January 24th, 2008 10:19 EST
NBS: China's GDP grows 11.4 percent in 2007
China`s gross domestic product (GDP) reached 24.6619 trillion yuan (3.43 trillion U.S. dollars) in 2007, up 11.4 percent year on year, said the National Bureau of Statistics (NBS) Thursday.
The growth rate was 0.3 percentage points higher than the 2006 level revised at 11.1 percent.
It was the fifth consecutive year in which the nation`s GDP grew at a pace of more than 10 percent, NBS head Xie Fuzhan told a press conference held here.
The growth was also a record high over the past 13 years, observers said.
The GDP growth rate was 11.1 percent in the first quarter, 11.9percent in the second quarter, 11.5 percent in the third quarter and 11.2 percent in the fourth.
Xie said both the United States and China had served as powerful engines for the current cycle of global economic growth. The mounting possibility for the U.S. economy to plunge into recession is bound to have negative effect on the world economy.
However, Xie showed confidence in China`s economic growth, saying the growth will be "steady" this year.
Last year, China`s primary sector realized 2.89 trillion yuan in added value, up 3.7 percent, the secondary sector, 12.14 trillion yuan, up 13.4 percent, and the tertiary sector, 9.63 trillion yuan, up 11.4 percent.
The growth rate for the primary sector was 1.3 percentage points slower, while the paces for the secondary and tertiary sectors were 0.4 percentage points and 0.6 percentage points higher respectively.
According to Xie, 2007 became the fourth straight year in which China recorded a growth in grain production.
The year saw the nation yield 501.5 million tons of grain, an increment of 3.5 million tons, or 0.7 percent, over the 2006 level.
Major industrial enterprises each with an annual sale income of more than five million yuan chalked up a year-on-year growth of 18.5 percent in value added output, 1.9 percentage points quicker.
They garnered 22.95 trillion yuan in combined profits, up 36.7 percent. The growth rate was six percentage points higher.
Last year also witnessed an accelerated growth in fixed-asset investment nationwide, with the real estate sector leading the way.
China pumped 13.72 trillion yuan in fixed assets, up 24.8 percent, 0.9 percentage points quicker. The total included 11.74 trillion yuan in urban areas, up 25.8 percent, and 1.98 trillion yuan in rural areas, up 19.2 percent. The growth rate for urban areas was 1.5 percentage points higher.
Property development absorbed 2.53 trillion yuan in investment nationwide, up 30.2 percent, 8.4 percentage points higher.
CPI rises 4.8 percent in 2007
China saw its last year`s inflation rate rise 4.8 percent, the highest level in more than a decade, which may force the government to take further tightening measures.
The National Bureau of Statistics (NBS) on Thursday announced the yearly figure of CPI (consumer price index), the main gauge of inflation, picking out food prices, especially the pork price, as the top propelling force. Full story
Industrial output up 18.5% last year