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13:35 Feb 20 2009

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Tibet's economy sustains strong growth in 2008
12:33, February 08, 2009  

Sustained high-level growth, effective macroeconomic control and stimulus brought about by investment and consumption are the three highlights of Tibet's economic operation in 2008, according to an official report released on Thursday.

In the first two months of 2008, Tibet's economy continued its rapid and sound development. However, the March 14 riot blew a hard hit to Tibet's economy and brought its growth back to 7.4 percent, the lowest in years and 7.3 percentage points below the first half of 2007.

To overcome the negative effects brought about by the incident, the Regional CPC committee and government tightened macro-control on economy by measures of tax cuts, financing loans, temporary price intervention, and supporting affected business and industries.

Those measures soon took effect and Tibet's economy quickly recovered. The annual increase rate of economy returned to 10.1 percent, meeting the targeted 2-digit growth.

Fixed asset investment in Tibet for the first time in history exceeded 30 billion yuan RMB. Meanwhile, growth of gross social consumption reached 15.2 percent, which forms a "double engine" with investment for Tibet's economic development.

According to the preliminary statistics issued by the National Bureau of Statistics of China, in 2008 Tibet's GDP amounted to 39.591 billion yuan, 10.1 percent higher than the previous year calculated in comparable price, among which the added value of the first industry is 6,051 billion yuan, up 6 percent; the second industry 11.57 billion yuan, 7.9 percent; the third 21.96 billion, 12.4 percent.

Source: Xinhua

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