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機密
14
34% to US$880 million.
the
Recently the State Council approved
expansion of the Guangzhou Economic and Technological
Development Zone and the setting up of a bonded industrial
district within the zone.
20.
In the first three quarters of 1991, Shenzhen
City's exports (excluding exports by outward processing
units) reached US$2.2 billion, representing an increase of
11% over the same period in 1990. However, it happened for
the first time that the value of exports by state-owned
enterprises in Shenzhen was less than a year earlier. This
was partly the result of standardisation of the foreign
exchange retention ratio under the recent foreign trade
reform.
In consequence, companies in the inner provinces
no longer relied on Shenzhen as their exporting base. Elimination of most of the subsidies on exports, coupled
with the higher costs of production in Shenzhen, should
have also contributed. Largely reflecting the poor export
performance of the state-owned enterprises, exports by
foreign-funded enterprises accounted for more than half of
Shenzhen's total exports in the first three quarters of
by foreign-funded enterprises amounted to
increase of 30.7% over a
value of pledged foreign
representing an
1991.
Exports
US$1.2 billion,
year earlier.
As regards the
capital in Shenzhen City, it increased by 55% to US$659
million in the first eight months of 1991.
21.
The
Shenzhen Stock Exchange was formally
inaugurated on 3 July 1991, although trading had already
begun in April 1988. Currently there are six listed
companies on the Shenzhen Stock Exchange, including two Sino-foreign joint ventures. Moreover, there are around 70
enterprises in Shenzhen which have adopted the shareholding
system and have issued shares internally. In early
November 1991, thousands of people in Shenzhen queued up
overnight to buy shares in 11 companies which are expected
to be listed. They will be allocated shares through a
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