China's industrial output grew 10.9 percent during the first three months of this year compared with the same period of 2001, the National Bureau of Statistics said yesterday.
China's industrial output grew 10.9 percent during the first three months of this year compared with the same period of 2001, the National Bureau of Statistics said yesterday.
The value of the country's industrial output for the three months stood at 649.4 billion yuan (US$78.2 billion), the bureau said.
Economist Hu Shaowei of the State Information Center said the growth rate is "better than expected," partly due to a pick-up in exports during the first three months.
The value of goods for export handled by the industrial enterprises reached 376 billion yuan (US$45.3 billion) during the three months, representing a year-on-year increase of 13.7 per cent.
Exports by companies involved in the industries of electronics and telecommunications equipment manufacturing, electrical machinery and coal witnessed a strong growth momentum during the January-March period, with the value of exports rising between 14.5 per cent and 66.5 per cent, said Xu Jianyi, deputy director of the bureau's industrial and transportation statistics department.
Industrial output by heavy industry grew 10.6 per cent during the three months to 389.8 billion yuan (US$47 billion), while that by light industry rose 11.3 per cent to 259.6 billion yuan (US$31 billion), Xu said.
"Five major industries including the telecommunications equipment manufacturing, transportation equipment manufacturing and chemical and metallurgical industries contributed 5.2 per cent to the growth of industrial output," Xu said.
Niu Li, an economist with the State Information Center, said the rapid growth in industrial output is good news as it could boost general economic growth.
Premier Zhu Rongji said earlier last month that the country is aiming for 7 per cent economic growth this year.
"The target is achievable, because domestic forces will continue to have great impact on the country's industrial sector and its economy as a whole this year," said Zhu.
China will issue 150 billion yuan (US$18 billion) worth of treasury bonds for construction this year.
The direct beneficiary of new construction projects are heavy industry, which sells more goods such as steel and cement.
Experiences gained from developed countries suggest that if a country's fixed-assets investment grows at a higher rate, the country's gross domestic product (GDP) growth will be higher, Hu said.
China's fixed-assets investment is expected to grow 11 per cent this year, he added.
(China Daily April 11, 2002)
