China's Gross Domestic Products (GDP) in 2003 grew 9.1 percent over the previous year, reaching 11.6694 trillion RMB yuan. The growth rate was the highest since 1997, announced Li Deshui, commissioner of the National Bureau of Statistics, at a press conference held by the Information Office of the State Council Yesterday.

In 2003, China's industrial output above scale level increased by 4104.5 billion RMB yuan, a 17% increase over the last year, thus constituted the major driving force behind the rapid economic growth. The fixed asset capital investment reached 5511.8 billion RMB yuan, 26.7% higher than the last year, being one of the main factors for the economic growth. The social retail sales amounted to 4584.2 billion RMB yuan, up 9.1% over the last year. The country's consumer price index (CPI) increased by 1.2%.

China's foreign exchange reserve rose to 403.3 billion US dollars by the end of 2003, a 116.8 billion USD surplus over the last year.

According the present exchange rate, China's total GDP in 2003 was equivalent to over 1400 billion US dollars, with a per capita GDP of 1090 US dollars.

The achievement was a hard-won success after the outbreak of the SARS epidemic and frequent natural disasters, he said frankly.

Li said, in 2003, China had completely overcome the impact of the Asian financial crisis, achieved rapid economic growth, maintained stable commodity prices and realized employment increase and favorable international trade balance. This is a year of milestone in China's history of economic development.

Industry enters an era of heavy industry

Mr. Yao Jingyuan, chief economist presented at the conference with Li. He said that the main backstop of China's surge of economy is China's spurring industry. The secondary industries contributed 79.1 percentage points to the whole economic growth.

Accordingly, Yao believes that this signifies that China has entered a new era of heavy industry, which ushers China's industry into a new stage of economic development, and also constitutes an important symbol indicating that China has entered a new phase of economic growth.

This year's GDP will exceed 7%
Li said yesterday that, China will maintain a rapid growth rate in 2004. He forecasted that China's GDP will exceed 7% or higher.

Per capita GDP exceeded 1000 USD for the first time
Li Deshui said this indicates that the social consumption structure is upgrading toward one of development and enjoyment.

The National Bureau of Statistics disclosed the preliminary statistics of China's Gross Domestic Products (GDP) in 2003 yesterday. The GDP of 2003 was equivalent to over 1400 billion US dollars. The per capita GDP of 2003 was 1090 US dollars. It was the first time that China's per capita GDP exceeded 1000 US dollars.

The disposable income per capita of residents in towns and cities was 8500 RMB yuan, a 9.3% increase over the last year. The net income per capita of residents in the countryside was 2622 RMB yuan, up 4.3 % over the last year. Urban employment increased by 8.5 million, and 4.4 million laid-off workers were re-employed.

Commissioner Li said, as China's per capita income exceeded 1000 USD, our economy has entered a new era of development. The structure of social consumption will upgrade toward development and enjoyment. Automobiles, computers, top-grade electric appliances will accelerate their pace into common households. People's demand to improve their living conditions will also keep increasing continuously.

He said, the upgrading of consumption will put forward the upgrading of the industrial restructure. The year of 2003 saw an output of 2.069 million cars, a 80.7% increase over the last year; with a sales volume of 2.04 million cars, growing 92.8% over the last year. Telephone subscribers increased by 112 million, about the combined population of Britain and France.

Li believes that at present, China's economy has entered an era of heavy industry, and the development of high-tech industries and the accelerated adjustment of industrial restructure will usher in a new start of development.

Source: The Beijing News 2004-01-21 08:37