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GENERAL ECONOMIC SITUATION OF ZHEJIANG PROVINCE £¨JAN.-JUN. 1999£©Economic functioning of Zhejiang Province achieved a steady prowth in the first half of 1999, which bfought about many pleasing changes in provincial economic development, according to a report released by the Provincial statistics Bureau.
GENERAL ECONOMY CONTINUED TO RISE¡ª¡ªOn preliminary assessment, the pronvincial GDP amounted to£¤226.4 billion(US$27.3billion), increasing by 10.1%over the same period of 1998, with added value growth rates of the primary industry, the second industry and the tertiary industry of 5.5%,11.3%,amd 8.9% respectively.
AGRICULTURAL PRODUCTION WERE STABLE¡ª¡ªThe production of spring grains and crops such as rapeseed strode to resume its growth. The growth rates of sown area, per unit area yield and total yield of spring grains reached 1.0%, 18.0% and 19.2%, while those of rapeseed got to 2.2%, 53.0% and 56.3%which hit the best record in the history. The production structure of summer crops has been further modified.
INDUSTRY GREW IN BOTH PRODUCTION AND RESULTS¡ª¡ªThe provincial industrial production grew in the same pace with the industrial consumption of electricity in the first half of 1999, the growth rate of which was about 14%. State-owned sectors and non-state-owned sectors with an annual sales of £¤5 million(US$0.6billion)or above completed a total output value of £¤235.38 billion(US$28.43billion), up by 15.5% compared with the same period of 1998, including output values of light industry and heavy industry up by 14.9% and 16.3% seperately. Industrial profit tax completed increased by 28.4%over that of the first half of 1998, and the increase rate of profit completed was 34.8%. The provincial industrial sales rate of the first half of 1999 reached 95.55%, a 1.63 percent points growth compared with the same period of last year.
INVESTMENT IN FIXED ASSETS REMAINED ITS SCALE¡ª¡ªIn the first half of 1999, the investment in fixed assets of Zhejiang Province accumulated to £¤39.25 billion(US$4.74 billion), up by 25.9% over the same period of 1998, with respective growth of 20.0%,70.6%and 26.8% of that put in capital construction, technical innovation and transformation, and real estate. Basic industries continued to be the hot spot in investment, when investment in infrastructure such as water conservancy, power supply, traffic transportation, post and telecommunications and city construction increased by 45.1% in the first half of 1999,occupying about seven tenths the total sum of investment in capital construction and technical innovation and transformation.
CONSUMER MARKET OPERATED MODERATELY¡ª¡ªIn the first half of 1999, the provincial retail sales of consumer goods amounted to £¤100.66 billion(US$12.16billion), up by 7.8%(a real growth of 10.8%excluding the price inflation factors) over the same period of 1998. The retail sales of urban market and rural market increased by 7.8% and 8.5% respectively. With its growth rate speeding up month by month, the catering trade developed fast, the sales value of which hit £¤7.95billion(US$0.96billion), up by 25.9% over the same period of 1998.
EXPORTS AND FOREIGN INVESTMENT CONTINUED TO GROW¡ª¡ªAccording to customs data, the total volume of imports and exports of Zhejiang Province was US£¤7.901 billion, up by 15.7% over the same period of 1998, including US$5.439billion of exports volume and US2.462 billion of imports volume, up by 10.5% and 28.9%respectively. A total of 534foreign directly invested items were newly authorized in the first half of 1999, with the contracted sum of US$1.092 billion, up by 24.0% over the same period of 1998. The foreign direct investment utilized to US$0.812 billion, an increase of 1.1% over the same period of 1998.
RESIDENTS' INCOME INCREASED¡ª¡ªIn the first half of 1999, the disposable personal income(DPI) of urban residents was £¤4,393(US$531), up by 4.3%(a real growth of 5.5% excluding the factor of price inflation) over the same period of 1998. The pure cash income of rural residents was £¤2,166(US$262), up by 5.3%(a real growth of 8.0% excluding the factor of price inflation) over the same period of 1998.
PRICE INDICES DECLINED¡ª¡ªIn the first half of 1999, the general price index of consumer goods of Zhejiang decreased by 2.6% compared with the same period of 1998, with the residents' consumer price off by 1.8%, price index of means of agricultural production off by 4.5%, the exfactory price index of industrial products off by 4.2% and the purchase price index of raw materials off by 6.4%.
NOTES:
1. All figures are preliminary ones.
2. Figures in value terms are calculated at corrent prices of 1999, the growth rate are calculated at comparable prices , and the exchange rate used is US$1=£¤8.28.
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