Sanmenxia economy sees 8.5 percent growth in first quarter

The economy of Sanmenxia grew steadily in the first three months of this year amid measures to transform its growth model.

According to statistics from the Sanmenxia's development and reform commission, the cumulative amount of industrial added-value increased 10.5 percent. The fix-asset investment totaled 34.32 billion yuan ($5.59 billion), a year-on-year rise of 22.9 percent. The amount of public revenue was 3.13 billion yuan, an increase of 11.1 percent year-on-year. The retail value amounted to 12.91 billion yuan, a year-on-year growth of 12.5 percent.

In the first three months, industrial production growth stabilized with a growth rate of 8.1 percent in May, a month-on-month increase of 0.2 percentage point. The cumulative added-value of enterprises at the designated scale reached 26.83 billion yuan.

But the growth of the tertiary industry, excluding real estate (growing 186 percent) and financial services (growing 18.67 percent), slowed down this year. The growth rate of transport, warehousing and postal services, and wholesale and retail sectors further slowed compared with the first quarter of the year. It is expected that the added–value growth rate of the tertiary industry will be around 6 percent in the first half of the year, down 0.6 percentage point from the first quarter.

Fixed-asset investment rebounded steadily. The growth rate in fixed-asset investment was 20.2 percent in February, 22.8 percent in March, and 22.8 percent in April and May.

The retail market also accelerated steadily. In the first five months, the retail value was 12.91 billion yuan, showing a year-on-year growth of 12.5 percent.

The Sanmenxia's fiscal revenue also maintained a growth of 11.1 percent year-on-year in the first five months, reaching 3.13 billion yuan.

Agricultural production was stable in the first half. The growing area of vegetables was 4,000 hectares, with vegetable output expected to reach 180 million kilograms. Due to persistent drought, the output of summer grain crops was 298,400 tons, a decrease of 6.7 percent. It was forecast that the overall growth rate of agriculture would be about 4 percent.

Officials from the commission said the overall economy of the city has been stabilized, and the city still needs to take proactive measures to ensure fast economic growth in the year.

An aerial photo of Sanmenxia. [Photo/ismx.cn]