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loose monetary stance(1) and the government's support to
the loss-making state-owned enterprises(2).
3.
The relatively modest performance of the
state-owned enterprises as compared to the non-state-owned
ones(3) was one of the main factors causing regional
with a relatively large
disparity.
non-state-owned
were able to
Provinces
sector like Guangdong, Zhejiang and Jiangsu
enjoy much faster growth rates than the
(1)
Outstanding bank loans stood at Rmb 1,575 billion at the end of June 1991, representing an increase of 21% over a year earlier.
(2)
The Industrial and Commercial Bank of China, which serves mainly the industrial and commercial sectors, granted 60% to 70% of its total loans to the large and medium-sized state-owned enterprises in the first half of 1991. This policy is expected to continue into the second half of the year.
(3)
Year-on-year growth rate in real terms of gross industrial output by ownership type:
1991 H1
(%)
13.4
8.9
19.4
42.4
Gross industrial output*
of which:
State-owned enterprises
Collectively-owned enterprises
Others
* Excluding output from village-run enterprises.
# Consisting mainly of foreign-funded enterprises.
GF 323
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