China's gross domestic product rose 8.1% year-on-year in the third quarter of 2002. The performance was slightly better than expectations and meant that the economy in the first nine months of the year grew by 7.9% to Yn7,168bn. Even if the rate of growth slows in the final quarter, the country is still likely to […]
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Private sector makes big inroads
The private sector now accounts for a quarter of China's gross domestic product (GDP), according to National Bureau of Statistics figures. Private enterprises have made big inroads in established sectors such as consumer goods production as well in areas that were previously government monopolies, including transport and telecommunications. The bureau also said that consumption accounted […]
The central government has approved a plan to build two huge hydropower plants on the upper reaches of the Yangtze River on the border region of Sichuan and Yunnan provinces. They will have a combined generating capacity of 18.6m kilowatts, slightly more than that of the Three Gorges project. Compared with previous projects in China, […]
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Earthbound ambitions
China believes that by accommodating US sensitivities on missile technology, it will boost its satellite business and advance its ambitions in space. However, the prospect of a change in America's export control regime is unlikely in the current political climate. Shortly before last month's meeting in Texas between China's president Jiang Zemin and his US […]
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Service sector growth
Another area of high growth is services, including education, transportation, finance and information technology. Last year, the tertiary sector accounted for 60 per cent of Beijing's GDP, a ratio on a par with Shanghai but far behind the economies of Hong Kong, Seoul and Tokyo. One promising service sector is tourism, especially domestic tourism. Many […]