GF 323
CONFIDENTIAL
13
-
Retail price index
Fixed asset investment Government fiscal deficit
Rate of increase
(*)
6
9
Value (Rmb Bn)
860
940
10
29
These forecasts suggest that the
performance of China's
economy should remain strong in 1993, with the real GNP, gross industrial output, residents' income and retail sales all showing double-digit growth. As the growth rate of
bank loans is officially targetted at around 20% for 1993, which is higher than the forecast growth rate of nominal
GNP, China's overall monetary and credit stance would
In this connection, inflation is
remain accommodative.
likely to accelerate further in 1993.
17.
(£) Developments in Guangdong
Guangdong was amongst the fastest growing regions in China. In 1992, the province's gross domestic product
(GDP) was estimated at Rmb 221.8 billion (at current prices), with -an impressive growth rate of 19.5% in real terms. Its gross industrial output (excluding output from village-run enterprises) grew even more rapidly, by 33% to
Rmb 335.4 billion (at constant (1990) prices). These growth rates compared favourably with the nationwide
figures of 12.8% and 21.7% respectively. On the other
hand,
Price
Guangdong's inflation rate, as measured by the Retail Index, averaged at 5.8% in 1992, which was only
slightly higher than that of 5.4% for the country as a
This demonstrated the
whole.
province
remarkable ability of the
in adapting to the pressure of economic growth on
its resources.
CONFIDENTIAL #B
機密
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