Report No. 1 5288-CHA The Chinese Economy: Fighting Inflation, Deepening Reforms (In Two Volumes) VolIme Il: Annexes April 4, 1996 Counrtrv Operations Division Chiina and Mongolia Department East Asia and Pacific Regional Office Document of the World Bank ACRONYMS AND ABBREVIATIONS ABC - Agricultural Bank of China ADB - Asian Development Bank ADBC - Agriculture Development Bank of China BOD - Bank of China BOCOM - Bank of Communications CITIC - China Trust and Investment Corporation COE - Collective-Owned Enterprise CPIC - China Pacific Insurance Company CSRC - China Security Regulatory Commission CSY - China Statistical Yearbook DOD - Debt Outstanding and Disbursed DRS - Debt Reporting System FDI - Foreign Direct Investment FYP - Five Year Plan GDFI - Gross Domestic Fixed Investment GDP - Gross Domestic Product GNFS - Goods and Non-Factor Services GVIO - Gross Value of Investment Output IBRD - International Bank for Reconstruction and Development ICBC - Industrial and Commercial Bank of China IDA - International Development Association IMF - International Monetary Fund MLT - Medium and Long-Term MOF - Ministry of Finance NBFIs - Nonbank Financial Institutions NFS - Non-Factor Services NETS - National Electronic Trading System NTBs - Non-Tariff Barriers NTS - National Tax Service PBC - People's Bank of China PICC - People's Insurance Company of China PSD - Public Sector Deficit RMB - Renminbi SDB - State Development Bank SDR - Special Drawing Rights SETC - State Economic and Trade Commission SPC - State Planning Commission SOUs - State-Owned Units TFP - Total Factor Productivity TICs - Trust and Investment Corporations TVEs - Township and Village Enterprises The Chinese Economy Fighting Inflation, Deepening Reforms Volume II: Annexes April 1996 World Bank I Contents Paee No. Annex 1: Financial sector and state owned enterprise strategy 1 matrices Annex 2: Public expenditure needs and options for revenue 10 mobilization Annex 3: Methodological note on the calculation of the public 25 sector deficit Annex 4: Technical note on the decomposition of China's 28 growth Statistical annex 33 Annex la Matrix of proposed financial sector reforms Overall obiective: Establish a financial system that efficiently mobilizes and allocates resources in a safe and sound manner to support rapid, stable, and sustainable growth. Subordinate objective Area Phase I Phase II Phase m (1-2 years) (3-5 years) (6-10 years) A. POLICY FRAMEWORK Reduce the role of 1. Credit Plan Reduce the share of the credit plan subject Restrict credit plan to policy banks Eliminate credit plan government in directing to project-by-project allocation only resources 2. Securities Market Eliminate provincial quotas for share and Eliminate aggregate quota bond issues; introduce aggregate quota 3. Interest Rate Policy State Council delegate decisions on interest rates to Monetary Policy Committee Simplify interest rate structure; increase Allow commercial banks the Liberalize interest rate completely. frequency of interest rate adjustments; freedom to set their own lending raise lending rates to real positive levels; rates for a small proportion of their increase spreads to reasonable level. asset portfolio; increasingly widen the bands within which lending rates can fluctuate. Sell increasing portions of treasury bonds Sell all bonds at market rates; all Sell all bonds at auction at market interest rates; initiate auctions rediscounting done at market rates. for small portions of bond issue; shift to rediscount facility by Central Bank 4. Tax Policy Review tax laws applying to financial Reduce tax rates on fmancial institutions institutions; make implementation of tax laws more rule-based Objectlves Area Phase I Phase II Phase m (1-2 yean) (3-5 years) (6-10 years) B. CENTRAL BANK OPERATIONS Improve the Central 1. Legal Framework Promulgate and implement detailed rules Review implementation of Central Bank's management of and regulations related to new Central Bank Laws and revise where monetary aggregates Bank Law necessary 2. Control of Monetary Abolish direct lending by PBC for policy Restrict indirect funding of policy Remove policy loans from PBC's Aggregates purposes (except for agricultural loans though discounting; eliminate balance sheet procurement). PBC lending for agricultural procurement. Actively use reserve ratios, asset-liability Further expand use of indirect Use indirect policy instruments as ratios, and discount facility to manage instruments principal mechanisms for manaing monetary aggregates; expand open market monetary aggregates operations 3. Institutional Develop and extend payments system Complete China National *Development Automated Payments System Strengthen PBC supervisory capabilities; Reorganize PBC branches into develop strategy for reorganizing PBC regional central bank banches with branches clear supervisory responsibilities Vest PBC with authority to establish loan classification and provisioning methodologies C. STATE COMMERCIAL BANKS Tnmform state 1. Legal Framework Promulgate and implement detailed rules Review implementation of commercial banks into and regulations related to new Commercial Banking Law and genuine commercial Commercial Banking Law revise where necessary banks Bank's divest NBFIs Objectives Area Phase I Phase II Phase m (1-2 years) (3-5 years) (6-10 years) Create legal and regulatory structures to enforce security interests and loan collection Review economies of scale and Based on review results, prepare Implement bank restructuring plans ownership structure of banks plans to restructure banks into smaller units and diversify bank ownership 3. Competition policy Establish clear licensing procedures for Initiate entry of foreign banks in Expand cntry of foreign banks in banks. Allow entry of nev domestic RMB business. RMNB business banks. 4. Institutional Implement new accotnting system and development upgrade management information system Conduct portfolio audits Assess bank capital adequacy Resolve bad debt problem and achieve intemational standards of capital adequacy w Introduce risk-based provisioning Ensure adequate provisioning for bad debts Introduce sound asset-liability management practices and risk management techniques in lending; introduce sound loan approval procedures and develop credit appraisal skills Conduct human resource needs audits Develop comprehensive training programs; introduce modem personnel management techniques Objectives Area Phase I Phase II Phase m (1-2 years) (3-5 years) (6-10 years) D. POLICY BANKS Shape operations of 1. Policy and Institutional Issue detailed implementing regulations policy banks consistent Development related to charters of policy banks with financial sector and publicfinance objectives Limit the operations of the State Transfer "soft" window to the Development Bank to projects with high Ministry of Finance risk, long gestation, or low financial (but high social) profitability Set annual lending limits for policy banks consistent with development of commercial banking sector - SPC, SETC, and SDB to confer on SDB Increase SDB autonomy to identify lending program, with veto power for and finance part of public SDB investment program in line with its mandate Introduce incentives for loan collection in Introduce competition in selection agency relationship of agency relationship 2. Liability Management Extend explicit sovereign backing for all Consider tapping equity market for PB borrowing new capital if policy banks' performance merits; evaluate need for continued sovereign backing Set policy bank bond rates in relation to Review scope for policy bank bond commercial lending rates for loans of issuance directly to public; extend equal maturity; introduce voluntary maturity of bonds to reduce term placement of policy bank bonds; transformation risk Objectives Area Phase I Phase l Phase mL1 (1-2 years) (3-5 years) (6-10 years) Maintain prohibition of policy bank deposit taking 3. Asset Management Policy banks to provision for bad debt and Policy banks to introduce and adequately account for interest in identify guarantees as part of suspense lending program Level of "soft" lending in SDB to vaiy in accordance with budgetary support SDB/SIDC to evaluate quality of assets acquired from former SICS; SIDC equity contributions to be given same degree of scrutiny as SDB loans. E. OTHER BANKS AND NBFI Separate NBFIsfrom the 1. Legal framework for all Prepare a law covering the operation and banking system and NBFIs supervision of NBFIs; complete strengthen regulatory severance of ownership links between oversight banks and NBFIs 2. Credit cooperatives Separate rural credit cooperatives from Provide a clear framework for rural ABC; prepare ground for transforming credit cooperatives under Central urban credit cooperatives into banks Bank supervision; start transforming urban credit cooperatives into banks 3. Trust & investment Restrict enterprise deposits in TICs Restrict govemment lending to TICs Restrict ownership of TICs by local corporations (TICs) governments 4. Leasing and finance Restrict banks from owning leasing and companies finance companies 5. Insurance companies Promulgate rules and regulations under new insurance law Objectives Area Phase I Phase II Phase m (1-2 years) (3-5 years) (6-10 years) Establish oversight authority for insurance companies separate from PBC 6. Pension funds Establish oversight authority for pension funds separate from PBC 7. Mutual funds Transfer supervision to CSRC F. CAPITAL MARKETS Increase efficiency, Primary market: treasury Pre-aiuiounce aimual schedule ot Sell limited goverunenit debt stability, and bonds government debt issues; make savings directly to retail investors through transparency of capital bonds available throughout the year for savings bond marketsand lower retail investors systemic risk Primary market: equities Exchanges to enforce eligibility criteria Enforce better disclosure at time of prospectus issue 0 Expand auctions of initial public offerings Allow enterprises to set IPO dates (IPOs) Secondary market Shanghai, Shenzhen, and Wuhan Draw up standards for the Pcrmit dual/multiple listing in development exchanges to set standards for mutual recognition of regional trading exchanges other than Shanghai and recognition of bond certificates; start centers as exchanges; initiate dual Shenzhen study on dual listing in exchanges listing To reduce share price volatility, Introduce capital gains tax or share Consider opening "A" share market reintroduce daily price limits turnover tax to foreign investors Market infrastructure Leave selection of underwriters for share Encourage diversification of Permit foreign underwriters to issue to the market underwriting techniques compete in the domestic market Establish standards for credit rating Credit rating made precondition for Eliminate govermment approval for agencies IPO share issue Objectives Area Phase I Phase H Phase HI (1-2 yean) (3-5 yean) (6-10 yeasn) Regulatory framework Pass the draft securities law, clarify Clarify legal regime for mutual overlapping jurisdictions of PBC and funds and other institutional CSRC investors Enlarge the CSRC and strengthen its Form CSRC regional offices supervision capacity Annex lb Matrix of proposed policy recommendations for state enterprise reforms Objective Short tenn Medium term Long tenrm Improve govemance, diversify ownership, and Complete implementation of international accounting system lower subsidies and independent audits. Initiate transfer of 14 autonomous rights to managers. Complete transfer of all 14 autonomous rights to managers. Enact new state asset management law. Promulgate implementing regulations of state asset management law. Separate commercial activities from sector ministries and bureaus. Lower subsidies through budget and banking system. Refine property rights, governance regime, and corporatization for nonstate enterprises, for example by accelerating the establishment of cooperative shareholdmg companies among collectively owned companies. * among the Government's priority 1,000 Incorporate 500 large state enterprises under Company Law. Extend incorporation to remaining priority state co enterprises: enterprise Require public disclosure of independently audited annual repoets. For utilities, establish clear regulations for tariff setting * among 14,000 medium and large industrial Separate out marginal state enterprises and distinguish Continue program. Introduce debt restructwing after Restructure remaining state enterprises: inherently viable from effectively bankrupt ones. Ensure that financial situation and corporate strategy acceptable marginal, but viable, SOEs. new flow of working capital and investment loans from banks to banks. are for commnercially viable projects. Begin liquidating enterprises that have little chance of Continue liquidation of non-viable SOEs. Complete liquidation of non- becoming viable. viable SOEs. Corporatize the most viable enterprises. Require public Incorporate enterprises made viable after debt Incorporate all medium and disclosure of independently audited annual reports. restructuring. Require public disclosure of large state enterpnses. independently audited annual reports. * among 87,000 small industrial enterprises: Transfer 10-20,000 small enterprises to the non-state sector Extend program to 50,000 small SOEs. Transfer all remaining small through mergers, acquisitions, and sale. SOEs to non-state sector. Transfer social services to government Transfer pension, health, and education obligations from Unify municipal programs into national program for enterprises to Government in at least the 1 8 pilot cities, with pension and health, and implement in remaining compensatory fiscal transfers, if required. cities. Objective Short tern Medium term Long termn Introduce experimentation with expanded unemployment Establish unemployment insurance program. insurance system. Improve competition policies for all SOEs Deregulate prices further. Eliminate administered prices for all but a few Eliminate all administered essential commodities. prices. Phase out restrictions on inter-provincial trade and Eliminate restrictions on inter-provincial trade and investment. investment. Initiate free entry and exit. Initiate entry of domestic and Expand free entry and exit. Eliminate all restrictions to foreign investinents into infrastructure (telecommunications, free entry and exit oil and gas, and power). Extend trading rights to all enterprises, subject to registration and other standards. Enact new bankruptcy law. Remove tax biases favoring foreign firms and special economic zones. Continue with rationalization of trade and investment regime Continue program. Complete program. as consistent with WTO accession agreemnents. '0 - 10 Annex 2 Reformine iublic finances for sustainable develoDment The decline in government revenues Education and health as a share of GDP, and an otherwise commendable desire to keep the budget China's record in human capital deficit in check, have led to a steady formation has been impressive and its social reduction in budgetary expenditures from indicators are high in comparison with low- 33.8 percent of GDP in 1978 to 14.1 percent income countries, and approaching those in in 1994. Extrabudgetary public expenditures higher middle-income countries. However, amounted to a further 3.8 percent of GDP. recent years show a declining trend in social sector spending. eroding China's The current level of China's favorable standing among comparator Asian budgetary expenditures is substantially countries. below that in industrialized and developing countries alike (Table A2.1). This appears Public expenditures on education to have yielded two sets of undesirable declined from 3.1 percent of GDP in 1985 to outcomes: (i) the emergence of a sizable 2.4 percent in 1994 (Table A2.2). This is in quasi-fiscal deficit, discussed in detail in the contrast to the Asian NICs, where steady last Country Economic Memorandum (World increases in public spending on education Bank, 1995); and (ii) underfunding of (especially basic education) played a priority activities, including in infrastructure, fundamental role in sustaining their high health and education services, and poverty growth. Part of China's declining share of alleviation, which perpetuate unacceptably education expenditures in GDP may be poor living conditions for a large segment of explained by demographics and China's one- the population and may threaten the child policy. Also, fees and self-raised funds sustainability of growth.' This annex have increasingly supplemented budgetary presents some estimates of the extent to resources, raising the financial burden on which government budgetary expenditures in poor households and reducing their access to key sectors fall short of needs, and puts schools. In addition, China is spending forward suggestions on how additional proportionately less on basic education than government revenues can be raised to finance East Asian comparators. In 1985, the share incremental expenditures. of basic education in China's total public education expenditures was 15 percent below Table A2.1: General government expenditures Central government Government expenditures as expenditures as percent of percent of GNP total expenditures All countries 39.1 72.3 Industrialized countries 47.6 65.9 Developing countries 31.7 77.8 China (budgetary, 1994) 14.1 40.2 Source: Ministry of Finance, Levin (1991), World Bank staff estimates. Levin's data are from a sample of 18 industrialized countries and 22 developing countries for which data on general government are available in the International Finance Statistics. Data are averages over three years ending 1987 or 1988. - 11 - Table A2.2: Public expenditures on education (Percent of GNP) 1985 of which: 1989 basic education (percent) Hong Kong 2.8 69.3 2.8 Korea, Rep. of 3.0 83.9 3.6 Singapore 5.0 64.6 3.4 Malaysia 7.9 74.9 5.6 Thailand 3.2 81.3 3.2 Indonesia 2.3 China* 3.1 60.3 2.7 Memorandum item China (1994) Public: 2.4 Budget: 2.0** */ Public expenditures include budgetary expenditures, extrabudgetary expenditures from educational surcharge, and state enterprise expenditures on education.. Basic Education only applies to Governnent Expenditures, and is calculated u expenditures on primary education plus two thirds of secondary education. **/ 1994 budget number includes expenditure from the educational surcharge, which is not included in earlier budgetary nunbers. lhe surcharge amounted to about RMB 1Obn. or 0.4 percent of GDP in 1992. Source: Ministry Of Education; State Statistical Yearbook (1995); Asian Development Bank 1995; World Bank 1995a; World Bank 1993a. selected East Asian countries and this share Inequalities in education and health has been falling since. care--both in term of outcomes and expenditures -- remain large. Provinces with Overall spending in health has also lower per capita incomes and a higher been declining as a share of GDP (Table proportion of minorities tend to have weaker A2.3). While China's national health social indicators. (Table A2.4) For instance, indicators compare favorably to other functional illiteracy rates in the Far West are countries with similar per capita income twice those in the South Coast. The levels, these indicators hide substantial divergence in school attendance among the regional variation. Access to adequate health regions would predict a persistence in these care remains a problem for large segments of pattems. the population and affordability is a growing concem. Disparities in govemment spending contribute to this outcome. These disparities Table A2.3: Health Indicators, Selected Countries 1990 Health Public sector health Life Child expenditure expenditure expectancy mortality (percent of GNP) (percent of total) at birth (per 1,000) Established market economies 9.2 60 76 11 European former socialist economies 3.6 71 72 22 China (1990) 3.5 59 69 43) China (1993) 3.3 58? 