TNAG-2292-FCO40-3304-Official-visits-from-Hong-Kong-to-China-1991 — Page 24

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17.

In the first half of

pledged foreign loans increased

to China's

1991, the total value of

by 14% to US$3.2 billion

and a total of US$3.1 billion had been utilised. According

official estimate, the total value of

outstanding foreign debts stood at US$52.6 billion at the

end of 1990. Of this total, US$30.9 billion was owed to

foreign commercial banks, as reported by the Bank for

International Settlements.

18.

The strong inflow of direct foreign investment

continued into the second quarter of 1991. According to

China's Ministry of Foreign Economic Relations and Trade

(MOFERT), China approved a total of 5 028 foreign-funded enterprises in the

half of 1991, involving a total

value

first

of pledged direct foreign investment of US$4.5

billion(27). These represented increases of 81% and 94%

respectively over the first half of 1990. Over the same

period, the value of realised direct foreign investment

also grew rapidly, at 35%. It amounted to US$1.7 billion

(27)

The

foreign-funded projects approved in the first half of 1991 consisted of the following:

Number of ventures

Value of pledged direct foreign

investment

(USSBN)

Wholly foreign-owned

enterprises

1 128

1.1

Equity joint-ventures

3 224

2.5

Co-operative joint-

571

0.8

ventures

5

0.04

Oil exploration

projects

Total

5 028

4.5

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