Explanatory Notes on Main Statistical Indicators
Total
Investment in Fixed Assets in the Whole Country refers to the volume of activities
in construction and purchases of fixed assets of the whole country and related
fees, expressed in monetary terms during the reference period. It is a
comprehensive indicator which shows the size, structure and growth of the
investment in fixed assets, providing a basis for observing the progress of
construction projects and evaluating results of investment. Total investment in
fixed assets in the whole country includes, by type of ownership, the
investment by State-owned units, collective-owned units, individuals, joint
ownership units, share-holding units, as well as investments by entrepreneurs
from foreign countries and from
Investment
in Real Estate Development refers to investment by real
estate development companies, commercialized buildings construction companies
and other real estate development units of various types of ownership in the
construction of buildings, such as residential buildings, factory buildings,
warehouses, hotels, guesthouses, holiday villages, office buildings, and the
complementary service facilities and land development projects, such as roads,
water supply, water drainage, power supply, heating supply, telecommunications,
land leveling and other infrastructural projects. It does not include
activities in pure land transactions.
Sources
of Funds for Investment in Fixed Assets are categorized as funds from the State budget, domestic loans, foreign
investment, self-raised funds, and others, depending on the sources of
investment.
(1) Fund from the State budget consists of
budgetary appropriation and loans from the State budget. More specifically, it
includes, from the budget of the central government, capital construction fund
(operation fund and non-operational fund), special expenses (e.g. expenses on
substituting petroleum with coal), loans from repayment, discount fund,
expenses on innovation and trial production of new products, expenses on urban
construction, expenses on temporary construction from business departments,
development fund for less developed areas, as well as local budgetary fund
transferred from the central budget.
(2) Domestic loans refer to loans of various
forms borrowed by investing units from banks and non-bank financial
institutions during the reference period for the purpose of investment in fixed
assets, including loans issued by banks from their self-owned funds and
deposit, loans appropriated by higher authorities, special loans by government,
loans arranged by local government from special funds, domestic reserve loan,
and working loan.
(3) Foreign investment refers to foreign
funds received during the reference period for the construction and purchase of
investment in fixed assets (covering equipment, materials and technology),
including foreign borrowings (loans from foreign governments and international
financial institutions, export credit, commercial loans from foreign banks,
issue of bonds and stocks overseas), foreign direct investment and other
foreign investments. Excluded from this category is capital in foreign
exchanges owned by
(4) Self-raised funds refer to
extra-budgetary funds for investment in fixed assets received during the
reference period by investing units from central government ministries, local
governments, enterprises and institutions, including their self-raised funds.
(5) Others refer to funds for investment in
fixed assets received from sources other than those listed above, including
capital raised through issuing bonds by enterprises or financial institutions,
funds raised from individuals and through donations, and funds transferred from
other units.
Investment
in Fixed Assets by Sector The classification of construction projects by sector is determined by
the major products or the purpose of the projects when they are put into
production or use, and by the nature of their social economic activities. In
general, one project or one enterprise or institution can only be classified
into one sector.
Investment
in Fixed Assets by Jurisdiction of Management refers to the classification of
investment by the competent authorities under which investment is made by
construction units, enterprises, institutions or administrative units.
(1) Central investment refers to the
investment in projects or by enterprises, institutions or administrative units
which are under the direct leadership and management of the State Council and
of the national commissions, ministries, agencies and State-owned large
corporations. Various ministries and departments of the State Council prepare
and implement plans for investment in fixed assets by those departments, and
arrange and ensure the supply of materials and key equipment required for the
projects.
(2) Local investment refers to the
investment in projects or by enterprises, institutions or administrative units
which are under the direct leadership and management of departments under the
provincial, prefecture and county governments. Also included are projects by
foreign-invested enterprises and enterprises without competent managing
authorities.
Investment
in Fixed Assets by Type of Construction Construction
projects in general can be classified, by the type of construction, into new
construction, expansion, reconstruction and technical transformation, moving
and restoration. However, investment by type of construction is not applied to
investment by real-estate development units, investment in rural areas and
private investment in housing construction in urban areas and in industrial and
mining areas.
(1) New construction in general refers to
construction projects, which start from scratch, of enterprises, institutions,
administrative agencies. In case the size of the existing unit is quite small,
and the value of newly added fixed assets is more than three times of the
original value, the expansion will be considered as new construction.
(2) Expansion refers to construction of new
major production workshop, branch factory or independent production line within
a factory or in other locations, for the purpose of increasing the production
capacity (or improving efficiency) or adding new production capacity. Newly
constructed accommodation for the operation of institutions and administrative
organizations (such as newly constructed buildings for teaching in schools,
buildings for clinics or wards in hospitals, etc.) are also classified as
expansion.
