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commodities away from
sector.
the
export sector to the domestic
Relaxation of import controls could have provided
an additional boost to China's import demand (12)
consequence, after
surpluses, China's
of US$3.5 billion
trade balance was
of 1992.
•
In
enjoying three successive years of
visible trade account recorded a deficit
in the first half of 1993. In fact, the
already in the red in the fourth quarter
Exports
Year-on-year
Imports
Year-on-year
Visible
growth rate
growth rate
trade
Value (US$BN)
in money terms
(%)
Value (US$BN)
in money terms balance
(응)
(US$BN)
1992 Annual
85.0
18.2
80.6
26.4
4.4
H1
35.6
17.3
33.0
23.3
2.6
H2
49.4
19.0
47.6
28.5
1.8
Q1
14.
9
12.7
13.7
23.
5
1.2
Q2
20.6
20.7
19.3
23.7
1.
.3
Q3
21.9
14.5
19.4
18.3
2.4
Q4
27.5
22.8
28.1
36.7
-0.5
1993 Hl
37.2
4.4
40.7
23.2
-3.5
220
Q1
16.1
7.4
17.3
25.4
-1.2
Q2
21.1
2.2
23.4
21.4
-2.3
Source:
China's customs statistics
10.
continued
to
investment,
there
On inward foreign direct
be a strong inflow into China. In the first
of 1993, a total of 43 632 new foreign-funded projects
were registered with the Chinese authorities. This was than three times the number of new projects registered
half
more
(12) China announced that, with effect from 31 December 1992, the tariff rates on 3 371 imported commodity items were lowered by an average of 7.3%. These included (i) raw materials such as timber, cast iron, dyes, etc; (ii) hi-tech products; developing countries; and local producers in China like garment and footwear.
(iv)
were
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(iii) products from products in which fairly competitive,
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