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Public Finance In 2008
The local economy maintained steady and fast growth in 2008 amidst a changing economic environment internationally and domestically as well as devastating natural disasters. This has to attribute to the perseverance of the people, the leadership of CPC Chongqing Municipal Committee and Chongqing Municipal People¡¯s Government, and the implementation of the macro-control policies of the Central Government to ¡°stimulate domestic demands, maintain growth rate, adjust economic structure and improve social welfare¡±.
The statistics shows that the local DGP was RMB 509,666 million, a y-o-y increase of 14.3%, where the value added of the primary industry was RMB 57,540 million, a y-o-y increase of 6.8%, the value added of the secondary industry was RMB 243,327 million, a y-o-y increase of 18.0%, and the value added of the tertiary industry was RMB 208,799 million, a y-o-y increase of 12.4%. The three contributed to 0.7, 8.1 and 5.5 percentage points respectively of Chongqing¡¯s economic growth.
I. Economic Performance at Large in 2008
This is characterized by a record breaking GDP, agricultural harvest, a strong industry, record high investment in fixed assets, a prosperous consumer market, a stable financial sector, an opener economy, controlled price indexes, and improved social welfare.
1. Recording breaking GDP exceeding RMB 500 billion
Chongqing¡¯s economic growth was expedited in the first three quarters and slowed down in the fourth since the global financial turmoil did not remarkably affected the municipality until in the fourth quarter.
2. Agricultural harvest
According to statistics, the gross agricultural output reached 11.53 million tons, a y-o-y increase of 650,000 tons, or 6.0%. The vegetable sector embraced a rapid growth, so was the output of the rape. Mass production for the animal husbandry was in progress.
3. Industry remains the main growth engine
Industry remained the main growth driver in 2008 although the growth slowed down when affected by the financial tsunami. The value added of industrial output reached RMB 203.767 billion, accounting for 40% of the total, the highest ever, which was the highest compared with other sectors of economy and 1.9 percentage points higher the figure in 2007.
4. Investment worth over RMB 400 billion made as scheduled
Chongqing steadily increased the investment in fixed assets in 2008 to maintain economic growth. The investment in fixed assets in 2008 was RMB 404,525 million, a y-o-y increase of 28%.
5. A prosperous consumer market
Consumer market became another engine for economic growth in 2008. The total retail sales of consumer goods was RMB 206,409 million, a y-o-y net increase of RMB 40.3 billion, the highest ever.
6. A stable financial sector
The financial sector remains strong back support of the economy in 2008. The deposits with and loans from Chongqing¡¯s financial institutions kept increasing in 2008 and the international crisis did not cause substantially adverse effect on the credit market and financial security.
7. Opener municipality
l The first bonded port area in China¡¯s inland combining water port and airport together.
l More foreign investment: nine more World 500 companies including an HP project had presence in Chongqing; foreign investment utilized reached USD 2,737 million, a y-o-y increase of 151%, 96.2 percentage points faster.
l Steady development in foreign trade: The total import and export value reached USD 9,521 million despite the shrinking demands overseas, increasing by 28% and 10.2 percentage points higher than the national average, where the export value was USD 5,722 million, increasing by 26.9% and 9.7 percentage points higher than the national average.
l New achievement in international economic and technological cooperation: The value of contracts signed and of contracts completed for project contracting and labor contracting reached USD 863.98 million and USD 306.73 million respectively, a y-o-y increase of 181.3% and 49% or 138.1 and 20.7 percentage points faster than the previous year.
l Notably increased domestic investment from beyond the municipality: the value reached RMB 84,284 million, a y-o-y increase of 96% and 51.8 percentage points faster than the previous year. In particular, those from eastern provinces accounted for 78.4%, a y-o-y increase of 110% and 64.8 percentage points faster the previous year.
8. Controlled price indexes
Chongqing¡¯s CPI was continuously making record low since February 2008 and the pressure of inflation from the second half of 2007 was substantially relieved. The CPC Chongqing Committee and the Chongqing Municipal People¡¯s Government frequently issued policies in 2008 to increase the production and supply of grain, oil, hog and vegetable, causing the price of agricultural produces to drop month by month. In addition, along with the slowed international economy, the price of bulk commodities dropped sharply and so did the price of energy resources and raw materials.
9. Improved social welfare
l The income of urban and rural residents kept pace with the economy growth.
l The unemployment was under control.
l More government expenditure was spent in education, social security, employment promotion, medicare and public health.
l The coverage of social medical insurance was widened.
l The construction of affordable houses and low rent houses was fully commenced.
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