China’s H1 GDP up 11.5% to $1,412bn

19 July 2007 05:12  [Source: ICIS news]

SINGAPORE (ICIS news)--China’s first half gross domestic product (GDP) expanded by 11.5% year-on-year, led by growth in industrial and agricultural production, the National Bureau of Statistics said on Thursday.

This was higher than the World Bank’s forecast in May.

The country’s GDP in the first half was yuan (CNY) 10,677bn ($1,412bn), according to preliminary estimates, bureau spokesman Li Xiaochao said in a statement.

The first quarter GDP growth was 11.1%, and that for the second quarter was 11.9%.

First-half industrial production growth accelerated, with the total value-added of large industrial enterprises growing 18.5% year-on-year, he said, adding that growth in the first quarter was 18.3% and 18.7% for the second quarter.

The machinery and light industries saw the highest growth while high energy consumption industries saw the biggest drop in growth, said Li.

In the first half of this year, the delivery value of export products made by industrial enterprises at and above designated size was CNY3,286bn, a year-on-year growth of 21.7%.

From January to May, the profits made by large industrial enterprises stood at CNY903bn, a year-on-year increase of 42.1%.

For the first half of 2007, the consumer prices grew 3.2% year-on-year while purchaser’s prices for raw material, fuel and power rose by 3.8%, the bureau said.

Foreign trade increased rapidly and the utilisation of foreign capitals increased steadily, it added. In the first half of this year, the total value of imports and exports was $980.9bn, up 23.3% year-on-year.

Of the total, the value of exports was $546.7bn, up by 27.6%, and the value of imports was $434.2bn, up 18.2%. The trade surplus was $112.5bn, up by $51.1bn.

"The system and structural problems [that] existed in economic performance are still outstanding, in particular, the unbalanced balance of payments, the high price rise for food and the high pressure on energy consumption and pollutant emission reduction," said Li.

To this end, the country will put into practice various macro policies set by the central government, he said.

"Efforts will also be made to adjust the structure, change the pattern of economic growth, and deepen reform which will lead to the realisation of a sound and rapid growth of the national economy," he added.

($1 = CNY7.56)

By: Jeanne Lim
+65 6780 4359

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