Ntional Economy Performs well in China in 1998
Last year, China's GDP grew 7.8 percent over the 1997 figure to 7,955.3 billion yuan.
The industrial added value rose 8.9 percent to 3,354.1 billion yuan and the fixed assets investment surged 14.1 percent to 2,845.7 billion yuan, according to the statistic communique on 1998 National economic and social development released at a press conference held here today.
Liu Hong, director of the National Statistics Bureau, said at the press conference that last year the consumer goods retail sales grew 6.8 percent to 2,915.3 billion yuan.
The commodity retail price dropped 2.6 percent, with the residents consuming price index dipping 0.8 percent, he said. China's industrial added value grew 8.9 percent to 3.3541 trillion yuan last year.
The added value of state-owned industrial enterprises and of non-state-owned industrial enterprises with an annual sales income over five million yuan each totaled more than two trillion yuan, up 8.8 percent. The added value of state-owned enterprises and enterprises with the state having a holding stake was 1.1365 trillion yuan last year, up 4.9 percent.
An analysis shows that the added value of the light industry was up 9.1 percent to 898.4 billion yuan while that of the heavy industry rose 8.5 percent to 1.106 trillion yuan.
Liu said, however, that industrial economic efficiency declined to some extent last year.
The sales income of industrial enterprises reached 6.33 trillion yuan, up 4.1 percent, while profits totaled 147.3 billion yuan, down 17 percent. Losses of all loss-making enterprises amounted to 155.6 billion yuan in 1998, an increase of 22.1 percent from 1997. The combined losses of state-owned and state-controlling enterprises was 102.3 billion yuan, up 21.9 percent. The added value of China's construction enterprises grew 12 percent to 560.9 billion yuan, with the floor space of buildings completed during last year reaching 587.05 million sq. m, down 35.39 million sq. m.
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