Pushed by a series of macro control policies, China's industrial economy has maintained smooth and rapid progress from Jan to Nov in 2004. The production and supply of coal, electricity and oil has been on rise; the profit of industrial production has set a new record in recent five years.

China's large-scale industries have realized added value of 4,891.1 bln yuan, 16.8 percent higher than last year. The composite index for enterprise's economic profit is 163.01, up 15.51 percent compared with the same period last year. The profit has increased 284.8 bln to 1,018.8 bln yuan, 38.8 percent higher than last year. Both quality of economic operation and profit of enterprise have improved notedly.

The rapid rise in profit is attributed to the macro control measures China has taken. While reducing investment in industries that have grown too fast like iron & steel, cement industries, China has put more effort investment in technical reform and structural adjustment in industries with high added value and bright prospect. Enterprises' ability to innovate and develop their products is enhanced consequently.

China has also invested over one trillion in construction of coal, electricity, oil and transportation industry. At present expansion of 14 large coal bases have been completed; the newly added 38 million kilowatts power unit has begun generating electricity by the end of 2004. These projects not only alleviate shortage of electricity, but also guarantee normal production of state-owned pillar enterprises in petrochemical and building material industries.

Besides, value of enterprise' exported products has jumped significantly. The light industry and mechanical industry have realized delivery value of 7,910.1 bln and 4,377 bln yuan respectively from Jan to Nov, representing rises of 24.6 percent and 39 percent as against the same period of last year.

By People's Daily Online