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proportion of their output sold at market prices outside the centralised system of distribution but which continue
Also, the to enjoy the benefit of subsidized inputs. government officials responsible for the allocation of those goods and services that are in short supply may benefit illegally.
28.
(b) Exchange rate of Renminbi
In past years, China's economy has become more externally oriented. This is evidenced by China's increasing volume of trade, both in absolute terms and
(18). relative to its national income
(18) Importance of China's external trade sector
Total*
trade
expressed
as a
proportion
National of national
Total
Exports
Imports
trade
income
income
(US$ bn) (US$ bn)
(US$ bn)
(US$ bn)
(%)
1983
22.2
21.4
43.6
239.4
18.2
1984
26.1
27.4
53.6
242.8
22.1
1985
27.4
42.3
69.6
238.6
29.2
1986
30.9
42.9
73.9
225.6
32.8
1987
39.5
43.2
82.7
246.0
33.6
(*) This proportion may have somewhat over-stated the
importance of China's external trade sector as the national income figure of China is likely to be an under-estimate of the actual size of its economy.
The figures for national income understate the increase in this aggregate in Renminbi terms because of various devaluations of the Renminbi over this period.
Source : State Statistical Bureau, PRC.
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