China's forward march continues with a 7.8 per cent rise in GDP

Investment in fixed assets rises by a fifth.

Mao money, no problems: Chinese currency. Credit: Getty Images

China's rise continues despite the sluggishness of western markets, with its gross domestic product at 22,709.8bn yuan in the first half of 2012. This collosal figure represents a year-on-year increase of 7.8 per cent.

The value added by the primary and secondary industries was 1,747.1bn yuan (+4.3 per cent) and 11,095bn yuan (+8.3 per cent), respectively; the tertiary industry contributed 9,867.7bn yuan (+7.7 per cent).

Per capita total income of urban households was 13,679 yuan.

The total output of summer grain was 129.95 million tons – a 2.8 per cent increase year-on-year – while the investment in fixed assets (excluding rural households) was 15,071bn yuan, a surge of 20.4 per cent compared to the same period in 2011.

Total investment in real estate development was 3,061bn yuan in the first half, a year-on-year growth of 16.6 per cent. The total retail sales of consumer goods reached 9,822.2bn yuan, while the consumer price went up by 3.3 per cent.

The total value of imports and exports over the period was $1,839.84bn, a rise on the year of 8 per cent. By the end of June, the balance of broad money was 92.50tn yuan (+13.6 per cent year on year).

The country’s industrial value-added output increased by 9.5 per cent year on year in June. However, the growth was 0.1 per cent lower than in May.

Last month, the year-on-year growth of heavy industry increased by 9.6 per cent, while the light industry went up by 9 per cent.

According to analysis by the National Bureau of Statistics, the year-on-year growth of the state-owned and state holding enterprises increased 6.5 per cent; collective-owned enterprises rose 7.4 per cent; joint-stock enterprises rose 11.5 per cent; enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan province increased 5.5 per cent.