China improves industrial structure
(Xinhua)
Updated: 2006-05-03 16:59
Macro economic regulation by the Chinese government to adjust industrial
structure since 2005 has produced positive results, especially in overheated
sectors, government statistics show.
Latest information from the State Administration for Industry and Commerce
shows notable increases in the volume of registered capital of domestic
businesses in agriculture, mining industries and service trades in 2005.
The registered capital in the agricultural and mining sectors was 219.8
billion yuan (27.1 billion US dollars), up 5.6 percent, and that in the service
trades, 10.3 trillion yuan (1.27 trillion US dollars), up 5.9 percent. The
manufacturing sector scored 5.88 trillion yuan (724.81 billion US dollars) in
register capital, up 1.5 percent.
In the past year, faster growth was seen primarily in modern service trades,
with businesses ranging from leasing, technical services, geological
prospecting, to management of public facilities.
The growth of the overheated real estate industry obviously slowed down
despite a continuous rise in the volume of registered capital.
China promised to gradually open up sectors monopolized by the state such as
banking, telecommunications and insurance, when it joined the World Trade
Organization (WTO) in 2001.
State-owned enterprises have stepped up strategic reorganization and
upgrading in the sectors of banking, telecommunications and insurance, and
increased investments in basic sectors by gradually moving out from the trading
and catering business where competition is intense. This is illustrated by
the fact that there were steady increases in registered capital of state-owned
enterprises in the agriculture and industry sectors, but a decrease in the
service trades.
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