69 54) India 6.0 22 58 127 Other Asia 4.5 39 62 97 Latin America 4.0 60 70 60 Note: Includes public insurance schemes Source: WDR 1993; Hussain (1995); ADB (1995); Social Indicators of Development - 12 - Table A2.4: Regional education and health indicators, 1990 Income per Minority Functional 6-14 year Population: capita population illiteracy olds in natural rate of Infant (1992, US$) share rate xchool increase mortality (%) (%) (%) (per 1000) (%)_.. China (total) 470 8.1 22.3 81.6 1.4 34.5 East Coast 781 .3 21.7 84.9 1.1 19.5 SouthCoast 695 1.9 17.9 80.1 1.7 24.8 North Coast 608 4.8 19.2 86.6 1.1 16.0 North Hinterland 430 6.3 18.5 84.1 1.4 26.6 Far West 398 34.0 34.2 69.7 1.6 52.8 Central Core 332 2.8 23.9 82.5 1.7 36.4 South Hinterland 294 20.6 25.2 73.5 1.3 60.1 Source: World Bank 1995b. are large, and have grown with greater fiscal the highest eamers, the rural population is decentralization. The poorest regions with uninsured. Over the reform period, health the weakest fiscal base have the lowest per financing has shifted from the government capita expenditures, which are matched with budget and collective health schemes toward the highest private fees. However, many of insurance and user fees. Whereas the the poorer regions also have a large share of govemment budget financed 25 percent of minorities, which adds to education costs. health expenditures in 1980, it only financed Disparities among local budgetary health 13 percent in 1992 -- below levels in most spending show a similar pattern. Whereas Asian comparators (Table A2.5). Rural Anhui spends barely RMB 5 per capita per collective funding declined even more year, Shanghai spends RMB 39 and sharply, from 16.7 percent of health Guandong RMB 18. expenditures in 1990 to 5.5 in 1992, thus leaving most of the rural population paying Inequalities in access and care have user fees. These fees now finance over a been exacerbated by changes in the structure third of expenditures. of health care financing. The shift in health care finance towards insurance and insurance The govenmment can arrest a possible coverage has tended to concentrate the deterioration in China's social indicators, benefits of health care on the urban mitigate disparities in educational attainment population, especially government and health status, and promote growth by employees. Except for about 100 million of increasing the level of public expenditures Table A2.5: Financing of health expenditures (Percent of GNP) Government Insurance Private Total China (1992) 0.4 1.4 1.3 3.2 India 1.6 0.2 2.5 4.3 Indonesia 0.9 0.1 1.4 2.4 Korea 0.6 1.1 3.4 5.1 Malaysia 2.7 0.0 0.8 3.5 Thailand 1.1 0.0 2.6 3.8 Note: Countries other than China, data for 1986 or 1987. Source: Griffin 1992; Ministry of Health; World Bank 1995a; Asian Development Bank 1995. - 13 - allocated to basic education and health. To Poverty alleviation achieve the goal of universal access to good quality basic education, government Despite considerable achievements in expenditures on basic education would have poverty reduction since the advent of rural to rise from the current 1.2 percent of GDP economic reforms in 1978, the number of to 2.1 percent of GDP by 2000. Of the 0.9 absolute poor in rural areas remains large percent rise in expenditures, about 0.5 and their living conditions deplorable. percent of GDP is necessary to bring the Recent years have also witnessed the expenditures per student in basic education emergence of an urban underclass as a to acceptable levels.2 The rest is necessary to consequence of increased internal migration. increase the enrollment ratio from the current The government has recognized the need for 81 percent to 100 percent. Assuming a special programs to target the rural poor constant share of GDP for government through the National Seven Year Plan for expenditures on higher education, this would Poverty Reduction (8-7 Plan). While the 8-7 put government education expenditures at Plan has had some success, eliminating about 2.9 percent of GDP. poverty in China will require increased public expenditures to meet the 8-7 Plan's The package of public health and own objectives, to reach the rural poor essential clinical services recommended in residing outside the targeted 592 countries the 1993 World Development Report (World and to address the growing problems of the Bank 1993) requires resources equivalent to urban poor. 3.5 percent of GDP for the whole population, close to current levels of spending on health The extension of the multi- care.3 A public health package alone -- pronged approach adopted in the Southwest arguably a government responsibility -- Poverty Reduction Project to all the poor in would require budgetary expenditures of 1.2 China would necessitate annual expenditures percent of GDP, almost three times current of about RMB 18 billion, or 0.33 percent of government spending on public health. GDP in 1995. 6 This is roughly double Adequate financing for basic clinical services current expenditures under the 8-7 Plan. for all Chinese is a larger task, as the While the Government's targeted programs resources needed for the uninsured amount to appear to have succeeded in reaching the 4 7 some 1.9 percent of GDP. However, the poor in the designated areas, some uninsured currently pay about 1.3 percent of refinements in approach (e.g. targeting below GDP in fees. It would, therefore, take an the county level) will be necessary to expand additional 0.6 percent of GDP in government coverage to others in rural areas and to spending to provide basic insurance develop a package to assist the urban poor. coverage. Environment Covering all basic clinical from the budget is probably not desirable for cost To combat environmental control purposes. A combination of degradation, there is a pressing need for: budgetary allocations for the poor, increased more effective regulatory control, in coverage of formal insurance schemes, and particular over TVEs; appropriate pricing to copayments for all--including government dampen demand and reduce pollution; and and SOE employees-- would serve such a allocating increased resources toward purpose better, and stands a good chance for meeting the investment and operating costs of providing adequate health care for all. municipal services, including sewerage, wastewater treatment, and solid waste - 14 - handling. Spending on pollution control Estimates of investments increased from 0.4 percent of GDP in 1980 required to improve waste treatment and to 0.67 percent in 1992, but this remains water supply in cities where there are severe insufficient to deal with the nearly threefold shortages are in the order of RMB 100 billion increase in the output of heavy industry over a year over the next 10 years or 1.7 percent the same period. Total suspended of 1995 GDP. This compares with current particulate levels remain well above those urban water investments of only 0.35 considered safe by the World Health percent of GDP. Substantial budgetary Organization, sulfur dioxide concentrations funds are expected to be necessary for inter- exceed the lowest Chinese air quality basin transfer projects (15 to 30 percent of standard, few urban rivers reach the lowest project costs) and sewerage and industrial acceptable Chinese water quality standard, waste management (30 percent), yielding groundwater quality continues to fall at an budgetary requirements of some 0.3 percent alarming rate, and petroleum discharges to of GDP. surface waters are increasing after an initial decline. Only 4.5 percent of municipal Infrastructure wastewater flows receive treatment of any kind, while industrial pretreatment raises Infrastructure needs in China are overall treatment rates to 17 percent. The huge. This is not to deny that China has Government's goal for the year 2000 is a made tremendous strides in infrastructure modest 25 percent. Nearly 40 percent of investments in the last ten years. These urban China is unserved by sewers, with amounted to 7.5 percent of GDP in 1994, up wastewater going directly into lakes and from 4.4 percent in 1985. Higher tariffs (for rivers, and according to current municipal example, on power) and government-directed investment plans, 30 percent of urban China credit have been the principal sources of will still remain unserved in the year 2000. finance with only a small contribution from budgetary funds. This has resulted in The effects of untreated underfinding of infrastructure projects that wastewater on aquifer pollution and tend to be commercially non-viable but yield downstream supplies outside the producing large economic benefits.8 Of particular municipalities suggests that central concern is China's road infrastructure. government intervention is necessary to Physical indicators show that China fares safeguard water quality in China. A relatively poorly in comparisons with other wastewater treatment program for any large countries in per capita coverage of the discharge that reduces receiving water road network. It is, therefore, reasonable for quality to below irrigation use standards China to aim for 8-9 percent of GDP and to would cost about RMB 4.2 billion a year channel, in particular, increased budgetary over the next ten years, requiring an increase funds of some 0.5-1.0 percent of GDP to of 15 percent in the annual urban infrastructure investments with public goods infrastructure construction program. characteristics. Improved solid waste disposal (through landfills) might cost about RMB 5.2 billion a Contin2ent liabilities year. While the incremental cost of these interventions is a modest 0.3 percent of Public expenditure policies will GDP, cost recovery through increased user have to address not only underfunding of fees would result in a tripling of average priority sectors discussed above, but also effective water prices. manage the implications of increased market orientation for the budget. Tasks previously performed by other sectors of the economy - 15 - Table A2.6: Budgetary impact of pension reform: simulating pension liabilities in 1994 RMEB billion percent of GDP Actual expenditures al 86.2 1.9 Proposed Scheme: b/ 78.8 1.7 First pillar 31.9 0.7 Second pillar 46.9 1.0 Resources already in budget for 29.6 0.6 pension payments Financing gap: 49.2 1.1 Budget 29.7 0.. Sale of assetstborrowing 19.5 0.4 a/ Pension expenditures of state-owned units b Benefit level reduced to 60 percent of wages. Source: World Bank staff estimates. will increasingly be shifted to the budget additional details but some rudimentary while in-kind benefits offered to civil calculations provide useful indications. servants will be monetized and contingent liabilites may increase. The implicit pension Pension expenditures now debt is estimated to equal around 50 percent account for some 2 percent of GDP and yield of GDP and according to official estimates,9 benefits which amount, on the average, to 70 about 20 percent of the state bank portfolio percent of wages. The bulk of these is nonperforming, which equals another 20 payments (excluding civil servants) are now percent of GDP. In addition, with economic assumed by enterprises. Under the proposed growth and rapidly rising wages, government scheme, the government would assume services are likely to become relatively more responsibility for the basic benefit, which we expensive, necessitating a larger government propose should equal 24 percent of wages, share of the economy.10 and for transition costs. Below, we demonstrate the impact of the new system on Pension reforms appear to be the budget using 1994 data (Table A2.6). gaining momentum. It is important to evaluate carefully the budgetary implications Pension expenditures of state- of various options. The government now owned units (that is government institutions appears to be favoring a multi-pillar and state enterprises) amounted to RMB 86.2 approach, the first of which would have billion in 1994. Of this, about RMB 29.6 welfare and redistributive objectives and be billion was financed through the budget. funded on a pay as you go basis. Fully- Under the proposed scheme, pension benefits funded mandatory individual retirement would be reduced to 60 percent of wages accounts would consitute the second pillar (compared to about 70 percent today). This and a voluntary scheme the third. A difficult would mean that total pension expenditures issue which remains to be resolved concems in state-owned units would amount to about the transition from the current unfunded to a RMB 78.8 billion. The first pillar would largely funded scheme in the future. A cost about RMB 31.9 billion; the second parallel study on pension reform will fumish would be about 46.9 billion. The calculations assume that the Government - 16 - would have to bear the entire cost of the Budoetarv exDenditures revisited. second pillar until the individual accounts are fully funded. On the financing side, about Adjusting the level of budgetary RMB 29.6 billion was already available in spending to reflect the need for additional the 1994 budget. This would leave a expenditures in priority areas (as discussed financing gap of RMB 49.2 billion. We above), and the implicit and extrabudgetary propose that the Government finance this costs of all government activities yields partially through mandatory social security budgetary expenditures in 1994 of some 22.5 contributions deducted from wages percent of GDP (Table A2.7). This is equivalent to 6 percent of the wage bill. This substantially higher than current budgetary would amount to incremental resources expenditure levels and closer to international available through the budget of about RMB norms. 29.7 billion. The remaining RMB 19.5 billion would could be raised through asset Given the Government's decision sales of state enterprises that undergo to eliminate the budget deficit by the year restructuring or are sold to the non-state 2000, government revenues will have to sector (or declared bankrupt). reach 22.5 percent of GDP or double current levels of budgetary revenues (11.3 percent of Unemployment benefits will rise GDP). With extrabudgetary funds providing with increasing open unemployment in urban another 4.1 percent of GDP in fiscal areas. Assuming benefit levels which are resources, there is a need to generate equivalent to the public pillar of the pension additional resources equivalent to some 6 scheme and 5 percent urban unemployment, percent of GDP. A reversal of the declining budgetary outlays would equal 0.2 percent of trend in government revenues is therefore GDP. among the most important goals for the next five years. Table A2.7: Proposed expenditures: Cost of shouldering government responsibility Expenditures Percent of GDP Actual budgetary expenditures, 1994 14.1 Extrabudgetary expenditures a/ 3.8 Additional expenditures proposed 4.6 Education (0.9) Health (1.4) Poverty Alleviation (0.2) Environment (0.2) Infrastructure (1.0) Social Insurance (0.9) Adjusted budgetary expenditures, 1994 22.5 Financed bv: 22.5 Budgetary revenue 12.4 Extrabudgetary revenues 4.1 Additional revenues needed 6.0 a/ Based on 1993 figures Source: World Bank staff estimates; China Statistical Yearbook 1995 - 17 - Table A2.8: Composition of Government Tax Revenue (Percent of Total Tax Revenues) Personal Social Corporate VAT/genera Excise Trade Wealth income tax security tax income tax I sales taxes taxes and property Industrial 28 28 8 16 10 3 3 countries Developing 11 6 18 14 13 29 3 * Asia 15 0 17 16 16 31 1 * Europe 15 18 7 21 9 17 2 * Western 8 12 14 14 18 21 3 Hemisphere China(1994) 1.5 n.a. 14 46 11 6 Note: n.a.