China's economy grows 8.5 percent in first 9 months

Home>>Business

Last updated at: (Beijing Time) Friday, October 17, 2003

China's economy grows 8.5 percent in first 9 months

DISCUSSION

CHINESE

SEND TO FRIEND

China's economy grew by 8.5 percent in the first three quarters this year, with an increase of 0.6 percentage points compared with the same period of last year, said Qiu Xiaohua, deputy director of the National Bureau of Statistics (NBS) Friday.

At a press conference, Qiu said the gross domestic product (GDP) of the first three quarters totaled more than 7.9 trillion yuan (about 956.6 billion US dollars).

The GDP of the third quater this year increased by 9.1 percent, 2.4 percentage points more than that of the second quarter, indicating that the economy has cast off the impact of the Severe Acute Respiratory Syndrome (SARS) and resumed fast growth.

Industry reports record-high growth

China's industrial growth reported 4.3 percentage points more than that of the same period last year, hitting a record-high growth rate since 1995 year-on-year, the deputy director said.

Qiu said, the industry completed a total added value of 2.879 trillion yuan (about 350 billion US dollars) in the first three quarters, increasing by 16.5 percent over the same period of last year.

From Jan. to Aug., China's industrial enterprises achieved a total profit of 501.5 billion yuan (about 60.6 billion US dollars), up 52.3 percent over the same period of last year. State-owned enterprises and state-holding enterprises also saw a profit of 253.8 billion yuan (30.7 billion US dollars), up 66.6 percent.

2003 GDP expects 8.5% growth

China's gross domestic product (GDP) is expected to grow 8.5 percent this year, according to Qiu Xiaohua.

Qiu said the GDP for the first three quarters totaled 7.9 trillion yuan (about 956.6 billion US dollars), up 8.5 percent, indicating that the economy has cast off the impact of the Severe Acute Respiratory Syndrome (SARS) and resumed fast growth.

He said the industry completed a total added value of 2.88 trillion yuan (about 350 billion US dollars) in the first three quarters, increasing by 16.5 percent year-on-year.

Exports and imports totaled 606.3 billion US dollars, up 36.2 percent and foreign direct investment (FDI) in use totaled 40.2 billion US dollars, up 11.9 percent.

The retail volume of consumer goods totaled 3.27 trillion yuan (about 395 billion US dollars) in the first three quarters, showing an increase of 8.6 percent.

Discretionary income of urban citizens increased to 6,347 yuan (about 774 US dollars), up 9 percent and farmers' income reached 1,802 yuan (about 220 US dollars), up 3.8 percent.

China to maintain high economic growth rate

The Deputy director said China would maintain an annual economic growth rate of 7 percent or higher over the next two decades.

Qiu said in Beijing that the country's gross domestic product was expected to grow 8.5 percent this year, much higher than the start-of-year prediction of 7 percent.

He expressed full confidence in China's economy in the long term. The growing power of the market, increasing vigor of business and economic restructuring would add impetus.

He said the opening of the economy to the outside world would also increase its growth.

Qiu said people would enjoy unprecedented opportunities of all-round development as the country strove to build a well-off society.

Retail volume up 8.6% in first three quarters

The total volume of retail consumer goods was nearly 3.27 trillion yuan (about 395.02 billion US dollars) in the first three quarters this year, up 8.6 percent over the same period last year.

The growth rate was similar to that in the same period of 2002.

The report by the National Bureau of Statistics (NBS) said third quarter retail sales increased by 9.7 percent, restoring to the level before the outbreak of severe acute respiratory syndrome(SARS) and three percentage points higher than the previous quarter.

The urban market increased 9.8 percent, 3.4 percentage points higher than the rural market, said the report.

Sales volume of automobiles soared 77.5 percent, communication appliances went up 74 percent and sales of construction materials rose 46.6 percent.

Consumer prices stable in China

Consumer prices for the first three quarters of the year increased 0.7 percent on a year-on-year basis,according to a government report issued Friday.

An increase in food prices of 2.2 percent pulled the overall price up 0.7 percent, while an increase in the price of services, also 2.2 percent, added another 0.5 overall increase, said the report by the National Bureau of Statistics (NBS).

Most other prices saw a decrease, including clothing, down 2.4 percent, domestic appliances, down 2.7 percent and communication and transportation prices, down 2.1 percent, said the report.

Retail prices also fell 0.5 percent compared with last year.

Prices of industrial products saw an increase, growing 2.4 percent overall.

The growth rate for the three quarters was 3.6 percent, 2.3 percent and 1.4 percent respectively, according to the report.

Purchasing prices for raw materials increased 4.5 percent, said the report.

Questions?Comments? Click here

China becoming new engine for world economy: Forbes

State think tank forecasts 2003 GDP growth at 8.3%

Chinese, US presidents to meet in Bangkok ( 2 Messages)

Activists sail to Diaoyu Islands to proclaim sovereignty ( 5 Messages)

When will Nobel dream come true for China? ( 10 Messages)

US, don't be doubtful of everything: commentary ( 5 Messages)

China to launch manned space flight on Oct. 15 ( 33 Messages)