China's Economy Grows 8.1 Percent in First QuarterThe growth rate was 0.7 percentage points higher than in the fourth quarter last year. "The Chinese economy has maintained a steady growth so far this year, in sharp contrast to the slowdown in world economic growth," Qiu Xiaohua, deputy director of the NBS, said at a press conference hosted by the State Council Information Office. Gross Domestic Product (GDP) totaled 1,989.5 billion yuan during the period, with the industrial sector registering a total added value of 1,097.2 billion yuan, according to the bureau. The industrial sector reaped profits of 48.3 billion yuan in the first two months of this year, up 45.8 percent over the same period last year, Qiu said. State-controlled industrial firms reported a continued improvement in market performance, with total profit chalking up an increase of 62.3 percent. Qiu noted that China kept a favorable balance in the current account in the first quarter. The country enjoyed a trade surplus of 4.8 billion US dollars with exports climbing 14.7 percent to 59.3 billion US dollars and imports rising 17.3 percent to 54.5 billion US dollars. Actual foreign direct investment (FDI) totaled 7.98 billion US dollars, up 11.7 percent. State revenue rose 27.9 percent to 368.2 billion yuan in the first three months. Meanwhile, the Consumer Price Index (CPI) went up 0.7 percent on a year-on-year basis nationwide. The index in urban areas increased by 0.6 percent and that in the rural areas up 0.8 percent. The country's retail sales reached 925.6 billion yuan, up 10.3 percent over the same period last year. Fixed-asset investment was 387.8 billion yuan, up 12.4 percent over the same period last year. Investment in western areas increased 23.4 percent, 6.2 and 16 percentage points higher than those in eastern and central areas. While describing the national economy as "performing well", Qiu pointed at "some problems that need to be closely followed", including the fragility in domestic demand growth and difficulty in structural readjustment as well as the impact of the slowdown in world economic growth. "It is important for China to continue to expand investment and consumption, make efforts to attract more foreign funds and increase exports, and vigorously carry out the structural readjustment so as to keep the momentum in economic development throughout this year," Qiu said. Industrial Enterprises Improve Economic EfficiencyChina's industrial companies registered profits of 48.3 billion yuan (US$5.82 billion) in the first two months of this year, up 45.8 percent over the same period last year, according to Qiu Xiaohua, deputy director of the National Bureau of Statistics.Of the total, state-owned companies collected a profit increase of 62.3 percent, said Qiu at a press conference here Tuesday. In the period, losses of industrial enterprises decreased by 12 percent over the same period last year, with losses in state-owned companies dropping 18.6 percent. |
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