TNAG-2527-FCO40-3696-Hong-Kong-China-Relations-Committee-1992 — Page 107

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(5)

(6)

Due to a significant pick-up in the growth rate of

exports in the third quarter of 1991 from the second

quarter, China's visible trade surplus widened again

to US$2.6 billion in the third quarter of 1991

(paragraph 8).

The tension between China and the

United States over the various trade and related

issues is still significant (paragraph 9).

On external borrowing, both the World Bank and the

Asian Development Bank have been active in supporting

economic development projects in China (paragraphs 10

and 11).

In the first three quarters of 1991, the

pledged and realised values of foreign loans amounted

to US$4.4 billion and US$4.9 billion respectively.

China's outstanding foreign debts totalled US$52.6

billion as at end-1990.

The loan structure had

improved significantly over the past five years

(paragraph 13).

(7) In the first three quarters of 1991, the pledged and

realised values of direct foreign investment amounted

to US$7.1 billion and US$2.7 billion respectively.

The Chinese government reassured foreign investors

that it would not restrict foreign investment in order

to protect the state-owned enterprises (paragraph 14).

(8) The inflow of foreign capital, together with the

substantial visible trade surplus and the foreign

exchange earned from tourism (paragraph 15), caused

China's foreign exchange reserves to increase

markedly.

These reserves stood at US$37.6 billion as

at end-July 1991 (paragraph 16).

Guangdong's industrial growth remained rapid in the

(9)

first three quarters of 1991,

at 27% in real terms

CONFIDENTIAL

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