|
China's industrial sector continued to grow at a rapid pace in June, the National Bureau of Statistics said on Wednesday.
The industrial sector generated 278 billion yuan (US$33.5 billion) of output value in June, an increase of 12.4 per cent from the same month of last year.
During the first half of this year, the industrial output value reached 1,446 billion yuan (US$174.2 billion), a year-on-year increase of 11.7 per cent.
The output value by the heavy industry grew a year-on-year 12.2 per cent in June, while that of the light industry grew a year-on-year 12.6 per cent.
Auto products, and electronics and telecommunications products have become the major driving forces for industrial production growth, the bureau said.
The rapid growth of industrial output was partly because of the increasing external demands resulting from the recovery of the world economy, said Li Xiaochao, deputy director of the bureau's comprehensive statistics department.
The bureau didn't release the total industrial export figure for June, but said industrial export continued to grow at a rapid pace.
Textile and clothing exports in June grew 20.1 per cent and 11.5 per cent respectively compared with the same month of last year, the bureau said.
Exports of electronics and telecommunication equipment grew a year-on-year 45.2 per cent in June, it said.
Niu Li, a senior economist with the State Information Centre, said the country's efforts to stimulate investment and consumption to expand domestic demand also contributed to the rapid industrial growth.
"The rapid growth (in industrial output) is good news for China's economy as the industrial sector contributed about 60 per cent to the gross domestic product," he said.
China has set an economic growth target of 7 per cent for 2002.
"The target is achievable because domestic forces as well as exports will continue to have a great impact on the country's industrial sector and the whole economy," said Hu Shaowei, another senior economist with the centre.
China has already decided to issue 150 billion yuan (US$18 billion) in treasury bonds for construction this year.
Direct beneficiaries of new construction projects are heavy industries, which sell more goods such as steel and cement.
Meanwhile, more foreign investment would flow into China because of the country's accession to the World Trade Organization, the country's stable economic growth and sound social order.
The country's fixed assets investment is expected to grow 11 per cent this year, Hu said.
(China Daily July 11, 2002)
|
