The National Bureau of Statistics (NBS) released a report on Friday morning, summerizing the economic issues in the first 3 quarters.

Investments Grows Fast

China's investment in capital assets grows 30.5 percent year-on-year in the first three quarters, with a volume of more than 3.43 trillion and up 8.7 percentage points from that of the same period of last year.

The report says the investment made by states-owned economy was 2.65 trillion, up 31.4 percent, and that made by collective and private economies was 783.9 billion, up 27.6 percent compared with the same period of last year.

Funds from companies, foreign investments and domestic loans increased faster than the funds provided by the budget, says the report.
 
Industry Reports Growth

China's industrial growth reported 4.3 percentage points more than that of the same period last year, hitting a record-high growth rate since 1995 year-on-year, Qiu Xiaohua, deputy director of the National Bureau of Statistics (NBS) said.

He said, the industry completed a total added value of 2.879 trillion yuan (about US$350 billion) in the first three quarters, increasing by 16.5 percent over the same period of last year.

From Jan. to Aug., China's industrial enterprises achieved a total profit of 501.5 billion yuan (about US$60.6 billion), up 52.3 percent over the same period of last year. State-owned enterprises and state-holding enterprises also saw a profit of 253.8 billion yuan (US$30.7 billion), up 66.6 percent.
 
8.5 Percent GDP Growth Expected

Qiu said the GDP for the first three quarters totaled 7.9 trillion yuan (about US$956.6 billion), up 8.5 percent, indicating that the economy has cast off the impact of SARS and resumed fast growth.

He said the industry completed a total added value of 2.88 trillion yuan (about US$350 billion) in the first three quarters, increasing by 16.5 percent year-on-year.

Exports and imports totaled US$606.3 billion, up 36.2 percent and foreign direct investment (FDI) in use totaled US$40.2 billion, up 11.9 percent.

The retail volume of consumer goods totaled 3.27 trillion yuan (about US$395 billion) in the first three quarters, showing an increase of 8.6 percent.

Disposable income of urban citizens increased to 6,347 yuan (about US$774), up 9 percent and farmers' income reached 1,802 yuan (about US$220), up 3.8 percent.

(Edited by China.org.cn from Xinhua October 17, 2003)