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state-owned
fell
enterprises
in the
overall industrial output
further, from 51% in 1992 to about 46% in the first
half of this
year (5).
The
non-state-owned sector thus
began to account for a major share of the overall industrial output.
4.
inefficiency
Also reflecting the gross
state-owned enterprises, output of energy
materials, which remained largely in the
enterprises, grew by 5
considerably slower than
for overall
of
and key raw
hands of such
16% in the first half of 1993,
-
13% and 22%. Capacity
the growth rate of 25% recorded industrial output (6).
In 1992, the
corresponding growth rates were 2
constraints in these bottleneck sectors had exacerbated
China's inflation and, if allowed
continue, could
restrain China's economic growth potential even in the longer term.
5.
primarily
1992.
to
The economic boom in the first half of 1993 was
investment-driven, same as the situation in
The value of fixed asset investment in the first
half of the year amounted to Rmb 354 billion, representing
rapid increase of 61.0% over a year earlier. Investment
state-owned enterprises accounted for Rmb 219 billion or
a
by
(5) These ratios include output from village-run enterprises.
(6) Year-on-year growth rates in real terms of:
1992 1993 01 1993 02
(응)
(8%)
1993 H1
(응)
( / )
21.7
22.
4
27.6
25.1
of which:
Energy
Gross industrial output*
Electricity
10.9
9.7
9.3
9.5
Coal
3.1
5.6
4.4
5.0
Crude oil
1.6
4.2
12.0
8.1
Key raw materials
Pig iron
12.5
10.4
20.6
15.5
Steel
13.3
11.1
12.9
12.0
Cloth
3.5
10.4
3.0
6.7
* Excluding output from village-run enterprises.
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