=not applicable; ..= not available.. For countries other than China, revenues refer to central government; for China to general government Source: R. Burgess and N. Stem, "Taxation and Development," Journal of Economic Literature, Vol XXXI (June 1993, pp. 762-830; and IMF. Mobilizing Revenues. comparable to other developing countries with similar tax bases, but falls short of the Increased revenues will have to top performers, which achieve 90-95 come from a combination of improved percent."1 Increasing compliance to 85 compliance, a broader tax base, and growth. percent, a feasible target in light of the In the short run, improvements in compliance ongoing tax administration reforms, would are likely to contribute most to increased yield about 1.0 percent of GDP in extra revenues. In addition, the phasing out of the revenues. Each additional percent in plethora of tax exemptions for both domestic compliance would yield about 0.067 percent and foreign firms would improve buoyancy of GDP in revenues. Extending the VAT to of the tax system. In the longer run, services, which is desirable for efficiency however, tax reforms may be needed to reasons, would increase the VAT tax base by further increase the tax to GDP ratio. about 8.6 percent of GDP12 but would not necessarily generate additional revenues as China's current tax structure the sector is now subject to the separate relies predominantly on taxes on goods and business tax. services, notably the VAT. The tax base in other countries is much more diversified than In the longer run, China's China's (Table A2. 8 ). Notably, the authorities could consider changes to the personal income tax, the enterprise income VAT that would reduce revenues. The tax and social security taxes play a much current inability to credit the VAT on larger role. investment goods introduces a bias against investment and is out of line with Improve the coverage and international practice. Moreover, if credits compliance of the VAT The VAT raised on investment goods were permitted, the about 4.9 percent of GDP in revenues in VAT base would be reduced by a third.13 1994, almost half of total tax revenues in This is inadvisable at this stage not only that year. However, the potential revenues because the potential revenue loss cannot be from VAT are considerably larger. At about absorbed now, but also because the tax 70 percent, compliance in China is system counteracts powerful biases in favor - 18 - of investment in the rest of the economy. the tax net. However, with wages The VAT on investment goods could be increasingly narket determined, and a credited, however, once increased coverage monetization of subsidies that wage earners and compliance have raised revenues, and now obtain in the form of housing, education, financial sector reforms have provided a and health care, it is likely that a larger share better check on investment demand of value added will accrue to labor. By keeping the exemption level constant in Increase application of the nominal terms (as was done in 1995), an Individual Income Tax. The individual increasing number of people would fall under income tax plays a small role in China, with the tax, and revenues could gradually less than 0.2 percent of GDP in revenues in increase. Simulations on the basis of the 1994. As with the VAT, this is in part due urban household surveys indicate that -- with to low compliance. Although information on current exemption levels and tax rates, and all taxes due is scarce, the State Tax with an annual 15 percent nominal growth in Administration estimates a compliance rate incomes -- revenues from individual income of 50 percent in 1994. taxes would rise from virtually nothing in 1994 to 0.4 percent of GDP by the year 2000 The current exemption level of (Table A2.9). 14 However, the authorities RMB 800 per month for wages and salaries would have to process 160 million taxpayers, is much higher than the minimum living compared to the current 30 million (Table expenditures usually exempted in other A2. 10). countries, and keeps most individuals outside Table A2.9: Personal Income Taxes Due According to the Urban Household Survey Income Deciles HI+IV V+VI VII+VmI IX X Proportion of total households 20.00 20.00 20.00 10.00 10.00 Total number of employees 39.53 39.95 40.78 20.08 19.24 (mml.) Income per employee 4871 5649 6608 7861 104623 Tax per month per employee 3.6 Total tax each year (in RMB 829.2 million) After 15 percent nominal growth over 5 years Incomeperemployee 9797 11363 13291 15812 21042 Tax per month 0.8 7.4 15.4 25.9 70.4 Total annual tax (in RMB 389.8 3521.0 7527.3 6236.1 16244.6 million) Tax as percent of GDP 0.00 0.03 0.07 0.06 0.15 Note: Income per employee was found by multiplying income per capita by the number of household members, and divided by the number of employees in the households. The aggregate number of employees was found by extrapolating the sample results to the aggregate urban population. It was assumed that the Y800 exemption level for wage income applied to all employees. The simulated results are found by applying the 15 percent annual growth to the income per employee, while holding the total number of employees, the income distribution, and the tax exemption level constant. All Survey Data are Urban. All rural Incomes would, according to the published surveys, still fall below the Y800 exemption, even after the assumed growth. Source: China Statistical Yearbook 1995, p.261, and World Bank staff estimates. - 19 - Table A2.10: Individual Income Tax in the Year 2000 Under a Flat Tax Rate Individual income Tax Taxpayers (percent of GDP) (in millions) Flat tax rate of 25 percent 1.59 160 --with RMB 1,200 exemption 0.43 40 --with RMB 1,000 exemption 0.84 60 Flat tax rate of 30 percent 1.90 160 --with RMB 1,200 exemption 0.52 40 --with RMB 1,000 exemption 1.01 60 Source: China Statistical Yearbook, 1995, and Staff Estimates. In due course, China may taxed in the home country of the investor, consider revising the individual income tax and thus hardly affects the decision to invest rate schedule. Revisions would reflect in China. Finally, tax advantages for foreign decisions on whether the individual income enterprises increasingly induces "round tax is to be an instrument of equity or an tripping" by domestic enterprises. A important source of revenues. If equity is the unification of domestic and foreign taxes has primary goal, then the tax should target therefore become desirable. principally the highest 5-10 percent of income earners. If, on the other hand, Unification would not yield revenues are an important motivation for the substantial additional revenues in the short income tax, a broad based tax, applicable to term because the tax base of foreign a large number of taxpayers should be enterprises is small.15 The current low conceived. The latter option would place a profits of the foreign enterprises can in part greater burden on the tax administration. In be explained by the long gestation period of both cases, however, the current highly investments made. Assuming a gestation schedular income definition could be period of four years, the profit-generating replaced by one that encompasses most stock of foreign investment could be as high income sources. In the latter case, a flat tax as US$152 billion, or about 17 percent of rate would be preferable from an GDP, by the end of the century. Pre-tax administrative point of view, because this profits would need to be about 3.8 percent of allows the vast majority of tax obligations to GDP to generate after tax retums of 15 be fulfilled by withholding at the source, percent for investors, a rate which is low by without the need for filing a tax retum. intemational comparison. Thus, a 33 percent tax rate could add 1.2 percent of GDP to tax Merge the foreign and domestic revenues. enterprise income tax. Foreign funded enterprises are still subject to lower Increase taxes on pollutants. enterprise taxation than domestic ones, and As environmental concems become more enjoy a number of tax and tariff exemptions. prominent, but are unlikely to be fully taken Favorable treatment may have been justified care of by environmental levies and charges, in the past as means of attracting foreign taxing pollutants becomes an attractive enterprises that transferred technology to option. Moreover, the concentrated China. However, increasingly, foreigners production and distribution of the main invest in China because of the attractive pollutants (coal, petroleum) makes such market the country offers. Moreover, much products easy to tax. Finally, the sheer of China's subsidy to foreign enterprises is quantities of pollutants used in China makes * 20 - taxing them an attractive proposition. To security taxes, as these taxes tend to have illustrate, China produced 209 million tons of large numbers of taxpayers. The 1994 oil products in 1994, including crude oil. decision to split the tax administration into a Taxing all oil products at I RMB per liter national tax service (NTS)--which is to would generate about RMB 133 billion, or collect the bulk of the taxes-- and a local tax almost 3 percent of GDP in revenues.16 If service (LTS) could mean a break with the only non-industrial use is taxed, such a tax problematic past of China's tax may still yield almost RMB 50 billion in administration, when the "dual leadership" additional revenues, or 1.1 percent of GDP. undemuined implementation of the tax laws. The authorities need to seriously consider Essential for the success of the NTS is: this important and easily-collected tax. The revenues from taxes on pollutants need not * a move toward taxpayer self-assessment be earmarked for environmental purposes. and withholding, which would allow Environmental projects in China can be significant increases in the number of financed from general budgetary resources, taxpayers, necessary to accommodate the through the normal budgetary process. administration of individual income taxes, payroll taxes, and the enforcement Mandate social security of enterprise income taxes for nonstate contributions. These contributions could enterprises; finance govemment's plans to introduce a * a reform in internal organization of the minimum pension for all (urban) workers. A tax administration, which focuses on pay-as-you-go basic pension provision does administrative functions rather than not necessitate a separate tax, but experience types of taxes or types of enterprises; of other countries shows that payroll taxes * development of efficient audit selection for a generally accepted purpose such as and audit procedures, which limits audit social security yield less resistance than other to those most likely to default on their taxes. Moreover, enforcement becomes tax obligation; easier when eligibility is linked to paid-in * development of best-practice premiums, as the payee has an interest in computerized information systems with regular payments. Most countries levy social main processing at county or district security contributions as payroll taxes, and level; therefore the administrative requirements are * a change in the incentive system for tax much the same as those for a widely applied administrators to enhance tax personal income tax. As discussed above, a enforcement and fight corruption; payroll tax of 6 percent (0.9 percent of GDP) * close cooperation between the NTS and could cover public pension liabilities and the LTS. At a minimum, information provide for unemployment insurance. sharing is necessary to improve enforcement of VAT and IIT. Over Improve tax administration. A time, the LTS may increasingly want to prerequisite for increasing the revenue to shed some of its responsibilities to the GDP ratio is a well functioning tax NTS, once the latter has become an administration. Improving tax administration efficient and neutral tax collection is also a precondition for more widespread agency. application of personal income tax and social - 2 1 - * improvements in the juridical leadership" of the NTS should be firmly environment. In most countries, the tax embedded in its organization, mainly through administration can inplement a system central benefit and personnel policy, but also of stiff, but fair, monetary fines for by unifying administrative procedures and various tax offenses, without the information systems across all local offices assistance of the judiciary. Such of the NTS. arrangements greatly increase compliance while not overburdening the Attention will also need to be judiciary with small tax cases. given to raising non-tax revenues. Further * improvements in methods of price reforms in government services, presumptive taxation. Since the tax including housing, provide significant scope administration will only over time be for revenue mobilization, and would able to handle increasing numbers of contribute to the efficient use and production taxpayers, improvements in the methods of these services. Moreover, further price of presumptive taxation could be a good reforms in public services would reduce the short-term measure for enhancing policy losses that burden the budget at revenues, and bringing tax payments present. Finally, revenues from divestiture more in line with statutory obligations. may increasingly play a role as ownership of state assets becomes more diversified. The ongoing tax administration reforms envisage many of the above features. Increased enforcement, tax base However, the central government may face broadening, and some tax policy steps could significant opposition the local governments therefore increase the tax to GDP ratio by as in establishing a truly national tax much as 5.7 percent over the next five years administration, since this limits the discretion (Table A2.1 1). The current of local governments to grant tax intergovernmental fiscal arrangements would exemptions. Failure to establish a truly yield central government revenue increases of national organization may jeopardize the 2.6 percent of GDP. necessary revenue increases. Thus, "vertical Table A2.11: Sources of incremental revenues Revenue effect by 2000 of which: Central Measure (percent of GDP) Govermnent revenue a/ Value added tax 1.1 0.6 Individual income taz 0.8 0.0 * Improve compliance (0.2) 0.0 * Broaden base and expand definition of income (0.6) 0.0 Enterprise income tax 1.2 0.6 Social security contributions 0.9 0.6 Taxes on pollutants 1.0 0.6 Improve tax administration 1.0 0.4 Total 6.0 2.8 a/ According to latest arrangements for sharing tax revenues between the center and the provinces, the VAT on imports is a central revenue; the rest is shared 75:25 (center-local) but central government returns 30 percent of the increase over the 1993 revenue to the locality. Thus the effective sharing is 52.5:47.5. It is assumed that half the foreign investors pay income tax to central government and that social security contributions would be split evenly. The distribution of the tax on pollutants depends on whether such a tax would be treated as a consumption tax (central) or as a resource tax (shared). Source: World Bank staff estimates. 