Chinese School - GDP grows 11.5% in first half

?  ?

BIZCHINA / Center

GDP grows 11.5% in first half

(Xinhua)
Updated: 2007-07-19 14:02

China's gross domestic product (GDP) rose 11.5 percent in the first half
of the year, after it grew 11.9 percent in the second quarter, official
figures revealed on Thursday.

The growth rate for the first half is 0.5 percentage points higher than
the same period last year and much faster than the planned eight percent,
spokesman Li Xiaochao with the National Bureau of Statistics told a press
conference.

Consumption, the previously weakest engine compared with exports and
investment, has caught up as retail sales grew 15.4 percent in the first
half, 2.1 percentage points more than the rise in the same period last
year. Fixed assets investment rose 25.9 percent, down 3.9 percentage
points.

Related readings:
?GDP grows annual average of 9.67% from 1978 to 2006
?GDP grows 11.1% in first quarter
?GDP predicted to grow by 10.8%
?NDRC predicts over 3% CPI rise for 2007
?Central bank: CPI to grow 3.2% in 2007

"The changes in domestic demand since the beginning of the year are what
we were expecting," Li said, attributing the faster consumption to the
rising income of the public.

China has used a full arsenal of industrial and taxation policies to help
the poor, including subsidizing low-income families and farmers,
increasing minimum wages for migrant rural workers and investing more in
education, medical care and housing.

"We are keeping a close watch on what direction the accelerated economic
growth is taking," said Li, "but whether or not the economy is overheated
is a comprehensive issue that should be viewed from different angles."

In the first half, the primary, secondary and tertiary sectors reported
947 billion, 5.55 trillion and 4.18 trillion yuan in added value, with
the secondary sector, including manufacturing, mining and construction,
growing at the fastest year-on-year rate of 13.6 percent.

The primary sector posted a growth rate of 4.0 percent and the tertiary
sector, including transport, telecommunications, catering, tourism,
banking and insurance, recorded an increase of 10.6 percent.

(For more biz stories, please visit Industry Updates)

Chinese School