During the first half of this year, various localities and departments in China have conscientiously carried out the economic package stimulus program laid down by the Chinese Central Government and the State Council and the national economy has shown a stable and recovering trend. According to preliminary calculation, during the first half of the year, China's GDP reached 13.9862 trillion yuan, a year-on-year increase of 7.1% calculated at comparable price and accelerating by 1.0 percentage point as compared to the first quarter. Of this total, the GDP grew by 6.1% in the first quarter and by 7.9% in the second quarter. By industry, the added value of the primary industry reached 1202.5 billion yuan, up by 3.8%, that of the secondary industry reached 7007 billion yuan, up by 6.6% and that of the tertiary industry reached 5776.7 billion yuan, up by 8.3%.

Industry

The industrial production accelerated its rally and the reducing industrial profits slowed down. During the first half of the year, the added value of the industries above the designated size saw a year-on-year increase of 7.0%, down by 9.3 percentage points over the same period of the previous year. Of this, the added value increased by 5.1% in the first quarter and by 9.1% in the second quarter. By light and heavy industries, the added value of the heavy industry increased by 6.6%, while that of the light industry surged 8.2%. By economic type, the added value of the state-owned and the state-holding enterprises increased by 1.7%, that of the collectively-owned enterprises up by 5.9%, that of the joint-stock enterprises up by 9.4% and that of the foreign-invested and the Hong Kong, Macao and Taiwan-invested enterprises up by 1.2%.

 

Among 39 major industrial categories, 36 industries maintained a year-on-year growth. Of them, the added value of the textile industry grew by 7.3%, that of the chemical raw material and chemical product manufacturing industries up by 7.2%, that of nonmetallic mineral product manufacturing industry up by 11.9%, that of ferrous metal smelting and rolling industries up by 1.0%, that of general-purpose equipment

manufacturing industry up by 7.3%, that of transportation and communication equipment manufacturing industry up by 8.8%, that of electric machinery and equipment manufacturing industries up by 10.4%, that of electric power and heat production and supply up by 2.4% and that of communication equipment, computer and other electronic equipment manufacturing industries down by 0.6%.

Among the major products, the output of raw coal hit 1.36 billion tons, up by 8.7%, year on year. The output of crude oil and the electric energy production amounted to 93.492 million tons and 1.64415 trillion kilowatt-hours, down by 1.0% and 1.7%, year on year; the output of pig iron, raw steel and steel products hit 258.8 million tons, 266.58 million tons and 316.48 million tons, up by 5.6%, 1.2% and 5.7%, respectively; the cement output registered 730 million tons, up by 14.9%; the number of manufactured automobiles reached 6.23 million, up by 16.4%, of which the number of sedans reached 3.23 million, up by 16.3%.

By region, the industrial production of China's east region grew by 5.9%, that of the central region up by 6.8% and that of the western region up by 13.2%. The ratio of sales to production of industrial products turned out good, with the selling rate of industrial products hitting 97.2% in the first half of the year.

From January to May, the nationwide industrial enterprises above the designated size realized a profit of 850.2 billion yuan, down by 22.9%, year on year, a decrease of 14.4 percentage points as compared to the figure during January and February. Among 39 major industrial categories, profits of 19 industries decreased, while some industries still maintained a rapid increase in their profits or turned their losses into gains. The food industry increased its profits by 17.1%, the textile, garment and footwear and head gear manufacturing industries increased their profits by 16.6%, and the ferrous metal smelting and rolling industries and the nonferrous metal smelting and rolling industries turned their respective losses of 800 million yuan and 1.9 billion yuan from January to February into profits of 2.6 billion yuan and 9.6 billion yuan.

Fixed Asset Investment

The fixed asset investment grew rapidly and the investment structure improved. During the first half of the year, the fixed asset investment of the whole society totaled 9.1321 trillion yuan, up by 33.5%, year on year, accelerating by 7.2 percentage points over the same period of the previous year. Of the total, the urban fixed asset investment amounted to 7.8098 trillion yuan, up by 33.6%, accelerating by 6.8 percentage points; while the rural fixed asset investment amounted to 1.3223 trillion yuan, up by 32.7%, accelerating by 9.5 percentage points.

Of urban fixed asset investment, the state-owned and the state-holding investment reached 3.3308 trillion yuan, up by 41.4% year on year; the investment in real estate development totaled 1.4505 trillion yuan, up by 9.9%. By industry, the investment in the primary, secondary and tertiary industries increased by 68.9%, 29.0% and 36.6% respectively.

By industry, the investment in coal mining and washing industries amounted to 115.7 billion yuan, up by 40.5% year on year; the investment in electric power and heat producing and supplying industries totaled 438.9 billion yuan, up by 23.8%; the investment in oil and gas exploiting industries reached 96 billion yuan, up by 0.3%; the investment in railway transportation came to 183.2 billion yuan, up by 126.5%; the investment in the excavating and manufacturing of nonmetallic minerals hit 277.7 billion yuan, up by 53.0%; the investment in the excavating, smelting, rolling and processing of ferrous metals registered 176.9 billion yuan, up by 10.8%; and the investment in the excavating, smelting, rolling and processing of nonferrous metals added up to 123.3 billion yuan, up by 21.8%.

By region, urban investment of China's east region grew by 26.7%, that of the central region grew by 38.1% and that of the western region grew by 42.1%. The investment in infrastructure facilities (exclusive of electric power) increased by 57.4%, of which investment in railway transportation rose by 126.5%, investment in road transportation rose by 54.7% and the investment in water conservancy, environment and public facilities management rose by 54.5%; the investment in public health, social security and social welfare increased by 71.3%; and the investment in cultural, sports and recreational undertakings increased by 57.1%.

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