During the first half of 2006, China's national economy grew steadily and rapidly. According to preliminary calculation, during the first half of the year, GDP reached 9144.3 billion yuan, up 10.9% as compared with the same period of last year, showing 0.9 percentage pointsincrease than the same period last year. Of which, the added value of the primary industry amounted to 828.8 billion yuan, up 5.1%; added value of the secondary industry amounted to 4680 billion yuan, up 13.2%; added value of the tertiary industry amounted to 3635.5 billion yuan, up 9.4%.

Industry

 

In the first half of the year, industries above the designated size throughout the country completed an added value of 3968 billion yuan, up 17.7% over the same period last year. Of which, heavy industry fulfilled an added value of 2749.15 billion yuan, up 18.5%; the light industry fulfilled an added value of 1218.882 billion yuan, up 15.8%.

Among the industrial enterprises above designated size throughout the country, added value of the state-owned and state holding enterprises increased by 11.8%; added value of collectively-owned enterprises increased by 13.1%; added value of co-operative joint-stock enterprises increased by 17.2%; added value of joint-stock enterprises increased by 18.7%; added value of foreign and Hong Kong, Macao and Taiwan-invested enterprises increased by 19.0%.

By product category, output of such energy products as the generated energy and the raw coal grew 12.0% and 12.8% respectively; output of pig iron and steel products grew 20.8% and 25.8%, respectively; output of mini-computers and program-controlled exchange machines grew 34.0% and 21.5%, respectively; output of automobiles grew 27.8%, of which output of cars grew 53.2%. During the first half of the year, selling rate of the industrial products above designated size amounted to 97.4%, dropping 0.12 percentage points over the same period last year. The industrial enterprises fulfilled a total delivery of goods for export worth of 2688.1 billion yuan, rising 24.9% over the same period last year.

During the first half of the year, industrial enterprises above designated size throughout the country fulfilled a profit of 810.7 billion yuan, rising 28% over the same period of last year. Of which, state-owned and state holding enterprises realized a profit of 364.2 billion yuan, rising 18.6% over the same period last year; collectively-owned enterprises realized a profit of 24.6 billion yuan, up 33.4%; profits of the joint-stock enterprises amounted to 440.6 billion yuan, up 30.5%; profits of foreign and Hong Kong, Macao and Taiwan-invested enterprises totalled 224.1 billion yuan, up 26.6%; and profits of privately-run enterprises reached 118.2 billion yuan, up 52.9%.

Fixed Assets Investment

During the first half of the year, fixed assets investment of the whole society registered 4237.1 billion yuan, up 29.8% as compared with the same period of last year, an increase of 4.4 percentage points compared with the same period of the previous year. Of which, fixed assets investment in cities and towns amounted to 3636.8 billion yuan, up 31.3%, an increase of 4.2 percentage points; rural investment amounted to 600.3 billion yuan, up 21.8%.

Of the fixed assets investment in cities and towns, investment in state-owned and state holding enterprises amounted to 1690.6 billion yuan, up 20.5%; investment in real estate development amounted to 769.5 billion yuan, up 24.2%, an increase of 0.7 percentage points.

By industries, investment in primary, secondary and tertiary industries amounted to 36.3 billion yuan, 1611.6 billion yuan and 1988.9 billion yuan, respectively, up 40.2%, 35% and 28.2%, respectively, over the same period last year. By trades and professions, investment in heavy industry increased by 32.6% over the same period last year, of which,investment in coal mining and ore dressing increased by 45.7%, investment in oil and gas extracting increased by 30.3%, investment in power, gas fuel and water production and supply increased by 17.5%, investment in railway transportation increased by 87.6%; investment in light industry increased by 41.2%, of which, investment in food manufacturing increased by 65.1%, investment in textile industry increased by 40.6%.

Finance

During the first half of 2006, deposits and loans increased much, but finance performed steadily on the whole. Growth of money supply slowed down. By the end of June of 2006, balance of the broad money supply (M2) had amounted to 32280 billion yuan, up 18.43% as compared with the same period of last year, with the growth rate being 2.76 percentage points higher than that of the same period of last year and 0.86 percentage points higher than that of the end of last year. Balance of the narrow money supply (M1) had amounted to 11230 billion yuan, up 13.94% over last year, with the growth rate being 2.69 percentage points higher than that of the same period of last year and 2.16 percentage points higher than that of the end of last year. Balance of the money in circulation on the market (M0) had amounted to 2350 billion yuan, up 12.57% over last year. During the first half of this year, the net withdrawn cash amounted to 56.3 billion yuan, breaking even as a whole with the same period last year.

Various kinds of deposits in financial institutions grew considerably. By the end of June, balance of various kinds of RMB and foreign exchange deposits in all financial institutions had amounted to 33130 billion yuan, up 17.19% as compared with the same period of last year. Balance of RMB deposits in financial institutions had amounted to 31850 billion yuan, up 18.36% over the same period of last year. Various kinds of RMB deposits increased by 3230 billion yuan, with an extra increase of 632.4 billion yuan, year on year. Of which, deposits of the households increased by 1420 billion yuan, with an extra increase of 132.8 billion yuan as compared with the same period last year. Balance of foreign exchange deposits in financial institutions had amounted to 161 billion US dollars, down 2.6% compared with the same period of last year.

Various kinds of loans in financial institutions grew considerably. By the end of June, balance of RMB and foreign exchange loans in all financial institutions had amounted to 22790 billion yuan, up 14.34% as compared with the same period of last year. Of which, balance of various kinds of RMB loans had amounted to 21530 billion yuan, up 15.24% as compared with the same period of last year. RMB loans had increased by 2180 billion yuan, with an extra increase of 723.3 billion yuan over last year. Loans to households had increased by 367 billion yuan, with an extra increase of 96.8 billion yuan; loans to non-financial companies and to other sectors had increased by 1810 billion yuan, with an extra increase of 626.5 billion yuan over last year. Balance of foreign exchange loans by financial institutions had amounted to 157.7 billion US dollars, up 4.95% over the same period last year.

The inter-bank market interest rates rose markedly. In June, the inter-bank market monthly weighted average interest rate reached 2.08%, being 0.42 percentage points and 0.32 percentage points higher than that of the end of last quarter and of the end of last month, respectively; the collateral bond purchase monthly weighted average interest rate turned out to be 1.87%, being 0.4 percentage points and 0.32 percentage points higher than that of the end of last quarter and of the end of last month, respectively.

The national foreign exchange reserve continued to increase. By the end of June of 2006, balance of the national foreign exchange reserve had amounted to 941.1 billion US dollars, up 32.37% over the same period of the previous year. From January to June, the national foreign exchange reserve increased by 122.2 billion US dollars, with an extra increase of 21.2 billion US dollars as compared with the same period of last year. At the end of June, the RMB conversion rate was 1 US dollar to 7.9956 RMB yuan.

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