A surge in industrial output was the major force behind the rapid economic growth of China in the first three quarters of the year, a senior economic official said in Beijing on Oct.22.
Ma Liqiang, director of the economic operation monitoring bureau of the State Development and Reform Commission, said the industrial output registered a three-quarter growth rate of 16.5 percent, a record high since 1995. The added value that Chinese industrial enterprises turned out in the first three quarters accounted for about 65 percent of the growth of the gross domestic product (GDP) of the country.
Ma told a press conference that industrial output was expected to grow by 16 percent year-on-year for 2003, more than double the target economic growth of seven percent this year.
He said the profits of industrial enterprises would top 750 billion yuan (91 billion US dollars) for the whole year, an increase of more than 35 percent over the previous year.
Ma attributed the rapid growth of industrial output to expansion of investment and exports. The exports of electronic, light industrial, textile and machinery products made up 85 percent of the total exports of industrial products.
He said steady expansion of consumption also helped prop up the industrial growth. The smooth development of energy and transport industries also strongly supported the growth of national economy, Ma said.
Ma predicted that the Chinese economy will maintain a good momentum in the fourth quarter of the year, though the growth rate will be slightly lower than the current 8.5 percent.