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Economy grows 9.5% in first nine months
Updated: 2004-10-22 11:15

China's economy grew by 9.5 percent year-on-year in the first nine months of this year, Spokesman Zheng Jingping for the National Bureau of Statistics (NBS) announced in Beijing Friday.

"China curbed some unstable and unhealthy factors and strengthened weak links in the economy by cementing and improving macro-control in the first three quarters so as to avoid big ups and downs and maintain stable and fast growth of the economy," he told a press conference held by the Information Office of the State Council.

Preliminary statistics show that the country's gross domestic product totaled 9.31 trillion yuan (US$1.13 trillion) from January to September of this year, a rise of 9.5 percent year-on-year, or 0.6 percentage points higher than the same period of last year, according to Zheng.

Agricultural added value reached 1.26 trillion yuan (US$152.4 billion), up 5.5 percent, industrial added value rose 10.9 percent to 5.16 trillion yuan (US$623.9 billion), and that of the service sector jumped 8.5 percent to 2.9 trillion yuan (US$350.7 billion).

Consumption Increases 9.7%

The spokesman also said that consumption increased 9.7 percent year-on-year in the first three quarters.

He described the increase as " encouraging".

According to economics theories, consumers' behavior would not often change greatly, Zheng said. "We feel that encouraging to have such an increase in consumption," Zheng said.

The consumption increase was 0.6 percentage point more than that in the same period last year, Zheng Jingping, the spokesman, told a press conference held by the Information Office of the State Council.

"We hope a consumption-driven economy," Zheng said, adding that China now has yearly consumption increase ranging between 9-10 percent.

Talking about the fixed assets investment, Zheng said, the total investment in the fixed assets from January to September this year was valued at 4.5102 trillion yuan (US$543.4 billion), an increase of 27.7 percent compared with the same period of last year.

The decrease of 0.9 percentage point compared with the first half of this year was a result of the country's marco economic control measures, Zheng said.

Added Industrial Output Value Grows 17%

China recorded 3.8775 trillion yuan (US$472.8 billion) in added industrial output value for the first three quarters of this year, up 17 percent year-on-year.

The country's heavy industry reported 18.5 percent increase in its added industrial output value, while the growth rate for the light industry stands at 15.4 percent, according to NBS.

The statistics include those figures for the firms whose annual sales revenues are at 5 million yuan (US$609,000) and above.

The bureau said Chinese firms reported improved economic returns during the period.

Those firms posted 808.8 billion yuan (US$98.6 billion) in profits, up 39.8 percent, and their ratio of production to sales is 97.8 percent, up 0.2 percentage points.

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