recent statistical releases might suggest a rather smaller decline in output than the 3 per cent suggested.
cent suggested. First half figures showed a 6.1 per cent increase in GNP which should include the reported Rmb 39.8 bn direct flood losses to date. Given that the summer grain harvest was reported to be only 2 per cent down on the 1990 record (The Economist 27/7, quoting official sources) the direct losses were either over-estimated (perhaps to solicit foreign assistance) or reflected the replacement cost of capital equipment and works. Nonetheless it is clear that natural disasters will
natural disasters will take the edge
take the edge off what seemed to be once again an unsustainable growth rate.
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Clutch K. L
CE Lane
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