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National
Economy and Social Development
in
the First Three Quarters of 2003
In the first three quarters, in spite of impact from SARS
epidemic and serious draught and floods, the whole nation obtained
the important victory of this phase with the same goal through firmly
preventing SARS and putting emphasis on economic construction under
the strong leadership of the central party and State Council, and
thus maintained the good momentum of faster economic growth and
all-round development of all causes. Besides, many indicators rose
most rapidly among the recent years and the production, demand and
benefit developed harmoniously.
First, the national economy grew fast. According to the preliminary
measurement, the GDP in the first three quarters totaled 7911.4
billion yuan, a year-on-year rise of 8.5% at the comparable price
which was 0.6 percentage points higher than the rise of the same
period of last year. Especially, the GDP of the third quarter grew
9.1%, 2.4 percentage points higher over the second quarter, thus
indicating the national economy has got rid of the lagging influence
of SARS and recovered to the fast growth. Analyzed by three industries,
the value-added of the primary industry reached 948.7 billion yuan,
up 2.8% and keeping the same level year on year; that of the secondary
industry was 4369.3 billion yuan, up 11.8% which was 1.8 percentage
points faster; that of the tertiary industry was 2593.4 billion
yuan, up 5.4% which was 1.2 percentage points lower.
Secondly, the agriculture realized to grow steadily
in the structure adjustment. The structure of sown crops was
further adjusted, the sown areas of grain and sugar crops declined
and those of cotton and vegetables rose. Affected by the reduction
of sown area and natural disasters, the annual outputs of grains,
oil crops and sugar crops are predicted to drop, but the production
of animal husbandry, fishery and forestry will maintain the steady
growth and the output of cotton will keep roughly unchanged.
Third, the industrial production rose faster and
efficiently. In the first three quarters, the value-added from the industrial enterprises
above designated size totaled 2897.5 billion yuan, a year-on-year
rise of 16.5% which was 4.3 percentage points higher over the same
period of last year and being the highest growth rate since 1995.
All the ownership types of enterprises grew. Specifically speaking,
the value-added of state-owned and state share-holding enterprises
grew 14.3% year on year, that of collective-owned enterprises rose
11.7%, that of share cooperative enterprises rose 17.9%, that
of foreign investment and Hongkong, Macao and Taiwan investment
enterprises grew 19.6%. Heavy industry grew faster than light industry.
In the first three quarters, heavy industry rose 18.4% and light
industry rose 13.9%. Analyzed by industry, the electronic communications
equipment, electrical machinery and apparatuses, transport equipment
manufacturing, metallurgical industry and chemical industry contributed
50.7% to the whole industrial growth, driving the industry to rise
by 8.4 percentage points. Among the main products, the semi-conductor
integrated circuit showed a year-on-year rise of 36.4%, autos rose
35.7%, the raw coal rose 16.8%, the electricity generated was up
15.6%, the steel and steel products was up 21.6% and 19.4% respectively.
The enterprise profit rose dramatically. From Jan. to August of 2003, the
actual net profit of industrial enterprises reached 501.5 billion
yuan, a year-on-year rise of 52.3%. specifically speaking, the net
profit of the state-owned and state share-holding enterprises was
253.8 billion yuan, a year-on-year rise of 66.6%. Among 39 major
industrial branches, there were 38 branches the profits of which
rose over the same period of last year. The losses of loss-making
enterprises totaled 79.1 billion yuan, a year-on-year drop of 5.3%.
the proportion of sold industrial products kept the higher level.
In the first three quarters, the proportion of sold industrial products
reached 97.7%, up by 0.11 percentage points year on year.
Fourth, the investment in the fixed assets
grew strongly. In the first three quarters, the total investment in fixed assets topped
3435.1 billion yuan, a year-on-year rise of 30.5% which was 8.7
percentage points higher over the same period of last year. Especially,
the investment in the state-owned and other ownership types of enterprises
registered 2651.3 billion yuan, up 31.4%; that in the collective-owned
and individual companies was 783.9 billion yuan, up 27.6%. Among
the investment in the state-owned and other ownership types of enterprises
, the investment in capital construction totaled 1378.1 billion
yuan, up 29.1%; that in innovation topped 514.9 billion yuan, up
37.2%; that in real estate development was 649.5
billion yuan, up 32.8%. In respect of fund sources, the enterprise
fundraising, foreign investment and domestic loan grew faster than
budgetary fund, the active growing mechanism of investment has been
improved further.
Fifth,
the foreign trade presented the position of great imports and great
exports and the utilization of foreign investment maintained fast
growth.