2 22 - While an increase in government increase by more than 3 percentage points of revenues equivalent to 5.7 percent of GDP GDP by the end of the 9th FYP. seems large, the distributional consequences remain limited due to China's high growth. The intergovernmental grants For the other sectors of the economy, it scheme should both redress differences implies that available income would still rise between provincial expenditure assignment at an average annual rate of 6.9 percent.17 and revenue raising capacity, and distribute Therefore, the revenue increase is not only fiscal capacity more equally among economically, but also politically feasible. provinces. Diverging economic development has created large differences in fiscal Intereovernmental Fiscal Relations capacity among provinces, and increasingly within provinces. The resulting disparities in The quality and effectiveness of government expenditures may perpetuate government policy depends to a considerable income differentials, since public goods extent on the division of labor among levels financed by government are an essential of government and the means by which these ingredient for development. Increasing levels of government are funded. China's income disparities induce migration from the size and its composition of government poor to the rich areas, aggravating expenditures restrict the role of central environmental and urban poverty problems in government in policy implementation, and the latter. Furthermore, increasing regional only about 40 percent of expenditures are disparities may undermine the political basis currently administered by central for the reform measures necessary to government. However, the new revenue maintain China's high growth. Thus, both assignments introduced in 1994 will increase rich and poor provinces have an interest in central government's share in revenues to a well-designed, equalizing grants about 60 percent. Government's main mechanism. challenge in intergovernmental fiscal relations is therefore to design and implement Currently, Government is a grants scheme that will redistribute central studying the feasibility of a grants government's revenue surplus to the mechanism that would take both revenue provinces. capacity and expenditure needs into account, along the lines of the Australian standard The overarching objective for budget approach. In the short run, due to the intergovernmental grants scheme is problems in budgetary and other data, a good redistribution. The growing fiscal strategy would be to start with a scheme that disparities--in overall revenues and in terms takes only a limited number of factors into of expenditures in key categories--threaten an account, and redistributes only part of central equitable division of the gains from reforms, government's revenue surplus. Over time, as and thereby weaken the consensus on these the budget mechanism is improved, and the reforms. Although supporting measures in grants scheme is fully operational, more regional policy --such as regional targeting of factors can be taken into account, and more foreign investment--may contribute to a resources can be devoted to the scheme. better distribution of government resources, the burden will fall initially on the A good central-provincial grant redistributive nature of central-local grants. scheme may not be enough to guarantee each The scope for such a grants system can be Chinese with essential government services. considerable, if the discussed measures in Many of the disparities in fiscal capacity are revenue mobilization are actually among prefectures and countries within the implemented: central revenues could same province. To redress those, central - 23 - government could supplement the central- World Bank 1995a. "China: Social Sector provincial grants scheme with a prefectural Expenditures", mimeo., China and Mongolia one (comparable to the German Department, World Bank. finanzausgleich). However, such a system is World Bank, 1995b. China: Regional unlikely to be developed in the near future, Disparities. Report No: 14496-CHA due to its complexity, and the dearth of good (Washington, DC: World Bank) information at subprovincial level. World Bank 1995c. China: Public Investment and Finance, Report No. 14540- As an alternative, government CHA, (Washington D.C.: World Bank) could earmark increased resources for poor World Bank 1993a. The East Asian Miracle countries, relying only on income per capita (New York: Oxford University Press) data. The current program is small, and World Bank 1993b. World Development limited in scope, but increased central Report, 1993: Investing in Health (New resources would give an opportunity to York: Oxford University Press) expand the program, and reach all of the 70- Brondolo, J. and C. Silvani 1993. "An 90 million poor with adequate government Analysis of VAT Compliance", mimeo., services. Such a program could either be in IMF, 1993. the form of a general grants scheme, or the central funds could be specifically earmarked Endnotes for essential govemment functions such as health and education. Care should be taken The poorest 5 percent of rural China's to guarantee additionality of such 2200 counties saw near-zero growth in average government funding, because a change in income over 1985-91 (Howes and Hussain subprovincial intergovernmental fiscal 2 We chose Liaong Province as arrangements might otherwise counter the representative of an "acceptable" expenditure effect of additional central government funds. level. Liaoning Province is the non-city province with the highest expenditures after References Tibet. For primary education, additional expenditures of about RMB 9.9 billion would be Asian Development Bank 1995. Financing necessary in 1993, or 45 percent of all budgetary local government in the People 's republic of expenditures on primary education. A 45 China (Manila: Asian Development Bank). percent increase was also applied for secondary Burgess R. and N. Stem 1993. "Taxation education expenditures, for which data are not available. and Development", Journal of Economic 3 World Bank 1993b, p. 68. The World Literature, Vol XXXI June 1993, pp. 762- Development Report estimates per capita costs 830 of public health and basic clinical services in Griffin, C. C. 1992. Health Care in Asia: A China at US$4 and US$8, respectively, in 1990. Comparative Study of Cost and Financing 4 The basic clinincal package would cost (Washington D.C.: World Bank) 2.4 percent of GDP. However, about 220 million Howes and A. Hussain 1994. "Regional were uninsured. The numbers are based on the Growth and Inequality in Rural China.," 1993 health services survey, as reported in Working Paper EF 1, STICERD, London World Bank 1995a. The survey included both School of Economics. urban and rural data. SchootsnaJalanf EcondoMartinc Ravallions1 5 This is less than could be saved by Jyotsna Jalan and Martin Ravallion 1995. reducing spending on Govermnent and state "Are there dynamic gains from a poor-area enterprise employees from over three times the development program?" mimeo., Policy national average to two times the average. One Research Department, World Bank, means to do this would be by introducing co- November 1995. payments for Government and SOE employees. - 24 - 6 The Southwest Poverty Reduction assuming these enterprises pay no tax at this project targets some 3 million poor in 40 time. counties and costs about US$ 400 million over a 16 A tax of RMB 1 would gross RMB 209 5-year period. The calculations here assume billion. However, the price increase would RMB 200 capita of expenditures in poor reduce profits, taxed at 33 percent, thus counties, excluding the health and education implying foregone income tax of RMB 68 package which are costed separately; the billion. Moreover, diesel and gasoline are equivalent urban package is assumed to cost 40 currently already taxed at 0.1 and 0.2 RMB/liter, percent more. which would lower the gain by another RMB 4.5 7 See Jalan and Ravallion 1995. billion. All numbers refer to 1994 (China 8 In 1992, budgetary financed 7.4 Statistical Yearbook 1995, p.205). percent of infrastructure investments, a share 17 The current non-government share is marginally higher than the contribution of the 87.5 percent of GDP. If we assume 1995 GDP budget to all state investment (World Bank, to be 100, a growth rate of 8.5 percent a year 1995c). would mean a GDP of 150 by 2000. Of that, 9 Statement by Mr. Dai Xianlong, government would take 18.6 percent (excluding Governor of the People's Bank of China, quoted extrabudgetary funds). Thus, nongoverrment in the Financial Times, October 24, 1995. income would grow from 87.5 to 122 which 10 The main cause of this so-called implies an annual growth rate of 6.9 percent. Baumol effect is lagging productivity in nontradables such as government services. If government wages keep up with non- government wages, the relative costs of government increases. The new civil service system provides for wage increases in line with wages in state enterprises. I I The estimate for China's compliance rate was provided by the State Administration for Taxation, and is based on the 1992 input- output tables. Compliance numbers for other countries are taken from Brondolo and Silvani 1993. 12 Consumption of services added up to 19.2 percent of GDP in 1990. However, the net addition to the VAT tax base would be less, since industry had about 10.6 percent of GDP of inputs to the services sector. 1 3 This assumes that the share of non- construction investment in 1994 was the same as that in 1990. Non-construction investment would then be about 29 percent of GDP. 14 The simulations are illustrative. The household surveys, as published in the China Statistical Yearbook, provide insufficient detail for adequate projections of revenues from the individual income tax. 5 For industrial enterprises--the vast majority of foreign invested enterprises--after- tax profits amounted to only RMB 19.7 billion in 1994. Maximum revenue gains would therefore be about 0.15 percent of GDP, - 25 Annex 3 Note on the Calculation of the Public Sector Deficit Table 1.4 in the main report shows the deficit. There is even less infornation available evolution of the non-financial public sector on stock and bonds issued by enterprises. It is deficit or public sector borrowing requirements assumed here that all enterprise bonds and stocks between 1987 and 1995. The concept was are issued by state enterprises and that they are utilized to gauge more broadly the resource held either by households or the non-state sector. requirements of the Chinese public sector, defined to include all state-owned units, or state- Foreign financing. This category includes owned enterprises as well as government foreign lending and equity investments in state agencies and institutions. The calculations break owned units. It is assumed that all public and down the aggregate public sector into its publicly guaranteed medium and long-term debt government and state enterprise components and finances the state sector (source: World Bank generate the savings of each unit, given their Debtor Reporting System) and the table includes respective expenditures on investments. net medium and long term borrowing converted into local currency at the official rate. Short- In the absence of reliable enterprise accounts term flows are excluded. It is assumed that to determine the non-financial public sector foreign direct investment goes to the nonstate deficit, the calculations aim to capture the use of sector but there are some definitional problems all resources by state owned units that are not regarding the classification of joint ventures. self-generated. The borrowing requirements are Investment data report foreign funded enterprise thus calculated from the bottom up, using investments as a separate category only since financial data. We aggregate all lending to, or 1993; prior to that year, they are included in investment in, state owned units by the domestic investments by state owned units, resulting in an banking system, the non-state sector and overstatement of public sector savings. households, and by foreigners. While the approach is straightforward, there are some Borrowing from the domestic banking problems due to insufficient disaggregation and system. This is the largest category of deficit incomplete data. The discussion below provides financing, yet the calculations are subject to the details of the computations and various greatest uncertainty. In line with the assumptions. methodology we have adopted, this category needs to reflect net public sector borrowing from Borrowing from the public and non state the banking system -- that is, net credit to the sector. This category includes securities (bonds public sector minus any increase in deposits. We and stocks) issued by state owned units and held take net credit to the government from the by households or non-state enterprises. While monetary survey but calculating this for data are available on the shares of treasury-bonds enterprises is problematic in the absence of a issued to households, financial institutions and breakdown of lending and deposits by ownership enterprises (source: Ministry of Finance), it is not category. For the purposes of these calculations, possible to break down enterprise bond holdings we assume that Chinese banks specialize in into the state and non-state sectors. The clientele, with the state commercial banks and calculation assumes, therefore, that all treasury- universal banks (together called "national bonds issued to enterprises are held by state commercial banks") handling state enterprise enterprises, implying intra-public sector accounts while rural and urban cooperatives transactions which do not affect the aggregate cater to the nonstate sector. Specifically, we - 26 - assume that: 70 percent of all deposits in the calculations are vulnerable to inadequacies in the national commercial banks are held by SOEs; all monetary survey. This survey shows large working capital loans made by the national increases in the "other items, net" category commercial banks to industrial, commercial and during certain periods, reflecting in part diversion construction enterprises are made to state of funds towards activities outside the credit enterprises; and all fixed investment loans made plan, largely through the interbank market. To by the State Development Bank and the national the extent that these funds finance state owned commercial banks are made to state enterprises. units with nonstate resources, the calculation in 'the table understate the non-financial public In addition to the difficulties associated with sector deficit. classifying loans and deposits by ownership, the - 27 - CHINA: Non-financial Public Sector Deficit (billion yuan) 1987 1988 1989 1990 1991 1992 1993 1994 1995 Borrowing from the public and nonstate sector 5 13 21 6 26 68 26 87 87 T-bonds issued to households 4 8 17 1 9 17 22 87 87 T-bonds issues to nonstate enterprises State enterprise bonds issued to households and 0 3 3 5 14 40 0 nonstate sector State enterprise equity issued to households and 1 3 1 0 3 11 4 nonstate sector Foreign borrowing, net 1/ 23 25 23 30 24 62 74 103 81 Borrowing from domestic banking system 100 121 150 191 187 219 337 257 317 State owned enterprises 85 111 156 174 171 131 369 165 237 change in deposits 2/ -31 -17 -10 -64 -74 -134 -50 -266 -214 net credit, working capital 3/ 93 102 148 197 169 182 295 230 166 net credit, investment 4/ 23 27 18 41 76 83 125 200 286 Government, net credit from PBC 5/ 15 10 -6 17 16 43 7 -23 -24 State Development Bank 76 80 Total public sector borrowing 128 160 193 228 237 350 437 447 486 Total non-financial public sector deficit 10.7 10.7 11.4 12.3 10.9 13.1 12.7 9.9 8.7 (as percent of GDP) of which: State enterpnses 8.6 8.4 9.2 10.3 8.7 10.8 10.6 8.2 7.0 Government 2.1 2.2 2.2 2.0 2.2 2.3 2.0 1.7 1.7 Financing the deficit (as percent of GDP) 10.7 10.7 11.4 12.3 10.9 13.1 12.7 9.9 8.7 Foreign borrowing 1.9 1.7 1.4 1.6 1.1 2.3 2.1 2.3 1.5 Domestic borrowing 8.8 9.0 10.0 10.7 9.8 10.8 10.6 7.6 7.3 Public 0.4 0.9 1.2 0.3 1.2 2.5 0.7 1.9 1.6 Banking system 8.4 8.1 8.9 10.3 8.6 8.2 9.8 5.7 5.7 From PBC 1.6 3.9 1.8 1.2 0.2 4.6 3.4 -2.7 -3.4 From other banks 6.8 4.2 7.0 9.2 8.4 3.7 6.3 8.4 9.1 1/ Disbursements of public and publicly guaranteed loans converted to local currency at the official exchange rate. Foreign direct investment is not included on the assumption that this goes to the nonstate sector. But note that state sector investment data prior to 1993 include investments by foreign invested enterprises. 2/ From change in "enterprise" deposits in specialized and universal banks; assumes 70% of these are state enterprise deposits. 3/ Includes loanls to industrial, commercial and construction enterprises by specialized and universal banks. 4/ Fixed investment loans by national banks and the State Development Bank. There is a large discrepancy between loans recorded in investment data and investment loans recorded by banks. There are several explanations: 1) bank data only report investment loans by national banks, and do not include urban and rural credit cooperatives (although bank data on investment loans are also substantially lower than data on state sector investments financed by bank loans; 2) investment data report gross lending, bank data show net credit; and 3) investment data include enterprise bond issues. 