Other macroeconomic indicators in China also showed strong gains in the first three months. Fixed asset investment increased by 27 per cent, while foreign direct investment surged 57 per cent to US$13.1bn, said the Ministry of Commerce.
Industrial output rose by 17.2 per cent year-on-year in the first quarter of 2003, according to National Bureau of Statistics figures. The growth rate was 6.3 percentage points higher than that recorded in the same period last year. In March, industrial output rose by 16.9 per cent year-on-year.
Industries leading the rise in output included telecoms, computers, electronics and transport equipment. Output of vehicles rose by 54 per cent and of mobile phones and other electronic equipment by 40 per cent. Exports of industrial products in the threemonth period were 30 per cent higher than in the same period of 2002.