Chinese Economy Soaring Soundly: NBS Spokesman

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Last updated at: (Beijing Time) Friday, April 18, 2003

Chinese Economy Soaring Soundly: NBS Spokesman

China's gross domestic product (GDP) registed a 9.9-percent increase in the first quarter of this year, said Yao Jingyuan, a spokesman with the National Bureau of Statistics (NBS), Thursday.

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China's gross domestic product (GDP) registed a 9.9-percent increase in the first quarter of this year, said Yao Jingyuan, a spokesman with the National Bureau of Statistics (NBS), Thursday.

Yao told a press conference that it was the growth rate that had been desired for years and the fastest since 1997.

The GDP in this period hit 2,356.2 billion yuan (some 284.67 billion US dollars), according to him.

China's fiscal revenue topped 520.5 billion yuan (62.94 billionUS dollars) in the first three months, up 36.7 percent year-on-year and the surplus hit 130 billion yuan, according to NBS statistics.

Meanwhile, the efficiency and profit of the Chinese economy improved markedly, Yao said.

China's industrial enterprises netted 98 billion yuan (11.85 billion US dollars) in profit in the first two months, up 1.2 times year-on-year. The profits of 37 of the 39 main sectors increased and the loss of the remaining two sectors decreased, NBS figures show.

The soaring economy benefited the improvement of residents' living standard, said Yao.

NBS figures indicate that the per capita disposable income of China's urban residents stood at 2,355 yuan (284.76 US dollars) in the first quarter, up 8.4 percent from the same period of last year, and that of rural people stood at 737 yuan (89.12 US dollars), up 7.5 percent.

The figures also show that at the end of March, private bank savings reached 9.4568 trillion yuan (1.14 trillion US dollars), rising by 253.1 billion yuan (30.60 billion US dollars) year-on-year.

The Chinese economic structure improved continuously in the first quarter, Yao said. The production of some endurable commodities, export-oriented products and hi-tech products increased rapidly.

The manufacturing sectors of telecommunications facilities and transportation vehicles especially contributed to the growth.

A fast growth is better when the growth rate is harmonized with the economic structure, quality, efficiency and profit, Yao said, but the government should attach importance to any duplicated construction and aimless investment.

The key is to maintain the stability of the macro policy to protect, lead and encourage the willingness of all concerned parties to boom the economy, Yao said. The emerging trend of over-heating in some regions should be treated respectively and readjusted through further development and economic leverages.

Yao attributed the sound economic growth to four reasons. The first is the accumulated effect arising from the implementation of the guideline to enlarge domestic demand, the pro-active fiscal policy and the stable currency policy that was started five years ago. The improved infrastructure facilitated the economic growth.

The second is the emergence of new growth points such as real estate and car manufacturing, indicating a growing micro-economic vigor, Yao said.

The sale of residential houses rose 52.7 percent and the production and sales volume of automobiles increased by 54 percentand 99 percent respectively, NBS figures indicate.

China's entry into the World Trade Organization is the third reason, Yao said. Trade volume climbed by 42.4 percent and the actual foreign direct investment in China surged by 56.7 percent year-on-year in the first quarter.

The common inspiration of the Chinese people to build a well-off society "has never been so strong as today" and it also contributed to the economic growth, Yao said.

Yao expressed his belief that the Chinese economy would maintain the sound momentum and this year's goals could be achieved.

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