5/ From the monetary survey - 28 - Annex 4 Technical note on the decomposition of China's arowth This annex details the growth Lij=employment in sector ij accounting framework used in the introduction to Part II of the report. It Differentiation of this expression explains the methodology we used to yields the following decomposition of the determine the contributions of aggregate growth rate of GDP: factor accumulation and the improvements in the efficiency of the allocation of labor gy = i9 gK + (1 - J) g L + E lij RYij gk across sectors to growth in China between (2) 1985 and 1994. l The two main sectoral JYj (2) shifts of interest are: (1) the transfer of labor ij Y Y out of agriculture into the industrial and service sectors, and (2) the transfer of non- agricultural labor out of the state sector and where into the collective and non-state, non- collective sectors.2 Of an average annual g,= growth rate i variable x growth rate of 10.2% between 1985 and l y D = the share-weighted average 1994, 6.6% is due to factor accumulation. ij Of the remaining 3.6%, 1.2% is due to capital share in the economy efficiency gains resulting from the yj = value share of sector ij in value added, intersectoral reallocation of labor. The p1jYijY remaining 2.4% consists of productivity kjK= share of sector ij in total capital K, growth and efficiency gains from improvements in the allocation of capital l1j= share of sector ij in total labor L, L1j/L across sectors. The first two terms in Equation (2) Methodolo2v can be interpreted as the contributions of aggregate factor accumulation to growth. The sectoral breakdown of value 'he remaining three terms can be interpreted added by form of ownership may be written as aggregate efficiency growth, as they as: correspond to the portion of aggregate GDP growth which cannot be explained by growth Y =pij' ii=Pi A,q'Kg" L'''.'' (1) in inputs. Of these three terns, the first 2.ij ' iju = ' ' '' measures the effects of the reallocation of capital between sectors, holding constant the where total capital stock. The second measures the same reallocative effect for labor, while the Y=GDP final term is a weighted average of sectoral i=Agriculture (A), Industry (I) and Services TFP growth rates, and corresponds to true (S) aggregate productivity growth. j=State-Owned (S), Collectively-Owned (C) and Other Ownership (O) ~~Using agniculture as the reference and Other Ownership (0) Yij=Value added in sector ij sector, it is possible to clarify the role of the plj =relative price of value added of sector ij intersectoral reallocation of labor to growth Aij=level of total factor productivity (TFP) in by rewriting the labor reallocation effect as: sector ij Kij=capital stock in sector ij - 29 - LRE== L L/Y{MPLij -MPL,JgI lij (3) its sectoral decomposition into agriculture, i=1Sj=S,C,O industry and services are based on official statistics (CSY 2-1).6,7 Labor input is where measured as total employment. The distribution of aggregate employment MPLA= value of the marginal product of between agriculture, industry and services is labor in agriculture3 based on official statistics (CSY 4-3), but is MPLij= value of marginal product of labor in adjusted to account for the large "floating sector ij population" of rural-urban migrants.' The aggregate capital stock is drawn from Nehru This expression shows that a and Dhareshawar (1993), and is updated reallocation of labor towards sector ij (i.e. through 1994 using official investment an increase in the share of labor in sector ij, statistics. glij>O) will contribute positively to the labor reallocation effect as long as the value of the The distribution of non-agricultural marginal product of labor in sector ij exceeds employment by ownership can also be that in agriculture, and the size of this effect constructed from official statistics. Non- depends on how much more productive the agricultural employment consists of staff receiving sector is, and how large the share and workers9, rural COE employment of labor in the receiving sector is. (consisting primarily of township and village enterprises (TVEs)) and urban and rural The above expression combines two employment in privately and individually- distinct reallocation effects: the reallocation owned enterprises. The distribution of staff of labor out of agriculture, and the and workers by sector and by form of reallocation of labor from the state to the ownership is available in official statistics non-state sectors. In order to isolate these (CSY 4-4, 4-7 and 4-8), as is the sectoral two effects, we can define an "agricultural distribution of rural collective employment labor reallocation effect" as (CSY 11-29). The sectoral distribution of rural and urban private and individual LREA EL / YMPLi - MPLAKIl (4) employment (CSY 4-2) is not available, but L iE =l,S/YjMPL a reasonable assumption is that this lies i=I.s primarily in the services sector.'° The which is simply the labor reallocation effect distribution of employment by sector and ignoring differences in labor productivities ownership arrived at in this manner is between forms of ownership in industry and multiplied by the corresponding aggregate services. The growth effects of the allocation distribution described in the previous of labor between forms of ownership is then paragraph. given as the difference between the overall and agricultural labor reallocation effects, Whle idustral gross output value LRE - LREA, and is referred to as the is available by ownership (CSY 12-3), the "ownership reallocationeffect"4 distribution of industrial value-added by ownershi realocatonfownership is reported only for enterprises Data requirements with independent accounting units (CSY 12- 11). This subset of enterprises is not Data on aggregate GDP, capital and representative, as in 1994 it accounted for labor, as well as the sectoral distribution of more than 95% of gross output value of value-added and employment are required for SOUs, but only 50% of COEs and Other. the above calculations. Aggregate GDP and Assuming that the ratio of value added to GVIO is equal for enterprises with and - 30 - without independent accounting units, this Capital Share Parameters (13) ratio is multiplied by total industrial GVIO Agriculture 0.4 by ownership to arrive at total industrial Industry* 0.63 value added by ownership. Value added in State owned units 0.8 urban construction is available (CSY 13-10), Collectively owned units 0.4 and rural construction value added is Other 0.4 estimated as 20% of the gross output value Services* 0.4 of TVE construction (CSY 11-30). State owned units 0.4 Collectively owned units 0.4 Neither value-added nor gross output Other 0.4 value is available by ownership for services, Overall* 0.5 so it is assumed that the distribution of value * Share-weighted averages added in services is equal to the distribution of employment in services. This assumption Results that the average product of labor is equal across ownership in the services sector will The table in the introductory section tend to understate the ownership reallocation to Part II of the report sunmmarizes the results effects, as it is reasonable to assume that, as of the growth decomposition. The first two m industry, labor productivity is columns present real GDP growth and the considerably higher in the non-state, non- contribution of factor accumulation collective sector. This alternative (assuming an aggregate capital share of assumption would increase the ownership 0.5). Between 1985 and 1994, factor reallocation effect. accumulation contributed an average of 6.6% to an aggregate GDP growth rate of 10.2%. Finally, data on capital shares by The next two columns present the two sector, Pij, and the aggregate capital share 13 components of the labor reallocation effect. are required. A possible assumption is that The agricultural reallocation effect, which capital shares sector are equal across sectors. accounts for the growth consequences of the However, it is more reasonable to assume reallocation of labor out of agriculture, that capital shares differ, both across sectors contributes on average 1.0% to growth, while and across forms of ownership."1 The capital the reallocation of labor between forms of shares used in this annex are given below, ownership contributes a further 0.4%, for a and satisfy the following four constraints: total reallocation effect of 1.4%. (1) Capital shares of industrial SOUs are much larger than in the COE and non-state, The relative importance of the non-collective sectors. (2) In agriculture agricultural and ownership reallocation and in services, the capital share is effects has shifted over time. During the considerably lower than in industry. (3) In second half of the 1980's, the agricultural services, capital shares are not very different reallocation effect was dominant, as there across forms of ownership. (4) The weighted were large shifts out of agriculture average capital shares should equal .5. 12 employment, especially into the rural TVE sector. During this time, the non-state, non- collective sector, although growing rapidly, was very small and the reallocation of labor into this sector contributed negligibly to aggregate GDP growth. The situation was reversed during the second half of the sanple, with the ownership reallocation - 31 - effect becoming more important as the non- Reform". China Economic Review. Vol 4, state, non-collective sector accounted for an No. 2, pp. 153-168. increasingly larger share of industrial value added. Woo, Wing Thye (1995). "Chinese Economic Growth: Sources and Prospects". References mimeo., UCSD. Borensztein, Eduardo and Han Hong (1995). World Bank (1994). China: GNP Per "Regional Growth Differentials in Post- Capita. ReportNo. 13580-CHA. Reform China: A Preliminary Assessment". mimeo., IMF. Wu, Harry and Yanrui Wu (1994). "Productivity and Sources of Growth in the Chow, Gregory (1993). "Capital Formation Reforming Chinese Economy". Chinese and Econormic Growth in China". Quarterly Economy Research Unit Working Paper No. Journal of Economics pp. 809-842. 94/6, University of Adelaide. Denison, Edward F. (1962). "The Sources Wu, Yanrui (1994). "Productivity Growth, of Economic Growth in the United States and Technological Progress and Technical the Choices Before Us". Supplementary Efficiency Change in China: A Three-Sector Paper No. 13, Committee for Economic Analysis". Chinese Economy Research Development. Unit Working Paper No. 94/5, University of Adelaide. Jorgenson, Dale, Frank Gollop and Barbara Fraumeni (1987). Productivity and US. Endnotes Economic Growth. Cambridge: Harvard University Press. ' The idea that the reallocation of factors can contribute to productivity growth goes back as Li, Jingwen (1992). "Productivity and far as Denison (1962). In a remark reminiscent China's Economic Growth". Economic of current observations on agriculture in China, chins ecooi Gowth", Econ,omi Denison writes that " ... many of the farm Studies Quarterly. Vol. 43, No. 5, pp. 3 workers [in the United States in 1954] were 350. grossly underemployed or extremely wastefully employed..." (p. 226). Jorgenson, Gollop and Li, Wei (1995). "The Impact of Economic Fraumeni (1987) use a more elaborate version of Reform on the Perfornance of Chinese State this framework to estimate that the contribution Enterprises: 1980-1989". mimeo., Duke of factor reallocation to TFP growth in the University. United States between 1948 and 1979 was trivial. Growth accounting exercises for China Nehru, Vikrarn and Ashok Dhareshawar similar to that in this paper are done by Woo (1993j. "A New Database on Physical (1995) and Borensztein and Hong (1995) who (1993).t "A Nwck: Databas,Metholonhyscal analyze the effects of labour reallocation across Capital Stock: Sources, Methodology and sectors, although not by ownership. The Results". Revista de Analisis Economico, analysis here extends this work by (1) Vol 8. No. 1, p. 37-59. considering reallocation both across sectors and types of ownership, (2) allowing capital shares State Statistical Bureau. China Statistical to vary across sectors and ownership. Yearbook, Various Issues. 2 This includes the following ownership forms: joint-owned, shareholding, foreign-funded, Woo, W. G. Fan, W. Hei and Y. Jim (1993). overseas Chinese-funded, private and individual. "The Efficiency and Macroeconomnic The distinction between ownership forms Consequences of Chinese Enterprise within agriculture is suppressed as by 1984 (the 3 2 - beginning of the sample period analyzed), the labour reallocation effect falls from 0.9% to transfornation of agriculture to the household 0.6%. responsibility system was essentially complete. 9 This term corresponds to urban employment in 4 The intersectoral reallocation of labour across of all forms of ownership excluding employment sectors also has indirect effects on measured in private and individually-owned enterprises. GDP growth. Suppose for example that TFP 10 Specifically, it is assumed that the industry growth is relatively low in a sector which is share of this subtotal is equal to the share of experiencing an outflow of labour. Given industry in non-agricultural employment, scaled relative prices, this outflow will lower the share by a factor of .25 to account for the of value added in that sector and will raise predominance of services. aggregate TFP growth by reducing the weight ' With varying methodologies, Woo et. al. on that sector's below-average TFP growth (see (1993), Wu (1994), Wu and Wu (1994) and the final term in Equation (2)). This effect is Chow (1994) all report considerably different not calculated here as it requires data on sectoral capital shares for various subsector of the TFP growth rates by form of ownership are economy. required, which cannot be constructed using the 12 This is the representative estimate of the data available for this annex. aggregate capital share in China used by Woo s Industry is defined as including construction, (1995), as estirnated in Li (1993). Borensztein in contrast to the Chinese definition which and Hong (1995) obtains comparable estimates excludes it. using a panel of provincial output, capital and 6 References are to tables in the 1995 China labour. Statistical Yearbook (CSY). Most of the time series were constructed from corresponding tables in previous issues of the CSY. 7This paper uses revised GDP series (since 1978) published by the State Statistical Bureau in 1994 which correct longstanding problems with the undervaluation of services consumption (see World Bank (1994)). A further concern not addressed in these revisions, and advocated by Woo (1995) is that industrial output is overstated due to improper deflation by COEs and TVEs. Woo advocates the deflation of industrial output by the factory gate price index (which has risen much more rapidly than the industrial value-added deflator) to correct for this bias. In the context of this paper, this correction lowers overall efficiency growth by about 1%, but has negligible effects on the labour reallocation effect. 8 Specifically, a floating population of zero in 1984 and 100 million in 1994 and a constant annual compound growth rate is assumed. In the absence of details on the sectoral distribution of thses workers, it is assumed that they are distributed proportionately to officially-reported employment industrv and services. Although the size of the agricultural reallocation effect is clearly sensitive to assumptions on the size of the floating population, it has little effect on the ownership reallocation effect. If official employment statistics are used, the agricultural - 33 - STATISTICAL ANNEX National Accounts: Table 1: In Current Prices Table 2: In Constant 1990 Prices Table 3: Implicit Price Deflators 1990=100 Table 4: Percentage Growth Rates in Constant 1990 Prices Balance of Payments: Table 5: Balance of Payments Table 6: Services Table 7: Transfers Table 8: International Reserves Trade: Table 9: Commodity Composition of Merchandise Exports Table 10: Imports: Customs Basis External and Domestic Debt: Table 11: External Debt: Disbursements and Repayments Table 12: External Debt: Interest and Debt Outstanding Table 13: Domestic Debt Money and Credit: Table 14: Monetary Survey Table 15: Operations of the People's Bank Table 16: Specialized and Universal Bank's Assets and Liabilities Table 17: Balance Sheets of Rural Credit Cooperatives Table 18: Balance Sheets of Rural Credit Cooperatives Fiscal Accounts: Table 19: Consolidated Government Revenue Table 20: Structure of Consolidated Government Revenue Table 21: Structure of Government Revenue (Percentage of GNP) Table 22: Structure of Government Expenditure Table 23: Budget and Its Financing - 34 - Agriculture: Table 24: Production of Major Crops Table 25: Yield of Major Crops Industry: Table 26: Gross Output Value of Industry Table 27: Output of Major Industrial Products Wages: Table 28: Total Wage Bill of Staff and Workers by Employment Category Table 29: Average Annual Wage by Sector and Employment Category Employment: Table 30: Social Labor Force by Sector Table 31: Social Labor Force by Employment Category Prices: Table 32: General Price Indices Table 33: Annual Rates of Inflation by Month Investment: Table 34: Total Investment in Fixed Assets Table 35: Investment in Fixed Assets by State-Owned Enterprises Table 36: Investment in Capital Construction of State-Owned Enterprises by Sector Table 37: Foreign Direct Investment Inflows Energy: Table 38: Energy: Total Production and Consumption of Energy and Its Composition Transport: Table 39: Freight Traffic Table 40: Passenger Traffic Table 41: Average Shipping Distance Table 1: CHINA: National Accounts (billions of yuan in current prices) 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 GDPatmarketprices 403.8 451.8 486.2 529.5 593.5 717.1 896.4 1,020.2 1,196.3 1,492.8 1,690.9 1,853.1 2,161.8 2,663.5 3,451.5 4,500.6 GDP at factor cost .. .. .. .. .. .. .. .. .. .. .. .. Agriculture 125.9 135.9 154.6 176.2 196.1 229.6 254.2 276.4 320.4 383.1 422.8 501.7 528.9 580.0 688.2 943.8 Industry 191.4 219.2 225.6 238.3 264.6 310.6 386.7 449.3 525.2 658.7 727.8 771.7 910.2 1,170.0 1,642.9 2,125.9 Mining and quarrying 5.6 6.4 6.6 7.0 7.7 9.1 10.9 13.9 15.0 18.4 22.2 24.7 28.0 33.6 45.8 59.2 Manufacturing 162.5 183.3 188.1 198.6 218.2 256.1 317.5 362.4 419.8 532.6 594.5 623.4 734.6 938.3 1,288.6 1,664.0 Services 86.6 96.6 106.1 115.0 132.8 177.0 255.6 294.6 350.7 451.0 540.3 579.6 722.7 913.6 1,120.5 1,430.9 Imports of goods & non-factor services 24.4 29.1 36.9 36.3 42.2 61.7 124.6 150.6 158.9 208.8 219.0 262.8 331.4 454.8 607.3 990.7 Exports ofgoods&non-factorservices 21.7 26.9 37.0 44.3 46.4 60.9 82.9 114.2 151.5 187.3 197.0 311.7 387.6 487.1 548.9 1,078.8 Resource balance -2.7 -2.2 0.1 8.0 4.1 -0.9 41.7 -36.4 -7.4 -21.6 -22.0 48.9 56.2 32.3 -58.5 88.1 Total expenditures 406.5 454.0 486.1 521.5 589.4 718.0 938.1 1,056.6 1,203.7 1,514.4 1,712.9 1,804.2 2,105.6 2,631.3 3,510.0 4,412.5 Total consumption 259.1 295.0 327.4 345.5 388.9 471.2 599.5 671.9 771.5 964.9 1,103.4 1,159.9 1,353.9 1,667.6 2,010.2 2,518.1 General government 61.4 65.9 70.5 77.0 83.8 102.0 118.4 