Also included in expansion are investments
by existing enterprises or institutions in building major production line(s) or
branch factory(ies) along
with some work on innovation, for the purpose of expanding the production
capacity of original products or producing new products.
(3) Reconstruction and technical
transformation refers to construction projects by existing enterprises or
institutions in innovation or technical transformation of the old facilities
(including auxiliary production equipment and welfare facilities). Also
considered as reconstruction is the construction of new workshops by the
existing enterprises or institutions to change the variety of products to meet
the market demand (such as the production of civil products by defence industries), or to bring the designed production
capacity into full play through a more balanced production process on
production lines. Technical transformation refers to replacement of old
technology or equipment by new technology or equipment, in order to expand the
reproduction through improvement of technology contents in production, to
improve product quality, to promote new products, to save energy, to reduce
consumption, to expand the production scale and to improve overall
social-economic efficiency. Contents of technical transformation include:
updating of machinery, equipment and tools; reforming production process by
using energy or materials saving technology; construction of factory workshops
and transformation of public facilities; improvement of working conditions and
environment, etc.
Investment
in Fixed Assets by Structure By their contents and the mode of implementation, investment
activities are classified into 3 categories, i.e. construction and
installation, purchase of equipment and instrument, and other expenses.
(1) Construction and installation (work
volume of construction and installation) refers to the construction of houses
and buildings and the installation of various kinds of equipment and
instruments. They include construction of houses; equipment foundations,
industrial kilns and stoves, and metal structure work; preparation works and
temporary works for project construction, and clearing up works post project
construction; pavement of railways and roads, drilling of mines and putting up
of oil pipes; construction of water conservancy; construction of underground
air-raid shelters and construction of other special projects; value of
equipment for heating, sanitation, ventilation, lighting, gas, painting, etc.
that are covered by the budget of housing projects; laying out of various
pipelines (for steam, compressed air, petroleum, tap water and sewage) and
wiring and cabling for electric power and for communications; installation of
various machinery and equipment; testing operation for pre-testing the quality
of installation projects, and land and other development work conducted by real
estate developers for commercialized housing. The value of equipment installed
is itself not included in the value of installation projects.
(2) Purchase of equipment and instruments
refers to the total value of equipment, tools, and instruments purchased or
self-produced which come up to the cut-off point for fixed assets by the
construction units or investing enterprises or institutions. Equipment, tools
and instruments purchased or self-produced for new workshops by newly
established or expanded units are categorized as “purchase of equipment and
instruments” no matter whether they come up to the cut-off point for fixed
assets.
(3) Other expenses refer to expenses arising
during the construction or purchase of fixed assets other than those mentioned
above.
Projects
under Construction refer to projects with construction and installation activities
undertaken in the reference period. All projects that have construction
activities undertaken during the reference period are reported as projects
under construction irrespective of the length of construction work. The number
of projects under construction can reflect the actual size of investment in
fixed assets during a given period, and when compared with the number of
projects completed and put into use during the same period, it demonstrates the
results of investment in fixed assets from the angle of the speed of the
construction. Depending on the nature of construction activities, projects
under construction can also be classified into projects beginning construction
in current year, winding-up projects in current year and stopped or suspended
projects in previous years (with resumption of work in current year).
Projects
Completed and Put into Use Industrial projects refer to the major
projects and anxilliary facilities having been
completed in accordance with the design documents, resulting in forming
production capacity and having checked and accepted after relevant tests, while
the living and welfare facilities having been completed and being capable of
ensuring normal production. Non-industrial projects refer to the major projects
and anxilliary facilities which have been completed
in accordance with the design documents ; have been
checked, accepted after relevant examination; and have been formally delivered
for use.
Newly
Increased Production Capacity (or Project Efficiency) refers to the increase in design capacity (or project efficiency)
through investment in fixed assets, which reflects the accomplishment of
investment in fixed assets in physical form and serves as an important basis
for evaluating the economic efficiency of investment.
