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19. There was extensive discussion of measures to improve the productivity of Chinese industry and of the important role of advanced technologies such as semiconductors, in establishing internationally competitive activities.
20. The meeting then focussed on Agenda Item 2, "Managing the Structural Problems of the World Economy" under the chairmanship of H.E. Zhang Shou, Vice Minister, the State Planning Commission.
21.
The major problems confronting the world economy the US budget and trade deficits, international imbalances, developing country debt etc. - were reviewed, as were China's specific concerns in investment, trade, the GATT etc. The discussion then turned to domestic economic issues.
22. In the process of change from a centrally-planned to a more market-oriented economy, the Chinese are facing serious problems of economic policy and management. There was intense discussion, particularly on strategies for the decontrol of prices, and of wages, and for the control of inflation.
22. After these reviews of technological and economic issues, the meeting then considered, under Agenda Item 3, "The Physical Determinants of World Economic Activity Environment and Energy" under the Chairmanship of Lu Yingzhong, Vice President of China's Energy Research Society.
23.
The Chinese have become very conscious of the impacts on the environment of rapid economic growth. They also recognise that their use of energy and natural resources is extremely inefficient, partly because of the absence of a realistic pricing system. A central point was the potential impact on China, and on the global environment, of the planned increase in energy use particularly of coal - by the vast population of China as economic growth proceeds.
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24. The participants then had an extensive discussion, under Agenda Item 4, of "Economic and Political Relations in the Nineties" under the Chairmanship of H.E Huan Xiang, Chairman of the State Council International Research Center.
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