GF 323
CONFIDENTIAL
2
機密
(5)
In
the
4.4% to US$37.2
external sector, China's exports grew by only
billion, while its imports grew much
faster by 23.2% to US$40.7 billion in the first half
1993. As a result, China incurred a visible trade
that period
of
deficit of
(paragraph 9).
US$3.5
billion in
(6)
(7)
(8)
On inward foreign direct investment, there was а continued strong inflow into China. The pledged value
of foreign direct investment amounted to US$58.8
billion in the first half of 1993, 300% higher than in
the same period in 1992, while the corresponding
realised value, at US$9.4 billion, was 180% higher
(paragraph 10).
On 1 June, the Chinese government lifted the price ceiling imposed in mid-February on foreign exchange
transactions in the swap centres. This led to a sharp
depreciation in the exchange rate of the Renminbi in
the swap market to a historic low of nearly Rmb 11 to
US$1 in mid-June. However, following annoucement of
tighter restraint
measures on the economy in early
July and with interventions through heavy selling of
dollars by the Chinese government in the major swap
centres, the market exchange rate of the Renminbi
staged a marked recovery and closed at Rmb 8.8 to US$1
at end-August (paragraph 13).
US
The Chinese leaders expressed serious concern about increasing overheating in the economy, in particular
the trend of accelerating inflation and the chaos in
the financial sector.
On 3 July, the government
announced а package of 16 restraint measures, or the
"16-point plan", in order to cool down the
overheating, redress imbalances and restore financial
discipline. These measures are nevertheless selective
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