Living costs up as output jumps
THE cost of living in major cities rose by 23.9 per cent last month over December last year, according to the State Statistical Bureau.
The bureau said yesterday that in 35 major cities, prices of consumer goods increased 17.2 per cent and those of major services climbed 38.6 per cent.
Earlier estimates of urban inflation for 1993 were 19.5 per cent.
Meanwhile, the value of industrial output in December jumped 29.8 per cent over the same month last year, further pressuring prices, the bureau warned.
In releasing the monthly figures, the bureau said: ''In December, China's industrial output increased significantly; retail sales were prosperous but price rises were serious and inflationary pressure expanded.'' ''This [29.8 per cent] is close to the peak level registered before [the Government] introduced its macro-adjustment policies,'' it said.
The bureau also said China's total industrial output value reached 3,507 billion yuan (HK$3,113 billion) last year, up 23.6 per cent.
In the same period, state-owned enterprises performed worse than collectively-run enterprises and township ventures, the bureau said. Collectively run enterprises reported an increase of 39.8 per cent in output value while state-owned companies managed an increase of just 8.9 per cent.
Township enterprises increased output by 57.6 per cent.