Zhang Hong

Since 2008, despite the extraordinary impact of the natural disasters and the negative influence caused by world financial crisis, the Chinese people united as one and maintained a relatively rapid development of national economy and social affairs. According to preliminary calculation, the Gross Domestic Product (GDP) in 2008 reached 30.0670 trillion yuan, up 9.0% over the previous year. By industry, the added value of the primary industry amounted to 3.4 trillion yuan, up5.5%; that of the secondary industry, 14.6183 trillion yuan, up 9.3%; that of the tertiary industry, 12.0487 trillion yuan, up 9.5%. The proportion of the added value of the primary industry in GDP was 11.3%, up 0.2 percentage points over the previous year; that of the secondary industry, 48.6%, up 0.1 percentage points; that of the tertiary industry, 40.1%, down 0.3 percentage points.

Industry

The added value of all industries in 2008 reached 12.9112 trillion yuan, up 9.5% over the previous year. The added value of the industries above designated size grew by 12.9%. Of the total, the added value of the state-owned and state-holding enterprises grew by 9.1%, that of the collectively-owned enterprises up 8.1%, that of the joint-stock enterprises up 15.0%, that of the foreign-invested and Hong Kong, Macao and Taiwan-invested enterprises up 9.9% and that of the private enterprises up 20.4%. In terms of light and heavy industries, the added value of the light industries increased by 12.3% and that of the heavy industries went up 13.2%.

By nationwide industrial enterprises above the designated size in 2008, the added value of coal mining and dressing increased by 19.1% over the previous year, that of oil recovering and gas extracting up 6.1%, that of culture, education and sports goods manufacturing industry up 18.2%, that of fuel gas production and supply up 26.8%, that of farm and sideline food processing industry up 15.0%, that of the universal equipment manufacturing industry up 16.9%, that of the communication and transportation equipment manufacturing industry up 15.2%, that of the telecommunication equipment, computer and other electronic equipment manufacturing industries up 12.0%, that of the electric machine and apparatus manufacturing industry up 18.1%, and that of the chemical fiber industry up 2.2%. The six hi-consuming energy industries increased by 10.0% over the previous year. Of the total, the added value of nonmetallic manufactured mineral product sector up 16.9%, that of the ferrous metal smelting, mangling and processing industries up 8.2%, that of the chemical raw material and chemical products manufacturing industry up 10.0%, that of the nonferrous metal smelting, mangling and processing industries up 12.3%, that of the electric power and heating power production and supply up 8.6% and the petroleum refining, coke making and nuclear fuel processing industry up 4.3%. The added value of hi-tech manufacturing industry increased 14.0% over the previous year.

From January to November, the nationwide industrial enterprises above the designated size realized a profit of 2.4066 trillion yuan, up 4.9% over the same period of the previous year. Of the total, the profit of the state-owned and state-holding enterprises fell by 14.5%; that of the collectively-owned enterprises increased by 29.5%; that of the joint-stock enterprises up 11.4%; that of the foreign-invested and Hong Kong, Macao and Taiwan-invested enterprises down 3.1% and that of the private enterprises up 36.6%.

Fixed Asset Investment

The fixed asset investment of the whole society in 2008 amounted to 17.2291 trillion yuan, up 25.5% over the previous year, accelerating by 0.7 percentage pointsyear on year, after allowing for the price rise, actually up 15.2%, down 4.9 percentage points over the previous year. By quarter, the first quarter increased by 24.6%; the first half of the year, up 26.3%; the first three quarters, up 27%; the whole year, up 25.5%, in which the fourth quarter grew obviously more slowly than the first three quarters. In terms of urban and rural areas, the fixed asset investment in cities and towns reached 14.8167 trillion yuan, up 26.1%, accelerating by 0.3 percentage points over the same period of the previous year; the fixed asset investment in rural areas reached 2.4124 trillion yuan, up 21.5%, accelerating by 2.3 percentage points over the same period of the previous year. Of the fixed asset investment in cities and towns, the investment in state-owned and state-holding enterprises amounted to 6413.197 billion yuan, up 22.8%, year on year; the investment in housing reached 2598.882 billion yuan, up 22.4%, year on year, of which the investment in real estate development came to 3057.982 billion yuan, up 20.9%, year on year.

Of the investment in cities and towns, the investment in the primary industry amounted to 225.6 billion yuan, up 54.5% over the previous year; the investment in the secondary industry amounted to 6.5036 trillion yuan, up 28.0%; the investment in the tertiary industry amounted to 8.0875 trillion yuan, up 24.1%.

The investment in real estate development in 2008 amounted to 3.0580 trillion yuan, up 20.9% over the previous year. Of the total, the investment in easternChina reached 1.8325 trillion yuan, up17.1%; the investment in central China reached 628.7 billion yuan, up 31.7%; the investment in westernChina reached 596.7 billion yuan, up 22.7%. By project using, the investment in commercial residential buildings reached 2.2081 trillion yuan, up 22.6%; the investment in office buildings reached 111.2 billion yuan, up 7.4%; the investment in houses for business use reached 320 billion yuan, up 14.9%.

By region, the investment ineasternChina reached 8.7412 trillion yuan, up 20.9% over the previous year; the investment in central China reached 4.5384 trillion yuan, up 32.6%; the investment in westernChina reached 3.5839 trillion yuan, up 26.9%.

Finance

In 2008, China's monetary policy became more prospective, specific and flexible, and money credit kept a steady and rapid growth, which optimized the credit structure to give strong support to a swift economic development.

By the end of 2008, the balance of broad money supply (M2) had amounted to 47.5 trillion yuan, up 17.8%, year on year, accelerating by 1.1 percentage points over the previous year; the balance of narrow money supply (M1) had reached 16.6 trillion yuan, up 9.1%, year on year; the amount of the cash in circulation (M0) had hit 3.4 trillion yuan, up 12.7%, year on year.

By the end of the year, the balance of the Renminbi and foreign exchange loans of financial institutions had amounted to 32.0 trillion yuan, up 17.9%, year on year. Of the total, the amount of short-term loans reached 12.86 trillion yuan, up 12.3%, year on year; the medium- and long-term loans reached 1642 million yuan, up 20.2%, year on year. The balance of the Renminbi loans amounted to 30.3 trillion yuan, up 18.8%, year on year. The interest rates of the Renminbi loans were raised first, and then reduced. At the end of the year, the weighted average interest rates of the Renminbi loans of the financial institutions hit 6.23%, down 1.96 percentage points from the peak in August, and down 1.66 percentage points from the beginning of the year. In the rural financial cooperative institutions(including rural credit co-ops, rural cooperative banks and rural commercial banks), the balance of the Renminbi loans of the whole year reached 3.7 trillion yuan, an increase of 590.8 billion yuan over the beginning of the year. The balance of the Renminbi consumption loans of all financial institutions amounted to 3.7 trillion yuan, with an additional increase of 460.9 billion yuan. Of the total, the balance of the personal short-term consumption loans hit 0.4 trillion yuan, with an increase of 103.5 billion yuan; the balance of the personal medium- and long-term consumption loans hit 3.3 trillion yuan, an increase of 357.5 billion yuan.

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