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Judging China's "monetary" future
www.chinanews.cn 2006-02-02 11:37:46
Preliminary statistical results published by China's National Bureau of
Statistics (NBS) on the Jan. 25th show that based on prices adjusted for
inflation, 2005 China's GDP totaled 18.2321 trillion RMB (US$2.25
trillion), rising 9.9% over the previous year.
Chinanews, Feb. 2 (By Wang Yongzhi & Yu Jingbo) - Preliminary statistical
results published by China's National Bureau of Statistics (NBS) on the
Jan. 25th show that based on prices adjusted for inflation, 2005 China's
GDP totaled 18.2321 trillion RMB (US$2.25 trillion), rising 9.9% over the
previous year.
Based on the average of last year's U.S. dollar to RMB exchange rates,
China's GDP in 2005 was valued at US$2.2257 trillion, with per capita GDP
at US$1,700.
NBS Director General Li Deshui pointed out the meaning of these figures
as they apply to the operation of the Chinese economy, calling them
"national economy showing favorable trends of faster growth, higher
efficacy, steady prices and stronger vitality."
If this were only a descriptive explanation, then we can use the year
2000 as an example. That year, China's GDP was under 9 trillion RMB and,
on the face of it, not even half the total of 2005. We would not use the
2004 figure of 13.6875 trillion RMB before the national economic census
as basis for comparison. Instead, we choose the amended figure of nearly
16 trillion of GDP as measure. Still, the economy has added more than 2.2
trillion RMB of value last year.
Whether China has surpassed France to become the fifth largest economic
entity in the world remains to be verified by relevant statistics yet to
be released. Undoubtedly, China's economic base has expanded greatly.
At the same time, China's urban and rural incomes continue their
relatively fast pace of growth. People have more money in their pockets.
Per capita disposable income for urban residents was 10,493 RMB and after
adjusting for inflation, registering 1.9 percentage points higher growth
than the previous year. Although rural net income growth showed a 0.6
percentage point decline from the previous year, it still reached 3,255
RMB, posting an actual growth of 6.2%. What is worth pointing out is that
consumer price index for Chinese citizens only rose 1.8% in 2005, a 2.1
percentage points lower rate of increase.
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