CONFIDENTIAL #3
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growth. The average annual growth rates in real terms of
(1)
national income and gross industrial output during the five preceding years, 1982 to 1987, were 10.5% and 15.4% respectively. The corresponding growth rates in the first half of 1988 continued to be rapid, at 10.2% and 17.2% respectively. If the present trend continues, 1988 will be the sixth consecutive year in which China's gross industrial output, computed on the basis of including output from village-run enterprises, recorded double-digit growth in real terms.
4.
While inflation, as measured by the rate of
increase in retail prices, had been fairly high since
(1) 1987 was the first year that gross national product
(GNP) figures were released by China's Statistical Bureau. Previously only national income figures were released. The growth rates in real terms of both in 1987 and the first half of 1988 are stated below :
1987
1988 (1st half)
National income
( 8 )
GNP
(8)
9.3 10.2
9.4
11.0
Source : State Statistical Bureau, PRC.
G.F. 326
CONFIDENTIAL #3
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