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China's foreign contracted projects ease export slowdown by 2 percentage points
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16:42, August 20, 2009

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In the first half of 2009, China's foreign contracted project sector maintained high-speed growth and contributed to 40 percent of the total export turnover, slowing China's export decline rate by 2 percentage points.

Between January and June, the foreign contracted project sector sent over 100,000 people overseas for labor services, and earned incomes totaling 250 million U.S. dollars If calculated on the basis that China can create 12,000 domestic job opportunities for every 100 million U.S. dollars increase in industrial product exports, the business created over 450,000 domestic job opportunities during that period.

Every 100 million U.S. dollar increase in the business turnover of foreign contracted projects can boost annual GDP by 491 million U.S. dollars. Calculated on this basis, in 2008, foreign-contracted projects contributed to 2.2 trillion yuan or seven percent of GDP.

Over the past five years, exports contributed by the foreign-contracted project sector have exceeded 460 billion yuan, a principal part of which came from technology-intensive and high value-added large complete sets of equipment. Over this period, the cumulative number of overseas labor service personnel surpassed 650,000.

In the first half of 2009, China signed 64.6 billion U.S. dollars worth of foreign engineering project contracts and completed a turnover of 32.2 billion U.S. dollars, representing an increase of 38 percent and 52 percent year-on-year respectively and maintaining a respectable year-on-year growth of over 30 percent over the past few years.

By People's Daily Online

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