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summer grain amounted to 98.2 million tonnes, representing
a decrease of only 1.9% from the level recorded in 1990.
But the autumn harvest, which normally accounts for 80% of
the annual grain output, is likely be more seriously
affected. Besides, the fall in grain prices as a result of
the bumper harvests in 1989 and 1990 may
have also
discouraged farmers from producing more grain. Hence, it
is most unlikely that the historic high grain production of
435 million tonnes achieved in 1990 can be repeated this
year, and more grain will have to be imported.
7.
Under
conservancy
government
government
assets(11)
the guise of saving money for water
and flood control projects, the central
had imposed certain restrictions on all
departments regarding investment in fixed
1991, a relatively
In the first half of
loose monetary stance had enabled investment in fixed
assets undertaken by state-owned enterprises to increase by
20.9% in money terms to Rmb 87.3 billion.
8.
As
the deposit interest rates were reduced
further by an average of one percentage point in April,
there were signs of a slow-down in the growth rate of
(11)
The relevant notice issued by the State Planning Commission stipulated that, from 15 July 1991 onwards, only those investment projects involving agriculture, grain storage, water conservancy, energy
material production, transportation, education and public health would be approved.
and
raw
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