136.7 149.0 172.7 203.3 225.2 283.0 349.2 450.0 595.5 Non-government 197.7 229.1 256.9 268.5 305.1 369.2 481.1 535.2 622.5 792.2 900.1 934.7 1,070.9 1,318.4 1,560.2 1,922.6 Statistical discrepancy -2.8 -2.6 -3.5 -18.3 -13.2 1.6 22.2 17.8 26.4 28.9 47.8 23.3 39.3 72.4 -8.0 -147.5 Gross domestic investment 147.4 159.0 158.1 176.0 200.5 246.9 338.6 384.6 432.2 549.5 609.5 644.4 751.7 963.6 1,499.8 1,894.4 u Grossdomesticfixedinvestment 115.1 131.8 125.3 149.3 170.9 212.6 264.1 309.8 374.2 462.4 433.9 473.2 594.0 831.7 1,298.0 1,738.9 t Nonfinancial public sector 69.9 74.6 66.8 84.5 95.2 118.5 168.1 197.9 229.8 276.3 253.5 291.9 362.8 527.4 765.8 932.2 General government .. .. .. .. .. .. .. .. .. .. .. .. .. Central government .. .. .. .. .. .. .. .. .. .. .. .. .. State and local government .. .. .. .. .. .. .. .. .. .. .. .. .. Non-financial public enterprise .. .. .. .. .. .. .. .. .. .. .. .. .. Non-State sector 45.2 57.2 58.5 64.8 75.7 94.0 96.0 112.0 144.4 186.1 180.4 181.3 231.2 304.3 532.2 806.7 Changes in stocks 32.3 27.2 32.8 26.7 29.6 34.3 74.5 74.8 58.0 87.1 175.6 171.2 157.7 131.9 201.8 155.5 Gross domestic saving 144.7 156.8 158.8 184.0 204.6 245.9 296.9 348.3 424.8 527.9 587.5 693.2 807.9 995.9 1,441.3 1,982.5 Net factor income 0.0 0.0 -0.2 1.1 2.2 3.4 3.0 0.9 -0.6 -0.6 -0.4 1.4 4.8 1.6 -3.8 -8.8 Netcurrenttransfers 1.0 1.0 0.8 1.0 0.9 0.7 0.5 0.9 0.9 1.5 0.9 1.1 2.4 4.4 5.1 11.0 Gross national saving 145.7 157.7 159.4 186.1 207.7 250.0 300.5 350.1 425.1 528.9 588.0 695.6 815.0 1,002.0 1,442.6 1,984.7 Netindirecttaxes 29.5 25.1 21.5 27.5 35.8 53.9 98.4 97.7 98.6 112.3 134.0 141.9 168.5 196.9 277.1 381.2 Indirecttaxes 49.0 52.5 58.3 64.7 78.4 94.9 149.1 155.9 165.6 188.6 231.3 237.9 256.8 273.6 348.0 448.9 Subsidies 19.5 27.4 36.8 37.2 42.6 41.0 50.7 58.2 67.0 76.3 97.3 96.0 88.3 76.7 70.9 67.7 Gross national pToduct 403.8 451.8 486.0 530.6 595.7 720.5 899.5 1,021.1 1,195.6 1,492.2 1,690.5 1,854.5 2,166.6 2,665.1 3,447.7 4,491.8 Nominal official exchange rate (annual average) 1.56 1.50 1.70 1.89 1.98 2.32 2.94 3.45 3.72 3.72 3.77 4.78 5.32 5.51 5.76 8.62 GDP at market price (current million US$) 175,565 201,696 192,937 202,099 227,395 256,107 304,898 295,710 268,229 307,161 342,287 354,321 376,620 418,132 430,292 522,172 Source: China Stooswcal Yearbook 1995, p 32 Table 2: CHINA: National Accounts ( billions of yuan in constant 1990 prices) 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 GDPatmarketprices 720.5 776.7 811.7 880.7 970.5 1,118.0 1,269.0 1,380.7 1,540.8 1,714.9 1,785.2 1,853.1 2,025.4 2,313.0 2,625.3 2,935.1 Netindirecttaxes 52.6 43.2 35.9 45.7 58.6 84.0 139.3 132.2 127.0 129.0 141.5 141.9 157.9 171.0 210.8 248.6 GDP at factor cost .. .. .. .. .. .. .. .. .. .. .. .. Agriculture 279.7 275.5 294.8 328.7 355.9 401.9 409.1 422.6 442.4 453.5 467.6 501.7 513.7 537.9 563.2 585.7 Industry 274.0 311.3 317.2 335.0 369.8 423.4 502.2 553.4 629.2 720.4 747.8 771.7 874.4 1,064.1 1,284.4 1,507.9 Mining and quarrying 8.0 9.1 9.3 9.8 10.8 12.4 14.1 17.1 18.0 20.1 22.8 24.7 26.9 30.6 35.8 42.0 Manufacturing 232.6 260.3 264.6 279.1 304.9 349.2 412.3 446.4 503.0 582.5 610.9 623.4 705.7 853.4 1,007.4 1,180.3 Services, etc. 166.9 190.0 199.7 217.1 244.8 292.8 357.7 404.7 469.2 541.0 569.9 579.6 637.3 711.0 777.7 841.5 Importsofgoods&non-factorservices 71.7 129.7 144.5 128.6 145.8 192.9 296.5 257.0 235.0 280.6 301.6 262.8 304.6 390.7 510.0 555.2 Exportsofgoods&non-factorservices 56.1 99.6 126.9 137.6 141.1 164.6 177.2 207.1 230.3 259.0 277.4 311.7 359.6 415.0 453.6 583.2 Resource balance -15.6 -30.2 -17.7 9.0 4.7 -28.3 -119.4 49.9 4.7 -21.6 -24.2 48.9 55.0 24.2 -56.5 28.0 Total expenditures 736.2 806.9 829.4 871.7 975.2 1,146.3 1,388.3 1,430.6 1,545.5 1,736.5 1,809.5 1,804.2 1,970.4 2,288.8 2,681.7 2,907.0 Total consumption, etc. 473.1 533.5 565.4 579.0 647.4 761.5 909.0 910.1 988.8 1,105.3 1,166.0 1,159.8 1,266.1 1,498.4 1,695.1 1,794.6 Generalgovemment 109.7 116.6 119.2 120.7 133.1 164.6 186.8 189.5 192.5 201.8 221.4 224.2 265.1 318.7 366.7 390.7 Non-govemment 363.4 416.9 446.2 458.3 514.3 596.9 722.2 720.6 796.3 903.5 944.6 935.6 1,001.0 1,179.7 1,328.4 1,403.9 Statistical discrepancy 4.2 6.6 6.1 10.1 8.0 6.7 -2.4 2.9 12.9 15.0 19.3 27.5 33.1 43.7 50.7 42.2 l Gross domestic investmnent/a 263.1 273.4 263.9 292.8 327.9 384.9 479.3 520.5 556.7 631.2 643.5 644.4 704.3 790.4 986.6 1,112.4 ON, Grossdomestic fixed investment /a 205.4 226.6 209.2 248.4 279.5 331.4 373.9 419.2 482.0 531.2 458.1 473.2 556.5 675.8 833.1 1,011.0 I Nonfinancial public sector /a 125.0 128.5 111.6 140.8 155.9 185.0 238.1 267.9 296.1 317.4 267.7 291.9 340.0 458.1 582.6 607.5 General government .. .. .. .. .. .. .. .. .. .. .. .. Central govemment .. .. .. .. .. .. .. .. .. .. .. .. State and local govemment .. .. .. .. .. .. .. .. .. .. .. .. Nonfinancial public enterprise .. .. .. .. .. .. .. .. .. .. .. .. Non-State sector/a 80.4 98.2 97.6 107.6 123.6 146.4 135.7 151.3 185.9 213.8 190.4 181.3 216.5 217.8 250.5 403.5 Changes in stocks 57.6 46.8 54.8 44.4 48.4 53.5 105.5 101.2 74.7 100.1 185A 171.2 147.8 114.5 153.5 101.4 Net factor income 1.2 1.3 0.5 3.0 5.1 6.9 5.5 2.2 -0.3 -0.4 -0.4 1.4 5.2 1.9 -2.4 -8.0 Netcurrenttransfers 1.8 1.7 1.3 1.7 1.4 1.1 0.7 1.2 1.2 1.8 0.9 1.1 2.2 3.9 3.9 7.3 Gross national product 721.7 778.0 812.2 883.7 975.6 1,124.9 1,274.5 1,382.8 1,540.5 1,714.6 1,784.9 1,854.5 2,030.6 2,314.9 2,622.8 2,927.1 Gross domestic saving 255.0 263.5 266.9 321.0 342.1 382.2 380.1 458.3 545.7 602.3 613.2 693.3 755.9 818.1 937.5 1,161.8 Gross national saving 258.1 266.4 268.8 325.7 348.6 390.2 386.4 461.7 546.6 603.7 613.8 695.7 763.4 823.9 939.0 1,161.1 Capacitytoimport 63.6 119.8 147.3 156.8 160.0 190.3 197.3 194.9 224.0 251.6 271.3 311.7 356.2 418.5 460.9 604.5 Termsoftradeadjustment 7.6 20.3 20.5 19.2 18.9 25.6 20.1 -12.2 -6.3 -7.4 -6.1 0.0 -3.4 3.5 7.3 21.3 Gross domestic incomne 728.1 797.0 832.2 899.9 989.4 1,143.7 1,289.1 1,368.4 1,534.5 1,707.5 1,779.2 1,853.1 2,022.0 2,316.5 2,632.6 2,956.4 Gross national income 729.3 798.3 832.7 903.0 994.6 1,150.5 1,294.6 1,370.6 1,534.2 1,707.2 1,778.8 1,854.5 2,027.3 2,318.5 2,630.2 2,948.4 /a In the abeence of ie aid fhxed uiwahni_ deflor, them real ciua nimbem we derived by aii the GDP dear und 1991. Thereafter dhe fixed _asmai ddbtor i em&yed (China Saiwdcal Tearboo*, p. 250) Scarce: China Statitcal Yearboo* 1995, p.3Z Table 3: CHINA: National Accounts (implicit price deflators 1990=100) 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 GDP at market prices 56.0 58.2 59.9 60.1 61.2 64.1 70.6 73.9 77.6 87.0 94.7 100.0 106.7 115.2 131.5 153.3 Netindirecttaxes 56.0 58.2 59.9 60.1 61.2 64.1 70.6 73.9 77.6 87.0 94.7 100.0 106.7 115.2 131.5 153.3 GDP at factor cost .. .. .. .. .. .. .. .. .. .. .. .. .. Agriculture 45.0 49.3 52.4 53.6 55.1 57.1 62.1 65.4 72.4 84.5 90.4 100.0 102.9 107.8 122.2 161.1 Industry 69.8 70.4 71.1 71.1 71.6 73.3 77.0 81.2 83.5 91.4 97.3 100.0 104.1 109.9 127.9 141.0 Miningandquarrying 69.8 70.4 71.1 71.1 71.6 73.3 77.0 81.2 83.5 91.4 97.3 100.0 104.1 109.9 127.9 141.0 Manufacturing 69.8 70.4 71.1 71.1 71.6 73.3 77.0 81.2 83.5 91.4 97.3 100.0 104.1 109.9 127.9 141.0 Services, etc. 51.9 50.9 53.1 53.0 54.2 60.4 71.5 72.8 74.7 83.4 94.8 100.0 113.4 128.5 144.1 170.0 Importsofgoods&non-factorservices 34.0 22.4 25.6 28.2 29.0 32.0 42.0 58.6 67.6 74.4 72.6 100.0 108.8 116.4 119.1 178.4 Exportsofgoods&non-factorservices 38.6 27.0 29.2 32.2 32.9 37.0 46.8 55.1 65.8 72.3 71.0 100.0 107.8 117.4 121.0 185.0 Termsoftrade(Px/Pm) 113.5 120.3 114.2 114.0 113.4 115.6 111.4 94.1 97.3 97.1 97.8 100.0 99.1 100.8 101.6 103.7 Total expenditures 55.2 56.3 58.6 59.8 60.4 62.6 67.6 73.9 77.9 87.2 94.7 100.0 106.9 115.0 130.9 151.8 Total consumption, etc. 54.8 55.3 57.9 59.7 60.1 61.9 65.9 73.8 78.0 87.3 94.6 100.0 106.9 111.3 118.6 140.3 General govemment 56.0 56.5 59.1 63.8 63.0 62.0 63.4 72.1 77.4 85.6 91.8 100.5 106.7 109.6 122.7 152.4 Non-govemment 54.4 55.0 57.6 58.6 59.3 61.9 66.6 74.3 78.2 87.7 95.3 99.9 107.0 111.8 117.5 136.9 Statistical discrepancy -66.5 -39.5 -57.4 -181.2 -165.0 23.9 -925.8 614.1 204.3 192.7 247.5 84.6 118.7 165.8 -15.8 -349.6 Gross domestic investment 56.0 58.2 59.9 60.1 61.2 64.1 70.6 73.9 77.6 87.0 94.7 100.0 106.7 121.9 152.0 170.3 Gross domestic fixedinvestment /a 56.0 58.2 59.9 60.1 61.2 64.1 70.6 73.9 77.6 87.0 94.7 100.0 106.7 123.1 155.8 172.0 Nonfinancial publicsector 55.9 58.1 59.8 60.0 61.1 64.0 70.6 73.8 77.6 87.0 94.7 100.0 106.7 115.1 131.4 153.5 General govemment .. .. .. .. .. .. .. .. .. .. .. .. .. Central government .. .. .. .. .. .. .. .. .. .. .. .. .. State and local govemment .. .. .. .. .. .. .. .. .. .. .. .. .. Nonfinancial public enterprise .. .. .. .. .. .. .. .. .. .. .. .. .. Non-State sector 56.2 58.3 60.0 60.2 61.3 64.3 70.8 74.0 77.7 87.1 94.7 100.0 106.8 139.8 212.4 199.9 Changes in stocks 56.0 58.2 59.9 60.1 61.2 64.1 70.6 73.9 77.6 87.0 94.7 100.0 106.7 115.2 131.5 153.3 Net factor income 56.0 58.2 -36.8 36.4 43.1 49.3 54.6 39.7 190.6 168.5 116.0 100.0 91.6 83.3 156.8 1 10. Netcurrenttransfers 55.2 56.3 58.6 59.8 60.4 62.6 67.6 73.9 77.9 87.2 94.7 100.0 106.9 115.0 130.9 151.8 Gross national product 55.9 58.1 59.8 60.0 61.1 64.0 70.6 73.8 77.6 87.0 94.7 100.0 106.7 115.1 131.4 153.5 Gross domestic saving 56.7 59.5 59.5 57.3 59.8 64.3 78.1 76.0 77.8 87.7 95.8 100.0 106.9 121.7 153.7 170.6 Gross national saving 56.5 59.2 59.3 57.1 59.6 64.1 77.8 75.8 77.8 87.6 95.8 100.0 106.8 121.6 153.6 170.9 /a In the absence of an official fixed investment deflator, the real investment numnbers are derived by employing the GDP deflator until 1991. Thereafter the fixed investment deflator is employed. ( China Statistical Yearbook, p. 250) Source: Table I dMded by Table 2. Table 4: CHINA: National Accounts (percentage growth rates ini constant 1990 prices) 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 GDP at marketprices 7.6 7.8 4.5 8.5 10.2 15.2 13.5 8.8 11.6 11.3 4.1 3.8 9.3 14.2 13.5 11.8 Net indirect taxes.. . .. . ... GDP at factor cost . . . . . . . . . . . .. Agriculture 6.1 -1.5 7.0 11.5 8.3 12.9 1.8 3.3 4.7 2.5 3.1 7.3 2.4 4.7 4.7 4.0 Industiy 8.2 13.6 1.9 5.6 10.4 14.5 18.6 10.2 13.7 14.5 3.8 3.2 13.3 21.7 20.7 17.4 Mining and quarrying 8.2 13.6 1.9 5.6 10.4 14.5 13.9 21.2 5.1 11.7 13.4 8.4 9.1 13.7 17.0. Manufacfturing 8.6 11.9 1.6 5.5 9.2 14.5 18.1 8.3 12.7 15.8 4.9 2.0 13.2 20.9 18.0 17.2 Services, etc. 9.2 13.9 5.1 8.7 12.8 19.6 2 2. 2 13.1 15.9 15.3 5.3 1.7 9.9 11.6 9.4 8.2 Imports of goods &non-factor service 43.8 81.0 11.4 -11.0 13.4 32.3 53.7 -13.3 -8.6 19.4 7.5 -12.9 15.9 28.3 30.5 8.9 Exports of goods &non-factor service 44.0 77.6 27.4 8.4 2.6 16.7 7.6 16.9 11.2 12.4 7.1 12.4 15.4 15.4 9.3 28.6 Resource balance . . . . . . . . . . . .. Total expenditures 8.2 9.6 2.8 5.1 11.9 17.5 21.1 3.0 8.0 12.4 4.2 -0.3 9.2 16.2 17.2 8.4 Total consumption, etc. 11.1 12.8 6.0 2.4 11.8 17.6 19.4 0.1 8.6 11.8 5.5 -0.5 9.2 18.3 13.1 5.9 General governmnent 21.3 6.3 2.2 1.2 10.3 23.7 13.5 1.4 1.6 4.8 9.7 1.3 18.3 20.2 15.1 6.6 Non-governmnent 8.3 14.7 7.0 2.7 12.2 16.1 21.0 -0.2 10.5 13.5 4.5 -1.0 7.0 17.9 12.6 5.7 Statistical discrepancy . . . . . . . . . . . .. Gross domestic investinent 3.3 3.9 -3.4 10.9 12.0 17.4 24.5 8.6 7.0 13.4 1.9 0.1 9.3 12.2 24.8 12.7 0 Gross doinestic fixed investmnent 3.5 10.3 -7.7 18.7 12.5 18.6 12.8 12.1 15.0 10.2 -13.8 3.3 17.6 21.4 23.3 21.3 Nonfinacial public sector 1.0 2.8 -13.2 26.2 10.7 18.7 28.7 12.5 10.5 7.2 -15.7 9.0 16.5 34.7 27.2 4.3 General government . . . . . . . . . . . .. Central government . . . . . . . . . . . . . State and local governkment . . . . . . . . . . . Nonfuiacial public enterprise . . . . . . . . . . . . . Non-State sector 7.7 22.0 -0.5 10.2 14.9 18.5 -7.3 11.5 22.9 15.0 -10.9 -4.8 19.4 0.6 15.1 61.0 Changes in stocks 2.6 -18.9 17.1 -18.9 9.0 10.5 97.2 -4.0 -26.2 33.9 85.3 -7.7 -13.7 -22.5 34.0 -33.9 Net factor income . . . . . . . . . . . .. Net current transfers . . . . . . . . . . . .. Gross national product 7.6 7.8 4.4 8.8 10.4 15.3 13.3 8.5 11.4 11.3 4.1 3.9 9.5 14.0 13.3 11.6 Gross domestic saving 2.3 3.3 1.3 20.3 6.6 11.7 -0.6 20.6 19.1 10.4 1.8 13.1 9.0 8.2 14.6 23.9 Gross national saving 2.3 3.2 0.9 21.2 7.0 11.9 -1.0 19.5 18.4 10.4 1.7 13.4 9.7 7.9 14.0 23.7 Capacity to import . . . . . . . . . . . .. Ternns of trade adjustinent . . . . . . . . . . . .. Gross domestic income 7.8 9.5 4.4 8.1 9.9 15.6 12.7 6.2 12.1 11.3 4.2 4.2 9.1 14.6 13.6 12.3 Gross national income 7.8 9.5 4.3 8.4 10.1 15.7 12.5 5.9 11.9 11.3 4.2 4.3 9.3 14.4 13.4 12.1 Source: Tablc 2 Table 5: CHINA: Balance of Payments (billions of US dollars) 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 Exports ofgoods andnon-factor services 23.5 26.7 28.2 29.6 391 45.9 47.8 57.3 65.8 78.8 86.5 118.8 Merchandise (fob) 207 23.9 25.1 25.8 34.7 41.1 43.2 51.5 589 69.6 75.7 102.6 Non-factorservices 2.7 2.8 3.1 3.8 4.4 4.8 46 5.8 6.9 9.2 10.9 16.3 Importsofgoodsandnon-factorservices 20.7 26.3 41.1 37.5 38.9 50.0 52.7 466 54.3 73.8 9s.3 111.5 Merchandise (fob) 18.7 23.9 38.2 34.9 36.4 46.4 48.8 42 4 50.2 64.4 86.3 95.3 Non-factorservices 2.0 24 2.9 2.6 2.5 3.6 3.9 4.3 4.1 9.4 12.0 16.2 Resourcebalance 2.7 0.4 -13.0 -7.9 0.2 -4.1 -5.0 10.7 11.5 5.0 -11.8 7.3 Net factor income 1.2 1 6 0.9 0.2 -0.2 -0.1 0.3 1.0 0.9 0.3 -1.3 -1.0 Factor receipts 1.5 2 0 1.5 1.1 1.0 1.5 1.9 3.1 3.8 5.7 4.4 5.9 Factorpayments 0.3 04 0.5 0.9 1.2 1.6 1.7 2.1 2.9 5.4 5.7 6.9 Total interestdue 08 1.0 1.2 1.1 1.8 2.2 3.2 3.1 3.7 3.4 3.4 4.8 Otherfactorpayments&disc -0.5 -0.6 -0.6 -0.1 -0.6 -0.6 -1.5 -1.1 -0.8 2.0 23 2.1 Netcurrenttransfers 0.4 0.3 0.2 03 0.2 0.4 0.2 0.2 0.4 0.8 0.9 0.8 Currentreceipts 0.4 03 0.2 0.3 0.3 0.4 0.2 0.2 05 0.8 0.9 1.1 Workers remittances 0.4 0.3 0.2 0.2 0.2 0.1 0.1 01 0.2 0.2 0.1 04 Other current transfers 0.0 0.0 0.0 0.1 0.1 0.3 0.2 0.1 0.3 0.6 0.8 0.7 Current payments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 00 0.3 Currentaccountbalancebeforeofficialgrants 44 2.4 -11.9 -7.5 0.3 -3.8 4.5 11.9 12.9 6.1 -12.2 7.2 CurrentaccountbalanceasashareofGDP(percent) 1.9 0.9 -3.9 -2.5 0.1 -1.2 -1.3 34 34 14 -28 14 Official capital gants 01 0.1 0.1 0.1 0.0 0.0 0.1 0.1 0.4 0.4 0.3 0.5 Currentaccountbalanceafterofficial.grants 4.5 2.5 -11.8 -7.3 0.3 -3.8 -43 120 133 6.4 -11.9 7.7 Longtenncapital inflows 15 2.2 5.0 6.3 7.8 9.1 8.7 9.0 8.0 18.3 37.1 35.8 Directinvestment 05 1.1 1.0 1.4 1.7 2.3 2.6 27 35 7.2 231 31.8 Net longtermborrowmg I 1 I 1 4.0 4.9 6.1 6.8 6.1 6.3 4.5 11.3 12 8 12.0 Disbursements 2.4 2 4 5.3 6.7 8.0 9.1 8.4 9.7 8.7 16.5 19.6 18.3 Repayments due 1 4 1.3 1.3 1.9 2.0 2.3 2.4 3.3 4.1 5.2 6 7 6 3 Other longterm inflows (net) 00 0.0 o.o o.o 0.0 0.0 0.0 0.0 0.0 -0.2 1 2 -8.0 Total other items (net) -1 9 4 6 4.4 -1.0 -3.3 -2.9 4.8 -8.9 -6.7 -26 8 -26.4 -12.9 Net short-termcapital -0.3 -0.9 2.3 -2 3 0.2 0.1 -1.5 -3.2 0.4 -0.9 -3.9 -3.1 Capital flows not elsewhere mcluded 0.0 0.0 00 0.0 00 0.0 0.0 -2.5 -0.3 -17.6 -12.7 0.0 Errors and omissions -1 6 -37 21 1 3 -35 -3 0 -3.3 -3 2 -6.8 -8.3 -9.8 -9.8 Changesinnetreserves 4.1 -01 24 2.0 -48 -24 05 -120 -145 2.1 1.2 -30.5 Net credit fromlMF -0.5 0 0 0.0 0.7 0.1 0.0 00 -0 4 -0 4 ° .o 0.0 00 Reserve changes not elsewhere included -3.6 -0 1 2 4 1 3 4 9 -2 3 0 5 -11.6 -14.1 2.1 1 2 -30.5 Escrow account 0.0 0 0 0.0 0.0 0.0 0 0 0.0 0.0 0.0 0 0 0 0 0.0 Gross reserves (excludinggold) La 15.0 17.4 12.7 11.5 16.3 18.5 18.0 29.6 43.7 20.6 22.4 52 9 Grossreservcs(mncludinggold) Lb 198 21.3 16.9 16.4 225 23.8 23.1 34.5 48.3 25.0 27.0 57.8 Exchange rates Nominal official exchange rate (average) 2.0 2 3 2.9 3 5 3 7 3 7 3.8 4.8 5 3 5.5 5.8 8.6 Nominal official exchange rate (end-of-year) 2.0 2 8 3.2 3.7 3.7 3 7 4.7 5.2 5 4 5.8 5.8 8.4 Manufactures Unit Value Index (% change) -2.3 -2 1 0.8 17.9 9.8 7 3 -0.7 5.7 2 2 4 3 -0.3 3.7 Real effective exchange rate index 94.2 74 9 63.6 46.3 40 2 43 7 50 7 37.3 32 4 /. Sin. Angus i992 the ithotork f have dedngarom hut. meiie the un ofonly ate foreign exchang. mree (nott otar ). gotd re poetian hi the Fund and SDR tidinaj. /b Gold vatud S London prce. (Source: IFS) Sour-,: The Forh Rank IMF: lItenl ocal FIauiil SIaIJIIIII Table 6: CHINA: Services (millions of US dollars) 1983 1984 1985 1986 1987 1988 1989 199o 1991 1992 1993 1994 A. Shipment of freight Credit 786 668 671 705 904 1,308 1,061 1,937 1,179 1,294 1,391 2,065 Debit 739 761 1,224 850 1,186 1,387 2,382 2,139 2,193 3,876 5,134 6,926 B. Insurance Credit 203 224 196 229 252 345 332 227 342 486 452 1,700 Debit 110 121 69 82 142 214 187 84 214 274 362 1,880 C. Other transportation Credit 174 209 271 304 152 169 153 480 494 0 0 0 Debit 0 0 0 0 0 0 0 0 0 0 0 0 D. Port expenses Credit 381 376 360 306 289 304 300 289 338 368 245 760 Debit 614 560 300 670 456 889 370 1,106 314 449 345 695 F. Travel receipts Credit 767 922 979 1,227 1,693 2,078 1,707 1,738 2,346 3,947 4,683 7,323 Debit 53 150 314 308 387 633 429 470 511 2,512 2,797 3,036 F. Profits Credit 31 2 6 0 10 0 6 0 0 0 0 0 Debit 0 0 14 15 2 8 7 46 10 22 231 400 G. Interest Credit 707 925 484 216 177 427 247 667 747 614 535 928 Debit 41 92 68 298 457 644 394 480 870 1,886 2,079 2,506 H. Bank interest and charges Credit 715 995 897 685 789 1,042 1,641 2,350 2,972 4,981 3,855 4,809 O Debit 254 296 464 611 732 978 1,264 1,536 1,999 3,439 3,364 3,868 1. Posts Credit 22 32 13 15 12 24 118 159 221 349 471 706 Debit 9 7 7 15 14 11 16 13 15 72 85 146 1. Interofficial Credit 13 28 130 215 204 137 151 107 115 141 200 266 Debit 154 223 263 251 150 277 337 239 184 227 472 518 K. Labor income Credit 75 96 91 199 51 35 53 52 74 60 47 117 Debit 0 0 0 