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.
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.
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.