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Premier making an inventory of Chinese economy （2） |
| CCTV.COM 2003-03-05 09:03:41 |
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 According to the report, during the past five years, the national economy maintained good growth momentum, and important advances were made in the strategic restructuring of the economy as follows:
The economy maintained a high growth rate.
China's GDP rose from 7.4 trillion yuan in 1997 to 10.2 trillion yuan in 2002, an average annual increase of 7.7 percent, when calculated in constant prices. Notable results were achieved in the readjustment of the industrial structure.
The supply of grain and other major agricultural products took a historic shift from chronic shortages to an overall balance with surpluses during good years. High and new technology industries, such as the IT industry, expanded rapidly.
The transformation of traditional industries was accelerated. Modern service industries developed rapidly. The quality and efficiency of economic growth improved constantly. National tax revenue grew by a large margin every year.
Total fiscal revenue rose from 0.8651 trillion yuan in 1997 to 1.8914 trillion yuan in 2002, an average annual increase of 205.3 billion yuan. China's foreign exchange reserves climbed from 139.9 billion US dollars to 286.4 billion US dollars.
Investment in fixed assets over the five years totaled 17.2 trillion yuan. In particular, based on the issuance of 660 billion yuan of long－term construction treasury bonds, 3.28 trillion yuan of bank loans and funds from other sources were generated for investment, allowing us to accomplish many large projects we had been planning for years but unable to undertake for lack of resources.
The productive forces reached a new high, and the country's economic strength and ability to withstand risks and compete internationally grew significantly.
Remarkable achievements were made in infrastructure development, the report says.
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Editor: Han Ling Source:Xinhua
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