National Economy
Developed
with the Good Momentum in the First Quarter of this Year
Since the beginning of this year, the governments and departments
in all the regions carried out the spirit of the 16th
National Congress of Communist Party of China and the plan made
by the central government¡¯s meeting on economy work and focused
on economic development, under this condition, the national economy
kept good growing impetus, most main economic indicators rose rapidly
and the quality and efficiency of growth improved significantly,
putting a better foundation for attaining all the expected aims
of this year.
First, the economic
growth sped up obviously. According to the preliminary calculation,
the GDP in the first quarter reached 2356.2 billion yuan, a year-on-year
rise of 9.9% that was 2.3 percentage points higher over last year
and have been the highest growth since 1997. Of the total, the value-added
of the primary industry was 163.1 billion yuan, up 3.5%; that of
the secondary industry was 1341.4 billion yuan, up 12.3%; that of
the tertiary industry was 851.7 billion yuan, up 7.6%.
Second, the industrial production grew with an accelerated
speed. From Jan. to Mar., the value-added of the industrial enterprises
above designated size reached 834.3 billion yuan, up 17.2% which
was 6.3 percentage points higher than the year-on-year rise of last
year. In view of growth structure, first, the production in all
ownership types of industry increased , of which, the value-added
of the state-owned and state share-controlling enterprises was up
16.4%, 7.7 percentage points higher in speed; that of enterprises
funded by foreign, Hongkong, Macao and Taiwan investors went up
20%, 9.5 percentage points higher in speed. Second, the production
of investment-used, export-oriented, high-tech and suitable-for-structure-elevation
consumption products maintained fast growth. The contribution rate
from communications equipment, computer & electronic equipment,
transportation equipment, general equipment manufacturing, chemical
industry, metallurgy industry and textile industry to the whole
industry reached 55.1%, driving the industry to rise by 9.4 percentage
points, especially, the first two industries presented 3.2 and 2.6 percentage points of drive force, being the main
factor to bring about the fast growing of industry. In the first
three months, the national proportion of sold industrial products
was 96.73%, up 0.09 percentage points year-on-year.
Third, the agriculture developed
steadily in the adjustment of structure. In 2003, the sown area
of grain in China was 2295 thousand hectares, a year-on-year decline
of 2.2%. Of the total, the areas of summer grain and early rice
were reduced by 3.8% and 4.1% respectively, those of cotton and
oil-bearing were up 16% and 4.1% respectively, those of vegetables
and medicinal materials rose, those of high-quality and special-purpose
wheat, corn and ¡°double-low¡± rape continued to increase.
The production of animal husbandry and fishery grew steadily. The
outputs of meat and aquatic products in the first quarter went up
3.4% and 2% respectively.
Fourth,
the investment in fixed assets increased with a high speed. In the
first three months, the total investment in fixed assets reached
615.5 billion yuan, up 27.8% that was 8.2 percentage points higher
than the growth rate of the same period of last year. The fixed
assets investment in the state-owned and other ownership types of enterprises
totaled 447.9 billion yuan, rising by 31.6% that
was 5.5 percentage points higher
in growth rate over the same period of last year; that in the collective-owned
and individual enterprises was 167.6 billion yuan, up 18.7% that
was 11.8 percentage points higher. Among the state-owned and other
types of investment, the investments in capital construction rose
by 28%, that in innovation was up 36.7% and that in real estate
was up 34.9%. The investment of all the regions registered the faster growth.
Fifth, the sale in the domestic market tended brisk
while remaining steady. From Jan. to Mar., the retail sale of consumer
goods reached 1.11 trillion yuan, up 9.2% that was 0.8 percentage
points higher over the same period of last year, of which, that
in urban area was 722.8 billion yuan, up 10.4%; that in rural area
reached 388 billion yuan, up 7.1%. The expenditures of urban residents
for services and non consumption went up faster, of which, those
for education, culture & recreation and transportation all rose
by 15.7%, that for medical treatment and health care was up 14.4%,
that for buying and building houses rose by 82.6%, that for social security rose by 22.5%.
