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The coastal province of Shandong in east China reported double-digit increases in investment and consumption in 2002, which enabled its local economy to top the record one-trillion-yuan mark in gross domestic product.
Shandong's gross domestic product for the year reached 1.055 trillion yuan (US$128 billion), making it the third largest regional economy on the Chinese mainland.
Zhang Dekuan, deputy director of the Shandong Provincial Statistics Bureau, said investment in fixed assets in the province,which has a population of about 90 million, jumped 25 percent lastyear to 351.2 billion yuan (US$42.8 billion), the fastest growth over the decade since 1993.
Investment in the primary, manufacturing and tertiary sectors in Shandong last year grew by 41.9 percent, 30.6 percent and 25.9 percent respectively over the previous year.
Total retail sales volume of consumer goods stood at 318.19 billion yuan (US$38.7 billion), up 12.2 percent, the most rapid growth since 1998.
Sales of cars, telecommunications equipment and electronic audio and video products grew by 210 percent, 120 percent and 49.3percent respectively last year, while residential housing sales increased by 29.6 percent year on year.
(Xinhua News Agency February 2, 2003)
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