TNAG-2791-FCO40-4030-Relations-between-Hong-Kong-and-China.-With-maps-1993 — Page 14

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CONFIDENTIAL

機密

CRC INF 3/93

(CEC 1/93)

Summary of Major Developments in China's Economy and Hong Kong - China Economic Relations

in the Fourth Quarter of 1992

(1)

(2)

(3)

(4)

of 1992.

China's economy remained buoyant in the fourth quarter For the year as a whole, China's real gross

domestic product rose by 12.8% while its gross industrial output grew by 21.7% (paragraphs 2 and 3).

In 1992, industrial output produced

produced by state-owned enterprises grew less rapidly than those produced by other types of enterprises, especially foreign-funded and private enterprises. Output of energy and certain

key raw materials showed much slower growth, as most

of these sectors were predominated by state-owned enterprises. However, following implementation of the various reform measures, the operational efficiency and profitability of the state-owned sector could be expected to improve in the future (paragraphs 4

and 5).

The main impetus to China's economic growth in 1992

came from a substantial expansion in fixed asset

investment of 38% over 1991 (paragraph 6).

with it a

The strong economic performance brought higher workers' payroll, which in turn bolstered private consumption demand, as reflected in a further increase in retail sales of about 10% in real terms.

This increase was,

however, still slower than the

growth rate of 20% in light industrial output.

quite unlike the last consumer boom in 1987

there was no overall

against demand (paragraph 7).

Thus,

88,

shortage of consumer goods

CONFIDENTIAL

機密