China's economic growth in 2002 is expected to reach 8 percent, Director
of the National Bureau of Statistics (NBS) Zhu Zhixin said on Monday.
Zhu told reporters in Beijing that this year's gross domestic product
(GDP) hit 10.2 trillion yuan (about 1.23 trillion US dollars), setting
a new record.
During the past year, China achieved rapid progress in agricultural
structural readjustment, industrial production, investment, consumption,
foreign trade and people's incomes, said Zhu.
Statistics show that China's farming industry maintained stable growth
in 2002, with grain production totaling 457.1 million tons,up one percent
over the previous year. Agricultural structure was further optimized,
with the specialized farming and ecology-friendly farming modes promoted.
Zhu said the year 2002 will see the fastest industrial growth of recent
years, in which the total added value of the industrial sector will top
three trillion yuan (about 362.4 billion US dollars), an increase of 12
percent over last year.
Profits earned by industrial enterprises will continue to climbthis
year, following three successive years of growth, said Zhu, noting that
total industrial profits are expected to reach 550 billion yuan this year,
an increase of 20 percent. Additionally, state-owned and state-controlled
industrial firms will score record annual profits of over 250 billion
yuan this year.
Both the country's total capital investment and retail sales for 2002
will top four trillion yuan.
According to the NBS, houses and cars have become the nation's hot consumer
items. In the first eleven months of 2002, sales of homes soared 37.1
percent, and homes sold to private individuals accounted for 90 percent
of the total. Sales of automobiles grew 70.6 percent year-on-year.
China's total foreign trade volume for 2002 will top 600 billion US
dollars, said Zhu, adding that actual foreign direct investment (FDI)
will exceed 50 billion US dollars this year.
NBS figures indicate that the disposable income of urban residents in
2002 will exceed 7,500 yuan (about 906 US dollars) per capita, up 10 percent
compared to last year, and the net income of farmers will reach 2,470
yuan per capita, up 4 percent.
The savings deposits of the Chinese people also increased in 2002. By
the end of November, total savings deposits had reached 8.57 trillion
yuan, 1.2 trillion yuan more than that by the end of last year.
Zhu predicted that in 2003, the Chinese economy will be faced with more
opportunities than challenges, and the national economy will see continued
growth based on this year's progress.