In the first half of 2008, the regions and departments at all levels carefully implemented various policies and measures set by the central government on economic work, overcame the difficulties brought about by grief natural disasters one after another and actively responded to the complex and changing international economic situation. All those efforts lead the national economy to move toward the expected direction set out by the macro-control policies, and the national economy maintained the momentum of steady and fast growth.
According to preliminary estimation, in the first half of this year, the gross domestic product (GDP) of China was 13,061.9 billion yuan, a year-on-year growth of 10.4 percent after deducting price factors, or 1.8 percentage points lower over that a year earlier. Of this total, the value added of the primary industry was 1,180.0 billion yuan, up 3.5 percent or 0.5 percentage point lower; that of the secondary industry was 6,741.9 billon yuan, up 11.3 percent, or down by 2.4 percentage points; that of the tertiary industry was 5,140.0 billion yuan, up 10.5 percent, or 1.6 percentage points lower.
1.The overall situation of agricultural production was good with bumper harvest in summer crops.
According to preliminary estimation, the total output of summer grain was 120.41 million tons, an increase of 3.04 million tons, up 2.6 percent, which was the fifth successive year of increased output. The unit output of summer grain was 299.5 kilograms or 7.2 kilos over that in the same period last year, up 2.5 percent, which was the fifth successive year with record increase. The output of meat was 31.92 million tons, a year-on-year growth of 4.8 percent. The total stocks of pigs rose by 3.7 percent while the number of slaughtered pigs grew by 5.0 percent.
2.The industrial production slowed down while profits made by enterprises continued to grow.
In the first half of this year, the total value added of the industrial enterprises above designated size was up 16.3 percent (16.0 percent in June) year-on-year, which was 2.2 percentage points lower than that in the same period last year. Of this total, the growth in the first quarter was 16.4 percent, and that in the second quarter was 15.9 percent. Analysis on different types of enterprises showed that the value added growth of the state-owned and holding enterprises went up by 12.7 percent; collective enterprises, 10.5 percent; share-holding enterprises, 18.8 percent; and 14.3 percent growth for enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan provinces. The year-on-year growth of heavy industry was 17.3 percent, down by 2.2 percentage points, and that of the light industry was 13.8 percent, down by 2.6 percentage points. The production and market of industrial products went on well. In the first half of this year, the sales ratio of industrial products was 97.7 percent, up 0.2 percentage point over that a year earlier.
In the first five months of this year, the profits made by industrial enterprises above designated size stood at 1,094.4 billion yuan, a year-on-year growth of 20.9 percent, or 21.2 percentage points lower than that in the same period last year. Among the 39 industrial divisions, 34 divisions registered year-on-year growth with profits. The top five divisions of profits were petroleum and natural gas exploitation; non-ferrous metal smelting and pressing; manufacturing of transportation equipment; manufacturing of raw chemical materials and chemical products and coal mining and washing. If the processing of petroleum, coking, processing of nuclear fuel, and the production and supply of electric power and heat power were excluded, the year-on-year growth of profits made by the rest sectors would be 38.4 percent, or 7.6 percentage points higher.
3.Investment in fixed assets registered steady and fast growth with improved structure.
In the first half of this year, China's investment in fixed assets was 6,840.2 billion yuan, a year-on-year growth of 26.3 percent, or 0.4 percentage point higher. Of this total, the investment in urban areas reached 5,843.6 billion yuan, up 26.8 percent (29.5 percent growth in June), or 0.1 percentage point higher; and that in rural areas was 996.6 billion yuan, up 23.2 percent, or 1.7 percentage points higher. Of the total investment in urban areas, the investment in the primary industry, secondary industry and the tertiary industry went up by 69.5 percent, 26.6 percent and 26.2 percent respectively, of which that in the primary industry was 32.0 percentage points higher than that in the same period last year; that in eastern, central and western areas grew by 22.4 percent, 35.3 percent and 28.6 percent respectively. Investment in central and western regions grew faster than that in eastern regions.