TNAG-2791-FCO40-4030-Relations-between-Hong-Kong-and-China.-With-maps-1993 — Page 20

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CONFIDENTIAL ##

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3

experienced

share

the

fastest growth (3)

•

As

a

result,

the

of state-owned enterprises in total industrial output further to about 51% in 1992, from 54.6% in 1990 and

52.8% in 1991.

fell

4.

Rmb

1991,

at

Amongst the state-owned enterprises, roughly 30% were still suffering losses in the fourth quarter of 1992. Nevertheless, the total loss incurred in 1992, at

29 billion, was smaller than that in Rmb 31 billion. This was partly due to improved efficiency in the state-owned sector and partly due to the buoyant

market conditions during the year. In order to meet the losses still being incurred by the state-owned enterprises, the State Council had to inject funds in the order of

billion from mid-1991 to December 1992. By

Rmb

55.5

end-1992,

a

inter-company cleared (4).

total of

debts

Rmb 219 billion in overdue

were reported to have been

Specific measures to invigorate the

(3) Gross industrial output, analysed by main ownership types

of industrial enterprises:

(4)

Value of output in 1992

Increase over 1991

(Rmb Bn)

(%)

Gross industrial output*

2,838.1

21.7

of which:

state-owned enterprises

collectively-owned enterprises

of which:

rural and township

enterprises

foreign-funded and

private enterprises

1,681.4

13.0

915.2

33.2

502.0

52.2

241.6

54.0

* Excluding output from village-run enterprises.

The State Council officially declared that the work on clearing inter-company debts was completed in late December 1992.

New funds would not be injected to

clear any inter-company debts from then onwards.

CONFIDENTIAL

機密