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 and related fees, expressed in monetary terms. It is a comprehensive indicatorwhich shows the size, structure and growth of the
investment in fixed assets, providing 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 the state-owned units, collective units, individuals, joint
ownership units, share-holding units, as well as investment by businessmen from
foreign countries and from Hong Kong, Macau and
Urban
Investment in Fixed Assets refer to construction projects involving
a total planned (or required) investment of 500,000 yuan
and over by urban enterprises and
institutions of various types of ownership, by administrative units and
by individuals, investment in real
estate development, and housing investment by individuals in urban areas and in
industrial and mining areas. In other words, all investments that take place in
county towns and urban areas, investment in construction projects under the
direct leadership and management of government agencies at and above county
levels and investments by enterprises and institutions at and above county
levels are covered in urban investment in fixed assets.
Investment
in Real Estate Development refers to the investment
by the real estate development companies, commercial buildings construction
companies and other real estate development units of various types of ownership
in the construction of house 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, telecommunications,
land leveling and other projects of infrastructure. It excludes the activities
in pure land transactions.
Investment
in Housing Construction in Urban Areas and in Industrial and Mining Areas refers to all private housing construction under the jurisdictionof cities, county towns and industrial and
mining areas, no matter whether the owner of the house is registered as the
permanent resident in the locality or not.
Investment
in Rural Areas refers to investment in fixed assets
by enterprises, institutions and individuals in rural areas.
Total
Size of Construction refers to the planned total
investment for all construction projects during the reference period.
Total
Size of Investment in Projects under Construction
refers to the planned total investment of all projects under construction at
the end of the reference period.
Net
Size of Investment in Projects under Construction
refers to the required investment of all projects under construction at the end
of the reference period.
Net Size of Investment = Total Size of
Investment – accumulated completed investment
Sources
of Funds for Investment in Fixed Assets include
fund from state budget, domestic loans, foreign investment, self-raised funds,
and others depending on the source of investment. (1) Fund from state budget
consists of budgetary appropriation and loans from 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 by Trades
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 responsible
authorities, special loans by government (including loan for substituting
petroleum with coal, special loan for reform-through-labour
coal mines), loans arranged by local government from special funds, domestic
reserve loan, and working loan, etc. (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 investment. Excluded in this category are capitals in foreign exchanges
owned by
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 Type of Construction The 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
investment in housing by urban individuals. (1) New construction in general
refers to newly constructed enterprises, institutions, administrative agencies
or independent projects from scratch. Construction in the existing enterprises,
institutions or agencies is not considered as new construction. In case the
assets of the existing unit is quite small, and the value of newly added fixed
assets exceeds the original value of assets by three times, 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) of the original
products. Newly constructed houses for the operation of institutions and
administrative organizations (such as the newly constructed buildings for
teaching in schools, buildings for clinics or wards in hospitals, etc.) are
also classified as expansion.Also included in the
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 expending the production
capacity of original products or producing new products. (3) Reconstruction
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 and reduce consumption 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,
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 various houses and buildings and installation of
various kinds of equipment and instruments. They include construction of
various houses; equipment foundations, industrial kilns and stoves, and metal
structure work; preparation 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 projects 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 lines for electric power and for communications; installation of
various machinery equipment, testing operation for pre-testing the quality of
installation projects, and land and other development work conducted by real
estate developers for commercial housing. The value of equipment installed is
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 standards
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
standards for fixed assets.(3) Other expenses refer to expenses occurring
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. Depending on
the nature of const ruction activities, projects under construction can also be
classified into projects under construct ion in current y ear, winding-up
projects in current year and stopped or suspended projects in previous years
(with preservation work in current year).
Projects
Completed and Put into Use Industrial projects
refer to the major projects and accessory facilities completed which result in
forming production capaCity and have been checked and
accepted while the living and welfare facilities have been completed and can
ensure normal production and formally put into production. Non-industrial
projects refer to the major project s and accessory facilities completed which
possess the designed capaCity and have been checked,
accepted and formally put into production.
Newly
Increased Production CapaCity (or Project Efficiency) refers to the increase of designed capaCity
(or project efficiency) through investment in fixed assets, which reflects the
accomplishment of investment in fixed assets in kind and serves as important
basis for evaluating the economic efficiency of in-vestment.
The newly increased product ion capaCity
(project efficiency) are usually expressed in one of the following
forms: (1) output of products, i.e. the 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) raw
materials processing capaCity, 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 in-creased, or capaCity (in kilowatt s) of power generators increased; (4)
saved raw materials, fuels or power, which are mainly used for the efficiency
of innovation and transformation projects; and (5) physical measures (volume, capaCity, area, and length) of construction, which is
typical for non industrial projects, for instance, the length of new railways
or highways, the capaCity of reservoirs, the floor
space of housing projects, capaCity f or new students
in schools or beds in hospitals, areas under new irrigation project, etc.
Features of projects sometimes call for combined use of two or more measurement
to reflect the increased production capaCity (or
project efficiency), for instance, the new capaCity
for the production of internal combustion engines are expressed in set s per
year and kilowatts per year simultaneously. To standardize the nomenclature and
unit of measurement for new production capaCity (or
project efficiency), the National Bureau of Statistics has developed
Nomenclature for New Production CapaCity (Project
Efficiency) and Nomenclature for Saving Raw Materials, Fuels and Power. 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
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
important basis for monitoring the pr ogress, calculating the cost, analyzing
the efficiency and studying the sup ply of building materials in relation with
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 construct ion during the reference period,
including floor space of newly start ed 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 const ruction completed in the current period, and floor space of
const ruction started and then suspended in the current period are also
included in the floor space under const ruction of the current year.
Floor
Space of Buildings 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 the owners for use.
Completion
Rate of Floor Space of Buildings refers to the
ratio of the floor space of buildings completed in certain period of time to
the floor space of buildings under const ruction in the same period. This
indicator reflects the investment result from the perspective of t he speed of
construction.
Newly
Increased Fixed Assets refer to the newly
in-creased value of fixed assets, constructed or purchased, that have been
transfer red 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 construct ion 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 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.
Number
of Flats in Completed Residential Buildings refers
to total number of flats completed during the reference period, appraised and
accepted as meeting the standards for living, and transfer red for use. A flat
includes separate kitchen and bathroom, several bedrooms and corridor, suitable
for one household. This indicator reflects the degree of industrialization of
the residential building construction, the process of urbanization and the
improvement of the living standard of people.
Villas,
High-Grade Apartments refers to commercial houses
whose const ruction costs and marketing pr ices are significantly higher than
ordinary housing. Villas are independent structures generally located in the
suburbs; high-grade apartments are multi-story buildings located in elegant
urban neighborhoods. Criteria for villas and high-grade apartments include: 1)
projects for the construction of villas or high-grade apartments have to be
approved by competent departments in charge of real estate development and
investment plans, and 2) pr ices f or projects on villas or high- grade
apartments are higher by over 100% com-pared with the aver age prices of
ordinary commercial housing projects in similar location. This indicator helps
to analyze the investment structure of the real estate industry and the demand
and supply of housing for high-income households.
Economically Affordable Housing refers to housing constructed according to the state plan for economically affordable housing. Houses of this category featured in low cost in construct ion and low prices, and therefore are affordable to mid-income or low-income households. Economically affordable housing projects are developed by real estate companies under the state investment plan, with the land provided through government allocation or tendering procedures. Developers are exempted from land utilization fees and enjoy another 50% exemption of all other legitimate fees, while their profits are limited to less than 3%, and the completed houses are sold under the government guided prices. This indicator helps to analyze the investment structure of the real estate industry and the demand and supply of housing for mid or low income households.