Defense sector expands in 2003

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Last updated at: (Beijing Time) Monday, January 05, 2004

Defense sector expands in 2003

China's national defense industry sector on Monday reported rapid progress in the development and production of products for civil use and weaponry in 2003.

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China's national defense industry sector on Monday reported rapid progress in the development and production of products for civil use and weaponry in 2003.

Statistics from the country's Commission of Science, Technology and Industry for National Defense show China made new achievements in the development of weapons and equipment, providing an effective supply for the country's military in its modernization.

Meanwhile, the manufacturing firms controlled by the commission maintained fast growth in civilian products.

The overall revenue of the sector in 2003 was expected to grow by 18 percent year-on-year, while the total sales volume of manufactured goods and added industrial output value were projected to jump by a quarter and 20 percent respectively.

The value of products for civilian purposes totaled 130 billion yuan (15.8 billion US dollars) in 2003, up 25 percent over 2002.

The fast growth was coupled with improved economic returns, the commission said in a report.

The commission said China remained the world's third biggest producer and exporter of ships for civil use, and the defense industry sector sold 780,000 motor vehicles, or 19 percent of the country's total, and 2.7 million motorbikes, including 800,000 forexport, up 109 percent.

The defense industry sector also achieved progress in its efforts to help its money-losing firms out of difficulty, and 39 were listed after their assets were reorganized in a bid to open new channels of financing.

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