GF 323
CONFIDENTIAL
11
機密
production and trade and encourages the sale of state-owned
enterprises to the private sector. Nevertheless, the Bank
finds China's progress in economic reforms satisfactory.
It is of the opinion that China has taken some rather
drastic and courageous measures to start a new wave of
reforms.
In the financial year ending 30 June 1991, the
World Bank had extended loans totalling US$1.5 billion to
China,
was significantly larger than
corresponding total of US$580 million in the preceding
financial year (which commenced shortly after the June 4th
events in 1989).
Thus apparently, lending by the World
Bank to China has returned to normal. More recently, the
loans extended by the World Bank to China were not so much
the requirement of satisfying basic human
which
constrained by
needs,
but
were
development(21). The
Asia has opined that
geared
to
the
promoting economic
World Bank's Vice President for
reforms in China's financial sector
are needed imminently, and the Bank is ready to finance
some programmes to improve information flows in China and
to enable the People's Bank of China to operate in ways
more akin to the central banks in the western countries.
14.
The Asian Development Bank (ADB) has also relaxed
(21)
centre,
environmental
protection
In July 1991, the World Bank approved a loan of US$200 million for industrial and infrastructural developments in Tianjin. Half of the loan will be used in infrastructural development, including an information "facilities, road construction, sewage projects, waste
processing,
control
and
public same month, the World Bank approved another loan of US$380 million for ૩ hydro-electric project in Sichuan. The loan is for a period of 20 years with a variable interest rate, (currently set at 7.73%), linked to the Bank's borrowing costs.
transportation.
traffic
In the
CONFIDENTIAL
機密