Oil price impact on China's economy 'limited'
Updated: 2005-10-20 13:22
GDP grows 9.4%
The Chinese economy grew a robust 9.4 percent in the first nine months.
Preliminary estimates show that China's gross domestic product (GDP) totaled
10.63 trillion yuan (US$1.3 trillion), a year-on-year rise of 9.4 percent, or
0.1 percentage point decline from the growth of a year earlier, said Zheng.
Of this total, the primary industry registered a value-added of 1.35 trillion
yuan (US166.5 billion), up 5 percent. The value-added of secondary industry
totaled 6.04 trillion yuan (US744.8 billion), up 11.1 percent, and that of the
tertiary industry rose 8.1 percent to 3.23 trillion yuan (US398.3 billion).
The economy showed a steady growth momentum with GDP growth rates standing at
9.4 percent, 9.5 percent and 9.4 percent for the first, second and third
quarter, respectively, Zheng said.
CPI up 2% in first three
The consumer price index (CPI) rose by 2.0 percent
year-on-year in the first three quarters of this year, a decline of 2.1
percentage points compared with a year earlier, Zheng said.
Prices maintained a moderately upward trend with 1.7 percent rise in cities
and 2.5 percent rise in rural areas, he said at a press conference.
In terms of commodity categories, slowed increase in food prices,
particularly in grain price was the main reason for the decline in the rise of
CPI, said Zheng.
In the period, food prices rose 3.3 percent, or 7.6 percentage points slower
than that of a year earlier. Grain prices rose 1.9 percent while that of housing
climbed 5.6 percent and prices for recreation, education, culture goods and
services rose 2.6 percent.
Retail sales prices rose 0.8 percent year-on-year in the first three
quarters, said Zheng.
Producer's prices of manufactured goods increased 5.4 percent and purchasing
prices of raw material, fuel and power were up 9.2 percent.