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issuance as a
expenditure,
inflation.
means
bond
issues
(c) External sector
of financing additional government
could
avoid
adding fuel to the
11.
According to
year-on-year
growth
China's
rate
customs
statistics, the
value of total trade in the first half of 1991 amounted to
US$57.2 billion, representing an increase of 17.3% over the
same period in 1990. In the second quarter of 1991, the
of imports picked up
significantly(17) while that of exports slowed down. Compared with the various quarters in the past two years,
the second quarter of 1991 was the only quarter when China
recorded a faster growth rate for its imports than for its
exports. Nevertheless, China still recorded a visible
trade surplus of US$1.4 billion in the second quarter. As
the Chinese government is still adopting a tight stance
regarding the importation of consumer goods, the recent
substantial increase in imports was mainly composed of raw
materials and capital goods(18).
(17)
Because the first half of 1990 gave a rather low base for comparison, the value of China's imports in the first half of 1991 was still 4.5% lower than in the first half of 1989.
(18)
In the first half of 1991, imports of consumer goods such as television sets, audio and visual equipment, and household refrigerators were reduced by a range of 32% to 88%. Furthermore, the government decided, from 1 August 1991 onwards, to tighten the import controls over car components and parts by limiting the number of custom offices that could handle these items.
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