Recently Released New Economic Figures from China

The following economic statistics are compiled from Chinese official releases in recent months. Sources used include People's Daily, press releases from the National Bureau of Statistics of the People's Republic of China

• China registered a record GDP growth rate in 2003. According to the statistics just being released, China's GDP grew at 9.1 % over a year ago. The GDP growth rate for the fourth quarter was 9.6%. Its total annual GDP reached US$1.409 trillion.

• China added a 112 million new telephone phone users in 2003. Its total telephone users reached 532 millions, which made the country the world’s largest telephone market.

• China built 4,300 kilometers expressways last year. The total length of expressway in use has surpassed 30,000 kilometers, next only to the United States.

• China had a record year of auto production and sales. In 2003, China produced 4.4 million automobiles, a 35% increase over last year. 2 millions passenger cars were produced, a net increase of 83%. Private ownership is the primary reason behind the explosive growth. China also imported 100, 000 foreign made vehicles thanks to the reduced auto tariff.

• China has decided to use US$100 billion of its US$400 billion foreign currency reserves to reform its four largest state-owned banks. The Bank of China has reportedly received US$24 billions.

• China’s total foreign trade reached US$831 billion in 2003, a 37% increase over a year ago. Export volume reached US$438 billion, a 34.6% increase, and import volume reached US$412.8 billion, a 40% increase. Trade surplus was US$25.5 billion.

• China approved 41,081 foreign invested enterprises last year, a 20% increase over last year. The realized foreign direct investment reached US$53.5 billion, slightly higher than previous year's figure.