GF 323
CONFIDENTIAL
9
機密
(12)
that recorded in the first half (US$1.15 billion)
The slow down in the growth rate of exports to 20% in the
third quarter from 26% in the first half was probably
related to inflation in China causing resources to be
shifted to its domestic sector from the external sector.
On the other hand, with aggregate demand in excess of
aggregate supply more imports may have come in to meet
part of the unsatisfied demand existing in China's
economy, resulting in the sharp acceleration of the growth
rate of imports from 19% in the first half to 34% in the
third quarter.
13.
At the end of September 1988 China's foreign exchange reserves amounted to US$18.0 billion, about the
same as three months earlier.
China's foreign exchange
(12)
Exports
Growth
rate over the
same
Imports
Growth
rate over the
same period in 1987
Visible
trade balance (US$ bn)
period
Value (US$bn)
in 1987
Value
(*)
(US$bn)
( 3 )
1988 1st half
21.03 26 (20.22) (16)
22.18
19
(15.63)
(24)
-1.15 (+4.59)
Q3
11.88 20 (9.79) (10)
14.14 (9.66)
34 (28)
-2.26 (+0.13)
Q1
-
3
36.32
24 (25.29) (26)
-3.41
(+4.72)
32.91
25 (30.01) (14)
Source: China's General Administration of Customs Statistics.
China's Ministry of Foreign Economic Relations and Trade
Figures in brackets are trade statistics compiled by China's Ministry of Foreign Economic Relations and Trade which are considered less reliable for macroeconomic analysis.
CONFIDENTIAL
機密