Top 10 China Economic News of 2002 by Beijing Press

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Last updated at: (Beijing Time) Friday, January 03, 2003

Top 10 China Economic News of 2002 by Beijing Press

The following are the top 10 China economic news in 2002 picked out by 14 major newspapers of Beijing, published on December 27.

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The following are the top 10 China economic news in 2002 picked out by 14 major newspapers of Beijing, published on December 27.

1. The 16th National Congress of the Communist Party of China (CPC) clearly put forward the objective of building a well-off society in an all-round way in China.

2. China's economic growth rate in 2002 reached around 8 percent and GDP surpassed RMB 10 trillion yuan.

3. The nation's realized foreign direct investment exceeded 50 billion US dollars, being the world top.

4. The nation's whole-year total import/export volume reached 620 billion US dollars, likely to leap from world sixth place to the fifth.

5. Important progress was made in transformation of government functions and the state revised over 2300 regulations and canceled 789 administrative examination and approval items during the first year of WTO entry.

6. The Ministry of Civil Affairs announced on July 19 that the nation has brought all the 19,308,000 urban residents who have difficulties in life or work into the state's system for ensuring a minimum standard of life.

7. On June 24, the State Council formally cancelled a provisional regulation requiring listed companies to sell part of their State holdings through domestic initial public offerings (IPOs) and additional share offers. In October the China Securities Regulatory Commission (CSRC) published measures on takeover of listed companies and information reveal of changes of shareholding of listed companies, but the stock market still remained sluggish.

8. The south-north water diversion project was formally kicked off on December 27, in which three canals will be built to link up the Yangtze River, Huaihe River, the Yellow River and Haihe River, with an expected investment totaling 500 billion yuan.

9. China's six major civil aviation groups were established on October 11, and on October 15 the China State Power Corporation was split into five power companies and two grid companies. This marks a milestone in the nation's industrial reform and regrouping.

10.China signed the Framework Agreement on China-ASEAN Comprehensive Economic Cooperation with leaders of the Association of Southeast Asian Nations (ASEAN) to kick off the free-trade zone, the biggest one formed by developing countries.

By PD Online Staff Li Heng

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