State-Owned Sector Still Largest Income Payer in GuangzhouState-owned businesses, government units and organizations in Guangzhou, capital of south China's Guangdong province, still provide the largest source of income for local residents.Some 66.8 percent of the disposable income for local residents comes from the state-owned sector, reaching 8,032 yuan (US$ 967) per capita last year, according to the latest statistics from the Municipal Statistics Bureau. This figure is due to the increased income of government employees as well as retired civil servants last year. The annual salary of a teacher in Guangzhou averaged 18,000 yuan (US$ 2,168) in 1999. Meanwhile, improved performance of state-owned enterprises resulting from restructuring also yielded more profits to pay salaries. There are 944 state-owned enterprises in Guangzhou, generating 5.3 billion yuan (US$ 638 million) in profits last year, up 54.9 percent from the previous year. Economic growth continued through the first three months of this year. Statistics showed that the industrial added value in Guangzhou amounted to 17.7 billion yuan (US$ 2.1 billion) in the first three months, up 16.7 percent on an annual basis. The state-owned sector earned 22.9 billion yuan (US$ 2.7 billion) of output value, representing an increase of 20.9 percent compared with the same period last year. |
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