GF 323
CONFIDENTIAL
(b)
Domestic sector
2
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2.
China's
Following a year of
economy continued to
part of 1993, by 14.1% in
growth momentum was well
quarter.
current
robust performance in 1992,
grow strongly in the early the first quarter (1). The
sustained into the second
The gross domestic product (GDP) for the first
half of the year, estimated at Rmb 1,264.7 billion at
prices, was higher than a year earlier by about 14%
in real terms. In the face of this continued buoyancy, the
government had revised upward its GDP growth
for 1993, from 10% to 12% and then to 13%. For
be achieved, the real GDP growth
slow down to around 12% in the
Chinese
forecast
this annual forecast
rate would only need
second half of the year.
to
to
3.
Performance showed
considerable
variations among
different economic
sectors.
While output of the
9/
gross industrial
agricultural and the transport sectors grew by about 4% and
respectively in real terms in the first half of 1993,
output (excluding output from village-run enterprises), at Rmb 1,666 billion at current prices, grew at an unprecedented rapid rate of 25.1% in real terms (2).
(1) Unless stated otherwise, the growth rates quoted
hereafter are on a year-on-year comparison.
(2)
Year-on-year growth rates in gross domestic product and gross
Gross domestic
real terms of China's industrial output:
Gross industrial
output*
product (응)
(%)
1989
4.5
8.5
1990
3.6
7.6
1991
7.2
12.9
1992
12.8
21.7
1992 H1
12.0
18.2
H2
13.6
24.9
1993 H1
13.9
25.1
* Excluding output from village-run enterprises.
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