0 0 0 0 0 0 20 22 98 L. Other services Credit 380 352 435 940 880 458 727 866 1,870 2,604 3,409 3,429 Debit 315 556 347 100 150 193 189 291 689 2,004 2,818 3,000 M. Total services Net 1,986 2,053 1,069 1,427 1,737 1,094 923 2,558 3,697 63 -2,420 -969 Credit 4,275 4,819 4,533 4,927 5,413 6,327 6,497 8,872 10,697 14,844 15,289 22,104 Debit 2,289 2,766 3,464 3,500 3,676 5,233 5,574 6,314 7,000 14,781 17,709 23,073 N. factor Services (F+G+H+K) Net 1,233 1,630 932 176 -164 -126 282 1,007 914 288 -1,259 -1,018 Receipts(credit) 1,528 2,018 1,478 1,100 1,027 1,504 1,947 3,069 3,793 5,655 4,437 5,854 Paymenits (debit) 295 388 546 924 1,191 1,630 1,665 2,062 2,879 5,367 5,696 6,872 0. Non-factor services (A+B+C+D+E+I+L) Net 753 423 137 1,251 1,901 1,220 641 1,551 2,783 -225 -1,161 49 Receipts (credit) 2,747 2,801 3,055 3,827 4,386 4,823 4,550 5,803 6,904 9,189 10,852 16,250 Payments (debit) 1,994 2,378 2,918 2,576 2,485 3,603 3,909 4,252 4,121 9,414 12,013 16,201 S-er 7he Wr.led,d - lAk: IfinnoiI-a- PA-l Swlaftks Table 7: CHINA: Transfers ( nillions of US dollars) 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 Private unrequited transfers Net 436 305 171 255 249 416 238 222 444 806 883 836 Credit 446 317 180 266 260 428 247 233 484 823 901 1,095 Debit 10 12 9 11 11 12 9 11 40 17 18 259 Nonresidential remittances Net 444 315 177 205 163 125 73 119 189 213 93 376 Credit 446 317 180 208 166 129 76 124 207 228 108 395 Debit 2 2 3 3 3 4 3 5 18 15 15 19 Migrants' transfers Net -8 -10 -6 50 86 291 165 103 255 593 790 460 Credit 0 0 0 58 94 299 171 109 277 595 793 700 Debit 8 10 6 8 8 8 6 6 22 2 3 240 Public unrequited transfers Net 75 137 73 124 -25 3 143 52 387 351 289 501 Credit 174 279 260 250 129 140 230 143 406 385 389 675 Debit 99 142 187 126 154 137 87 91 19 34 100 174 International organizations Net 21 96 24 42 82 69 183 139 127 121 Credit 63 140 58 61 120 84 192 173 160 145 Debit 42 44 34 19 38 15 9 34 33 24 Grants and aid Net 52 28 -49 -39 61 -17 204 212 162 380 Credit 197 110 71 79 110 59 214 212 229 530 Debit 145 82 120 118 49 76 10 0 67 150 Total transfers Net 511 442 243 379 224 419 381 274 831 1,157 1,172 1,337 Credit 620 596 439 516 389 568 477 376 890 1,208 1,290 1,770 Debit 109 154 196 137 165 149 96 102 59 51 118 433 Source: 'Me World Bank; IMF: International Financial Statistics. Table 8: CHINA: International Reserves (millions of US dollars) 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 Total reserves (minus gold) 14,987 17,366 12,728 11,453 16,305 18,541 17,960 29,586 43,674 20,620 22,387 52,914 SDR's 335 406 483 569 640 586 540 562 577 419 484 539 Reserve position with Fund 176 255 332 370 429 407 398 430 433 758 704 755 Foreignexchangereserves 14,476 16,705 11,913 10,514 15,236 17,548 17,022 28,594 42,664 19,443 21,199 51,620 Gold Gold (million fne troy ounces) 13 13 13 13 13 13 13 13 13 13 13 13 Gold (National valuation)/a 464 435 486 541 629 594 587 623 634 610 612 646 1 4. Londongoldprice(USSperoz)/b 382 308 327 391 484 410 401 384 362 343 360 384 lN) Gold at London price (US$ million) 4,845 3,915 4,153 4,964 6,148 5,210 5,093 4,871 4,600 4,361 4,569 4,880 Totalreservesincludinggold 15,451 17,801 13,214 11,994 16,934 19,135 18,547 30,209 44,308 21,230 22,999 53,560 (National valulation) Total reserves including Gold 19,832 21,281 16,881 16,417 22,453 23,751 23,053 34,457 48,274 24,981 26,956 57,794 (London price) /a From August 1992 onwards the authonties have defined os international res as the sum of only stae foreig exchae resrves (not total reerves), gold, reserve positon wih the Fund and SDR holdings. /b Gold vahied at SDR 35 per fine onme. Son.: The Wodd Hank, lAi Internaional Financial Statistics. Table 9: CHINA: Commodity Composition of Merchandise Exports (customs basis; millions of US dollars) 1980 1981 1982 19S3 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 PRIMARY GOODS 9,114 10,248 10,050 9,620 11,934 13,828 11,272 13,231 14,406 15,078 15,886 16,145 16,969 16,666 19,707 FOOD 2,985 2,924 2,908 2,853 3,232 3,803 4,448 4,781 5,890 6,145 6,609 7,229 8,324 8,399 10,017 of which Live anw ials chiefly for food 326 304 338 348 386 395 430 439 479 453 468 Mealt nd meat products 456 448 483 520 585 657 791 906 770 950 909 FitsheaAhell-fihmoUtsca etc 305 283 491 721 969 1,039 1,370 1,181 1,366 1,254 1,816 Grin and gin prcodcts 444 1,065 898 579 681 719 614 1,169 1,692 1,660 1,687 Vegetabies and bibits 829 825 1,092 1,290 1,617 1,623 1,742 1,946 2,023 2,163 2,889 Coffee, tea,cocoa tc 449 435 466 488 524 568 534 491 499 510 494 NON-FOOD 1,711 1,948 1,653 1,892 2,421 2,653 2,908 3,650 4,257 4,212 3,537 3,484 3,143 3,052 4,132 of which Oil aed & odl-contain-g fits 505 487 580 674 684 645 619 741 867 793 1,280 Textle fibhe tc, 929 1,145 1,160 1,508 1,672 1,546 1,095 1,125 4,224 4,179 1,093 Animal amd vegetabl raw materia1s 60 89 78 105 442 398 486 645 724 845 N99 705 606 617 1,136 MINERAL FUELS 4,280 5,228 5,314 4,666 6,027 7,132 3,683 4,544 3,950 4,321 5,237 4,754 4,672 4,109 4,061 of whuch COal, coke and briqoetta 322 349 455 536 594 680 755 829 I Petroleurn,petroleunt products dct 5,701 6,777 3,224 4,003 3,350 3,633 4,460 3,975 2,789 OTHER 138 148 175 209 254 240 233 256 309 400 503 678 850 1,106 1,497 W MANUFACTURED GOODS 9,005 11,759 12,271 12,606 14,205 13,522 19,670 26,206 33,110 37,460 46,205 55,698 67,951 75,078 101,331 1 CHEMICALS & RELATED PRODUCTS 1,120 1,342 1,196 1,251 1,364 1,358 1,733 2,235 2,897 3,201 3,730 3,818 4,332 4,623 6,235 of which Orgarnc 294 309 411 500 575 690 838 911 1,403 1,541 1,602 lnorgamc 283 287 379 553 762 791 842 913 1,050 1,145 1,350 LIGHT INDUSTRY 3,999 4,706 4,302 4,365 5,054 4,493 5,886 8,570 10,489 10,897 12,576 14,456 16,139 16,392 23,218 of which Yarn,fabrics,manuf good etc 3,093 3,243 4,220 5,790 6,456 6,994 6,999 7,734 11,818 Non-metalic minerab 260 227 317 439 579 792 1,316 1,668 2,521 Metal productb 477 426 553 797 1,006 1,210 1,283 1,669 1,654 MACHINERY & TRANSPORT EQUIPMENT 843 1,087 1,263 1,221 1,493 772 1,094 1,741 2,769 3,874 5,588 7,149 13,250 15,282 21,928 OTHER 2,836 3,725 3,705 3,804 4,697 3.4S6 4,948 6,273 8,268 10,755 12,686 16,620 34,230 38,781 49,938 Clothing and garnenht 2,633 2,050 2,913 3,749 4,872 6,130 6,848 8,998 16,883 18,325 23,732 PRODUCTS NOT CLASSIFIED ELSEWHERE 207 899 1,805 1,965 1,597 3,413 6,009 7,387 8,687 8,733 11,623 13,655 12 TOTAL 18,119 22,007 22,321 22,226 26,139 27,350 30,942 39,437 47,516 52,538 62,091 71,843 84,940 91,744 121,038 Note: Data from 1980-91 are baed on Standard tadntial Trade Clsaification (SITC); 1992M4 categorim are bazed on the Hartnomzed System (HS) From 1992, Cuatoma Staiatics u new commodity taagoris; producbt act otherwise clhseified have heen inchided m different categora of cotmnodibes S.arce. Chu- S1asifloal r.hok 1995, p 538 Table 10: CHINA: Imports (customs basis; millions of US dollars) 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 FOOD 3,202 3,934 4,439 3,238 2,527 1,881 2,002 3,055 4,191 5,269 4,475 3,718 3,869 2,953 4,996 Food 2,927 3,622 4,201 3,122 2,331 1,553 1,625 2,443 3,476 4,192 3,335 2,799 3,143 2,206 3,119 Beverages 36 213 130 46 116 206 172 263 346 202 158 200 242 245 68 Animal fat 239 99 108 70 80 122 205 349 369 875 982 719 484 502 1,809 PETROLEUM (Mineral fuels) 203 83 183 111 139 172 504 539 787 1,650 1,272 2,114 3,546 5,819 4,034 INTERMEDIATE 10,628 10,668 9,854 11,931 13,856 19,175 17,552 16,769 23,391 23,415 18,325 23,189 34,307 40,042 43,957 Chemicals and relatedproducts 2,909 2,606 2,936 3,183 4,237 4,469 3,771 5,008 9,139 7,556 6,648 9,277 11,201 9,704 12,131 Crude materials (non-food) 3,554 4,027 3,012 2,459 2,542 3,236 3,143 3,321 5,090 4,835 4,107 5,003 5,801 5,438 7,438 Leather-+Cork 4,165 4,035 3,906 6,289 415 770 851 728 842 747 938 1,267 1,626 1,859 2,943 Leather .. .. .. .. .. .. .. 184 224 280 374 642 206 263 1,903 Cork .. .. .. .. .. .. .. 544 618 467 564 625 1,420 1,596 1,041 Textile yarn (yamn, fabrics etc.) .. .. .. .. 953 1,607 1,632 1,848 2,388 2,845 2,748 3,689 3,690 3,145 9,347 1 Non metallic minerals .. .. .. .. 225 325 363 342 430 520 453 443 4,519 3,776 1,001 Iron and steel .. .. .. .. 4,361 7,120 6,741 4,787 4,624 5,797 2,852 2,694 5,051 13,896 9,438 4 Non-ferrous metals .. .. .. .. 1,123 1,648 1,051 735 878 1,114 579 816 2,420 2,224 1,659 CONSUMER GOODS 544 557 486 782 1,423 2,330 2,431 1,743 1,757 1,866 2,051 2,506 7,949 8,666 6,987 Paper(paperandrelatedproducts) .. .. .. .. 241 428 554 727 610 634 745 969 1,771 1,741 1,923 Rubber .. .. .. .. .. .. .. 45 51 50 50 76 555 598 186 Furniture .. .. .. .. .. .. .. 42 61 68 72 49 178 218 111 Travel goods .. .. .. .. .. .. .. 3 8 6 6 i 302 327 50 Clothing .. .. .. .. .. .. .. 17 28 38 48 61 437 543 622 Footwear .. .. .. .. .. .. .. 1 2 3 9 11 506 513 325 Photo supplies .. .. .. .. .. .. .. 432 365 398 361 441 2,024 2,320 1,656 Miscellaneous .. .. .. .. .. .. .. 476 632 669 759 892 2,177 2,407 2,114 MANUFACTURED 5,440 6,774 4,323 5,328 9,465 18,694 20,415 21,110 25,150 26,940 27,222 32,264 30,914 46,479 55,720 Total 20,017 22,015 19,285 21,390 27,410 42,252 42,904 43,216 55,275 59,140 53,345 63,791 80,585 103,959 115,693 Note Data from 1980-91 are based on Standard Industial Trade Classification (StIC); 1992-4 categories are based on the Harmonized System (HS). Source: China Statistlcal Yearbook 1995 p. 539. Table 11: CHINA: External Debt: Disbursements and Repayments (millions of US dollars) 1980 1981 1922 1983 1984 1985 1986 1987 1982 1989 1990 1991 1992 1993 1994 Disbusements Publc & publicly guaranteed long-term debt 2,539 1,800 1,838 2,375 2,357 5,280 6,732 8,044 9,065 8,442 9,665 8,659 16,505 19,561 18,314 Officl crediton 245 584 734 678 888 1,166 1,444 1,123 1,847 2,761 2,578 2,649 3,103 5,501 4,200 Muliatral 0 0 1 78 208 599 620 717 1,124 1,169 1,158 1,455 1,523 2,252 2,558 ofwhichlDA 0 0 1 67 124 212 282 399 557 507 507 612 778 S69 680 ofwhichIlBRD 0 0 0 4 73 354 324 303 553 604 591 668 552 977 1,380 Bilateral 245 584 733 600 620 567 824 405 724 1,592 1,420 1,194 1,5S0 3,248 1,642 Privat creditos 2,294 1,216 1,104 1,697 1,470 4,114 5,288 6,921 7,218 5,681 7,087 6,010 13,204 13,729 14,113 Bonds 50 0 40 21 84 971 1,333 1,064 722 450 277 260 S94 2,737 3,337 Conunercial banks 159 97 90 269 302 700 1,782 4,605 4,470 2,016 3,247 2,623 5,062 5,624 3,627 Odlrapuvate 2,085 1,119 974 1,408 1,084 2,443 2,172 1,252 1,967 3,206 3,564 3,127 7,248 5,368 7,149 Privaten an-gnted long-trnm 0 0 0 0 0 0 0 0 0 0 0 0 19S 332 0 Total lng-term dishnrnants 2,539 1,800 1,838 2,375 2,357 5,280 6,732 8,044 9,065 8,442 9,665 3,659 16,505 19,561 18,314 hDfpuchua 0 896 0 0 0 0 701 0 0 0 0 0 0 0 0 Net short-trm capital . Tota disxunentt 2,539 2,696 1,838 2,375 2,357 5,280 6,732 8,044 9,065 8,442 9,665 8,659 16,505 19,561 18,314 Reaymenb due Public & publicky pdnked long-tm debt 613 1,204 1,302 1,389 1,287 1,297 1,874 1,956 2,285 2,365 3,319 4,123 5,213 6,729 6,343 L, Offic crditors 50 78 77 56 57 49 279 496 492 485 851 605 760 886 1,083 Muhlttal 0 0 0 0 0 0 2 99 41 63 220 141 215 272 359 1 ofwhichlDA 0 0 0 0 0 0 0 0 0 0 0 1 2 4 9 of which IBRD 0 0 0 0 0 0 0 97 39 62 216 130 196 245 315 Bilatera 50 78 77 56 57 49 277 397 451 421 632 464 545 614 725 Privat credits 562 1,126 1,226 1,334 1,230 1,248 1,595 1,460 1,793 1,880 2,468 3,517 4,453 5,843 5,260 Bonds 0 17 17 17 0 0 0 0 11 33 325 236 1,095 831 461 Commeia bas 161 333 313 168 126 77 331 466 754 867 SO 2,010 2,046 2,895 1,803 Odter private 401 777 896 1,149 1,103 1,171 1,264 993 1,028 980 1,335 1,272 1,311 2,117 2,996 Prite non-gurnteed long-ten debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Totl long-tmmrpmnent due 613 1,204 1,302 1,389 1,287 1,297 1,874 1,956 2,285 2,365 3,319 4,123 5,213 6,729 6,343 RAF repuqhas 0 0 0 481 0 0 36 S1 83 79 490 451 0 0 0 Totl long-term repayment + IMF repurchase 613 1,204 1,302 1,870 1,287 1,297 1,910 2,037 2,368 2,444 3,809 4,574 5,213 6,729 6,343 Net flows Officialcreditos 195 506 657 623 131 1,117 1,165 626 1,355 2,277 1,727 2,044 2,343 4,615 3,117 of which IDA 0 0 1 67 124 212 222 399 557 507 507 611 777 265 671 ofwhichlBRD 0 0 0 4 73 354 324 206 514 542 376 538 357 732 1,065 Conunlan IBRD commitments 0 100 165 299 616 660 672 692 868 1,221 75 1,312 1,253 1,445 2,9S7 of which ft disbuing 0 0 0 0 0 0 0 0 200 0 0 0 0 0 0 IDA comnibnct 0 96 165 139 343 433 448 613 594 539 878 1,310 612 870 1,090 of which fast disbug 0 0 0 0 0 0 0 0 97 0 0 0 0 0 0 Sbce: Wodd Buskz W.ofdDsol Taks. Table 12: CHINA: External Debt: Interest and Debt Outstanding ( millions of US dollars) 1930 1931 1932 1933 1934 1935 1936 1937 1933 1939 1990 1991 1992 1993 1994 Interest due Pubic&pubclyguarantecdlong-termdebt 313 513 541 523 610 536 645 1,125 1,611 2,511 2,534 2,953 2,703 2,618 3,313 Official creditors 17 55 31 104 131 172 262 402 434 457 531 635 673 327 1,131 Multilateral 0 0 0 3 9 30 76 126 143 179 226 263 319 376 430 of whichlDA 0 0 0 1 3 4 S 12 15 14 19 23 29 34 41 ofwhichlBRD 0 0 0 3 6 26 66 111 126 161 200 227 264 299 364 Bilaterl 17 55 31 101 121 142 137 276 290 273 305 372 353 450 651 Private creditos 301 463 460 413 479 414 332 723 1,173 2,054 2,003 2,319 2,030 1,792 2,637 Bonds 3 4 5 5 4 20 91 213 239 347 367 356 337 2S6 363 Commercialbanks 140 110 72 46 40 50 67 137 457 1,062 959 1,071 776 733 1,034 Otherprivate 153 349 333 363 436 343 225 373 432 646 677 391 913 767 1,239 Pnvatenon-guaranteedlong-termdebt 0 0 0 0 0 0 0 0 0 0 0 0 0 12 26 Interest areaTs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reduction in arrears(-) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Totallong-terminterestdue 313 513 541 523 610 536 645 1,125 1,611 2,511 2,534 2,953 2,703 2,630 3,S44 IMFservice charges 0 21 34 21 2 2 2 50 51 67 65 24 0 0 0 Interest on short-tenn debt 0 0 243 277 336 594 417 640 534 623 547 707 697 309 943 I Totalinterestdue 313 539 323 321 993 1,131 1,064 1,315 2,197 3,206 3,146 3,634 3,405 3,439 4,792 4- Debt outstanding and disbursed (DOD) Pubhic&pubhiclyguaranteedlong-tenndebt 4,504 4,913 5,220 5,301 6,179 9,937 16,571 25,963 32,620 37,113 45,515 49,479 53,463 70,076 S2,390 I Official creditors 447 932 1,536 2,131 2,312 4,724 7,023 9,496 10,536 12,039 14,514 17,073 19,105 24,339 23,973 Multilateral 0 0 1 77 271 983 1,810 2,352 3,753 4,783 6,111 7,576 3,614 10,690 13,533 of which IDA 0 0 1 67 131 431 774 1,330 1,319 2,296 3,016 3,672 4,236 5,160 6,097 of which IBRD 0 0 0 4 73 493 965 1,427 1,331 2,330 2,365 3,494 3,752 4,549 5,933 Bilateral 447 932 1,535 2,104 2,541 3,741 5,213 6,644 6,733 7,257 3,403 9,497 10,491 13,650 15,335 Private creditors 4,056 3,932 3,635 3,121 3,367 5,213 9,544 16,467 22,035 25,079 31,001 32,406 39,353 45,737 53,417 Bonds 50 34 59 65 140 1,234 2,311 4,493 5,132 5,223 5,425 5,660 5,449 7,715 10,730 Commercialbanks 1,514 632 369 406 546 776 1,730 6,037 10,393 11,432 14,520 14,963 17,913 20,673 20,910 Other private 2,492 3,316 3,257 2,650 2,631 3,203 4,953 5,332 6,509 3,419 11,055 11,733 15,995 17,344 21,M Private non-guaranteed long-term 0 0 0 0 0 0 0 0 0 0 0 0 200 556 5S3 Total long-tenm DOD 4,504 4,913 5,220 5,301 6,179 9,937 16,571 25,963 32,620 37,113 45,515 49,479 53,663 70,632 32,973 UseoflMFcredit 0 334 833 324 303 340 1,072 1,155 1,013 903 469 0 0 0 0 Short-term debt 0 0 2,300 3,984 5,600 6,419 6,076 3,221 3,306 6,907 6,766 10,300 10,346 13,546 15,399 Totalextenaldebt 4,504 5,797 3,353 9,609 12,032 16,696 23,719 35,340 42,439 44,932 52,751 59,779 69,509 34,173 93,372 Memorandum items: % Debt on concessional terms I 1 9 17 23 25 22 20 19 21 21 21 20 19 19 % Debt at variable interest rates 59 54 35 2S 22 24 25 34 39 33 36 33 23 29 23 %Bilateraldebtonconcessionalterms I 1 6 9 10 12 12 11 10 12 13 11 10 12 12 % Multllateal debt on concessional terms 0 0 0 1 2 3 3 4 4 5 6 6 6 3 3 Prefferfedcreditordebtservice 0 1 2 26 1 2 5 11 S 3 17 12 7 7 3 So-,e: W-dd Brnk Worl Debt Tables excepifo, 1994 .*ich ws given by the Chinee Goven,nt Table 13: CHEINA: Domestic Debt (billions of yuan) Yew Tye la d Amoit (med to la1ed 1917 3988 1989 1990 1993 1992 1993 1994 1995 1996 1997 1998 1999 2000 1982 Tnwy bath Eleprid- 2.40 0.48 0.48 0.48 0.48 Tflay baod Houshods 2.00 0.39 0.39 0.39 0.39 1983 Treumybahs En-pria 2.10 0.42 0.42 0.42 0.42 0.42 Tteeybbmd Houaeokde 2.10 0.42 0.42 0.42 0.42 0.42 1984 Teaey bmth E prie 2.00 0.40 0.40 0.40 0.40 0.40 Tremmy bad. Houeholds 2.20 0.44 0.44 0.44 0.44 0.44 3985 Tbe yb Entequip 2.20 2.18 Tbeay bads Houeholde 3.80 3.75 1986 Th_y bath Entepie 230 2.29 Twey bonds H_Iaeods 4.00 3.96 1987 Tbay bod EeAlpriie 2.30 2.26 Tleay bade Horehold 4.00 4.00 Key eanetrat bads H _eod 0.50 0.50 ICeycaofl-abatda Entree 4.90 4.90 1988 Tnfley bade Entupie 3.50 3.47 Tnmy bath Houesholh 5.70 5.73 Keycnstr bat HeUd mebo 3.10 3.05 FVl batd F _mi miiu6ntubw 6.60 6.60 1989 Teaty bd Houeboide 5.60 5.60 Ptice,wsaned bo Ho_eed 12.50 12.50 Speci sla bbth E Peisee 4.30 4.28 1990 Tfimy bath Househd 9030 9.28 Speehl a ba Enteri_ 3.20 3.20 _1 Fu clboat F _1 mo3iom 7.10 7.11 Convenia bands E _arpis 9.40 9.40 1991 Treaty bond Hotinde 19.94 19.94 Spenil dte bonde Fatee 2.00 2.00 Fal bath Fbmnctl awtotoe 7.00 7.00 1992 Treaty bad. Households 14.90 14.90 Treay bads Households 24.70 24.70 1993 Treaty bad, Houeebolde 22.64 22.64 Tneey bade Housho 8.84 8.U4 FVinl bads Finacil iautitutiom 7.00 7.00 1994 Temoy bade En lpe 2.00 2.00 Treay bads Hoad ldh 8.24 8.24 Tmy bath Ho awolmih 28.50 28.50 Trney bade HOllOubolds 70.00 70.00 1995 Speadiale batd s FVmnislartttos 3.00 3.00 Tbrny bods F lAn isl ioiosDe 25.00 25 Trety bond Hoahods 105.38 105.68 Treaty bade Hoehds 6.00 6.00 Trneay band Fnmacl istitubon 11.89 11.89 TarALAMOU1JTTMAIJRJNG 474.63 087 1.71 2.55 23.53 18.00 26.04 10.12 24.22 52.65 108.67 84.90 145.52 2.00 3.00 Teoybade Hoaueholds 0.39 0.81 1.25 5.00 10.53 10.46 9.72 19.94 24.70 22.64 14.90 8.4 0.00 0.00 Tiney bade Enprin 0.48 0.90 1.30 3.48 6.58 3.08 0.