1. The growth rate of domestic non-government investment is higher than that of investments made by the state economy, the foreign, Hong Kong, Macao and Taiwan investors and the total society; of which, the growth rate of investment made by the joint stock economy is the fastest.
Since it adopted the proactive fiscal policy in 1998, China has successively issued treasury bonds in the investment sector to pull the growth of overall demand for investment, which has achieved remarkable results. In 2001, total social investment increased by 13%, which is higher than the growth in the previous two years. Meanwhile, with major beneficiary being the state economy, treasury bonds investment fully reflected the purpose of government non-government investment. Therefore, people have been worrying about the crowding off or weakening of non-government investment. In fact, however, it was only in 1998 that the growth of investment made by the state economy was higher than that of non-government investment and total social investment. During 1999-2001, the respective rates of growth of investments made by the collective, private and other economies were all higher than that of the state economy in general; of which, the growth of investment made by 搣other economies" was over 28% for two consecutive years (see Table 1). Among various types of economies, the joint stock economy achieved the fastest growth in investment. During 1997-2001, it rose from RMB 138.721 billion to RMB 566.349 billion, representing an average annual growth as high as 32.5% in the five-year period. Meanwhile, investment made by the foreign, Hong Kong, Macao and Taiwan investors grew from RMB 289.308 billion to RMB 299.869 billion, representing an annual growth of only 0.7%.
The average growth rate of domestic non-government investment is not only higher than that of the state economy, but also higher than that of the total social investment. During 1998-2001, the growth of investment made by the state economy dropped year by year from 17.4%, 3.8%, 3.5% to 6.7%; while that of the total domestic non-government investment rose by 20.4%, 11.8%, 22.7% and 20.3% per annum, giving a sharp contrast to the slowing down growth of state investment.
Table 1 Growth of Investment in Fixed Assets of Various Types of Economies in the Whole Society (%)
Note: The rates of growth did not deduct the price factors. Data source: China Statistics Year Books and calculations based on 2001 data provided by the SSB.
2. The proportion of domestic non-government investment is approaching that of the state investment, the proportion of investment made by joint stock economy is growing remarkably, the proportion by investment by foreign, Hong Kong, Macao and Taiwan investors is dropping, while the dependency level of the whole social investment on government direct investment is decreasing
In the past few years, the proportion of domestic non-government investment in the total investment of the whole society continuously demonstrated a growing trend, while the proportions of investment made by the state economy and the foreign, Hong Kong, Macao and Taiwan investors gradually shrunk. From 1997 to 2001, the proportions of state investment, domestic non-government investment and foreign, Hong Kong, Macao and Taiwan investment changed from 52.5%, 35.9% and 11.6% to 47.3%, 44.6% and 8.1% respectively. At present, the proportion of domestic non-government investment in total social investment is close to that of the state economy.
Since the 1990s, the proportion of state investment has decreased at a fast speed. Compared with 1994, it dropped by 9.1 percentage points in 2001. Meanwhile, the proportion of investment of the collective economy fell slowly by 2 percentage points, and the proportion of investment of foreign, Hong Kong, Macao and Taiwan investors decreased by 3.1 percentage points. However, the proportion of investment of private economy, especially that of the joint stock economy, increased significantly by 3 and 11.4 percentage point, respectively. With large treasury bonds investment, the proportion of state investment in the whole society grew marginally in 1998 and 1999, but the overall trend is still falling. During 1998-2001, the proportions of state investment dropped from 54.1% to 47.3%. Meanwhile, among changes in the proportions of non-government investment, the proportion of collective investment decreased slightly from 14.8% to 14.2%, that of private investment rose from 13.2% to 14.5%, and that of other economies grew from 18% to 23.9%, of which, the proportion of investment of joint stock economy jumped from 6.9% to 15.2% (see Table 2). This indicated that while treasury bonds investment concentrated in the state sector, domestic non-government investment was getting more and more active, and the investment of the joint stock economy was especially vigorous and saw the fastest of growth.
