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Most industries in China will keep an upbeat growth momentum this year, with an expected output and profit on par with or surpassing last year's level, according to an annual report.
The electronic and telecommunications equipment manufacturing industry, the postal and telecommunications industry are expected to grow rapidly, while textiles, machinery, tourism, home appliances and building materials will grow at a moderate pace, says the report released by the Development and Research Center under the State Council.
However, the metallurgical sector, which saw a U-turn change in profit earning, will probably slow down this year, and it will be rather difficult for the debt-ridden coal sector to erase its loss- making record in the short run.
Based on the analysis of domestic and international market trends, economists with the center predict that the growth rate of the gross domestic product (GDP) will be around 7.5 percent, slightly lower than, or about the same as that of last year.
The medicine industry is expected to grow steadily as demands for medical care remain one of the major forces behind economic growth. The industry's gross industrial value is likely to grow by 15 percent annually and the value-added industrial value by 13 percent, the report says.
The petrochemical industry, affected by fluctuating prices on the global market as well as challenges brought by China's expected entry into the World Trade Organization, will grow at a slower speed this year. Domestic demand for refined oil is estimated at 120 million tons while that of crude oil at 163 million tons, the report says.
The automobile industry, supported by policies to encourage individual purchase of cars and anti-smuggling efforts, is expected to grow at 12.5 percent on a year-on-year basis, with the market demand standing at an estimated 2.33 million for all kinds of vehicles, according to the report.
The electronics industry is expected to grow by 25 percent to realize an output value of 1.3 trillion yuan, the report says.
The power industry will continue a steady growth of six to seven percent, and most Chinese provinces and regions will no longer suffer from power shortages as China is stepping up the market-oriented reform in the sector, the report says.
The iron and steel industry, the report says, will face a severe situation as seen in the first two months. There had been a sharp increase in steel output towards the end of last year, and imports of steel products increased as well. Moreover, market demand for steel products became rather weak earlier this year, posing a severe threat to the efforts in improving efficiency.
Whether the sector can perform better or not depends on its control of steel output, the report says.
(People’s Daily 03/14/2001)
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