| By National Bureau of Statistics, Richard Santoro and Peter Bachmann,
on 10-02-2008 21:35
|
Published in : Statistics, Statistics 2008 |
2007 was a stable year as the Chinese national economy kept consistent fast
growth. Some key areas of this rapid economic growth are across agriculture, Industrial
Production, Fixed Asset Investment and Real Estate.
According to preliminary estimation, the gross
domestic product (GDP) for the year was RMB24,661.9 bn, up by 11.4
percent, or 0.3 percentage point higher than that in the previous year,
representing a fifth successive year of over 10 percent growth. In terms of
growth by quarters, it was up 11.1 percent for the first quarter, 11.9 percent
growth for the second, 11.5 percent for the third and 11.2 per cent for the
fourth. In terms of growth by sectors, the value added of the primary industry
was RMB2,891 bn, up by 3.7 per cent, or 1.3 percentage points lower;
that of the secondary industry was RMB12,138.1 bn, up by 13.4 percent,
or 0.4 percentage point higher; and that of the tertiary industry was RMB9,632.8 bn, up by 11.4 percent, or 0.6 percentage point higher.
I. Agricultural production kept a steady growth with a
bumper grain harvest.
In 2007, the total output of grain reached 501.50m tons, an increase of 3.5 million tons over the previous year, up by 0.7
per cent. It was the fourth year of high production in the history, or the four
consecutive years of increase for the first time since 1985. Of this total, the
output of summer grain was 115.34m tons, a year-on-year change of 1.3
per cent; the output of early rice was 31.96m tons, maintaining the same
level as in the previous year; the output of autumn grain was 354.20 million
tons, a year-on-year growth of 0.6 percent.
II. Industrial production increased
rapidly with improved economic returns.
In 2007, the value added of the industrial enterprises
above the designated size was up by 18.5 per cent (up by 17.4 per cent in
December), or 1.9 percentage points higher. Of this total, the growth increased
by 13.8 percent for state-owned and state-holding enterprises, 11.5 per cent
growth for collective enterprises, 20.6 per cent growth for share holding
enterprises and 17.5 percent growth for enterprises by foreign investors and by
investors from Hong Kong,
Macao and Taiwan. The growth of the heavy industry was 19.6 per cent and that of
the light industry was 16.3 per cent. The sales ratio was 98.1 per cent for the
industrial enterprises above the designated size.
In the first eleven months of 2007, the profits made
by industrial enterprises above the designated size reached RMB2,295.1 bn,
which was 36.7 per cent higher than that in the same period of last year, or 6.0
percentage points higher. All the 39 industrial divisions witnessed growth in
profits. The growth went up by 68.7 per cent for transport equipment
manufacturing industry, 61.4 percent for special purpose machinery, 51.5
per cent for chemical industry, 49.1 per cent for coal industry, 47.2 per cent for
steel and iron industry and 39.0 per cent for electricity industry.
III. Fast growth registered in fixed asset
investment & acceleration in real estate development.
In 2007, the total investment in fixed
assets reached RMB13,723.9bn, a year-on-year growth of 24.8 per cent,
with an increase of 0.9 percentage points over the previous year. Of this
total, the fixed assets investment in urban areas was RMB11,741.4bn, up
by 25.8 percent, or 1.5 percentage points higher (1,680.9 billion Yuan for
December, up 19.6 percent); and that in rural areas was RMB1,982.5 bn,
up by 19.2 per cent. The fixed assets investment in urban areas was composed of
146.6 billion Yuan in the primary industry, a year-on-year increase of 31.1
percent, RMB5,102bn in the secondary industry, up 29.0 per cent; and
RMB6,492.8 bn in the tertiary industry, up 23.2 per cent. In terms of
different areas, the investment in the Eastern Areas enjoyed a 21.0 per cent growth;
the growth in the Central Areas went up by 34.0 percent while that in Western
Areas rose by 28.2 per cent. The total investment in the real estate development
for the year was RMB2,528 bn, a growth of 30.2 per cent, which was 8.4
percentage points higher than that in the previous year.
IV. Market sales increased rapidly and showed
a trend of acceleration.
