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GF 323
CONFIDENTIAL
- 6
機密
6.
total
In
line with the buoyant economic performance, the
value of fixed asset investment in China reached
Rmb 730 billion in 1992, representing an increase of 38%
over a year earlier.
accommodated by loose
had generated strong
The investment boom, which was monetary and credit conditions (8), demand pressures particularly on the
basic materials and the construction sector.
7.
At the end of 1992, China's urban unemployment
rate stood at 2.3%, little changed from the level a year earlier. The urban workforce grew by 2.82 million over the
same period to reach 147.9 million, while workers' payroll
increased by 17.0% to a total of Rmb 389 billion. Apart
from general wage
increase (9), the higher payroll was
also attributable to larger income and housing subsidies
being granted to help cushion the higher cost of living (10)
Meanwhile, the growth rate of retail sales
continued to accelerate from 16.5% in the third quarter to
19.4% in the fourth quarter. For 1992 as a whole, retail sales grew by 15.7% in value terms to Rmb 1,089.4 billion.
After allowing for
price increases, there was an increase
(8)
(9)
(10)
In 1992, the total value of loans extended by the People's Bank of China amounted to Rmb 354 billion, representing an increase of 20% over a year earlier.
Average wages recorded an increase of 14.4% in 1992.
In line with the government's policy objective of progressively de-controlling prices, the state-fixed selling prices of the major foodstuffs were raised as from April 1992.
For example, the state-fixed selling price of wheat flour was raised by 42%, and that of rice by 64%. Concurrently, the monthly pay of staff and workers was increased by Rmb 5. Income subsidies to the army, police, students and pensioners were adjusted upward accordingly. Certain localities also introduced housing subsidies to cushion the effect of higher rentals due to the reform of the housing sector.
CONFIDENTIAL
機密