The newly increased production capacity (project efficiency) are usually expressed in one
of the following forms:
(1) volume of
output of products, i.e. the volume of output that the project can produce
during a given period (usually a year). For instance, the capacity in coal
mining is expressed in 10,000 tons/year, the capacity in producing chemical
pesticides expressed in ton/year, the capacity in producing tractors in tractor/year,
etc. For some chemical products where the effective contents differ
significantly, the production capacity is expressed as the designed effective
content equivalent, such as in the case of sulphuric
acid, soda ash, caustic soda, etc;
(2) volume of raw materials processed per
unit of time, i.e. the volume of raw materials that could be processed by the
project per day (or per hour), such as tons of materials processed per day by a
sugar refining project or edible vegetable oil project, or tons of urban sewage
processed per day;
(3) number or capacity of major equipment
increased, such as number of cotton or silk looms increased, wool spindles
increased, or capacity (in kilowatts) of power generators increased; and
(4) physical measures (volume, capacity,
area, and length) of construction, which is typical for non-industrial
projects, for instance, the length of railways put into operation, the length
of highways, the capacity of reservoirs, the capacity of warehouses, the floor
space of housing projects, capacity for new students in schools or beds in
hospitals, areas under new irrigation project, etc.
The special features of projects may
sometimes call for the combined use of two or more measurements to reflect the
increase in production capacity (or project efficiency); for instance, the new
capacity for the production of internal combustion engines is expressed in sets
per year and kilowatts per year simultaneously.
To standardize the nomenclature and unit of
measurement for newly increased production capacity (or project efficiency),
the National Bureau of Statistics has developed the Nomenclature and Codes for New Production Capacity (Project
Efficiency). All reporting units with investment activities are required to
follow these two nomenclatures in reporting statistics on new production
capacity (project efficiency).
Floor
Space of Buildings under Construction refers to the total floor space of the horizontal section of outer walls
above the plinth of the building, including the effective area and the area
occupied by the structure. This indicator is one of the important indicators in
physical terms to reflect the scale and accomplishment of the construction
industry and also an important basis for monitoring the progress, calculating
the cost, analyzing the efficiency and studying the supply of building
materials in relation to the construction projects.
Floor
Space of Residential Buildings refers to the floor space of the residential buildings among the total
space of buildings under construction or completed.
Floor
Space under Construction refers to total floor space of all
buildings under construction during the reference period, including floor space
of newly started buildings during the reference period, floor space of
construction extended from the previous period to the current period, and floor
space of construction suspended during the previous period and resumed in the
current period. Floor space of construction completed in the current period,
and floor space of construction started and then suspended in the current
period are also included in the floor space under construction of the current
year.
Floor
Space Completed refers to the floor space of all buildings completed in the reference
period, which have been appraised and accepted (or come up to the designed
standards) and have been transferred to owner units.
Completion
Rate of Floor Space of Buildings refers to the ratio of the floor space of buildings completed in a certain
period of time to the floor space of buildings under construction in the same
period.
Newly
Increased Fixed Assets refer to the newly increased value of fixed assets, constructed or
purchased, that have been transferred to the investors. This is an indicator
that demonstrates the results of investment in fixed assets in monetary terms,
and an important indicator to reflect the speed of construction and to
calculate the efficiency of investment.
Rate
of Construction Projects Completed and Put into Use refers to the ratio of the number of construction projects completed and
put into use in a certain period of time to the number of projects under
construction in the same period. This reflects the investment efficiency from
the perspective of the speed of projects construction.
Rate
of Projects of Fixed Assets Completed and Put into Operation refers to the ratio of the newly increased fixed assets to the total
investment made in the same period. This is a comprehensive indicator
reflecting the speed of the employment of fixed assets and the investment
efficiency at the macro-level. As the newly increase fixed assets is the result
of a long period while the investment is completed in the current year, this
indicator is expected to be used to reflect the employment of fixed assets over
a long period of time.
Area
of Commercialized Housing Sold refers to total contracted area of commercialized housing (i.e. area of
floor space as designated in the formal contracts signed by both sides) during
the reference time. It constitutes floor space of completed housing and floor
space of future housing.
Value
of Commercialized Housing Sold refers to the total contracted value (i.e. value of sales/purchase for
selling/purchase of commercialized housing as designated in the contract signed
by both sides) during the reference time. This indicator has the same coverage
as the area of commercialized housing sold, which constitutes floor space of
completed housing and floor space of housing yet to be completed.
Affordable
Housing Projects refers to increase housing supply by the government offer in order to
solve the housing difficulties in low-income families, list in local government
Housing Guarantee plan and annual plan. Affordable housing in urban areas
mainly include Low-rent housing, public-rent housing, affordable housing, and
commodity price housing, the transformation of slum areas in urban and
state-owned industrial or mining enterprises, renovation of old or slum in state-owned forests or plantations etc.
Affordable housing in rural areas mainly include the countryside dangerous
house transformation, nomads settle project etc. The Affordable Housing in
Affordable Housing Projects usually include the low-rent housing, public-rent
housing, affordable housing, and commodity price housing.