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June 27 to July 3, 2005
China reported a yearly deficit of 319.177 billion yuan (around 38.6 billion US dollars) in 2004 after balancing out fiscal revenue and expenditure in central budget. The deficit was 653 million yuan (about 79 million US dollars) less than the figure of 319.83 billion yuan as approved by the National People's Congress, China's top legislature.
China had approved the establishment of 525,738 foreign invested enterprises and actually utilized 58.44 billion US dollars of overseas investment by the end of May 2005, according to the Ministry of Commerce. Among the world's top 500 transnational corporations, over 400 have invested and over 30 have established regional head offices in China, and 600 foreign-funded research and development institutions have been established in China. The volume of investment in fixed assets of overseas-funded ventures accounted for one twelfth of the nation's overall number in 2004. The export value of the overseas funded ventures in China accounts for 57% of the nation's total.
The number of overseas job agencies providing service for those who seek job abroad has risen from 38 in 1992 to the present 371. About three-quarters of the job agencies are non-public companies. Previously, they were dominated by state-owned companies or governmental institutions. The number of Chinese citizens seeking jobs abroad has grown from only 1,000 in 1993 to the present hundred of thousands.
The mainland had approved the establishment of 65,568 Taiwan-funded businesses by the end of May, with the contractual use of Taiwan investment topping 82.77 billion US dollars.
From Jan. to May, Chinese procuratorial organs approved the arrest of 340 people suspected of intellectual property rights (IPR) violations, with 258 of them prosecuted, up 58.9% and 20.6% year-on-year respectively. Moreover, the procuratorial organs approved the arrest of 882 suspects involved in the production and marketing of fake and shoddy products from Jan. to May, up 51.5% year-on-year.
China's National Audit Office (NAO) found misuse of funds totaling 9.06 billion yuan (about 110 million US dollars) in 38 government departments in 2004. The figure represented six% of all the funds put under audit.
China’s petroleum processing sector incurred a total deficit in the first five months of this year, according to the National Bureau of Statistics. Figures released recently by the bureau show that in the first five months, the net loss in petroleum processing and coking sectors stood at 1.03 billion yuan. In the first quarter of this year, profits of petroleum processing sector slumped by 28% from a year earlier. Industry insiders attributed the loss to the price hike of crude oil on international market, the rising costs for oil refineries and lower prices of finished oil products on domestic market. However, the profits of domestic oil giants are not affected as a whole. Their losses in petroleum processing can be made up from their petroleum mining and the sales of finished oil products.
China now has over 100 million Internet users and that over 30.1 million users have broadband Internet services. Over the past years, China's telephone users increased by 100 million each year, and its on-line population ranks second in the world after the United States.
China’s top 100 retail stores reported sales volume of 14.45 billion yuan, including the retail sales of 11.94 billion yuan, in May this year, up 11.5% an 15.2% respectively over last year’s same period, according to the statistics of the China Commercial Association. The association said the retail sales of food products, garments and daily-use articles saw a stable growth in May, up 27.8%, 23.4% and 17.6% respectively over the same period of last year. The sales of soft drinks and beer witnessed a rapid growth in May. The retail sales of soft drinks stood at 215 million yuan, a rise of 22.5% year-on-year, while the sales of beer increased by 49.9% compared with the figure of last year’s same period. In May, the stores sold 533 million yuan of cosmetics, up 24.2% on a year-on-year base, and the sales of women’ s dresses, T-shirts and denim clothes grew by 21.2%, 16.1% and 27.1% respectively over the same period last year. In the same period, the sales of toys for children came to 4.08 million yuan and children’s dresses to 1.541 million pieces, up 10.1% and 16.4% respectively. The retail sales of telecommunications products in May saw a growth of 28.9% year-on-year, including mobile phones up 29.5%, digital cameras up 10.6% and video cameras up 29%. The sales of kitchen appliances also enjoyed a rapid growth in the period, the association said, adding that the sales of range hoods, micro-ovens, gas water heaters, gas cookers and food processing machines were up 10.8%, two%, 18%, 5.8% and 20.4% respectively year-on-year.
China has handled 24,189 trademark infringement cases and seized more than 167 million pieces of illegal audio-video products and pirated products since the country launched a massive crackdown on IPR violations last September. In addition, China has destroyed 24 illegal CD production lines and closed down 2,960 illegal printing workshops, said Zhang Zhigang, office director of the State Work Group on Intellectual Property Rights Protection and also vice minister of commerce, at a press conference held by the State Council Information Office on June 28.
China’s township enterprises realized 1820.4 billion yuan of added value in total in January-May, 2005, rising 11.38% year on year, and the growth was 0.05 percentage points lower than that of the first quarter of this year and 1.12 percentage points lower than that of the year-earlier period. Meanwhile, they fulfilled gross output value of 5,840 billion yuan and sales value of 5,560.5 billion yuan, and the sales/production ratio reached 95.21%, a bit higher than in the first quarter. However, the economic efficiency fluctuated at a small range and the operation quality declined slightly. The country’s township enterprises generated business revenue of 7,414.9 billion yuan, up 11.60%, which was 0.24 percentage points lower than in the first quarter and 1.4 percentage points lower than in the same 2004 period; and gross profits of 409.8 billion yuan, up 12.04% year on year, which was 0.44 percentage points lower than in the first quarter and 1.66 percentage points lower than in the same 2004 period.
In the January-May period, the national fiscal revenue reached 1,354.14
billion yuan, an increase of 156.888 billion yuan or 13.1% over the figure
for the same period of last year. In the first five months of last year,
however, the fiscal revenue growth was as high as 32.4%. Meanwhile, the
national fiscal expenditure amounted to 958.535 billion yuan in the first
five months of this year, an increase of 126.275 billion yuan or 15.2% year
on year, leaving a surplus of 395.6 billion yuan. Experts point out that the
slowdown in fiscal revenue growth should be attributed mainly to the
decrease of customs duties. Owing to further reduction of tariff rates and
slower increase in import, China’s customs revenue stood at 32.54 billion
yuan only in the first four months, down 11.5% from the figure for the same
year earlier period.
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