percentage points; while driven by the rapid growth of auto-making, transport facility manufacturing industry contributed 15.6 percent and spurred up 2.7 percentage points.

In addition, latest statistics by the General Administration of Customs suggest that in the first two months the foreign trade volume amounted to US$ 109.03 billion, an increase of 44 percent over the same period last year. In a breakdown, the export volume stood at US$ 54.23 billion, up 32.8 percent while the import volume hit US$ 54.8 billion, 57.1 percent higher, marking a trade deficit of US$ 570 million. Besides, the general trade grew by 50.8 percent to US$ 49.08 billion. Among them, the export volume of general trade rose by 31.6 percent to US$ 22.88 billion, while the import volume of general trade developed by 72.7 percent to US$ 26.2 billion. According to the statistics, the big growth of import volume should be attributed to two major reasons. One is that large number of imports were put off to the year's beginning from the end of last year in anticipation of a new round of tariff cuts as well as the expiry of last year's import quotas, the other being the large price increase in crude oil and its derivative products.

By PD Online Staff Zhu Lizhen

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