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China's economy grows 9.5% in the first half
(Agencies/chinadaily.com.cn)
Updated: 2005-07-20 13:12 China's consumer price index (CPI) rose 2.3 percent in the six months to
June, down from the consumer inflation rate of 3.6 percent in the same period
last year.
Industrial output rose 16.4 percent in the first half with output in June
alone jumping 16.8 percent.
Retail sales, meanwhile, were up 13.2 percent year-on-year to 2.96 trillion
yuan (US$356 billion) in the first half, compared with a 12.8 percent growth
rate in the same period in 2004.
Zheng said China will continue to have a
trade surplus as more than half of its foreign trade is done through export
processing.
Of all the export processing businesses, foreign-invested companies account
for as much as 50 percent to 57 percent. These businesses import raw
materials for processing in China and export finished products with high value
added, which partly contributes to China's growing trade surplus, he said.
The disposable income per capita of China's urban residents reached
5,374 yuan (US$650) in the first half of this year, a year-on-year increase of
9.5 percent, Zheng said.
The per capita cash income of farmers had a real increase of 12.5 percent to
1,586 yuan (US$192) for the first half year, up 1.6 and 0.8 percentage points,
respectively, from a year earlier.
According to an earlier NBS report, the January-March per capita disposable
income of urban residents stood at 2,938 yuan (US$355), a year-on-year rise of
11.3 percent.
In the three months, the per capita cash income of rural residents reached
967 yuan (US$117), an increase of 15.9 percent, or 11.9 percent in real terms.
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