China's gross domestic product (GDP) reached 7.1682 trillion yuan (866 billion US dollars) in the first three quarters of this year, up 7.9 percent year-on-year, figures released Wednesday by the National Bureau of Statistics (NBS) show.

NBS Deputy Director Qiu Xiaohua told a press conference Wednesday morning that this growth rate was 0.3 percentage point higher year-on-year.

During the period, China saw a total of 2.5838 trillion yuan (312 billion dollars) in fixed asset investment, up 21.8 percent year-on-year. Investment in capital construction and in the real estate sector rose 24.6 percent and 29.4 percent, respectively.

Foreign direct investment (FDI) in China jumped 22.6 percent during the first three quarters of this year to 39.6 billion dollars and it is expected to exceed 50 billion dollars this year due to the improved FDI environment, according to Qiu.

Meanwhile, total foreign trade volume in China surged 18.3 percent to 445.1 billion dollars during the period, with exports rising 19.4 percent to 232.6 billion dollars, the highest ever this year.

Per capita income for urban residents reached 5,793 yuan (698 dollars) from January to September, up 17.2 percent, while that ofrural residents increased 5.3 percent to 1,721 yuan (207 dollars).

During the first nine months, China's domestic market continued to operate in a stable manner, with significant increases in the sales of automobiles, housing and telecommunications equipment, indicating the emergence of a new consumer pattern.

In contrast with strong consumer sales, Qiu said, consumer prices remained relatively low. Consumer prices in the three quarters dropped 0.8 percent compared with the same period of last year.

Consumer goods sales increased by 9.8 percent to reach 1.85 trillion yuan (222.75 billion dollars) in urban areas, while registering a 6.8 percent year-on-year increase to 1.06 trillion yuan (128 billion dollars) in rural areas.

Qiu said in view of the slower growth of rural retail sales, the Chinese government is preparing to take steps to improve the situation.

China's GDP will hit a record 10 trillion yuan (about 1.2 trillion US dollars) by the end of 2002 as a result of the government's efforts in structural adjustment and in stimulating demand both at home and abroad, Qiu said.

(Xinhua News Agency October 16, 2002)