Beijing's Industrial Output Sees Sharp GrowthBeijing's industrial sector expanded by more than a fifth in the first half of this year, according to city officials.It rose by 22.4 per cent and is now worth 32.68 billion yuan (US$3.94 billion). The rise is 15.7 per cent higher than the increase for the same period in the previous four years. According to a spokesman of the Beijing Municipal Economic Committee, local industrial enterprises, especially some large ones, have made a big contribution to the city's industry development. May was the first month State-owned enterprise groups in Beijing achieved a growth rate of 10 per cent or more since 1990. This reflects the strong economic growth in the State-owned industrial sector. Experts attribute the rise to the reform policies conducted by the central and municipal governments, the overall strength of the industry sector and technical and management improvements in State-owned enterprises (SOEs). "So far, 10 of the 12 SOE debt-to-equity programmes in the city, formulated by the municipal government at the end of last year, have been completed," the spokesman said. Meanwhile, 29 merger and bankruptcy reform programmes, involving 630 million yuan (US$75.90 million) of property and 780 million yuan (US$93.98 million) of debt, have been completed, which has helped restructure SOEs in poor conditions. Some large and medium-sized firms in Beijing have played a big role in the rise in prosperity. Five large companies - Beijing Nokia Mobile Telecommunications Ltd, Ericsson (China) Co Ltd, Nokia Hangxing Company, Yanshan Petroleum and Chemical Corporation and North China Electric Power Group, account for more than a fifth of output in the sector. "In addition to the efforts of the government and industrial enterprises, the favourable macro-economic conditions in China, rising market demand and ever-increasing international economic and trade agreements also contributed to the industrial increase," the spokesman added. |
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