In the first three quarters, the import and export value totaled
606.3 billion yuan, a year-on-year rise of 36.2% which was 17.9
percentage points more. Especially, the export revenue was 307.7
billion US dollars, up 32.3%; the import expenditure was 298.6 billion
US dollars, up 40.5%. After the export revenue was offset by the
import expenditure, the former was 9.1 billion US dollars more than
the import value, 10.9 billion US dollars less year on year. The
exports of common trade grew faster than processing trade with the
rises of 32.9% and 31.3% respectively. The export to main trade
partners grew faster, especially, the exports to ASEAN, USA and
Australia grew over 30% and those to EU and Russia rose over 40%.
In the first three quarters, the number of contracted projects utilizing
foreign direct investment topped 29539, a year-on-year rise of 18.6%;
the value of contracted projects registered 79.2 billion US dollars,
up 36%; the foreign investment actually used reached 40.2 billion
US dollars, up 11.9%.
At the end of September, the foreign exchanges reserve totaled 383.9 billion
US dollars, a rise of 97.5 billion US dollars over the year-beginning.
Sixthly, the sale in domestic market grew
steadily. In the first three quarters, the
retail sales revenue of social consumer goods totaled 3269.9 billion
yuan, a year-on-year rise of 8.6%. The growing speed kept the same
level with the same period of last year. Especially, that in the
third quarter rose 9.7%, 3 percentage points higher over the second
quarter and basically recovering to the level before SARS. The sale
in urban area grew faster than that in rural area apparently. Specifically
speaking, the retail sale of consumer goods in urban area reached
2133 billion yuan, up 9.8%, that at the county and below was 1137
billion yuan, up 6.4%. That from catering trade reached 418.6 billion
yuan, up 9.4%. The new consumer hotspot continued to getting warmer.
Among the wholesale and retail trade above designated size throughout
China, the retail sale of autos and the like grew 77.5% year on
year, that of communication equipment grew 74%, that of construction
and upholstering materials rose 46.6%, that of petroleum and its
products grew 38.7%. In the third quarter, the area of commercial
houses sold rose by 35.9% year on years.
Seventhly,
the market prices remained stable basically. In the first three
quarters, the consumer price was up 0.7% year on year. Specifically
speaking, the price of foods climbed 2.2%, driving the whole price
to rise 0.7 percentage points; that of services went up 2.2%, forcing
the price to surge up by 0.5 percentage points. The prices of most
other commodities declined, for example, the price of clothes dropped
2.4%, that of home equipment and services fell 2.7%, that of transport
and communications declined 2.1%. In the first three quarters, the
retail price of goods descended 0.5% year on years.
The ex-factory prices of industrial products and means
of production first rose and then dropped. In the first three quarters,
the ex-factory price of industrial products rose 2.4% year on year
and it went up 3.6%, 2.3% and 1.4% respectively in the first, second
and third quarter. Among the main products, the price of crude oil
rose 24.9%, those of gasoline, kerosene and diesel oil rose 21.4%,
20% and 20.8%; those of medium-thick steel board, thin steel board
and line steel climbed 20.3%, 13.1% and 14.3% respectively; the
ex-factory prices of smelting and dressing of non-ferrous metals
rose 4.1%. The purchase price of raw materials, fuels and power
rose 4.5%.
Eighthly,
the income of urban and rural residents rose continuously. In the first three quarters, the income of urban
and rural residents maintained faster growth, the per capita disposable
income was 6347 yuan, a year-on-year rise of 9%. Although the farmers
were affected by SARS, due to promotion from many factors such as
the speeding-up adjustment of agricultural structure, rising of
farm products, reduction of farmers¡¯ burden and so on, the
income of farmers maintained faster growing trend. In the first
three quarters, the per capita cash income of farmers reached 1802
yuan, a real rise of 3.8%.
As
a whole, the Chinese economy in the first three quarter kept fast
and healthy developing trend and the industrial production, the
investment in fixed assets and imports and exports grew more rapidly,
the expectation of investors and consumers tended better, the active
growing power of micro-economic entities turned strong, so the whole
situation was the best in the recent years. However, there are still
many problems in economic field such as difficulty of increasing
farmers¡¯income and large employment pressure which has disturbed
the economic running for a long time, rising of finished goods inventory
and receivables, unbalance of investment and consumption, city and
rural, industrial production and energy and transport and so on
which are more outstanding, so it is necessary to take effective
measures to solve these problems.
Looking
forward to the whole year, only by carrying out spirits of the 16th
CPC National Conference and the third session of 16th
CPC Central Committee, holding the firm confidence, calmly taking
action and earnestly working can all the economic and social development
goals be attained successfully.
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