Chinese Economy Shows Rapid Growth This Year

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Last updated at: (Beijing Time) Thursday, November 21, 2002

Chinese Economy Shows Rapid Growth This Year

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China's economy developed rapidly in the first 10 months of the year due to bigger investment in fixed assets, more export and stronger domestic demand for consumer goods, the Economic Daily reported Thursday.

Quoting the latest report of the China Business Climate Monitoring Center, the newspaper reported that in terms of fixed assets, the growth rate of investment in infrastructure projects rose 24 percent during the 10-month period, down 0.5 percentage points from the previous nine months. However, investment in real estate increased by 29.8 percent, up 0.4 percentage points from the previous nine months. While investment in agriculture and industry grew rapidly, the service sector slowed down. Investment in western Chinese provinces recorded the fastest development.

China's export value in the first 10 months of this year was 1.2 percentage points more than the previous nine months and the country had a favorable balance of 4.7 billion US dollars in October, the biggest surplus for this year.

In addition, the retail sales of consumer goods set a record this year. Sales in the catering industry reported the biggest increase in October at 17.7 percent. The growth of wholesale salesrose 10.2 percent.

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