G.F 15
CONFIDENTIAL #B
10
(7)
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the importation of 38 categories of commodities
including colour TV sets, computers and certain electronic
components, would not be allowed, on the ground that
domestic production of these items has now achieved
international standards.
14.
•
On the invisible trade account, a surplus of
about US$1.7 billion was recorded in the first half of 1987 (8)
Together with the improvement in the visible
trade account, China was able to reverse the declining
trend in its foreign exchange reserves. At the end of
June 1987, China's total foreign exchange reserves stood
at US$12.6 billion, compared with US$10.5 billion at the
end of December 1986. of this total, US$3.4 billion were
state reserves and US$9.1 billion were the reserves of the
People's Bank of China. In addition, China held gold
reserves of 12.67 million ounces.
15.
The latest statistics on foreign investment
indicate that in the first half of 1987, a total of 738
projects involving joint ventures, co-operative
enterprises and wholly foreign owned enterprises were approved. In terms of numbers, this represents an
increase of 34.7% over the first half of 1986.
However,
in terms of pledged investment, the amount absorbed in the
(7)
Of these 38 commodity items, 26 were developed by foreign investors.
(8)
In the first half of 1987, earnings from tourism amounted to US$0.79 billion, representing an increase of 17.9% over the same period last year.
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