Table 2 Proportions of Investment in Fixed Assets by Various Types of Economies in the Whole Society (%)
Note: In the Statistical Summary 2002, the state economy was mixed together with other types of economies in 2001 (therefore, the rates of growth reached 26% and 70%, respectively). There was no separate calculation due to time pressure (so were the statistics of the first quarter and first half of this year). Many reports neglected this fact and used the figure directly to demonstrate fast growth of state economy investment, which indicated excessively large proportion of state investment and slow increase of non-government investment in total social investment. Table 1 and Table 2 separated the state economy from the other types of economies based on the 2001 data of the SSB, and may accurately reflect the facts.
Data source: China Statistical Year Books and calculations based on the 2001 data of the SSB.
Comparison of the status of government direct investment and total social investment in the past few years also demonstrated the rising trend of the autonomous investment ability. During 1999-2001, the proportion of treasury bonds investment (including completed investment with treasury bonds funds and total counterpart funds) in total social investment gradually fell at respective rates of 8.1%, 8.8% and 6.5%. Meanwhile, the growths of budgetary investment funds dropped gradually at respective rates of 54.7%, 13.9% and 13.2% as well. However, the growth rates of total investment rose gradually from 5.1%, 10.3% to 13% respectively. This demonstrated that the growth of domestic non-government investment was accelerating and the dependency level of total social investment on government direct investment was falling.
3. The contribution of domestic non-government investment to the growth of total social investment increased, approaching that of the state sector investment.
As investment growth of non-state economies accelerated in the past few years and the proportion of their investment in total social investment grew continuously, their contribution to the growth of total social investment also gradually increased. In 1998, total social investment rose by 13.9%, of which, contribution of China''s state economy was as high as 7.52 percentage points, while that by the collective, private and other economies were only 2.05, 1.83 and 2.49 percentages points respectively. In 2001, total social investment rose by 13%, of which, contribution of China''s state economy dropped to 6.17 percentage points and that of the collective economy fell to 1.85 percentage points, while contribution by the private and other types of economies climbed up to 1.9 and 3.12 percentage points. Among other types of economies, contribution of joint stock economy to the growth of total social investment grew the fastest, rising from 0.96 percentages points in 1998 to 1.98 percentage points in 2001. Meanwhile, contribution of foreign, Hong Kong, Macao and Taiwan investment to the growth of total social investment fell from 1.46 percentage points to 1.05 percentage points, and that of the joint operation economy basically remained at 0.08 percentage points (see Table 3). Investment contribution of the private economy was already slightly greater than that of the collective economy. When various types of economies were arranged in sequence from the largest contributor to the smallest to the growth of total social investment in 2002, they took the following order: the state economy, the joint stock economy, the private economy, the collective economy, the foreign, Hong Kong, Macao and Taiwan invested economy and the joint operation economy. Contribution of domestic non-government investment to the growth of total social investment rose from 4.92 percentage points in 1998 to 5.81 percentage points in 2001. It was approaching the 6.17 percentage point of contribution of the state economy in 2001 and contrasted sharply with the falling trend of investment contribution of the state sector and the foreign, Hong Kong, Macao and Taiwan invested economies.
Table 3 Contributions of Various Types of Economies to the Growth of TotalSocial Investment (Percentage points)
Note: Contribution of an economy = Growth of total social investment x Proportion of investment of the specific economy
4. Non-government investment in eastern region has become a major source of total investment in the region, while it is growing faster in the western region than in the eastern region.
In terms of region, non-government investment experienced fast growth in all the eastern, central and western regions while its proportion in total local investment continued to grow (see Table 4).
Table 4 Proportions of Non-government Investment in Total Regional Social Investment (%)
Year Nationwide Eastern Region Central Region Western Region
1993
1997
2000 39.4
47.5
49.9 46.0
53.6
56.0 31.7
44.6
45.9 23.5
32.4
37.5
Data source: Calculations based on data from China Statistics Year Books; western region included 12 provinces, autonomous regions and municipalities; and the data of 1993 did not include dada of Chongqing Municipality.
