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*
(11)
(35% in the fourth
was maintained at a high level
quarter). Thus the visible trade deficit widened sharply
in the second half of 1988 (US$6.59 billion in the second
half compared with US$1.12 billion in the first half).
This deterioration was at least partly related to
inflation which caused resources to be shifted from the
external sector to the domestic sector, thus reducing the
growth rate of China's exports, and also induced some
increase in China's imports to satisfy the excess demand
in the economy.
12.
China's tourism industry earned US$2.2 billion
in 1988, 19% more than in 1987, equivalent to about 30% of
China's visible trade deficit in 1988. At the end of 1988
(11)
Exports
Growth rate over the
same
period
Imports
Growth rate over the
same
period
Visible trade balance
(US$bn)
Value (US$bn)
in 1987
(8)
Value (US$bn)
in 1987
(%)
1988 1st half
21.02
26
22.14
19
-1.12
Q3
11.87
20
14.17
34
-2.30
Q4
14.65
13
18.94
35
-4.29
Q1-04
47.54
21
55.25
28
-7.71
Source: China's General Administration of
Customs Statistics
But according to trade statistics compiled by China's Ministry of Foreign Economic Relations and Trade which are considered less useful for macroeconomic analysis, China had a small trade surplus of US$0.78 billion in 1988; with exports of US$40.1 billion. (+16% over 1987) and imports of US$39.32 billion (+18% over 1987).
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