12.
CONFIDENTIAL #2
9
On the demand side, Guangdong has experienced a sustained period of strong growth in both consumption and
investment
The former is related to the unleashing
(19)
(20)
of purchasing power because of very substantial increases
in income s
and the latter due to efforts made to accommodate rapid growth by enlarging the productive capacity of Guangdong's economy.
(19) Indicators of growth in Guangdong's consumption and
investment :
Total value of retail
sales (Rmb bn)*
Total investment in fixed
assets (Rmb bn)*
1978
1984
1986
10.52
3.5**
27.33
13.68
38.72
23.21
Average annual
growth rate in
money terms:
1978-84 (6 years)
17.2
25.5
1984-86 (2 years)
19.0
30.3
1978-86 (8 years)
17.7
26.7
**
At current prices Estimate
Sources: Statistical Yearbook of China,
various issues.
Guangdong Yearbook 1987.
(20) During the eight years between 1978 and 1986, there
have been increases of 11.5% and 15.5% per annum respectively in the average annual wage and total wage bill paid to staff and workers in the urban sector of Guangdong.
CONFIDENTIAL ##