|
Rapid growth was registered in foreign trade. The total value of imports and exports in 2003 reached US$851.2 billion, up 37.1 percent over the previous year. The value of exports was US$438.4 billion, up 34.6 percent, and the value of imports was US$412.8 billion, up 39.9 percent (see Table 7). Fast growth was recorded in imports and exports with major trading partners (see Table-8).
Table 7: Imports and Exports by Major Categories, 2003
|
Item |
Value
(US$100m) |
Increase over 2002 (%) |
|
Total of imports& exports |
8,512 |
37.1 |
|
Exports |
4,384 |
34.6 |
|
General trade |
1,820 |
33.7 |
|
Processing trade |
2,418 |
34.4 |
|
Mechanical and electrical products |
2,275 |
44.8 |
|
HiH High and new-tech products |
1,103 |
62.6 |
|
Imports |
4,128 |
39.9 |
|
General trade |
1,877 |
45.4 |
|
Processing trade |
1,629 |
33.3 |
|
Mechanical and electrical products |
2,250 |
44.6 |
|
Hig High and new-tech products |
1,193 |
44.0 |
Table8: Imports from and Exports to Major Countries and Regions, 2003
|
|
Exports
(US$100m) |
Increase over 2002 (%) |
Imports
(US$100m) |
Increase over 2002 (%) |
|
United States |
925 |
32.2 |
339 |
24.3 |
|
Hong Kong |
763 |
30.5 |
111 |
3.7 |
|
European Union |
722 |
49.7 |
531 |
37.7 |
|
Japan |
594 |
22.7 |
742 |
38.7 |
|
ASEAN |
309 |
31.1 |
473 |
51.7 |
|
Republic of Korea |
201 |
29.4 |
431 |
51.0 |
|
Russia |
60 |
71.4 |
97 |
15.7 |
Imports of energy and raw materials increased by a large margin. China imported 91.12 million tons of crude oil in 2003, up by 31.3 percent over the previous year; 28.24 million tons of refined oil products, up by 38.8 percent; 37.17 million tons of rolled steel, up by 51.8 percent; 5.61 million tons of aluminum oxide, up by 22.6 percent; and 148.13 million tons of ironstone and refined iron ore, up by 32.9 percent.
Foreign direct investment remained at a fairly high level. Last year witnessed the approval of establishment of 41,081 foreign direct invested enterprises in China, up by 20.2 percent over the previous year; contracted foreign capital through foreign direct investment stood at US$115.1 billion, up 39.0 percent, and actually utilized foreign capital was US$53.5 billion, up 1.4 percent.
Foreign economic and technical cooperation maintained good momentum.
China signed new contracts on construction projects, labor projects and projects on design and consultation involving US$20.9 billion in 2003, up 17.0 percent, and the accomplished business revenue through these projects was US$17.2 billion, up 20.1 percent (see Table 9).
Table 9: Foreign Direct Investment by Sectors, 2003
Value in US$100 million
|
Sector |
Project
|
Contracted investment |
Utilized investment |
|
|
Number |
Growth % |
Value |
Growth % |
Value |
Growth % |
|
|
|
Total |
41,081 |
20.2 |
1,150.7 |
39.0 |
535.1 |
1.4 |
|
|
Farming, forestry, animal husbandry and fishery |
1,116 |
14.5 |
22.8 |
34.8 |
10.0 |
-2.6 |
|
|
Mining and quarrying |
211 |
28.7 |
6.6 |
72.1 |
3.4 |
-42.1 |
|
|
Manufacturing |
29,281 |
17.5 |
807.5 |
36.2 |
369.4 |
0.4 |
|
|
Construction |
396 |
20.4 |
16.8 |
58.6 |
6.1 |
-13.7 |
|
|
T Transportation, storage, post and telecom services |
506 |
24.9 |
50.1 |
228.0 |
8.7 |
-5.1 |
|
|
Wholesale & retail trade and catering services |
2,207 |
28.6 |
23.8 |
43.3 |
11.2 |
19.7 |
|
|
B Banking and insurance |
23 |
35.3 |
3.2 |
-30.7 |
2.3 |
117.5 |
|
|
Real estate development |
1,553 |
18.0 |
91.1 |
26.2 |
52.4 |
-7.5 |
|
|
Social services |
4,242 |
24.1 |
70.4 |
41.2 |
31.6 |
7.4 |
|
|
Health, sports and social welfare |
85 |
70.0 |
2.7 |
4.4 |
1.3 |
-0.6 |
|
|
E Education, culture, arts, radio, film, and television |
70 |
45.8 |
2.8 |
159.1 |
0.6 |
53.0 |
|
|
S Scientific research and polytechnic services |
558 |
145.8 |
7.5 |
41.1 |
2.6 |
31.0 |
|
(China.org.cn March 1, 2004)
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