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Industrial output growth in China 1978-2008 |
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Industrial output growth has fluctuated more sharply than overall official GDP growth during the past quarter of a century of economic reform. Rapid industrialisation has taken place over that period, accompanied by the movement of population from rural to urban areas and an increased weight of industrial production in national output at the expense of agricultural production, which (as in other countries) has grown much more slowly, at around 4% a year.
As the economy recovered after 1999, industrial output accelerated to 12.6% real annual growth in 2003. In the first half of 2004, overheating became apparent in several sectors, including building materials and steel, as the annual growth rate exceeded 19% in March and April (the high figure of 23.3% a year in February resulted from the--quite normal--shift of date of the Chinese New Year from February to January in 2004). The recent interest rate rise appears to have caused a further slowdown, but value added in industry nevertheless increased by 16.7% per year for 2004 as a whole. Industrial growth continued to spurt ahead in 2005 and 2006.
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| Source: National Bureau of Statistics, China Statistical Yearbook 2003; National Bureau of Statistics plan report and web site. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||