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measures were adopted by the
General
Administration of
Customs for enterprises in the technology development
zones.
15.
China's tourist industry received 16.3 million
foreign visitors in the first half of 1991, representing an
increase of 23.2% over the same period in 1990. Foreign
exchange earned from tourism during the first half of this
year amounted to US$1.3 billion, giving an increase of
36.5% over a year earlier. It was also 33.7% more than in
the first half of 1988, which was the record year for
China's tourist industry.
The total amount of foreign
in 1991 was targetted at
exchange earnings from tourism
US$2.3 billion.
16.
In the first three quarters of 1991, the pledged
value of foreign capital (including both equity investment
and loans) totalled US$11.8 billion, and US$7.7 billion had
been realised. This represented increases of 55.1% and
11.4% respectively over the same period in 1990. When
taken together with the substantial visible trade surplus
and the foreign exchange earnings from tourism, this
resulted in a marked increase in China's foreign exchange
By the end of July 1991, the amount of reserves
stood at US$37.6 billion, US$9 billion more than at the end
of 1990. This is high by international standard, since it
is enough to pay for about eight months of China's imports.
reserves.
17.
(d) Developments in the vicinity of Hong Kong
In the first three quarters of 1991, Guangdong's
gross industrial output was estimated at Rmb 147 billion
(at constant (1990) prices, excluding output from
village-run enterprises), representing an increase of 27.3%
in real terms over the same period in 1990. Investment in fixed assets undertaken by state-owned enterprises amounted
Rmb 14.7 billion in the first three quarters of this
to
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