China's Electronic, IT Exports Tipped Up 41.2% In 2003

Fri Dec 5, 6:23 AM ET

BEIJING -(Dow Jones)- Exports of Chinese made electronic and information technology products are expected to rise 41.2% year on year to $130 billion in 2003, the state-run Xinhua News Agency reported Friday, citing official figures.

Manufacturing of electronic appliances for export markets has been a key driver of industrial output in China this year, helping to lift overall economic growth.

Electronic and IT goods accounted for 31.5% of China's total exports in the first 10 months of this year, the report said.

Foreign-funded firms comprise 23% of electronic companies in China, but account for 82.7% of the country's total electronic exports and contribute to 68% of the total value of industrial output, the report added.

In the first 10 months of this year, domestic sales of electronic and IT products rose 34.6% year on year to 1.36 trillion yuan ($1=CNY8.28).

Pretax profits generated by electronics and IT firms rose 17.6% year on year to CNY71.7 billion during the same period.

http://story.news.yahoo.com/news?tmpl=story&cid=808&ncid=808&e=3&u=/dowjones/20031205/bs_dowjones/200312050623000240

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Couple this with an exploding demand for petroleum and watch the world change before your eyes...