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Oct 2002
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| CHINA BY THE NUMBERS |
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Per-Capita GDP Expected to Hit US$1000 by Year's End
(September 25, 2002) Sources from the National Bureau of Statistics (NBS) show
China's GDP in 2002 is expected to exceed US$1.3 trillion, meaning that the
per-capita GDP will reach US$1000 by the end of this year.
Qiu Xiaohua, NBS deputy director, said to reporters that China's per-capita GDP
will rise to US$1000 by the year's end for the first time ever in history.
Generally speaking, when per-capita GDP reachesUS$800, it means the Chinese have
enjoyed a fairly comfortable life. So what does US$1000 imply to the country and
everyone of its people?
Officials of the NBS explained the country's GDP will top 10 trillion yuan,
equal toUS$1.3 trillion and the per-capita GDP US$1000, according to the current
annual economic growth rate of 7 percent.
As experts pointed out, the amount of US$800-US$4,000 will put people's living
standards in a better-off stage. Therefore, it is a rather long historical
process to comprehensively build up a fairly comfortable society.
But how long will it take to enter a better-off society? Related officials with
the State Development Planning Commission noted that if China can keep its
annual economic growth rate at 7 percent, the country's GDP will amount to 12
trillion yuan and per-capita GDP 9,400 yuan, equivalent to over US$1200.
Source: People's Daily
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China's Exports Expect a Growth of 15 Percent This Year
(September 25 2002) China's exports are likely to stage a record monthly high of
US$30 billion for September, according to a report from the General
Administration of Customs (GAC).
"The figure for the whole year is expected to show a rise of 15 per cent from
the previous year's," GAC announced on Tuesday. A surge in machinery and
electronics exports, accompanied by continued growth in exports of high-tech
products edged up China's foreign trade, the report said.
According to GAC, exports of machinery and electronic equipment were 27.2 per
cent higher for the first eight months of this year compared with last year's
figures for the period, accounting for 47.5 per cent of the country's total. At
the same time, exports of high-tech products registered a growth of more than 40
per cent over figures for the same period of last year.
"If there are no upsets in the next few months, exports for this year should be
more than 10 per cent higher than for last year," said Li Yushi, deputy director
of the Chinese Academy of International Trade and Co-operation under the
Ministry of Foreign Trade and Economic Co-operation.
Government measures such as export tax rebates, improved government services,
reform of administrative approval systems and creation of a sound legal
environment are all conducive to stimulating the country's exports, he said.
Exports in August surged 25 per cent year-on-year, weaker than the hot 28.1 per
cent jump posted in July.
Exports from January to August rose 18 per cent from figures for the same period
a year earlier to US$200.7 billion.
Analysts also believe that China's entry into the World Trade Organization (WTO)
last December has put Chinese products on an equal footing in the international
market.
In another development, due to the continuing worries about the security of the
world's economy following the September 11 terrorist attacks last year, China's
stable political and economic situation has attracted more and more
transnational companies to shift their manufacturing bases and procurement to
this country.
Source: People's Daily.
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