Tianjin Reports Record Economic Growth in Seven Years

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Last updated at: (Beijing Time) Thursday, August 14, 2003

Tianjin Reports Record Economic Growth in Seven Years

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The gross domestic product (GDP) of Tianjin City in north China grew 14 percent year-on-year during the January-July period of this year to reach 128.3 billion yuan (some 15.4 billion US dollars), a record high in the past seven years, according to the Statistics Bureau of the city.

The local economy grew at a faster pace in July and reported a 15.8 percent rise year-on-year, due to increasing industrial added value and the recovery of the local service sector from the recession caused by SARS during the second quarter of the year.

Local industrial added value registered a 23.4 percent rise year-on-year in July, eight percentage points higher than the level in June.

The trade and catering sector rose 13 percent year-on-year in July, and the insurance and finance sectors rose 32 percent, real estate 11 percent and transport, postal, and warehouse services 15.6 percent.

From January to July, local fixed assets investment rose by nearly 50 percent year-on-year to 45.35 billion yuan (5.45 billion US dollars), with retail sales up 13.4 percent to 60.76 billion yuan (7.3 billion US dollars).

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