III. DONGGUAN'S ECONOMY OF THE YEAR 2002

In 2002, we take the advantage of favorable factors of domestic and foreign economy, and the opportunities brought by China's accession to WTO, we have made outstanding achievements. The economy grows both in its speed and efficiency Great momentums are maintained in the sustainable, rapid and sound development. According to a rough calculation, the domestic output value of the first three quarters reaches RMB 47.554 billion yuan, a growth of 18.1% over the same period of the previous year. The growth rate ranks the first in Guangdong Province. From January to October of this year, the total industrial product value amounts to RMB 125.331 billion, an increase of 21.81% over the same period of the previous year Fiscal income of the municipal government reaches RMB 4.747 billion, a rise of 45.76%, fulfilling the municipal budget plan. By the end of October, bank savings balance of the whole city totals RMB 170.01 billion, growing at the rate of 16.55% over the beginning of the year, among which the bank savings balance of urban residents reaches RMB 96.401 billion, a growth of 20.62% than that of the beginning of the year.

Investments and exports increase by a great margin, which become distinguished momentums for economic growth- Contractual foreign investments amount to USD 2.24 billion, an increase of 37.93% than that of the last year Actual utilized foreign investments reach USD 1.72 billion, a rise of 18.14%. Export value of the first 10 months of this year total USD 19,576 billion, a growth of 25.7%, 16 percentages more than that of the previous year. A stable growth is seen in the market of consumer goods. In the first 10 months, retail sales totals RMB 178.33 billion, increased by 14.09% than that of the previous year.

Generally speaking, outstanding achievements have been made in the economy of Dongguan in the first 10 months. Thanks to the great vitality and solid foundation, the fourth quarter is expected to maintain this growing trend. It is estimated that the added value of industrial product in this year will increase by 20%, the total export volume will grow by 25%, fixed asset investment about 40%, total volumes of the retail sales of consumer products 15%, urban residents disposable income will rise by 5% for the whole year, rural dwellers net income 6%. According to the main economic indicators above, GDP is expected to reach RMB 6.8 billion, up 18% or more.

(to be continue)

Editor: James