SteelOrbis Shanghai
The preliminary accounting figures released by China's National Bureau of Statistics on April 19 show that the national gross domestic product (GDP) totaled RMB 5.0287 trillion ($652.2 billion) in the first quarter of 2007, up 11.1 percent year on year. The growth was 0.4 of a percentage point higher than that for the whole of last year and 0.7 of a percentage point faster compared to the same period last year.
During the first three months of 2007, China's economy continued the rapid growth trend which has been in evidence since the year 2003. The annual economic growth figures from 2003 to 2006 are, in chronological order, 10.0 percent, 10.1 percent, 10.4 percent, and 10.7 percent.
With investment growth slowing down, consumption has speeded up impressively. In the first quarter, China's fixed assets investments totaled RMB 1.7526 trillion ($227.3 billion), up 23.7 percent year on year, four percentage points lower than the increase for the same period last year. Meanwhile, retail sales rose 14.9 percent to RMB 2.1188 trillion ($274.8 billion), posting a growth acceleration of 2.1 percentage points.
China's consumer price index (CPI) grew by 2.7 percent in the first quarter of this year, 1.5 percentage points higher than the same period last year. Furthermore, the CPI in March was up 3.3 percent year on year and down 0.3 percent month on month.
From January to March, the average disposable income of urban residents actually rose 16.6 percent (deducting the price factor) to RMB 3,935 ($510), 5.8 percentage points higher than a year earlier; while the cash income of the rural population jumped 12.1 percent to RMB 1,260 ($163), 0.6 of a percentage point faster.
Between January and March, China realized a trade surplus of $46.4 billion, up $23.1 billion year on year. At the end of March, narrow money M1 rose 19.8 percent year on year. This growth was 7.1 percentage points higher than a year earlier.