GF 323
CONFIDENTIAL
5
機密
The
bank loans had been consistently high after 1989, while the
growth rate of the money supply had accelerated markedly (6).
government's attitude during 1992 was generally for a loose credit policy in pursuit of rapid capital construction and generally a high economic growth.
10.
On the supply side, China's gross industrial output grew substantially by 21.7% in real terms in 1992,
which was largely in line with the increase in the main
demand components taken together. While there was thus no
significant imbalance at the overall level, it was the
bottleneck sectors like energy and certain key raw
materials that showed the greatest problems. Over the past
few years, outputs by these sectors had generally grown at
the overall industrial
a much slower
rate
than
(6) Indicators of money and credit:
Year-on-year rate of increase
Currency in circulation
Domestic
deposits
Bank loans
(%)
(*)
(응)
1986
23.3
25.9
28.5
1987
19.4
22.1
19.0
1988
46.7
13.0
16.8
1989
9.8
21.4
17.6
1990
12.8
29.2
22.2
1991
20.2
27.6
19.0
1992 (estimate)
30.0
N.A.
20.0
CONFIDENTIAL #