During 1993-1997, non-government investment in the eastern region grew by 23% per annum, while the proportion of non-government investment in total social investment of the region rose from 46% to 53.6%, representing a growth of 7.6 percentage points. In the central region, non-government investment rose at an average annual rate of 32%, and its proportion in total social investment of the region increased from 31.7% to 44.6%, representing a growth of 12.9 percentage points. Meanwhile, non-government investment in the western region climbed up at an average annual rate of 27%, and its proportion in total social investment of the region rose from 23.5% to 32.4%, representing a rise of 8.9 percentage points. During this period, the overall economy and total social investment grew rapidly, so was the growth of non-government investment in all the three regions: the eastern, region, the central region and the western region. The growth rate of non-government investment and the increase in proportion in the central region and the western region were significantly higher than those in the eastern region.
During 1997-2000, non-government investment in the eastern region grew by 10% per annum, and its proportion in total local investment rose from 53.6% to 56%, representing an increase of 2.4 percentage points. In 2000, five provinces in the eastern region saw their proportions of non-government investment in total local investment over taking that of the average provincial level (56%). These provinces were Fujian (63.4%), Zhejiang (62.7%), Guangdong (59.9%), Hainan (58.2%) and Tianjin (58.2%). In the central region, non-government investment grew at an average annual rate of 11%, and its proportion in total local investment rose from 44.6% to 45.9%, representing an increase of 1.3 percentage points. In the western region, non-government investment grew at 19% per annum, and its proportion in total local investment rose from 32.4% to 37.5%, representing an increase of 5.1 percentage points. During this period, affected by the Asia financial crisis and changes in domestic economic situation, both the growths of non-government investment and the expansion of its proportions in the three regions fell. Nonetheless, with the deepening of reform and the stimulus policy to expand internal demand, non-government investment managed to keep relatively rapid growth momentum in certain regions. In particular, it grew much faster in the western region than in the eastern and central regions. Meanwhile, in some provinces in the eastern region where non-state economies were more developed, non-government investment further strengthened its dominant status and played a major role in pulling up total local investment.
II. Major Stimulating Factors of the Accelerated Growth of Non-government investment
1. The progress of the state economic reform and strategic adjustment expanded room for the growth of non-government investment.
During 1998-2001, growth of investment made by the joint stock economy was the fastest among all non-government investment, which reached 40.4%, 27.3%, 63.9% and 39.4% respectively. It took a dominant proportion (rising from 30.4% in 1997 to 63.6% in 2001) among the rapid growing investments made by 搣other economies" and actually pulled the accelerated growth of the overall non-government investment. At present, non-government investment already covered all the 16 large sectors in national economy. Investment made by household economy mainly concentrates on the agriculture and housing sectors, while investment by the collective, private, joint operation and joint stock economies generally focuses on the wholesale/retails trade, catering, manufacturing and construction sectors. During 1993-1997, non-government investment in the 16 large sectors experienced various rates of growth, wlfile its proportion in the total sectoral investment also rose at different rates. Among them, the fastest growing investment took place in sectors such as the construction sector, the wholesale/retail trade and catering sector and the agriculture, forestry and fishery sectors. The proportions of investment in these sectors grew by 15.69, 12.55 and 11.71 percentage points respectively (CEI.net). In the general competitive fields, non-government investors, especially the joint stock economy, demonstrated strong economic strength and competitive advantage. Over the past few years, some of the infrastructure fields monopolized by the state economy gradually opened up to non-government investment and relaxed their industrial access requirements for the latter. Meanwhile, non-government investors also displayed increasing growth potential and competition vitality.
2. Improvement in legal environment stimulated investment enthusiasm of the non-state economies.
After the 15th CPC National Congress, it was formally stipulated in the Constitution that the non-state economies, such as household and private economies, were 搣a major component of China''s socialist economy". Since then, numerous fake collectively-owned enterprises cast off their 搣red caps" and restored their true nature of privately-owned enterprises. Based on a random survey conducted by relevant department on more than 2000 private enterprises, 70% of private enterprises were prepared to set up joint operation with enterprises of other ownership systems or undertake joint stock system reform, and were willing to participate in state enterprise reform. The Law for Enterprises with Solely Private In
减小字体
增大字体