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CONFIDENTIAL
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CRC INF 3/93
(CEC 1/93)
Summary of Major Developments in China's Economy and Hong Kong - China Economic Relations
in the Fourth Quarter of 1992
(1)
(2)
(3)
(4)
of 1992.
China's economy remained buoyant in the fourth quarter For the year as a whole, China's real gross
domestic product rose by 12.8% while its gross industrial output grew by 21.7% (paragraphs 2 and 3).
In 1992, industrial output produced
produced by state-owned enterprises grew less rapidly than those produced by other types of enterprises, especially foreign-funded and private enterprises. Output of energy and certain
key raw materials showed much slower growth, as most
of these sectors were predominated by state-owned enterprises. However, following implementation of the various reform measures, the operational efficiency and profitability of the state-owned sector could be expected to improve in the future (paragraphs 4
and 5).
The main impetus to China's economic growth in 1992
came from a substantial expansion in fixed asset
investment of 38% over 1991 (paragraph 6).
with it a
The strong economic performance brought higher workers' payroll, which in turn bolstered private consumption demand, as reflected in a further increase in retail sales of about 10% in real terms.
This increase was,
however, still slower than the
growth rate of 20% in light industrial output.
quite unlike the last consumer boom in 1987
there was no overall
against demand (paragraph 7).
Thus,
88,
shortage of consumer goods
CONFIDENTIAL
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