--In the first quarter of this
year, China's national economy maintained a good momentum of
development, with the growth of major economic indexes
quickened and the quality and efficiency of development
improved considerably.
Economic growth was
quickened.According to preliminary estimation,
in the first three months of this year China's GDP totaled
2,356.2 billion yuan, up 9.9 percent over the same period of
last year. The growth rate, 2.3 percentage points higher
than that in the same period of last year, is the highest in
the corresponding period since 1997.
Growth of industrial production was
accelerated.In the first three months, the added
value of industrial enterprises above the designated size
hit 834.3 billion yuan, showing an increase of 17.2 percent
over the same period of last year, with the growth rate
rising by 6.3 percentage points.
Agriculture developed steadily amidst
restructuring.In 2003, the coverage of land
planted to grain is 2.295 million hectares, down 2.2 percent
from last year, while that of land planted to cotton and
oil-bearing crops has increased by 16 percent and 4.1
percent respectively. In the first quarter, the output of
meat and aquatic products grew by 3.4 percent and 2 percent
respectively.
Fixed asset
investment increased swiftly.In the first three
months, the country's investment in fixed assets totaled
615.5 billion yuan, up 27.8 percent over the same period of
last year, with the growth rate rising by 8.2 percentage
points.
Domestic market
boomed.In the first three months, the country's
total volume of retail sales hit 1,110.9 billion yuan, up
9.2 percent over the same period of last year, with the
growth rate rising by 0.8 percentage point.
Imports and exports grew
rapidly.In the first quarter, the country's
import and export volume totaled USS 173.7 billion, up 42.4
percent over the same period of last year, with the growth
rate rising by 34.8 percentage points. Exports, valued at
US$86.3 billion, increased by 33.5 percent, or 23.6
percentage points higher than the growth in the same period
of last year. Exports to the United States, Hong Kong,
Japan, the Republic of Korea (ROK) and EU----China's main
trade partners--rose by 34 percent, 29.1 percent, 23.9
percent, 28 percent and 41.9 percent respectively. Imports
increased rapidly by 52.4 percent to reach US$87.3 billion.
The growth of imports from Japan, the ROK and ASEAN exceeded
50 percent, and that from the United States soared to 39.9
percent. The first three months of this year saw a trade
deficit of USS I billion, against a trade surplus of US$7.3
billion in the same period of last year.
Foreign
direct investment increased quickly.In the first
three months, the committed and paid-in foreign investment
in China reached US$22.98 billion and US$13.09 billion
respectively, up 59.6 percent and 56.7 percent. The growth
rates exceeded those in the same period of last year by 48.2
percentage points and 29.2 percentage points respectively.
Market prices began to pick
up.In the first three months, the country's
consumer price rose by 0.5 percent over the same period of
last year, a rise for the first time since November
2001.
Economic returns
improved considerably.In the first two months,
industrial enterprises nationwide netted 98 billion yuan in
profits, up 120 percent over the same period of last year.
In the first three months, the country's financial revenue
totaled 520.5 billion yuan, up 36.7 percent over the same
period of last year, with the growth rate rising by 33.3
percentage points. Financial expenditures grew steadily, and
a big surplus was left after revenue was offset by
expenditures.
Income of urban and rural residents
continued to increase.In the first three months,
the per-capita disposable income of urban residents and the
per-capita net income of rural residents averaged 2,355 yuan
and 737 yuan respectively, showing a real increase of 8.4
percent and 7.5 percent over the same period of last year.
By the end of March, the balance of urban and rural
residents' savings deposits had reached 9,456.8 billion
yuan, showing a rise of 758.2 billion yuan over the amount
at the beginning of this year and an increase of 253.1
billion yuan over that in the same period of last year.
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