Sixth, the imports and exports climbed rapidly. From
Jan. to Mar., the imports and exports value totaled 173.7 billion
US dollars, a rise of 42.4% and 34.8 percentage points higher in
growth rate over the same period of last year. Of the total, the
export value reached 86.3 billion US dollars, up 33.5% that is 23.6
percentage points higher. The exports of mechanical electric products
and high-tech products rose by 40.7% and 48.5% respectively; the
exports to the major trade partners such as USA, Hong Kong, Japan,
Korea, European Union went up 34.0%, 29.1%, 23.9%, 28.0% and 41.9£¥ respectively. The imports rose violently, the value
from Jan. to Mar. reached 87.3 billion US dollars, up 52.4% that
was 47.3 percentage points higher than the growth rate of the same
period of last year, and the rush rise was mainly due to the rapid
growing in the imports of energy, construction,
autos and edible oil products and the great rise in the global
price of imported goods. The imports from the main trade partners
showed rises over 30%, especially, the imports from Japan, Korea
and ASEAN all rose over 50%, that from USA showed the increase of
39.9%. After the exports was offset by imports, the negative balance
was 1 billion US dollars while the positive balance was 7.3 billion
US dollars.
Seventh, the foreign direct investment
grew fast that in signed contracts reached 22.98 billion US dollars
and rose by 59.6% from Jan. to Mar.;
the actually used foreign investment amounted to 13.09 billion
US dollars, a year-on-year rise of 56.7%, 48.2 and 29.2 percentage
points higher than the growth rates of the same period of last year.
Eighth, the market price stopped declining and began
rising. From Jan. to Mar., the
general consumer price level rose 0.5% over the same period
of last year, the first rise since the Nov., 2001, and that in this
January was up 0.4%, that in this February rose by 0.2%, that in
this March up 0.9%. In the meantime, the retail price of goods presented
a year-on-year drop of 0.2% but the decline shrank obviously compared
with the same period of last year. Besides, the retail price in
this March went up 0.2%. From Jan. to Mar., the ex-factory price
of industrial products rose by 3.6%, the purchase prices of materials,
fuels and power rose 4.6% and changed the continuously declining
situation for two years.
Ninth,
the economic benefit was elevated significantly. In Jan. and Feb.,
the industrial enterprises created the profits of 98 billion yuan
after deducting the losses, rising by 1.2 times. Of the total, the
net profits of the state-owned and state share-controlling enterprises
was 55 billion yuan, rising by 2 times. Among the 39 main industries,
there were 37 profitable industries, two loss-making industries.
Especially, the new added profits of petroleum and natural gas extraction
took up nearly one-third of the industrial new-added profits, being
top one by the new-added profit. The losses from loss-making enterprises
declined obviously that totaled 26.67 billion yuan in Jan. and Feb.
with a decline of 16.4%. Of the total, the losses from the state-owned
and state share-controlling enterprises was 14.66 billion yuan,
down 26.2%. The government revenue rose to a great extent which
reached 520.5 billion yuan with a rise of 36.7% and 33.3 percentage
points higher in growth rate over the same period of last year.
The government expenditure grew relatively steadily, there were
more surplus after the revenue was offset by the expenditure.
Tenth, the income of urban residents continued to
rise. In the first three month, the per capita income of urban resident
reached 2355 yuan, a real rise of 8.4% over the same period of last
year; the per capita cash income of rural residents was 737 yuan,
a real rise of 7.5%. At the end of March, the savings deposits of
urban and rural residents totaled 9456.8 billion yuan, a rise of
758.2 billion yuan over the beginning of this year, a year-on-year
rise of 253.1 billion yuan.
Since the beginning of 2003, the economy in China
grew with a strong momentum, much benefiting from the stability
and continuance of macro-economy policy, growing vitality of micro-economic
major entities, the spread of positive effect from China¡¯s
access to WTO and especially the high enthusiasm of focusing on construction
and seeking development with undivided mind inspired by the spirit
of the 16th national congress of Communist Party of China.
However, there are still some problems in the economic running,
which are worth paying attention to. The outstanding ones are the
overheating of partial regions and some industries¡¯ development,
the tensioning trend between supply and demand in partial means
of production again, the
slow growth of rural consumption and so on, The above problems need
to be attached high importance to and coped with as soon as possible.
The economic amount of the first quarter accounts for a small share
in the whole year¡¯s,
the developing conditions in all the regions are not completely
same, there are also many uncertainties in the international environment
and some difficulties and new problems in the domestic economic
and social life, so we should further observe the situation calmly
and analyze the condition in depth to judge the developing trend
of the whole year. We are firmly sure that only by carrying out
all kinds of policy measures, finishing tasks solidly and exploring
and advancing can we maintain the good developing trend of the national
economy and assure to finish all the aims of this year.
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