Chinese industries going great guns
BEIJING - Industrial production of large-scale enterprises in China grew rapidly in 2004, with production and sales dovetailing well and the export of industrial products increasing sharply. Latest statistics provided by the National Bureau of Statistics show that industrial production of large-scale enterprises grew 16.7% year-on-year in 2004 (14.4% alone in December), slightly lower than the 17% growth in 2003 but 5.6 percentage points higher than the average growth in 1995-2002.
The added value fulfilled in the year was 5.48 trillion yuan (US$662.2 billion), as against more than 4 trillion yuan in 2003 and doubling the amount in 2001. Industrial added value fulfilled by joint-stock enterprises and enterprises funded by foreign, Honk Kong, Macao and Taiwan investors were 2.40 trillion yuan and 1.52 trillion yuan in 2004, accounting for 43.9% and 27.8% of the total and up 16.5% and 18.8% year-on-year. Those by state-owned, collectively owned and cooperative enterprises were 875.25 billion yuan, 287.74 billion yuan and 104.34 billion yuan respectively, accounting for 16%, 5.3% and 1.9% of the total and up 14.1%, 9.9% and 12.5% year-on-year.
Overall growth has been reported in 39 large industries in 2004. Telecommunication equipment, computer and other electronic equipment manufacturing has contributed to 13.6% of the industrial growth, pulling it up by 2.3 percentage points; ferrous metal smelting and pressing 10%, pulling up growth by 1.7 percentage points; and electric power and heating power production and supply 7.4%, adding to growth by 1.2 percentage points.
The contribution of chemical raw materials and products manufacturing, transportation equipment manufacturing, electric machinery and equipment manufacturing and universal equipment manufacturing to industrial growth all exceeded 5% in the year. In total, contribution of the seven top industries to industrial growth topped 53.5% in 2004, pulling up industrial growth by 8.9 percentage points.
Production of major energy products grew rapidly. Large-scale power enterprises generated a total of 2.13 trillion kilowatt hours of electricity in 2004, up 8.3-fold from 1978, 3.4-fold from 1990 and 14.9% from 2003, but the growth is 0.5 percentage points lower than in 2003 and 6.8 percentage points higher than the average growth in 1978-2002.
Large-scale coal enterprises produced a total of 1.606 billion tons of raw coal in the year, up 15% year-on-year. As for other energy products, China's crude oil output in the year was 175 million tons, up 2.9%; and natural gas, 40.77 billion cubic meters, up 18.5%. Production of major raw materials has also grown rapidly. The output of steel products, crude steel and pig iron topped 297 million, 272 million and 252 million tons in 2004, up 23.5%, 23.2% and 24.1% year-on-year. The output of the 10 kinds of non-ferrous metals was 13.696 million tons in the year, up 16.4%; that of cement, 934 million tons, up 15.7%; and that of plate glass, 300 million weight cases, up 20.5%.
For major machinery products, the outputs of power equipment, power station boilers, gas turbine and hydraulic turbine were 71.379 million kilowatts (KW), 234,000 evaporation tons, 40.807 million KW and 1.829 million KW in 2004 - up 90.9%, 72.7%, 48.3% and 29.8%; that of metal cutting machine tools was 389,000, including 4,354 high-precision machine tools, 51,861 digital-controlled machine tools and 7,151 large machine tools, up 36%, 75.3%, 49.8% and 72%. Cement equipment and metal rolling equipment grew 62.3% and 60.2% respectively while large- and medium-sized tractors grew 98,000, up 83.9%.
Production of electronic products has maintained high-speed growth. The output of micro-electronic computers was 45.124 million sets, including 22.213 million notebook computers in the 2004, up 38.7% and 54.8%; that of mobile phones, 245.876 million sets, up 29.1%; that of air conditioners, refrigerators and washing machines, 70.466 million sets, 30.334 million and 23.489 million sets, up 42.6%, 30% and 19.2% respectively.
Auto production, especially the production of sedans, dropped sharply in terms of growth in 2004. China manufactured a total of 5.197 million motor vehicles in 2004, up 14% year-on-year. The growth was 19.3 percentage points lower than in 2003.
As for exports, volumes delivered by large-scale industrial enterprises totaled 3.68 trillion yuan in 2004, up 32.6% year-on-year, and 1.9 percentage points higher than in 2003. Export value made up 20.1% of the total industrial sales value in 2004, 0.6 percentage points higher than in 2003. It is estimated that the contribution of exports to industrial growth was about 21.3% in 2004, pulling up industrial growth by 3.6 percentage points.
Telecommunication equipment, computer and electronic equipment are China's staple export products, with the volume delivered in 2004 topping 1.27 trillion yuan, accounting for over one-third of the total export made by large-scale industrial enterprises and up 42.1% year-on-year. They were followed by electrical machinery and appliance manufacturing industry, with export delivery reaching 272.05 billion yuan, accounting for 7.4% of the total and up 38.5% year-on-year.
Textile and garment industry, with export delivery reaching 621.84 billion yuan, accounted for 16.9% of the total, up 16.7%. Foreign-invested enterprises have become the main force in export, with total export volume delivered in 2004 reaching 2.52 trillion yuan, accounting for over two-thirds of the total (68.8%) and up 34.4% year-on-year, and the growth is 5.7 percentage points higher than that for Chinese enterprises.
Profits jump
Large industrial enterprises in China realized 1.13 trillion yuan in profits in 2004, a year-on-year surge of 38.1%, according to the National Bureau of Statistics. The profits of large industrial enterprises have maintained steady and rapid growth in 2004, and major economic indices have hit new highs. The composite index of economic performance of large industrial enterprises reached 164.33 in 2004, 15.41 points higher than in 2003 and the highest since 1992.
Profit of state-owned and collectively owned enterprises grew steadily while that of the private ones dropped. State-controlled enterprises realized 531.19 billion yuan in profit in 2004, up 42.5% year-on-year, the growth 2.7 percentage points lower than in 2003. Profit realized by collectively owned enterprises was 51.23 billion yuan in the year, up 31.3%.
By sector, profit growth of steel, cement and electrolytic aluminum industries that have been put under control, has dropped quickly. Profit realized by the steel industry was 103.89 billion yuan in 2003, up 70.1%; that by cement industry 13.62 billion yuan, up 21.5%; and that by electrolytic aluminum sector, 9.51 billion yuan, up 47%.
In fact, most of the newly increased profits are produced by energy and raw materials industries. The top five profit making industries in 2004 were oil drilling, which realized a profit of 177.73 billion yuan; steel industry, 103.89 billion yuan; chemical industry, 85.63 billion yuan; electronic telecommunications, 82.19 billion yuan; and communication and transportation equipment, 77.19 billion yuan. The five industries together made up 46.4% of the total industrial profit realized.
Sales revenue of products has hit an 11-year high. Large industrial enterprises realized 18.78 trillion yuan in product sales revenue in 2004, up 31.4% year-on-year. Sales revenue realized by state-controlled enterprises was 7.14 trillion yuan, up 26%, a growth of 2.5 percentage points higher than in 2003. Taxes paid by large industrial enterprises totaled 868.35 billion yuan, up 20.8% year-on-year, a growth of 1.2 percentage points - the highest since 1995.
Losses suffered by enterprises running in deficit also grew rapidly. The amount of loss incurred by large industrial enterprises in deficit came to 123.98 billion yuan, up 11.2% year-on-year, as against a drop of 1.9% in 2003. The amount of loss incurred by state-controlled enterprises was 66.95 billion yuan, up 7.6% - 6.9 percentage points higher than in 2003.
(Asia Pulse/XIC)
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