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11
to
27.2% more than at the end of 1989(13) The proportion
of short-term debts in China's total foreign debts amounted
12.9% at end-1990, compared with 10.3% at end-1989.
This reflected the higher cost of borrowing in the
commercial loans following the June events in 1989 and
China's objective of limiting the burden of foreign debt
repayment in 1991 and 1992. Nevertheless, with the
proportion of short-term debts in China's total foreign
debts falling from 40.5% at end-1985 to the current low
level, China's foreign loan structure had improved
substantially during its seventh five-year plan (1986
90).
14.
1991.
According to China's Ministry of Foreign Economic
Relations and Trade (MOFERT), China approved 8 301
foreign-funded projects in the first three quarters of
The pledged value of direct foreign investment
totalled US$7.1 billion during the same period, and US$2.7
billion had been realised. In response to some rumours,
MOFERT officials reassured foreign investors that China
would not restrict foreign investment in order to protect
the state-owned enterprises. It was stated clearly that in
the coming five years, China would seek to attract foreign
investment
projects involving agricultural technology
development, transport, energy and key raw materials production, and would also promote the comprehensive use of
new technology
exploit its natural resources.
Meanwhile, new preferential policies and customs control
to
to
(15)
China's total foreign debts outstanding by the end of 1990, the composition in regard
borrowing
to
agencies is as follows:
(%)
Government departments
24.5
Financial institutions Domestic enterprises
Foreign-funded enterprises
53.2
13.3
9.0
100.0
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