GF 323
CONFIDENTIAL
機密
CRC INF 3/93
(CEC 1/93)
Report on Developments in
China's Economy and Hong Kong - China Economic Relations
Fourth Quarter of 1992
(I) General economic developments in China
(a) Overall view
The performance of China's economy in the fourth
quarter of 1992 was characterised by a continued rapid
growth in the gross
domestic product (GDP), a strong
upsurge in consumer
depreciation
inflation.
impressive
increase
of the
demand and imports, a sharp
Renminbi, and a higher rate of
For 1992 as a whole, China's GDP registered an
12.8% in real terms, the largest
largely
gain of
since
domestic-demand-led,
the main impetus.
The growth was
1985.
with fixed asset investment providing This, coupled with the relaxation of
import controls, led to a marked increase in China's import
demand and hence a
surplus in 1992.
marked reduction in its visible trade
The buoyant economy also gave rise to pressures on wages and prices, although the overall inflation rate prevailing in the year was still not particularly high.
greater
2.
which
(b) Domestic sector
The strong momentum of economic growth in China,
was evident in the first three quarters of 1992, was
well sustained into the fourth quarter. For 1992 as a whole, China's gross domestic product (GDP) was estimated
at Rmb 2,393.8 billion (at current prices), giving an increase of 12.8% in real terms over 1991(1)
Its per
(1)
Unless stated otherwise, the growth rates quoted hereafter are on a year-on-year comparison.
CONFIDENTIAL **