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Foreign Enterprises Boost China's Industrial Growth in First Quarter
Monthly Report released by State Statistics Bureau Tuesday told that China in the first quarter reaped an industrial added value totaling 586.8 billion yuan, up 11.2 percent over the same period last year. The foreign-funded enterprises' achievements in this regard are particularly noticeable.
In the first quarter, foreign-funded enterprises had contributed an industrial added value surge by 14.3 percent, exceeding the growth rate of state-owned enterprises and joint-stock enterprises, 9.7 percent and 11.6 percent respectively. Foreign-funded enterprises claimed a contribution rate of 39.7 percent in stimulating a 4.4 percentage points growth.
The value of industrial products delivered in the first quarter hit 323.6 billion yuan, up 14 percent. The product volume of electronics, communication equipment manufacturing, textile, garment and electronic mechanism made up 47 percent of the gross value. However, comparing with the level of the same period last year, the four industries had shown an obvious decline in export growth.
Sources say heavy industry had played a much bigger role in stimulating a growth in China's industrial production than light industry. The added value of heavy industry in the first quarter rose 13.4 percent over the same period last year, 4.8 percentage points higher than light industry. The economic growth rate promoted by heavy industry is 3.6 percentage points higher than that by light industry.
An authoritative view from the State Statistics Bureau is that China's rapid industrial growth mainly benefits from its investment policy adopted to further expand internal demand and strengthen infrastructure construction which resulted in a higher demand for infrastructure products therefore expedited the development of heavy industry. Since December 1998, the growth rate of heavy industry exceeded that of light industry for the first time.
By PD Online staff member Du Minghua
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