SteelOrbis Shanghai
On January 23,
China's National Bureau of Statistics held a press conference at which the main data and trends in
China's economy in 2006 were summarized.
China's national economy continued its rapid and stable development in 2006. The central government implemented a series of macro-control measures so as to prevent the economy from overheating.
The preliminary figures show that
China's GDP totaled RMB 20.9407 trillion ($2.6951 trillion) in 2006, up 10.7 percent year on year. This growth was up 0.3 of a percentage point compared with the previous year. The added value of the primary sector reached RMB 2.47 trillion ($317.9 billion), up 5.0 percent; that of the secondary sector reached RMB 10.2004 trillion ($1.3128 trillion), up 12.5 percent; finally, the added value of the tertiary sector totaled RMB 8.2703 trillion ($1.0644 trillion), up 10.3 percent. Broken down into the four quarters of the year,
China's GDP grew 10.4 percent, 11.5 percent, 10.6 percent and 10.4 percent respectively in Q1, Q2, Q3, and Q4 of 2006.
1. Industrial
production saw both rapid increase and improved efficiency last year. The value added output of all industrial enterprises in
China grew 12.5 percent year on year.
2. Fixed asset investment also saw fast development, with a slight decline in growth.
China's fixed asset investment in 2006 totaled RMB 10.987 trillion ($1.414 trillion), up 24 percent year on year, or 2 percentage points lower in growth than the previous year. Fixed asset investment in urban areas increased 24.5 percent to RMB 9.3472 trillion ($1.203 trillion), down 2.7 percentage points in growth, compared to the previous year. Investment in real estate development grew 21.8 percent year on year to RMB 1.9382 trillion ($249.4 billion), 0.9 of a percentage point higher in growth than the previous year.
3. The domestic
consumption market accelerated its development with an active performance.
China's retail sales rose 13.7 percent to RMB 7.641 trillion. The growth rate was 0.8 of a percentage point higher than in 2005.
4.
China's foreign trade volume saw a rapid expansion in 2006, with rising foreign direct investment.
China's foreign trade totaled $1.7607 trillion, up 23.8 percent year on year, or 0.6 of a percentage point higher in growth. Exports totaled $969.1 billion, up 27.2 percent; imports totaled $791.6 billion, up 20.0 percent; resulting in a trade surplus of $177.5 billion, up $75.5 billion. Foreign direct investment totaled $63 billion, up 4.5 percent year on year. By the end of 2006,
China's foreign exchange reserve reached $1.0663 trillion, up $247.3 billion year on year.
5. The prices of consumer goods in
China saw stable movement on the whole in 2006, with housing prices still at a high level.
China's CPI grew by 1.5 percent in 2006, 0.3 of a percentage point lower in growth than the previous year. The CPI for last December rose by 2.8 percent over the corresponding month of 2005. Housing prices in the country's 70 medium-sized and large cities went up by 5.5 percent in 2006 over the previous year, while the increase rate was 2.1 percentage points lower than that for 2005.
6. Improvements were achieved in both the incomes and employment rates of
China's urban and rural residents in 2006. Urban residents in
China earned RMB 11,759 ($1,513) per capita in disposable income, up 12.1 percent year on year. The inflation-adjusted growth was 10.4 percent, 0.8 of a percentage point faster than in 2005. Rural residents saw their per capita income increase by 10.2 percent to RMB 3,587 ($462). After deducting price fluctuations, the real growth rate was 7.4 percent, 1.2 percentage points faster than the previous year. The registered urban unemployment rate stood at 4.1 percent by the end of 2006, 0.1 percentage points down from the end of 2005.
Looking forward to 2007,
China's national economy will continue to see fast and steady development.