In 2007, the total retail sales of
consumer goods reached RMB8,921 bn, a growth of 16.8 per cent, and 3.1
percentage points higher than that in the previous year (RMB901.5 bn for
December, up 20.2 per cent). Of this total, the retail sales of consumer goods in
cities stood at RMB6,041.1 bn, up 17.2 per cent, or 2.9 percentage points
higher while the retail sales at and below county level reached RMB2,879.9 bn, up 15.8 per cent, or 3.2 percentage points higher. In terms of different
sectors, the growth of wholesale and retail sectors was 16.7 per cent, and the
growth of lodging and catering industry was 19.4 per cent. The sales by
wholesale and retail businesses above the designated size in the following
sectors enjoyed over 20 per cent growth: petroleum and petroleum products;
automobiles; construction and decorating materials; communication equipment;
furniture; household electric appliances and audio-video equipment; clothing,
shoes, hats and textiles, cosmetics, and sports and recreation articles.
V. Consumer prices rose rapidly and housing
sale prices increased
by a large margin.
In 2007, the growth of CPI was 4.8
per cent, which was 3.3 percentage points higher than that in the previous year (6.5
per cent growth in December). The CPI went up by 4.5 per cent in cities and up by
5.4 per cent in rural areas. The increased prices for food and housing were the
main factors to drive up the overall price level. In terms of categories, the
prices for food went up by 12.3 per cent, contributing 4.0 percentage points to
the overall price increase; that of the housing rose by 4.5 per cent,
contributing another 0.6 percentage point. Of the prices for food, the price of
grain went up by 6.3 per cent; that of meat, poultry and related products rose
by 31.7 per cent; that of egg grew by 21.8 per cent. Price rises and drops were
seen for other commodities. In 2007, the retail prices rose by 3.8 per cent (5.6
per cent growth in December). The purchaser’s prices for raw materials, fuels
and power went up by 4.4 per cent (8.1 per cent growth in December). The
producer’s prices for manufactured goods rose by 3.1 per cent (5.4 per cent in
December). The sale prices for housing in 70 large and medium-sized cities
increased by 7.6 per cent, up by 2.1 percentage points.
VI. Foreign trade grew rapidly with
continued increase of foreign direct Investment.
The total volume of imports and exports
for the whole year reached RMB2,173.8 bn, a growth of 23.5
per cent, which was 0.3 percentage point lower. The value of exports was RMB1,218.0
bn, up 25.7 per cent, or 1.5 percentage points lower; and the
value of imports was RMB955.8 bn, up 20.8 per cent, which was 0.8
percentage points higher. China
had a trade surplus of RMB262.2 bn, an increase of RMB84.7 bn over that in the year of 2006. The foreign direct investment from
non-financial institutions actually used in 2007 was RMB74.8 bn,
an increase of 13.6 per cent. The year-end foreign exchange reserves of China
reached RMB1.53 tr, up by 43.3 per cent over the previous year.
VII. Income and employment Increased rapidly.
In 2007, the per capita disposable income
of urban population was RMB13,786, a growth of 17.2 per cent, or a real growth
of 12.2 percent, which was 1.8 percentage points higher over that in the
previous year. The per capita net income of rural population was RMB4,140, a
growth of 15.4 per cent, or a real growth of 9.5 per cent which was 2.1
percentage points higher over that in the year 2006. By the end of 2007, the
balance of savings deposits of households amounted to RMB17,253.4 bn, an
increase of RMB1,096.7 bn as compared with that at the beginning of the
year. The new employment in urban areas for the whole year was 12.04 million people,
an additional increase of 200,000 people over the increase in the previous
year. The registered urban unemployment rate at the end of 2007 was 4.0
per cent, which was 0.1 percentage point lower than that at the end of the
previous year.
VIII. Money supply grew rapidly with
continued growth in credit.
At the end of December, the broad money
(M2) was RMB40.3 trillion, an annual growth of 16.7 percent, which was 0.2
percentage points lower. The narrow money (M1) was RMB15.3 tr, a rise
of 21 per cent, or 3.5 percentage points higher. The cash in circulation (M0)
was RMB3,033.4 bn, up by 12.1 per cent, or down by 0.6 percentage point.
Outstanding loans of all financial institutions stood at RMB3,632.3 bn at the end of the year, an increase of RMB448.2 bn as compared with that
at the beginning of this year. Outstanding deposits with all financial
institutions reached RMB5,387.8 bn at the end of the year, an increase
of RMB459.9 bn over that at the beginning of this year. The total cash
supply for the whole year was RMB326.2 bn, an additional increase of
RMB22.1 bn over that in the previous year.
Source: National Bureau of Statistics of China
http://www.stats.gov.cn
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