Chinese Mandarin - Industrial growth rate hit historical high in Q1

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Industrial growth rate hit historical high in Q1

www.chinanews.cn 2007-04-28 09:09:23

Chinanews, Beijing, Apr. 28 �C During the first quarter of this year,
China's industrial growth rate reached 18.3%, 1.6 points more than the
same period last year and hitting a historical high in the recent ten
years.
Large-scale industry has maintained a growth rate of more than 16% for
four years consecutively. Since the beginning of this year, Chinese
industry has regained a high growth momentum. Apart from high industrial
growth, industrial use of electricity also increased by 16.8%, some 5.5
percentage points higher than the same period last year.
There were long-term factors that contributed to the high industrial
growth, factors such as the speed-up of industrialization, urbanization
process and the upgrade of consumption structure. At the same time, some
short-term factors also boosted the industrial growth. These included
strong domestic consumption demand and relatively abundant supply of
electricity and capital. In addition, such high growth was also the
result of the fast growth of credit release, the ever-increasing trade
surplus and the reviving strong investment in fixed assets, said Zhu
Hongren, deputy director of the Economic Operation Department under the
State Development and Reform Commission, on Thursday.
Compared with the fast industrial growth, service industry now accounts
for a smaller proportion of the GDP. The proportion that service industry
contributed to the GDP declined from 40.7% in 2004 to 39.5% in 2006. The
central government once placed high hopes on boosting the development of
the service industry, so the stagnant performance of this industry has
aroused considerable attention on the part of the central government.

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