Report on Developments in Hong Kong/China Economic Relations fourth quarter of 1985
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General economic developments in China
According to a press report released by China's
the Chinese
·
→
(1)
State Statistical Bureau on 28.2.86
economy experienced rapia growth in 1985. National income grew by 12.3% in money terms to Rmb 677 billion. The
value of gross industrial and agricultural output, at
Kmb 1,327 billion, was about 16% higher than in 1984.
Gross industrial output-grew by about 18% "in" money terms Ito Rmb 876 billion and exceeded the annual production
target_by 16%. This press report did not give separate figures for light industries and heavy industries, but
according to an earlier press report released by the
Bureau in December 1985, a balance between light and heavy industries was maintained, with each accounting for about half of the total industrial output in 1985. Nevertheless, when compared with the level in 1984, light industries grew at a much,, faster rate than heavy
industries. Agricultural output, on the other hand, rose
by 13% in money terms to Rmb 451 billion. But there was a
significant decline, of 7%, in grain output as a result of natural disasters and reduced acreage.
2.
Reflecting measures taken by the Chinese Government to cool down the overheated economy, the growth rate in money terms of industrial output slowed down
significantly in the second half of 1985.
Compared with
(1) The figures given in this press report suggest that China has recently revised upwards its national
income, industrial output and agricultural output figures for 1984.
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