WHAT'S NEW IN CHINA? *GDP up 8.0% to US$ 1.23 trillion Imports up 21.2% to US$ 295.22 billion Trade Surplus up 34.6% to US$ 30.35 billion (from US$ 22.6 billion in 2001) Foreign Direct Investment up 12.5% to US$ 52.74 billion, N° 1 ahead of US in 2002 34,171 foreign-funded companies were approved in 2002 (up 30.72%). * 2002 Year End Results (preliminary) - Final figures will be presented by the Government to the National People's Congress in March. Chinese Governmental Investment in the agricultural sector on the rise! US$ 963 million investment in The 10th Five-Year Plan (2001 – 2005) for agricultural technology development. The Chinese Government is actively encouraging companies with a capacity to revolutionize the farming and agri-food sector in order to deter the population from abandonning rural areas and migrating to cities incapable of absorbing them. The trade surplus for agricultural products up 51.4% to US$ 4.4 billion, accounting for 17.8% of China's overall favourable balance of trade. (Business Weekly, 17 Dec 2002) China will set up a new independent Commission to manage state assets (CNY 10 trillion) and ensure state-owned enterprises operate along more commercial lines. (FEER, 6 Feb 2003) Facts about China… A population of 1.3 billion people (= one fifth of the world's total) 300–500 million people actively engaged in farming 150 million hectares of arable land, 25% of which are managed by State farms) This accounts for: - 15% of the GDP - 53% of Chinese jobs - 9% of all exports back | home | top