Fast Industrial Growth
In 1997, industrial enterprises at the township level and above
achieved a total output value of 11.2 trillion yuan, 13-fold increase
over 1978 after adjustment for price factors with an average annual
increase of 14.9 percent. The state-owned enterprises and
collective-owned enterprises increased annually by 7.6 percent and 19.7
percent respectively on the average. The quality of various industrial
products improved constantly and the passive state resulting from
long-term shortage of industrial products in the country came to an end.
As a result, there was a sufficient supply of daily consumer goods in the
market. Even the insufficiency of some basic industrial products such as
coal and power, which had restricted the growth of Chinese economy, was
also noticeably eased up.
In the past two decades, China has completed and put into operation
1,906 large and medium-sized industrial projects and increased an
investment of 3.2877 trillion yuan in industrial fixed assets. The
completion of such large projects as the Beijing-Kowloon Railway, the
Nanchang-Kunming Railway and Qinshan and Daya Bay Atomic Power Stations
strengthened the national economy for continued development.
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