Cover by Benjamin Hurd
| China's Economic and Financial Indicators, 1996-2000 | ||||||||
| (All figures are in billions of RMB or percent unless otherwise indicated) | ||||||||
| Main Indicators | 1996 | 1997 | 1998 | 1999 | 2000 (prelim.) | |||
| Gross domestic product (GDP) | 6,788.5 | 7,446.3 | 7,834.5 | 8,191.1 | 8,940.4 | |||
| Real GDP growth | 9.6 | 8.8 | 7.8 | 7.1 | 8.0 | |||
| Consumer price index | 8.3 | 2.8 | 0.8 | -1.4 | 0.4 | |||
| Urban per capita income (RMB) | 4,838.9 | 5,160.3 | 5,425.1 | 5,854.0 | 6,280 | |||
| Rural per capita income (RMB) | 1,926.1 | 2,090.1 | 2,162.0 | 2,210.3 | 2,253 | |||
| Urban unemployment rate* | 3.0 | 3.1 | 3.1 | 3.1 | 3.1 | |||
| Total industrial output | 9,959.5 | 11,373.3 | 11,904.8 | 12,611.1 | 3,957.0** | |||
| Total fixed investment | 2,291.4 | 2,494.1 | 2,840.6 | 2,987.6 | 3,261.9 | |||
| Financial Indicators | ||||||||
| M0 supply | 927.3 | 1,017.8 | 1,120.4 | 1,345.6 | 1,470.0 | |||
| % growth | 11.6 | 15.6 | 10.1 | 20.1 | 8.9 | |||
| M1 supply | 2,851.0 | 3,482.6 | 3,895.0 | 4,583.7 | 5,300.0 | |||
| % growth | 18.0 | 17.3 | 11.9 | 17.7 | 16.0 | |||
| M2 supply | 7,609.5 | 9,099.5 | 10,449.9 | 11,900.0 | 13,460.0 | |||
| % growth | 30.7 | 17.1 | 15.3 | 14.7 | 12.3 | |||
| Exchange rate (RMB/$) | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | |||
| Foreign exchange reserves ($ billion) | 105.0 | 139.9 | 145.0 | 154.7 | 165.6 | |||
| Government revenue (total) | 740.8 | 865.1 | 987.6 | 1,144.4 | 1,476.0 | |||
| Tax revenue | 691.0 | 823.4 | 926.3 | 1,068.3 | 1,266.0 | |||
| Domestic debt | 184.8 | 241.2 | 322.9 | 370.2 | 150*** | |||
| Foreign debt ($ billion) | 116.3 | 131.0 | 146.0 | 151.8 | -- | |||
| Government deficit | 53.0 | 58.2 | 92.2 | 174.4 | 259.8 | |||
| SOURCES: PRC National Bureau of Statistics (NBS) China Statistical Yearbook 2000 and China Monthly Statistics; | ||||||||
| Dow Jones News Service; Foreign Broadcast Information Service; CNN.com; Financial Times; Inside China Today | ||||||||
| (www.insidechina.com) | ||||||||
| NOTES: *According to official NBS figures, which do not include underemployment or the migrant population | ||||||||
| ** Value-added industrial output (gross figures unavailable) | ||||||||
| *** Treasury Bonds only | ||||||||
| -- Not available | ||||||||
| China's Trade with the United States, 1996-2000 ($ billion) | |||||
| 1996 | 1997 | 1998 | 1999 | 2000 | |
| US exports | 12.0 | 12.8 | 14.3 | 13.1 | 16.3 |
| % change | 1.7 | 6.7 | 10.9 | -8.0 | 23.9 |
| US imports | 54.4 | 65.8 | 75.1 | 87.8 | 107.6 |
| % change | 12.2 | 21.0 | 14.1 | 16.9 | 22.6 |
| Total | 66.4 | 78.6 | 89.4 | 100.9 | 123.9 |
| % change | 10.1 | 18.4 | 13.7 | 12.9 | 22.8 |
| US balance | -42.4 | -53.0 | -60.8 | -74.7 | -91.3 |
| SOURCES: US International Trade Commission, US Department of Commerce | |||||
|
Capital Markets: New Financing Sources Last year marked an important change in the composition of inward foreign investment. Chinese enterprises turned to both domestic and international equity markets to raise an unprecedented amount of capital for economic restructuring. Total financing from domestic and foreign equity markets reached $39.15 billion in 2000, an increase of 200 percent over 1999 and 71 percent more than the previous record, $22.95 billion, reached in 1997. The funds raised on foreign equity markets increased a much more dramatic 600 percent over 1999. Much of this new investment came from stock offerings on overseas markets of several of China's largest state-owned firms in the telecommunications and oil and gas sectors. Multinational corporations were significant participants, both as investors and as consultants and underwriters, in each offering.
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| A Snapshot of China in 2001 (RMB) | ||||
| Product | Beijing | Shanghai | ||
| Can of Coca-Cola | 1.9 | 2.3 | ||
| Base subway fare | 3 | 2 | ||
| Scoop of Haagen-Dazs ice cream | 25 | 25 | ||
| Domestic ice cre am | 1-6 | 5-8 | ||
| Taxi ride (5 km) | 11-14 | 14 | ||
| Large Pizza Hut cheese pizza | 85 | 65 | ||
| Large tube of Colgate toothpaste | 10.9 | 6 | ||
| Jieyin toothpaste (120 g) | 2.9 | 2.6 | ||
| Apples (1 kg) | 4 | 8 | ||
| Oranges (1 kg) | 4 | 6 | ||
| Asian pears (1 kg) | 3 | 6 | ||
| Rice (1 kg) | 2.6 | 3 | ||
| Handmade noodles (1 kg) | 2.6 | 3 | ||
| Pork (1 kg) | 12 | 15 | ||
| Youtiao (fried bread) (1) | 0.4 | 1 | ||
| Cabbage (1 kg) | 2 | 2 | ||
| Big Mac | 9.9 | 9.8 | ||
| Soy sauce (1 l) | 1-3 | 5 | ||
| Milk (1 l) | 10.3-10.8 | 5 | ||
| Gasoline (1 l) | 3 | 2.65 | ||
| Cooking oil (1 l) | 6-9 | 12 | ||
| Movie ticket | 20 | 18-25 | ||
| Fenghuang bicycle< /td> | 380-462 | 200-300 | ||
| SOURCE: The US-China Business Council | ||||
| NOTE: $1= RMB 8.28 | ||||
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