China's conversion
Article Abstract:
China is aiming to unify three sectors of its currency market in preparation for full renminbi convertibility. These sectors are the government-pegged foreign-exchange certificates (FEC), the officially sanctioned grey-market swap rates among Sino-foreign ventures and the blackmarket rate. However, despite central bank measures toward this goal, the three currency sectors are not nearer to converging than before. One state official has criticized government efforts as inappropriate and parochial.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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Warm glow
Article Abstract:
The adoption of liberal investment and trade policies enabled China to post significant economic growth in 1991. Official statistics revealed a 7% increase in GNP and a 17.5% increase in trade volume. A US$12.5 billion trade surplus was reported even as imports outstripped exports by 3.7%. Both retail and industrial sectors posted gains at 13.2% and 12.9% respectively. Overall output for China's five coastal special economic zones also grew by 56%.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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Heating up again
Article Abstract:
China appears poised to achieve double-digit growth in gross domestic product for 1992 with an 18.2% increase in industrial output from 1991 for the first four months. However, inflation has also risen to an annualized rate of 11.7% as compared to 2.8% in 1991. Conservative economists have blamed rapid growth for the inflation. Meanwhile, China also had better export figures against imports, $21.3 billion and $19.8 billion respectively.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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