China's GDP grows 11.4% in 2007

( Xinhua )
Updated: 2008-01-24 10:10

The growth rate for the primary sector was 1.3 percentage points lower than in 2006, while the rates for the secondary and tertiary sectors were 0.4 percentage point and 0.6 percentage point higher, respectively.

According to Xie, 2007 was the fourth straight year of growth in grain production. The harvest was 501.5 million tons, up 3.5 million tons, or 0.7 percent, over the 2006 level.

Major industrial enterprises (that is, those with annual sales of more than 5 million yuan) saw production rise 18.5 percent year-on-year, or 1.9 percentage points more than in 2006. Their aggregate profits were 22.95 trillion yuan, up 36.7 percent, or six points more than in 2006.

Last year also witnessed accelerated growth in fixed-asset investment nationwide, with the real estate sector leading the way.

Spending on fixed assets totaled 13.72 trillion yuan, up 24.8 percent, or 0.9 percentage points more than in 2006.

The total included 11.74 trillion yuan in urban areas, up 25.8 percent (1.5 points more than in 2006), and 1.98 trillion yuan in rural areas, up 19.2 percent.

Property development spending was 2.53 trillion yuan nationwide, up 30.2 percent, or 8.4 percentage points higher.

Wang Xiaoguang, a senior economist with the research institute of economic operation and development under the National Development and Reform Commission, said he believed that the impressive growth in real estate spending reflected, at least in part, rising government spending for low-income housing.

In terms of consumer spending, 2007 retail sales went up 16.8 percent to 8.92 trillion yuan, up 3.1 percentage points. The total included 6.04 trillion yuan in urban areas, up 17.2 percent, and 2.88 trillion yuan in rural areas, up 15.8 percent. Those growth rates were higher than in 2006 by 2.9 points and 3.2 points, respectively.

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