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Home >> Business
UPDATED: 17:16, March 06, 2006
On a fast and stable track: China in 2005
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Chinese Minister of National Development and Reform Commission Ma Kai has said that China's economic and social development in 2005 was fast and efficient while the price was also stable. He briefed the joint conference held by six ministries in Beijing last week about the performance in 2005, the last year of the 10th Five-year Plan period.

He said the economy experienced a fast and steady development while the economic mix tended to be more rational.

There was very slight fluctuation in the economic growth over the four quarters of last year, ranging from 9.8 percent to 10.1 percent. The economic operation in the past five years was more stable. The GDP went up by 10 percent, 10.1 percent, and 9.9 percent respectively from 2003 to 2005.

Prices remained stable when the economy grew fast, indicating healthy development. The consumer price index rose moderately by 1.8 percent last year. In the meantime, the fast growth brought about benefit increase. The fiscal revenue last year spiraled up 19.8 percent to 3162.8 billion yuan.

The strain of resources supporting the fast growth also eased off. Improvement in balance was seen between the three industries, between the investment and consumption, between society and economy, and between regional economies.

The restructuring process led to a more reasonable economic mix. That was reflected by the stronger agriculture, more hi-tech driven industry, better infrastructure, as well as the expanding service sector, and advancement in all economic regions in the country.

In terms of systematic reform, the abolition of agricultural tax was a move of historic significance. For enterprises under various ownership, a fairer playfield was built, with stricter surveillance over state-owned assets. Substantial steps were taken on financial, tax and split share reforms. The reform of the RMB exchange rate system and the banking sector in particular attracted wide attention.

New policies have also been adopted to facilitate investment and make more flexible pricing system.

The foreign trade volume reached 1422.1 billion US dollars last year, an increase of 23.2 percent, with 762 billion US dollars of exports, up 28.4 percent, and 660.1 billion US dollars of imports, up 17.6 percent, compared with the previous year. A total of 60.3 billion US dollars of foreign direct investment was actually used.

The progress on resource saving and environmental protection was achieved through special policies, such as price policy for power and water, and mega-projects, such as a drinking water plan for 21 million farmers and a series of pollution treatment programs. Pilot projects were also launched for circular economy.

The successful manned space flight last year was one of China's major breakthroughs on science and technology. The country will invest more in the future to muscle its independent innovation --- guided by the program of the long-term development of science and technology for the next 15 years.

In education, rural students in mid-west regions got most of the support to get access to education through building more schools, earmarking special funds, and offering e-education. Vocation education also got preferable conditions.

The health care service focused on the system dealing with public health incidents, the prevention of major diseases, the reform on urban medical service, and the medical infrastructure and system in rural areas.

Urban residents had 10,493 yuan or over 1310 US dollars per capita disposable income last year and rural residents made 3,255 yuan per capita net income, an increase of 9.6 percent and 6.2 percent respectively. The retailing sales rose 12.9 percent, compared with the previous year.

The unemployment rate in urban areas stood at 4.2 percent. The government has funded training programs and removed restrictions for migrant workers and demanded salary payment for them.

In addition, a considerably larger population is protected by the social security system now due to the progress on this regard.

By People's Daily Online

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