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China's Economy Grew 7.8 Percent in First Half Year

China's gross domestic product (GDP) reached 4,553.6 billion yuan (US$551 billion) in the first half of this year, up 7.8 percent on a yearly basis, official figure said Monday.

China's economy grew 7.8 percent in the first half of 2002 against the same period last year, well above the government's target of 7.0 percent, official figures showed Monday.

In an even better sign for economic planners, growth accelerated from 7.6 percent year-on-year in the first quarter to 8.0 percent growth in the second quarter, the National Bureau of Statistics said.

The statistical bureau's deputy director general Qiu Xiaohua said in Beijing that the half-yearly figures were "a good foundation" towards meeting planned growth for the whole of 2002.

China's gross domestic product (GDP) to the end of June totalled 4.55 trillion yuan (US$548.5 billion), statistics released by the Bureau said.

Residents' income up 17.5 percent

The average income of Chinese urban residents reached 3,942 yuan (477 US dollars) in the first half of this year, up 17.5 percent from a year earlier. The average cash income of rural residents grew 5.9 percent to 1,123 yuan.

Fixed assets investment up 21.5 percent

China's fixed assets investment in the first half of this year amounted to 1,446.2 billion yuan (175 billion US dollars), a rise of 21.5 percent over the same period of last year, Deputy Director Qiu Xiaohua of the National Bureau of Statistics said Monday. This growth rate is 6.4 percentage points higher than a year earlier.

Summer grain output down by 2.9 percent

China's grain production this summer declined 2.9 percent from the same season last year, affected by spring drought and flooding, the National Bureau of Statistics (NBS) said Monday. The total summer grain production amounted to 98.75 million tons.

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