GF 323
CONFIDENTIAL
機密
7
residents'
1991(12).
by
deposits
13.6% over the
real terms.
during the
second quarter of
Meanwhile, the value of retail sales increased
second quarter of 1990. For the first
half of 1991 as a whole, the increase was 13%. Discounting
inflation, retail sales registered a growth rate of 11% in
As activities in the retail market revived,
government issued an "emergency notice" to reinstate
expenditure controls on luxury items like cars and
air-conditioners. On the other hand, there was no lack of
part of consumers given the fact
the
its
purchasing power on the
at
that, apart from the huge amount of saving deposits already
the banks, workers' payroll continued to increase
rapidly(13).
9.
Although the state-fixed selling prices of some
key raw materials and basic necessities were raised in the
first half of 1991(14), the rate of inflation during this
period remained at a low level of 1.8%. Encouraged by this
result, the government announced in July 1991 that the
(12) Rural and urban residents' deposits increased by Rmb 77.9 billion or 11.1% during the first quarter of 1991 and by Rmb 44.4 billion or 5.7% during the second quarter.
At end-June 1991, rural and urban residents' deposits reached Rmb 825.7 billion, 32.8% higher than a year ago.
(13)
In the first half of 1991, workers' payroll amounted to a total of Rmb 146 billion, representing an increase of 14.5% in money terms over the same period in 1990.
(14)
of steel
coal and
In the first half of 1991, the state-fixed selling price of wheat flour was increased by 54%, that of rice by 66%, and that of cooking oil by 159%. Those products, pig iron, crude oil, refined oil, railway freight transportation were also raised but the magnitudes of the increase were not made known. In addition, the government eliminated the two-tier price system for cement, for 70% of the steel products, and for half of the non-ferrous metals.
CONFIDENTIAL
機密
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