|
China's industrial output grew by 12.7 percent year-on-year in August, the National Bureau of Statistics said on Tuesday.
The bureau said industrial output last month reached 263.4 billion yuan (US$31.7 billion).
In the first eight months of the year, industrial output reached 1,966.2 billion yuan (US$236.9 billion), an increase of 12 per cent compared with a year ago, it said.
The bureau said that five major industries accounted for 46.9 per cent of industrial output in the first eight months, namely transportation equipment manufacturing, electronics and telecommunications equipment manufacturing, textiles, chemicals and metals.
It said: "Because of the rapid development of the country's automobile industry, the transportation equipment manufacturing sector became the No 1 contributor to industrial output, accounting for 14.4 per cent."
The manufacture of electronics and telecommunications equipment accounted for 14.2 per cent of industrial output.
Zhang Xueying, a senior economist with the State Information Centre, said the rapid growth of industrial output was partly because of the increased external demand that resulted from the recovery of the world economy.
Industrial exports reached 170.6 billion yuan (US$20.6 billion) last month, a year-on-year increase of 24.7 per cent.
"The country's efforts to stimulate investment and consumption to expand domestic demand also contributed to the rapid industrial growth," said Zhang.
The rapid growth in industrial output is good news for China's economy as the industrial sector contributes about 60 per cent to gross domestic product, he said.
During the first half of this year, China's gross domestic product grew a year-on-year 7.8 per cent. At the beginning of the year, the government set an economic growth target of 7 per cent for 2002.
Hu Shaowei, another senior economist with the centre, said the target is achievable because domestic investment and consumption as well as exports will continue to have a great impact on the country's industrial sector and the whole economy. The economist noted that China will continue to fund vast infrastructure projects. He added: "This will benefit heavy industry, which is expected to sell more goods such as steel and cement."
More foreign investment should also flow into China because of the country's membership of the World Trade Organization, its steady economic growth and its stable social situation, said Hu.
Domestic consumption will also continue to develop steadily, mainly benefiting light-industry sectors such as air-conditioner and colour TV manufacturing, Hu predicted.
(China Daily September 11, 2002)
|
