China's electronics, transport, IT and equipment sectors booming ( 2003-08-12 09:05) (China Daily)
China's industrial output grew by 16.5 per cent in July compared with the
same month of last year, the National Bureau of Statistics reported yesterday.
The industrial output stood at 341 billion yuan (US$41.1 billion) for the
month, the bureau said.
The industrial output rose year-on-year by 16.9 per cent in June and 13.7 per
cent in May.
For the first seven months, the industrial output rose 16.4 per cent
year-on-year to 2.18 trillion yuan (US$262.6 billion), according to the bureau.
Bureau spokesman Yao Jingyuan said the output of major industrial sectors
including telecommunications, electronics and transportation equipment as well
as computers continued to rise at an accelerated rate in July.
Mobile phone production rose 64.8 per cent in the month, while computer
output was up 76.6 per cent, he said.
Output of all kinds of vehicles was 341,000 units, up 42.1 per cent from a
year earlier, while passenger car production was up 70.6 per cent to 171,000
vehicles, Yao said.
Steel output was 19.8 million tons in July, a year-on-year increase of 25.1
per cent.
China's industrial companies generated 169.9 billion kilowatt hours of
electricity in the month, an increase of 15.2 per cent.
In July, exports handled by the industrial sector were worth 218.8 billion
yuan (US$26.4 billion), a year-on-year increase of 28.3 per cent.
Wang Zhao, a researcher with the Development Research Centre under the State
Council, said the rapid growth in industrial production suggests the impact of
SARS (severe acute respiratory syndrome) was temporary.
"Production will continue to grow at a higher rate in the coming months,'' he
said.
The SARS epidemic did not bring a large negative impact on the industrial
sector, which contributed more than 50 per cent to the gross domestic product,
Wang said.
The outbreak's negative impact on investment is minimal, although it has had
some effect on some sectors, especially the tourism and catering industry, he
said.
The robust fixed asset investment expected this year will benefit heavy
industries such as cement and steel, he said.
"The impact of SARS on the whole economy should be less than 1 percentage
point,'' he said.
Yao said China is capable of meeting an economic growth target of 7 per cent
this year. During the first half of 2003, the economy grew 8.2 per cent.
Economists at the Chinese Academy of Social Sciences said the nation's
economy could even grow by 8 per cent this year.
The influence of SARS on China's social and economic development has been
more minor than the impact of the Asian financial crisis in 1997, one economist
said.
And it will be easier to overcome than the Asian meltdown or the September 11
terrorist attacks in the United States in 2001, the economist
said.