BIZCHINA / Previous Plans
The 8th Five-Year Plan (1991-1995)
(China.org.cn)
Updated: 2006-04-14 10:02
In March 1991, the Fourth session of the Seventh National People��s
Congress (NPC) approved the State Council��s Report entitled "The
Ten-year Layout for National Economy and Social Development and 8th
Five-Year Plan". Under Deng Xiaoping's leadership, this Plan marked the
start of a new phase in China's development.
The national economy maintained its growth momentum during this time.
Gross national product in 1995 reached 5.76 trillion yuan, 4.3 times than
that in 1980.
Outputs of coal, cement, TV, foodstuff, cotton and cotton dresses were
the highest in the world, with steel and chemical fiber outputs second,
and electricity supply third.
China��s economy experienced an annual growth of 11 percent, 4 percentage
points higher than that during the 7th Five-Year planning period.
Total investment in fixed assets during this time hit 3.89 trillion yuan,
with an annual growth rate of 17.9 percent, 13.6 percentage points higher
than the previous planning period. Of these, state-owned units��
investments saw an annual growth of 22.9 percent, much higher than the
average growth of 4.1 percent previously.
845 large and medium-sized infrastructure projects were completed and put
into production, as were 374 technical innovation projects. In terms of
transportation infrastructure, 5,800 kilometers of trunk railway, 3,400
kilometers of double-track lines, and 2,600 kilometers of electrified
railway were built. Road lengths were increased by 105,000 kilometers,
including 1,600 kilometers of highway.
The throughput of ports increased by 138 million tons and 12 new airports
were built. 100,000 kilometers of long-distance trunk cable were
finished, and the number of telephone switchboards increased to 58.95
million sets. Total installed generation capacity was increased to 75
million kilowatts, and annual electricity supply grew by 9 percent.
Output value of the primary industry increased at an annual growth rate
of 4.1 percent, the secondary industry at a rate of 17.3 percent, and the
tertiary industry at a rate of 9.5 percent. Output composition of the
three sectors stood at 20.3: 47.7:32.0; it was 28.4:43.1:28.5 at the end
of the 6th, and 27.1:41.6:31.3 at the end of the 7th Five-Year Program
periods respectively.
Significant achievements were also made in the reform of the economic
system. The new financial system with tax decentralization at its core,
and the new tax system with value-added tax as its main component, were
set up. Policy finance and commercial finance were gradually separated. A
macro regulating system emerged, and the market started to play a more
major role in resource allocation. Also mapped out were the beginnings of
a dominant public sector.
More than 1,100 cities at county level were opened to the outside world,
and 13 bonded zones and other a lot of economic development zones were
set up.
Foreign trade developed at an astonishing pace with total trade volume
reaching US$1.0145 trillion, at an annual growth rate of 19.5 percent,
higher than the 12.8 and 10.6 percent growth rates during the 6th and 7th
Five-Year periods respectively. The value of annual export volume was 100
billion yuan, accounting for three percent of the world��s commodity
trade.
By import and export trade volume, China ranked 11th in the world in 1995.
Foreign exchange reserves reached US$73.6 billion, 5.6 times higher than
that at the end of the 7th Five-Year period.
Major improvements were also made to people��s lives. Per capita income
was 1,578 yuan. Retail sales reached 6.7275 trillion yuan, representing
an annual growth rate of 10.6 percent as compared to 3.3 percent during
the 7th Five-Year period. Savings deposit balances in urban and rural
areas reached 3 trillion yuan, 2 trillion higher than at the end of the
previous planning period.
Per capita floor space of newly built houses in urban and rural areas
reached 4.3 billion square meters. At the end of 1994, rural residents'
per capita living space was 20.5 square meters, and 7.7 square meters for
urban residents.
China registered an increase of 50 million in terms of social labor
forces, including 37.4 million in the urban areas. The population of the
poor decreased from 85 million at the end of the 1980s to 65 million in
1995.
Population control was achieved during this period, with growth rates
dropping from 14.39�� in 1990 to 10.55�� in 1995. Rates of radio and TV
population coverage reached 78.7 percent and 84.8 percent respectively, 4
and 5 percent respectively higher than in 1990.
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