Life behind the figures

The National Bureau of Statistics recently released preliminary estimates on economic growth, according to which, China's economy grew another 11.1% last year, maintaining the double-digit growth rate that has been a feature of the economy since 2003.

Auto sales expanded 38.5%

"We just had our first baby and needed a car," said 30-year-old Ke Feining who just bought a red Ford Coupe. "In the last two years, we have seen many new models come onto the market. Both quality and price are not bad. After-sale services have been improved. It only costs us about 100,000 yuan to significantly improve our lives, so why not?"

In the first quarter of this year, total retail sales of consumer goods in China reached 2,118.8 billion yuan, an increase of 14.9%. The growth rate is 2.1 percentage points higher than that of the same period of last year. Meanwhile, consumer promotion has been accelerated. In particular, sales of automobiles increased 38.5%, 9.1 percent higher than last year.

Automobile sales, in particular private car sales, have grown rapidly. The China Automobile Industry Association predicted that vehicle production in the country is expected to reach 8.5 million in 2007, an increase of 15% over the previous year. If it grows another 20% in 2008, annual production of automobiles in China will exceed 10 million.

Farmers' income growth at decade high

The Chinese government has paid close attention to raising the income of urban and rural residents as well as improving people's livelihoods. In the first quarter, the income of rural and urban residents has increased dramatically. The rise in farmer's incomes was the highest in ten years.

He Shaozhe, a farmer in Shenzhou City of Hebei Province, said that this year he has invested a lot of money in cultivation. "I have a dozen mu of land, in which I planted about 100 apple trees and nearly 200 hundred pear trees. I spent quite a lot of money buying fertilizer.

"However, I am still confident of having a good income this year. The prices of fertilizer are almost the same as last year, but fruit prices are higher. My trees bear lots of fruit. I can make nearly 9,000 yuan from the pear trees. If the price is good, I can expect to make about 10,000 yuan from the apples."

Added value of above-scale industry increased by 18.3%

Since the beginning of this year, the industrial production value has doubled. In the first quarter, the added value of national above-scale industry increased by 18.3%. The growth rate was 1.6 percentage points higher than last year. Two months ago, profit growth of above-scale industrial enterprises hit 43.8%, 22% higher than last year.

Enterprises witnessed growth and development. Liu Xiaoxue, a statistician at China National Salt Industry Corporation, said, "Our company produced a total of 800 tons of food salt and industrial salt in the first quarter and sold it all. As our enterprise performs better, employees are also working harder. Many of us volunteer to work overtime because there is more money to be made."

Overall level of consumer prices rises 2.7%

"We are most concerned, of course, about our livelihood. In the first few months of this year, the price of rice, flour and oil rose. These are major issues for us," said Liu Jianrui, a resident of Baihuan Home in Chaoyang District, Beijing. The price of both rice and flour began to rise late last year. The price of a barrel of Luhua peanut oil has risen from just over 80 yuan to more than 100 yuan in the supermarket near his home.

The overall consumer price level rose by 2.7% in the first quarter. Food prices rose 6.2%; grain prices surged 6.7%; meat and poultry products 15.1%; eggs, 24.1%; and fresh fruit, 6.2%. "Along with this, price of fast food in the restaurant near my home has also risen. A 10-yuan meal now costs 12 yuan," Li Jianrui said.

Housing prices in 70 cities up 6%

The high cost of housing is still an issue of concern for many people. Liang Kun, an employee of a foreign-funded enterprise in Beijing, wants to buy an apartment for his parents. However, high housing prices in the city have put him off.

"Two years ago I decided to buy an apartment for my parents. But housing prices are always rising. Now I cannot afford it. I don't need a very big place. It just needs to be large enough for my parents to live in and reasonably priced," Liang said.

In the first quarter, domestic housing prices rose 3.8%. In some key cities, it was even higher. The price of new housing in 70 large and medium-sized cities rose approximately 6% in the first three months of this year.

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900,000 A-share accounts opened in four trading days

The Chinese stock market has benefited a lot of investors this year. Attracted by the persistent bull market, many people have rushed to buy in. Over a four-day period in April, more than 900,000 new A-share accounts were opened, more than the total number of accounts opened in 2005. More and more people are also investing their money in funds.

"I bought some stock a few years ago and finally sold it this month. I made some money from some of them. Recently, every time I go to the bank, I have to wait in a queue for more than 30 minutes. Many people are saving money so they can buy stocks. Many also purchase funds."

Su Xin, a shareholder in Beijing, is confident about China's stock market. "Our economy is developing so fast. Chinese people's financial awareness is increasing. The key problem is the irregular operation of the capital market. I hope China standardizes the market, step by step."

By People's Daily Online