From this year onwards, China's national economy has continued to show a momentum of a fast and steady growth. According to preliminary calculation, during the first quarter, the GDP reached 4331.3 billion yuan, up 10.2% as compared with the same period of last year, which was slightly faster than the growth rate of 9.9% for the same period of last year. Of which, the added value of the primary industry amounted to 320 billion yuan, up 4.6%; added value of the secondary industry amounted to 2161.5 billion yuan, up 12.5%; added value of the tertiary industry amounted to 1849.8 billion yuan, up 8.7%.

Industry

 

In the first quarter, industries above the designated size throughout the country completed an added value of 1782.2 billion yuan, up 16.7% over the same period of last year, in increase of 0.5 percentage points as compared with the same period of the previous year. Of which, heavy industry fulfilled an added value of 1239.484 billion yuan, up 17.6%; the light industry fulfilled an added value of 542.758 billion yuan, up 14.7%.

Among the industrial enterprises above designated size throughout the country, added value of the state-owned and state holding enterprises increased by 9.3% over the same period of last year; added value of collectively-owned enterprises increased by 14.3%; added value of co-operative joint-stock enterprises increased by 18%; added value of joint-stock enterprises increased by 17.1%; added value of foreign and Hong Kong, Macao and Taiwan-invested enterprises increased by 19.4%; and added value of privately-run enterprises increased by 27.4%. In 2005, sales of industrial products arrived at a rate of 97.1%, down 0.27 percentage points over the same period of the previous year. Industrial enterprises fulfilled a value for delivered export goods totaling 1186 billion yuan, up 24.7% as compared with the same period of last year.

In view of product category, output of such energy products as the generated energy and the raw coal grew 11.1% and 12.0% respectively; output of raw materials such as steel, oxidized aluminum, aluminum and ten nonferrous metals grew 21.7%, 45.3%, 36.4% and 22.2%, respectively; output of telecommunication products such as mini-computers, mobile phones, and fax machines grew 40.1%, 57.1% and 21.5%, respectively; output of automobiles grew 36.3%, with output of cars growing 70.5%.

Profits of the industrial enterprises continued to grow fast. In the first quarter, industries above designated size fulfilled a profit worth of 336.3 billion yuan, rising 21.3% over the same period of last year. Of which, state-owned and state holding enterprises realized a profit of 158.4 billion yuan, rising 9.2%. Collectively-owned enterprises realized a profit of 10 billion yuan, up 32.6%; profits of the joint-stock enterprises amounted to 183.4 billion yuan, up 22.4%; profits of foreign and Hong Kong, Macao and Taiwan-invested enterprises totaled 96.4 billion yuan, up 26.9%; and profits of privately-run enterprises reached 43.9 billion yuan, up 48.5%.

Fixed Assets Investment

During the first quarter, fixed assets investment of the whole society registered 1390.8 billion yuan, up 27.7% as compared with the same period of last year, an increase of 4.9 percentage points compared with the same period of the previous year. Of which, fixed assets investment in cities and towns amounted to 1160.8 billion yuan, up 29.8%; rural investment amounted to 230 billion yuan, up 18.1%.

Of the fixed assets investment in cities and towns, investment in state-owned and state holding enterprises amounted to 524.3 billion yuan, up 17.5% over the same period of last year; investment in real estate development amounted to 279.3 billion yuan, up 20.2% over last year, falling 6.5 percentage points as compared with the same period of last year.

In view of the industries, investment in primary, secondary and tertiary industries amounted to 8.2 billion yuan, 502.2 billion yuan and 650.4 billion yuan respectively, up 47.1%, 32.7% and 27.5% respectively, over the same period of last year. In view of the trades and professions, investment in mining industry increased by 43.2%; investment in manufacturing industry increased by 36.3%; investment in building industry amounted to 9.8 billion yuan, up 73%; investment in communications and transportation, warehousing and postal service increased by 29.6%; investment in water conservancy, environment and public facilities management increased by 22.3%.

In view of the registration type, investment in Chinese-funded enterprises amounted to 1003.2 billion yuan, up 31.2% over the same period of last year; investment in Hong Kong, Macao, Taiwan and foreign enterprises amounted to 62.3 billion yuan and 90.8 billion yuan, rising 14.3% and 23.7% respectively.

Finance

From January to March, finance functioned steadily on the whole. Money supply grew rapidly. By the end of March of 2006, balance of the broad money supply (M2) amounted to 31050 billion yuan, up 18.8% as compared with the same period of last year, with the growth rate being 4.7 percentage points higher than that of the same period of last year and 1.2 percentage points higher than that at the end of last year. Balance of the narrow money supply (M1) amounted to 10700 billion yuan, up 12.7% over last year, with the growth rate being 2.8 percentage points higher than that of the same period of last year and 0.9 percentage points higher than that at the end of last year. Balance of the money in circulation on the market (M0) amounted to 2300 billion yuan, up 10.5% over last year. This year, from January to March, the accumulated net withdrawn cash amounted to 56 billion yuan, with 33 billion more being withdrawn as compared with the same period of last year.

Various kinds of deposits in financial institutions grew significantly. By the end of March, balance of various kinds of Chinese Renminbi and foreign exchange deposits in all financial institutions had amounted to 31800 billion yuan, up 18.4% as compared with the same period of last year. Balance of the Chinese Renminbi deposits in financial institutions amounted to 30600 billion yuan, up 19.6% over the same period of last year; balance of foreign exchange deposits amounted to 158.9 billion US dollars, down 2.6% compared with the same period of last year. Renminbi deposits by households increased by 166.5 billion yuan, with an additional increase of 35.4 billion yuan.

Loans of the financial institutions increased considerably. By the end of March, balance of the Chinese Renminbi and foreign exchange loans in all financial institutions amounted to 21900 billion yuan, up 14% as compared with the same period of last year. Of which, balance of various Renminbi loans amounted to 20600 billion yuan, up 14.7% as compared with the same period of last year; balance of foreign exchange loans amounted to 154.6 billion US dollars, up 6.5% over the same period of last year. Loans to households increased by 166.9 billion yuan, with an increase of 4 billion yuan.

From January to March, the inter-bank market interest rate increased. In March, the inter-bank market monthly weighted average interest rate reached 1.66%, being 0.08 percentage points higher than that of the previous month; the collateral bond purchase monthly weighted average interest rate turned out to be 1.47%, being 0.12 percentage points higher than that of last month.

The national foreign exchange reserve increased. By the end of March of 2006, balance of the national foreign exchange reserve amounted to 875.1 billion US dollars, up 32.8% over the same period of the previous year. This year, from January to March, the national foreign exchange reserve increased by 56.2 billion US dollars, with an increase of 7 billion US dollars as compared with the same period of last year. At the end of March, the Renminbi conversion rate was 1 US dollar for 8.017 Renminbi yuan.

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