China's economy grows 9.7% in first quarter
(Xinhua)
Updated: 2004-04-15 10:49

China's economy grew 9.7 percent year-on-year in the first quarter of the year, official figures show.

Zheng Jingping, spokesman for the National Bureau of Statistics, told a press conference in Beijing Thursday that the first quarter gross domestic product (GDP) reached 2.71 trillion yuan (US$326.6 billion).

The added value of the primary industry grew 4.5 percent to 202. 9 billion yuan (US$24.4 billion). That of the manufacturing industry surged 11.6 percent to 1.56 trillion yuan (US$188 billion). The value added of the tertiary industry rose 7.7 percent to 944.3 billion yuan (US$113.8 billion).

CPI grows 2.8 percent

China's Consumer Price Index (CPI) grew 2.8 percent year-on-year in the first quarter, 2.3 percentage points higher than in the corresponding period of last year.

The food price increased 7.1 percent, adding 2.4 percentage points to the growth of CPI, Zheng said.

Fixed asset investment grows 43 percent

China's fixed asset investment reached 879.9 billion yuan (US$106 billion) in the first quarter, up 43 percent over the same period of last year.

The investment in real estate development grew 41.1 percent year on year in the first quarter.

Retail sales rise 9.2 percent

China's aggregate retail sales volume rose 9.2 percent year on year after deducting price hikes to more than 1.28 trillion yuan (US$154.2 billion) in the first quarter of this year.

Zheng said the hike represents a similar level compared with the same period of last year.

Capital investment increases 43 percent

Statistics show that capital investment of the first quater increased 43 percent.

Fast growth of capital investment is one of the protruding problems that troubled China's economy, said Zheng.

Some regions and industries still made rush investment and copy-cat construction which have led to price increases of raw materials, energy and transportation, Zheng said.

Farmers' income up 9.2 percent

Chinese farmers' income rose an annualized 9.2 percent in the first quarter of the year after deducting price hikes.
The farmers reaped 834 yuan (US$100.5) in per capita income in the three-month period.

Over the same period the per capita income of urban residents rose 9.8 percent to 2,639 yuan (US$318).

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