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VI. Foreign Economic Relations

Rapid growth was registered in foreign trade. The total value of imports and exports in 2003 reached US$851.2 billion, up 37.1 percent over the previous year. The value of exports was US$438.4 billion, up 34.6 percent, and the value of imports was US$412.8 billion, up 39.9 percent (see Table 7). Fast growth was recorded in imports and exports with major trading partners (see Table-8).

 

Table 7: Imports and Exports by Major Categories, 2003

 

Item

Value

(US$100m)

Increase over 2002 (%)

Total of imports& exports

8,512

37.1

Exports

4,384

34.6

General trade

1,820

33.7

Processing trade

2,418

34.4

Mechanical and electrical   products

2,275

44.8

HiH  High and new-tech products

1,103

62.6

Imports

4,128

39.9

General trade

1,877

45.4

Processing trade

1,629

33.3

Mechanical and electrical products

2,250

44.6

Hig  High and new-tech products

1,193

44.0

 

Table8: Imports from and Exports to Major Countries and Regions, 2003

 

 

Exports

(US$100m)

Increase over 2002 (%)

Imports

(US$100m)

Increase over 2002 (%)

United States

925

32.2

339

24.3

Hong Kong

763

30.5

111

3.7

European Union

722

49.7

531

37.7

Japan

594

22.7

742

38.7

ASEAN

309

31.1

473

51.7

Republic of Korea

201

29.4

431

51.0

Russia

60

71.4

97

15.7

 

Imports of energy and raw materials increased by a large margin. China imported 91.12 million tons of crude oil in 2003, up by 31.3 percent over the previous year; 28.24 million tons of refined oil products, up by 38.8 percent; 37.17 million tons of rolled steel, up by 51.8 percent; 5.61 million tons of aluminum oxide, up by 22.6 percent; and 148.13 million tons of ironstone and refined iron ore, up by 32.9 percent.

 

Foreign direct investment remained at a fairly high level. Last year witnessed the approval of establishment of 41,081 foreign direct invested enterprises in China, up by 20.2 percent over the previous year; contracted foreign capital through foreign direct investment stood at US$115.1 billion, up 39.0 percent, and actually utilized foreign capital was US$53.5 billion, up 1.4 percent.

 

Foreign economic and technical cooperation maintained good momentum.

 

China signed new contracts on construction projects, labor projects and projects on design and consultation involving US$20.9 billion in 2003, up 17.0 percent, and the accomplished business revenue through these projects was US$17.2 billion, up 20.1 percent (see Table 9).

 

Table 9: Foreign Direct Investment by Sectors, 2003

                                                        Value in US$100 million

Sector

Project

 

Contracted investment

Utilized investment

 

Number

Growth %

Value

Growth %

Value

Growth %

Total

41,081

20.2

1,150.7

39.0

535.1

1.4

 

Farming, forestry, animal husbandry and fishery

1,116

14.5

22.8

34.8

10.0

-2.6

 

     Mining and quarrying

211

28.7

6.6

72.1

3.4

-42.1

 

Manufacturing

29,281

17.5

807.5

36.2

369.4

0.4

 

Construction

396

20.4

16.8

58.6

6.1

-13.7

 

T  Transportation, storage, post and telecom services

506

24.9

50.1

228.0

8.7

-5.1

 

     Wholesale & retail trade and catering services

2,207

28.6

23.8

43.3

11.2

19.7

 

B  Banking and insurance

23

35.3

3.2

-30.7

2.3

117.5

 

     Real estate development

1,553

18.0

91.1

26.2

52.4

-7.5

 

Social services

4,242

24.1

70.4

41.2

31.6

7.4

 

     Health, sports and social welfare

85

70.0

2.7

4.4

1.3

-0.6

 

E  Education, culture, arts, radio, film, and television

70

45.8

2.8

159.1

0.6

53.0

 

S  Scientific research and polytechnic services

558

145.8

7.5

41.1

2.6

31.0

 

 

(China.org.cn March 1, 2004)

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