East China Province Reports Booming Economy in 2002

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Last updated at: (Beijing Time) Thursday, January 16, 2003

East China Province Reports Booming Economy in 2002

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Zhejiang province, an economic powerhouse in east China, registered a GDP of 767 billion yuan (92.74 billion US dollars) in 2002, up 12.3 percent from the previous year, ranking third in the country, according to the provincial statistics bureau.

The province's added industrial value totaled 352.4 billion yuan (42.61 billion US dollars) in 2002, a rise of 13.5 percent from the previous year. The added value of the tertiary industry which consists of commerce, trade, tourism and information services, exceeded 40 percent of the province's total GDP.

Zhejiang province harvested 69.9 billion yuan (8.45 billion US dollars) in tourism income, 19 percent more than the previous year.

A 24.9 percent rise was reported in fixed assets investment anda 28 percent increase in exports in 2002, with the total amount reaching 345.8 billion yuan (41.81 billion US dollars) and 29.42 billion yuan (3.55 billion US dollars), respectively.

Rapid economic growth has resulted in marked increases in the provincial government's revenue, which rose by 13.2 percent, and the per-capita income for urban and rural residents, which grew by17 percent and 7.8 percent from the previous year to reach 12,100 yuan (more than 1,460 US dollars) and 4,940 yuan (about 600 US dollars) respectively.

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