China
since 1990: facts and figures tell of rising prosperity
(09/16/2002)
The past 13 years have witnessed unprecedented improvement in
the living standards of the overwhelming majority of China's 1.3
billion people, and in economic and social areas.
The following facts and figures illustrating this trend are based
on information provided by Qiu Xiaohua, deputy director of the National
Bureau of Statistics:
GDP: -- China's gross domestic product (GDP) totaled 9.5933 trillion
yuan (1.16 trillion US dollars) in 2001, nearly doubling that of
1990, according to fixed prices.
China ranked sixth in the world in terms of GDP in 2001, compared
with 10th in 1990, becoming one of the world's major economic powers.
This change in the poor, populous and vast country represents asignificant
event in world economic history.
People's lives: -- The centuries-old dream of the Chinese people
to become relatively well-off has come true.
By the end of last century, China's GDP exceeded one trillion US
dollars for the first time in history, and per capita GDP reached
800 US dollars, while the people in general enjoy a fairlycomfortable
life.
China's per capita GDP exceeded 900 US dollars in 2001.
The achievement in reducing poverty and enabling the whole nation
to lead easier lives in the past decade is also unprecedented and
an aspiration of ordinary Chinese for centuries.
Good-bye to short supply: -- The Chinese market began to shift
from a seller's to a buyer's market by 1998 thanks to fast economic
growth.
A survey by the State Economic and Trade Commission shows that
currently no single product on the Chinese market is in short supply,
and the supply of 86 percent of the goods on the market exceeds
demand.
China's annual output of iron and steel, coal, chemical fertilizer,
TV sets, program-controlled telephone switchboards, grain, meat,
cotton, aquatic products and fruits ranks first in the world.
Economic restructuring: -- The past 13 years have seen China's
historic transition from a planned economy to a market one.
China has basically established a socialist market economic system
during that time with the market playing a fundamental rolein the
distribution of resources.
Only five industrial products are subject to mandatory controlswhile
the prices of 90 percent of goods and services are determined by
the market.
Foreign trade: -- China has become the sixth biggest foreign trading
power in the world with overall foreign trade worth 509.8 billion
US dollars in 2001, 3.4 times that of 1990 when it ranked only 16th
in the world.
China's foreign exchange reserves exceed 250 billion US dollarsat
present, ranking second in the world. The figure was 5.55 billion
US dollars in 1989.
China used 510.8 billion US dollars of foreign fund during 1990-2001,
including 378 billion US dollars of foreign direct investment.
The accession to the World Trade Organization last year marks China
has entered a new stage of opening to the outside world.
Fiscal revenue: -- The financial resources at the government's
disposal increased to 1.637 trillion yuan (198 billion US dollars)in
2001 from 293.7 billion yuan (35.5 billion US dollars) in 1990.
The government's fiscal resources are mainly used to meet the needs
of the general public and social security.
Economic structure: -- The manufacturing and tertiary sectors are
becoming the driving force behind China's economic growth, compared
with the dominant role of primary and manufacturing industries in
the past.
The rising tertiary industry is the new fast-growing section ofthe
economy and is playing a leading role in creating jobs.
Economic layout: -- In a move which will change the country's economic
map, economic development in the vast but poor central and western
parts of China has attracted great attention since 1999, balancing
the former strategy which focused on coastal and eastern regions.
More than 30 major projects were put into construction in the western
region in the last three years, with total investment exceeding
600 billion yuan (73 billion US dollars).
Increasing capability for sustainable development: -- China hasmade
great progress in implementing a sustainable development strategy
as seen from the drop in the population growth rate and increased
investment in projects to protect farmland, water and mineral resources,
and the environment.
China's natural population growth rate dropped to 6.95 per thousand
last year from 15.04 per thousand in 1989, while its energy consumption
index per 10,000 yuan (1,210 US dollars) in GDPdropped by 32.8 percent.
The overall investment in environmental protection totaled 490
billion yuan (59 billion US dollars) during the past five years,
about 1.7 times the total investment made in the decades before
1997.
Progress in science and education: -- China has made remarkableachievements
in science and education during the past decade. Major programs
in this field include its involvement in the Human Genome Project,
an international project designed to decode the secret of human
life, and manned space flight.
China has basically reached its target of making nine years of
compulsory education available to school-age children, and eliminating
illiteracy among adults.
Higher education is also on a fast track with 12 percent of senior
high school graduates entering universities and colleges for further
study in 2001, compared with 3.4 percent in 1990.
China's strategy of invigorating the country through science and
education, launched in 1995, and increased investment in humanresources,
will help make the nation more competitive in the global arena.
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