Fast Industrial Growth

     In 1997, industrial enterprises at the township level and above achieved a total output value of 11.2 trillion yuan, 13-fold increase over 1978 after adjustment for price factors with an average annual increase of 14.9 percent. The state-owned enterprises and collective-owned enterprises increased annually by 7.6 percent and 19.7 percent respectively on the average. The quality of various industrial products improved constantly and the passive state resulting from long-term shortage of industrial products in the country came to an end. As a result, there was a sufficient supply of daily consumer goods in the market. Even the insufficiency of some basic industrial products such as coal and power, which had restricted the growth of Chinese economy, was also noticeably eased up.

     In the past two decades, China has completed and put into operation 1,906 large and medium-sized industrial projects and increased an investment of 3.2877 trillion yuan in industrial fixed assets. The completion of such large projects as the Beijing-Kowloon Railway, the Nanchang-Kunming Railway and Qinshan and Daya Bay Atomic Power Stations strengthened the national economy for continued development.