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Key c'j atr b bonds Enltpris 0.00 0.00 0.00 4.90 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Key cau rion bonds Households 0.00 0.00 0.00 3.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Spe5i state batd Entprs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.28 3.20 2.00 0.00 0.00 0.00 0.00 Oilenlbabh FVmaiealn,titione 0.00 0.00 0.00 6.60 0.00 0.00 0.00 0.00 7.11 7.00 0.00 6.00 0.00 0.00 Caveni bads En lpie 0.00 0.00 0.00 0.00 0.00 O. 0.00 0.00 9.40 0.00 0.00 0.00 0.00 0.00 Priminexed bondh Hoeehokde 0.00 0.00 0.00 0.90 0.00 12.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Satoc taty ilhat Table 14: Chbi: Monetary Survey /a 1915 191 193 1933 1939 1990 1991 199 1993 199 199 1993 1994 1994 1994 1994 1995 1995 1995 199 Mueh Jium Scpt Doe. kmuch June Sept Dcc. Mudh Jrn SepL Dec. (bdcaum of yuwanead of period) Nct forciprnab 2 1 4 23 30 37 193 137 155 144 136 ISO 168 357 307 426 506 m03 503 541 637 Net domxzc MacI 499 663 312 91 1,159 1,438 1,797 2,335 2,671 2,306 2,173 3,164 3,137 3,522 3,727 3,976 4,290 4,566 4,312 5,136 Domoeticredit 1,372 1,696 2,039 2,551 2,6310 2,735 2,394 3,234 3,430 3,667 3,353 4,143 4,310 4,430 4,642 5,096 Loam to uitap,iac and iidkviduals 629 315 930 1,142 1,347 1,654 1,931 2,404 2,557 2,659 2,777 3,093 3,274 3,471 3,662 3,925 4,081 4,239 4,449 4,371 Nctcccdt3ogovemn-mt /b -9 6 21 31 25 42 35 147 112 117 113 135 126 113 114 131 129 77 300 133 Claizm on normonclay ...21 20 14 25 so 33 33 91 300 94 93 96 faimuc ktiogmu OdhcritM-(nc) /r -120 -152 -139 -193 -213 -253 -242 -166 -20 10 -26 -70 -292 -144 -331 -173 -20 356 240 33 Mocy pha qu.-mny (bro"mwncy) 520 672 335 1,010 1,396 1,530 1,934 2,540 2,315 2,942 3,023 3,332 3,544 3,329 4,152 4,433 4,797 5,069 5,423 5,323 MOney 374 474 569 695 744 379 1,122 1,501 3,396 1,463 1,434 1,619 1,644 1,768 3,901 2,054 2,303 2,142 2,248 2,397 Ciuifccy 99 122 145 213 234 264 317 433 455 435 507 535 534 573 641 729 727 700 737 7394w Dcmad dcposits 275 352 423 432 510 615 305 1,068 941 977 923 1,034 1,060 1,139 1,260 1,325 3,376 3,442 3,533 1,606 Houaehol dcun.d deposits 40 SI 71 95 95 115 145 214 . .. . .. . .. . ... ...I Entepisoe, deposits 203 262 307 341 367 439 584 735 .. . .. . .. . .. . Ofa3Ead stWons 33 40 45 39 43 61 75 69 .. . .. . .. . .. - Qun-ommey 146 193 267 315 452 651 312 1,039 1,419 1,430 1,594 1,713 1,900 2,062 2,551 2,429 2,695 2,927 3,175 3,426 Cqpitfdconsit-doedposits 24 25 31 31 42 65 52 110 . . . Htouchold teno deposits 122 173 236 234 410 536 760 929 . . . . . (twdw-month pa tonp dnog) Net dorncstic macta 22.1 33.9 21.5 20.7 13.3 24.1 25.0 32.7 33.5 30.0 25.3 26.4 19.3 25.5 29.5 25.7 34.6 29.6 33.0 30.4 of which Domestic credt . .. . .. 17.0 23.7 20.2 25.3 22.3 22.5 21.9 22.6 29.3 31.6 33.3 23.3 23.9 20.3 20.3 22.9 Loan to akpi,asacand htdhiduah 22.3 29.5 20.3 16.5 13.0 22.3 19.3 21.3 .. . .. - .. . .. . Mocy amdquua-moy (broad moncy) 17.1 29.3 24.2 21.0 13.4 23.0 26.4 31.3 30.3 26.6 22.2 24.0 25.9 30.1 37.1 34.5 35.4 32-4 30.6 29.9 of which:Cwrrenry 24.7 23.3 19.4 46.6 9.3 12.3 20.2 36.4 46.2 54.2 42.6 35.2 23.2 19.1 26.6 24.6 24.6 23.3 14.9 3.2 LaC- d. Opnvb of a P.oWIs Basic, ta fun mm-m oadm~ bk., taO t.n wiwml bk., narls m m dii pooxtriow sod thn AV,d.nl. Drnhop-An DwM /b d~. uiudto ile odgu opnfr o. ovt .pnb, wiidii.dd. c&nbndgsBy dpit of huh Wi.. Iu h,cb,di taund bond amnd by buik.. S-e IMF Table 15: CHINA: Operations of the People's Bank ( billions of yuan; end of period) 1985 1986 1987 1988 1989 1990 1991 1992 1993 1993 1993 1993 1994 1994 1994 1994 2995 2995 2995 2995 March June SepL Dec. March June SepL Dec. March June Sept Dcc Ndeforeipgnast 122 4 15 21 33 69 132 120 132 129 145 155 244 308 382 445 499 532 602 667 Clain onfinancialinstituios 225 269 277 339 421 515 599 698 667 687 788 961 930 938 958 1,045 1,030 999 1,037 1,151 Oeherdomestica as -9 10 30 46 48 74 94 153 169 174 158 197 188 168 180 231 230 198 232 258 Claim on oder financial insitutions 21 20 14 25 26 28 23 27 31 20 18 28 Loan 9 13 23 31 35 41 45 53 56 60 64 68 68 70 71 73 74 74 70 68 Budgetay borowin net /a -9 6 21 31 25 42 58 101 1O0 III 106 108 95 71 67 85 67 8 35 61 Other ia,net .8 -9 -14 -15 -11 -9 -9 -1 -16 -17 -26 -4 -I *1 19 46 58 96 109 111 Reserve money 229 283 322 406 502 657 825 971 969 989 1,091 1,313 1,361 1,414 1,519 1,722 1,759 1,730 1,871 2,076 liabiuitintobanks 96 120 127 145 208 313 400 421 375 372 439 549 600 650 667 745 789 767 835 932w Raqieddqxuits 42 57 67 84 104 139 181 234 239 246 250 275 300 331 357 383 413 441 478 511 Otherdqeosits 47 56 53 51 91 159 203 163 110 95 158 229 253 271 259 303 321 266 298 3521 Cash invaut 7 8 8 10 13 14 16 24 26 31 31 45 47 48 51 60 56 59 59 69 Liabiis to nonbanks 132 163 195 260 294 345 425 551 593 617 653 764 760 764 852 977 970 963 1,036 1,144 Cucnryincirculation 99 122 145 213 234 264 317 433 455 485 507 585 583 578 641 729 727 700 737 789 Depositsof nonmonetaryinstitutions 35 34 36 50 40 38 47 61 50 59 74 104 Depoutitofthepublic 33 41 49 47 59 81 108 118 103 98 110 130 137 148 164 187 193 204 225 251 Total liabilities Memorandum Items: Money multiplier k 2.27 2.40 2.60 2.50 2.40 2.30 2.34 2.61 2.90 3.00 2.80 2.54 2.60 2.71 2.73 2.60 2.73 2.93 2.90 2.80 Ratioofexccssresrvestodeposits(%)/c 12.10 10.10 7.70 6.80 10.10 13.70 13.55 8.88 5.75 5.10 7.50 9.96 10.14 9.80 8.83 9.66 9.24 7.45 7.63 8.37 / a Cho mtiud to ste b opd" en teb pM nInMt wdtadude akabu uy d&pmb of loa govinu. /b The rbo of mney md q_i-mmy to nwu muy. /c Deposo edlude do witt do PBC Note: Da fim Morch 1993 bw boon aupod da lx. of aw 1tiicl _mstdalo5y doskmcides -1 somd acsCo ig syuemn cmi.d ovemp. Souce: IMF. Table 16: CHINA Spedalud and Uuiesl Banks' D_dtuc Currecy Aamb ad lUabnitie (bions of yuan;d of period) 1988 i939 1990 1991 1992 1993 1993 1993 1993 1994 1994 1994 Mm Jun &pt Dec. Mmi hime SqL Total deposib 669 798 1,046 1,330 1,748 1,S46 1,918 1,964 2,140 2,144 2,480 2,544 Entajuises 293 30S 399 505 696 749 763 718 782 902 1,057 1,117 Sight 262 267 336 455 590 650 666 620 675 834 9S9 1,049 Tam 31 41 64 50 107 9S 97 91 107 68 68 68 Saving 259 363 501 647 820 865 909 994 1,057 1,189 1,395 1,395 Sight 60 61 76 102 155 182 205 205 219 239 239 239 Tam 199 302 424 545 665 683 705 789 838 951 1,156 1,156 Township cnterprises 6 6 7 9 14 14 14 13 15 27 Agriculurcl collectives 2 2 2 2 4 4 5 4 5 16 16 17 Rural credit coopentives 59 64 76 92 107 102 102 III 140 Other deposits 50 56 61 74 107 112 1,125 124 142 10 12 15 Liabilities to he PBC 336 420 50S 591 671 663 680 752 961 908 934 953 1 Setf-ownedfiindsofbanks 91 91 112 102 154 154 154 154 172 190 191 191 u Odtr liabiifies, net 57 67 74 96 -52 -183 -148 -116 -64 -69 -199 -103 o Total Liabilities 1,153 1,385 1,740 2,119 2,522 2.480 2,604 2,754 3,597 3,495 3,742 4,242 LoAns 1,024 1,206 1,476 1,759 2,108 2,126 2,201 2,297 2,578 2X611 2,755 2,885 Industrial 260 331 421 493 581 582 600 630 702 662 663 689 Commercial 410 477 576 668 743 764 783 l1I 902 920 943 994 Construction 50 60 67 72 91 90 93 93 105 99 104 107 Urban collectives 64 69 82 93 134 121 126 129 136 115 106 110 Business loans to individuals 2 2 2 2 2 3 3 3 3 3 4 5 Agriculluralloans 78 86 100 117 142 146 152 158 169 132 145 148 Loans to rual credil cooperatives 4 4 4 4 3 3 4 4 3 Fixed investment loans 139 157 198 274 357 360 376 398 476 561 650 6S3 Oder loans 19 22 27 37 55 57 64 72 81 66 79 83 Cash in vault 10 13 14 16 24 25 29 29 42 37 48 51 Required deposits 81 101 134 173 222 237 242 247 271 307 339 367 OtherdepositsattihePBC 38 65 116 170 122 93 76 126 214 218 244 223 Total Assets 1,153 1,385 1,740 2,119 2,522 2,480 2,604 2,754 3,597 3,495 3,742 4,242 Sa.: IMF. Table 17: CHINA: Balance Sbeets of Rural Credit Cooperation (billions of yuan;end of penod) 1936 1937 1933 1939 1990 1991 1992 1993 1993 1993 1993 1994 1994 1994 1994 1995 1995 1995 Mmd Jum SqcL Dec Mmh h= SCpL DMc Mur J) SqL Dcpaib 76 104 140 167 214 271 343 372 335 400 430 469 502 530 56S 616 649 673 Rw aal Cdlccnlquuc 8 9 10 9 11 14 22 22 23 22 25 63 68 71 81 75 77 81 Town* _pazaIui 9 11 13 13 15 19 30 32 34 32 36 4 5 5 6 6 7 9 IndidaldqpowiA 62 37 114 141 134 232 287 308 317 336 353 403 430 454 432 535 564 589 Sij 23 30 35 33 39 43 59 65 70 69 73 83 33 s3 Tam 54 71 79 108 145 18S 228 244 243 266 235 319 346 370 Odrdcpoi 2 3 3 4 5 7 9 10 IC 11 11.. Loafianbaks 4 4 4 4 4 5 6 7 3 7 6 7 7 7 u' Odba liau, nct 6 10 5 5 0 -4 0 -3 -1 6 16 23 16 6 TotaIisbiis 85 1IS 149 175 219 272 353 376 392 413 452 499 525 543 DommScaC* 49 76 91 110 141 131 245 275 291 304 314 353 33 402 417 464 477 502 Lnauo colecnitmapdse 5 7 3 11 13 17 22 24 25 26 26 76 34 36 Loanto Wt319U apizen 27 36 46 57 76 101 147 162 172 133 200 191 202 211 LAWN tOiMkU 36 34 37 42 52 63 76 39 94 94 S3 90 93 105 Rcdepoisatbankb 49 59 53 66 77 92 103 101 101 110 138 142 142 142 Toa atala 85 113 149 175 219 272 353 376 392 413 452 499 525 544 Nd. Now 1iieI mett.o&sy W krcebd in 1994. S ..: IMF. Table 13: CHINA: Balace Sheets of Rural Credit Cooperatives (billions of yuan;end of period) 1994 1994 1994 1994 1995 1995 199S March June Sept Dec March June Sept. Foreign assets (net) Reserve assets 63 68 77 88 91 103 106 Required reserves 54 58 62 67 74 79 83 Deposits with the PBC 2 2 5 9 7 12 11 Cashinvault 7 8 9 12 11 12 12 Central bank bonds Claims on central government Claims on othe sectors 358 384 402 417 464 477 502 Claims on nonmonetaly financial institutions Liabilities to nonfinancial sector 469 502 530 568 616 649 678 Demand deposits 63 68 71 81 75 77 81 Time deposits 4 5 5 6 6 7 9 Savings deposits 403 430 454 482 535 564 589 Other deposits Liabilities to central bank Liabilities to nonmonetary financial institutions Bonds Owners' equity 55 55 57 62 62 64 64 Paid-in capital 55 54 52 69 37 36 36 Other items (net) -104 -105 -108 -124 -123 -133 -134 Nde: New xstiiical medbodology was inrodiced in 1994. Source: IMF. Table 19: CHINA: Cmumoldated Gavernmwnt Revenue /a Ib (billions of yuan) 1979 1980 1981 1922 1983 1984 1985 1986 1987 1982 1989 1990 1991 1992 1993 1994 Tolal enc 126.3 131.6 138.6 141.2 159.4 13.5 228.3 24.6 2576 280.3 326.4 355.0 367.2 392.8 475.9 5584 Turvemie 122.7 128.1 135.4 136.8 153.5 175.5 218.3 224.8 232.1 257.6 301.7 313.8 331.7 3457 4475 524.0 Tomnwom and pra& Is 76.6 78.4 79.9 75.0 78.4 84.1 73.9 73.4 71.7 76.4 73.9 14.7 S2.1 8*1 0.5 940 Entises ueoetwE 73.4 75.4 76.7 71.6 fl.6 78.0 69.7 68.9 66.5 68.2 69.4 74.5 73.1 72.1 67.9 70.9 State miawum id 68.9 70.9 72.3 66.8 66.6 71.8 39.6 59.6 56.3 57.1 58.3 60.4 62.7 62.5 58 3 61.0 Collecives 4.5 4.5 4.4 4.8 6.0 6.2 10.1 9.3 10.2 10.5 10.5 13.3 10.4 9.6 9.6 9.9 Jomt vem .. .. .. .. .. .. .. .. .. 0.6 0.6 0.8 Pa.. i tax (otder) 0.3 0.2 0.4 0.5 2.5 2.6 .. .. .. 0.2 1.0 1.4 Agrcltrl Wome tax 2.9 2.8 2.2 2.9 3.3 3.5 4.2 4.5 5.2 7.4 2.5 3.3 9.0 9.0 12 6 23.1 Taxesongolods ldsevices 43.5 46.3 50.0 55.7 56.9 67.9 96.3 106.7 111.9 130.8 153.2 164.0 175.5 206.6 287.1 3465 Gacnrlsajestuci 42.5 45.4 49.1 54.7 55.9 66.9 95.3 104.0 109.5 126.3 144.8 149.7 159.9 2053. 286.8 346.5 Producttax .. .. .. .. .. .. 59.4 54.7 53.9 48.1 53.0 58.1 62.9 69.3 S2.1 48.7 Valueatax .. .. .. .. . .. 14.2 23.2 25.4 32.4 43.1 40.0 40.6 70.6 108.1 230.2 Bii tax .. .. .. .. .. 21.1 26.1 30.2 39.3 48.7 51.6 56.4 65.9 96.6 67.0 ehbm Maitenae o dev lopment tax .. .. .. .. .. .. .. .. .. .. 3.6 9.2 10.0 Reald a e tax .. .. .. .. .. .. .. .. .. 2.2 2.6 3.2 3.8 .. .. .. spccialtaxanoil .. .. .. .. .. .. .. 1.6 1.5 1.4 1.2 1.1 1.0 .. 0.2 Sajt tax 1.0 0.9 0.9 1.0 1.0 1.0 1.0 1.1 0.9 0.9 1.0 0.2 0.8 0.3 0.2 .U J Cwtmiuax 2.6 3.4 5.4 4.7 5.4 10.3 20.5 15.2 14.2 15.5 18.2 15.9 18.7 21.3 25.6 27.3 Other taxs 0.0 0.0 0.1 1.4 12.2 13.2 28.1 29.5 34.3 34.9 46.4 49.2 55.4 36.7 53.6 562 of wbich: Cnsudintax 0.0 0.0 0.0 0.0 0.2 1.0 23 2.4 3.0 26 2.8 3.3 3.1 3.2 3.8 43 Nontaxrevue 3.6 3.5 3.2 4.4 5.9 3.0 9.5 19.8 25.5 227 24.7 41.2 35.5 47.1 2J4 344 Grosprofit mmum ciftuntaowned eapris/a 0.0 0.0 0.0 0.0 0.0 0.0 4.4 4.2 4.3 5.1 6.4 7.8 7.5 60 49 Dqpecutbmn finsh 2.5 2.7 2.6 2.6 2.7 2.7 .. .. .. .. .. Obth 1.1 0.3 0.6 1.8 3.2 5.3 5.1 15.6 21.2 17.6 18.3 33.4 28.0 41.1 23 5 344 of whAifch efpuzr(nrt) 0.0 -0.1 0.2 -0.1 0.1 0.3 0.2 0.4 -0.1 0.0 0.5 0.2 2 1 1.9 1 7 MenIIWdum item: Grssprofit mmuxioaficmanateowned midam 68.9 70.9 72.3 66.3 66.6 68.7 4.4 4.2 4.3 5.1 6.4 7.8 7.5 6.0 4.9 GNPincumapntices 403.3 451.3 486.0 530.6 595.7 720.5 99.5 1,021.1 1.195.6 1.492.2 1,690.5 1S854.5 2166.6 Z665.1 3.447 7 4.491J hi Acw.dn to lbs de&mb ccmMb hR 1W. Adi- -a Gov..puwuF%.-.AD . (Qp5). IM6. & T ghp, me z,ea vihk do &wqdm of I. m~ inptl bv*ho(3Yl nU k Prsslb oflts pioftowaaa bsamd h 1163w mSdm&miWps& a do esbidwski of ispbs~ M TMs prod Insa aisamas U - sims iudeSion porn ss m h sh shupbs% m 11164. tw 334. uck"insimmasm 34 m do Am of I9t amly bMb BMi w*k M 811*d o ONM. ,& a,_.~{fS Table 20: CHINA: Sbnature of Caclidated Goven_nmt Revanue (as a percentage of totl revenue) 1979 1920 1981 1982 19S3 1924 19S5 19S6 1987 1923 1929 1990 1991 1992 1993 1994 Totalivnue 100.0 100.0 100.0 000 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 2000 Taxrevenue 97.1 97.3 97.7 96.9 96.3 95.6 95.8 91.9 90.1 91.9 92.4 38.4 90.3 88.0 94.0 933 Taxsaonmucaom idpmofits 60.6 59.6 57.6 53.1 49.2 45.8 32.4 30.0 27.8 27.3 24.2 23.9 224 20.6 16.9 16.8 Eaapriasens inetax 58.1 57.3 55.3 50.7 45.5 42.5 30.5 2S.2 25.S 24.3 21.3 21.0 19.9 18.4 14.3 127 Stteenapis 54.6 53.9 52.2 47.3 41.8 39.1 26.1 24.4 21.9 20.4 17.9 17.0 17.1 15.9 12.3 10.9 Colleives 3.6 3.4 3.2 3.4 3.8 3.4 4.4 3.8 4.0 3.7 3.2 3.7 2.8 2.4 2.0 1.8 Jointvvaen .. .. .. .. .. .. .. .. . 0.2 0.2 0.2 .. Peanal ie tx (otber) 0.2 0.2 0.3 0.4 1.6 .4 .. .. .. 0.3 0.3 0.4 .. Agncitua mcome ax 2.3 2.1 2.0 2.1 2.1 1.9 1.8 1.8 2.0 2.6 2.6 2.5 2.5 2.3 2.6 4.1 Taxesongoodsandamvioes 34.4 35.2 36.1 39.4 35.7 37.0 42.2 43.6 43.4 46.7 48.5 46.2 47.8 52.6 60.5 62.1 Genas %les tae 33.7 34.5 35.4 32.7 35.1 36.5 41.7 42.5 42.5 45.1 44.4 42.2 43.5 52.4 60.3 621 Pxodattax . .. .. .. .. .. 26.0 224 20.9 17.2 16.2 16.4 17.1 17.6 17.3 8.7 1 Valueaddedtax .. .. .. .. .. .. 6.5 9.5 9.9 137 13.2 11.3 11.1 28.0 22.7 41.3 BEsib .. .. ..tax 9.2 10.7 11.7 14.2 14.9 14.5 15.4 163 20.3 120 i-n uUe mntmnance and deelqant tax .. .. .. .. .. .. 26 2.6 27 ... Rea etate tax .. .. .. .. .. 0.8 0. 0.9 1.0 Special tax an oil .. .. .. .. 0.7 0.6 0.5 0.4 0.3 0.3 I Salt tax 0.3 0.7 0.6 0.7 0.6 0.5 0.4 0.4 0.3 0.3 0.3 0.2 0.2 0.2 0.2 Cumu tax 2.1 2.6 3.9 3.3 3.4 5.6 9.0 6.2 5.5 5.5 5.6 4.5 5.1 5.4 5.4 4.9 Otlertaxes 0.0 0.0 0.1 1.0 8.0 7.2 12.3 121 13.3 12.5 14.2 13.9 15.1 9.3 11.3 9.6 ofwhich: 0.0 0.0 Consnuctiontax 0.0 0.0 0.0 0.0 0.1 a.S 1.0 1.0 1.2 0.9 0.9 1.1 08 0.8 0.8 0.8 Nontaxrevenue 2.9 2.7 2.3 3.1 3.7 4.4 4.2 8.1 9.9 8.2 7.6 11.6 9.7 12.0 60 6.2 Gross profit rumiu fesrom sate owned enterpni 0.0 0.0 0.0 0.0 0.0 00 1.9 1.7 1.7 1.8 2.0 2.2 2.0 1 5 10 Dcprtcidiinfiflh 2.0 2.1 1.9 1.8 1.7 2.5 .. .. . .. OCii 0.9 0.6 0.4 1.3 2.0 2.9 2.2 6.4 8.2 6.3 5.6 9.4 7.6 2O.5 4.9 6.2 ofwhichiforeignwova(rct) .. 0.1 ai -0.1 0.1 0.2 0.1 0.2 0.0 0.0 0.2 0-1 0.6 a.S 0.3 Manoruidan iten: Gmosprofitrunittances fromstazeownedentapnis 54.6 53.9 52.2 47.3 41.8 37.4 1.9 1.7 1.7 1.8 2.0 22 2.0 .5 12.0 Sre: TSe 19I Table 21: CHINA: Structure of Govenrent Revenue (as a percentage of GNP) 1979 1980 1981 1982 1983 1924 19S5 1986 1987 1988 19S9 1990 1991 1992 1993 1994 Toal revenue 31.3 29.1 28.5 26.6 26.8 25.5 25.4 24.0 21.5 18.8 19.3 19.1 16.9 14.7 133 124 Taxrevemue 30.4 28.4 27.9 25.8 25.8 24.4 24.3 220 19.4 17.3 17.8 16.9 153 13.0 130 117 Taxe ao nuome nd pofits 19.0 17.4 16.4 14.1 13.2 11.7 3.2 7.2 6.0 5.1 4.7 4.6 3t 3.0 23 21 EDmxiaecinmcretax 18.2 16.7 15.8 13.5 12.2 10.3 7.7 6.7 5.6 4.6 4.1 4.0 3.4 2.7 20 16 Stale mljap 17.1 15.7 14.9 12.6 11.2 10.0 6.6 5.3 4.7 3.8 3.4 3.3 .9 23 17 14 ColltjVa 1.1 1.0 0.9 0.9 1.0 0.9 1.1 0.9 0.9 0.7 0.6 0.7 0.5 0.4 0.3 02 loi Dt. . . . . .. . . . .. . . . . Paonl mome tx (other) 0.1 0.0 0.1 0.1 0.4 0.4 .. .. .. 0.1 0.1 0.1 Agoailal uim tax 0.7 0.6 0.6 0.5 0.6 0.5 0.5 0.4 0.4 0.5 0.5 0.5 0.4 0.3 0.4 0.5 T an gDodsandsmcs 10.I 10.2 10.3 10.5 9.6 9.4 10.7 10.4 9.4 8.8 9.4 t.8 3.1 7.3 3.3 78 Gweasalmtaus 10.5 10.0 10.1 10.3 9.4 9.3 10.6 10.2 9.2 8.5 2.6 3.1 74 77 8.3 7.2 Product tax .. .. .. .. .. .. 6.6 5.4 4.5 3.2 3.1 3.1 2 9 2.6 24 0.0 Valuetax .. .. .. .. .. .. 1.6 2.3 2.1 2.6 2.5 2.2 19 26 3.1 5.1 Busneu tax .. .. .. .. .. 2.3 2.6 2.5 2.7 29 2.3 2.6 2.5 2.2 1.5 U UeonmainmtomeeaddevedMpnittax .. .. . . .. . . . .. .. 0.5 0.5 0.5 n. .. . Rad aes tax .. .. .. .. .. . .. .. .. 0.1 0.2 0.2 0.2 .. .. .. Speciataxl ooil .. .. .. . .. .. .. 0.2 0.1 0.1 0.1 0.1 Salttax 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 Custa ux 0.6 0.3 1.1 0.9 0.9 1.4 2.3 1.5 1.2 1.0 1.1 0.9 0.9 0.3 0.7 0.6 Othntam 0.0 0.0 0.0 0.3 2.1 1.8 3.1 29 2.9 2.3 2.7 2.7 2.6 1.4 1.6 1 2 of which: C eutn tax 0.0 0.0 0.0 0.0 0.0 0.1 0.3 0.2 0.3 0.2 0.2 0.2 0.1 0.1 0.1 Notaxreveue 0.9 0.8 0.7 0.8 1.0 1.1 1.1 1.9 2.1 1.5 1.5 2.2 1.6 1.t 0.2 0.3 Gosprofitrantesfiamn eowned auepna 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.4 0.4 0.3 0.4 0.4 0.3 0.2 01 DqWeciatzn f Xd 0.6 0.6 0.5 0.5 0.5 0.4 .. .. .. .. .. .. .. Other 0.3 0.2 0.1 0.3 0.5 0.7 0.6 1.5 1.3 1.2 1.1 1.2 1.3 1.5 0.7 0.3 of which f-eW pu(nct) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 M). _ncan item: Gproftreminuancafialbcowned cniaea 17.1 15.7 14.9 126 11.2 9.5 0.5 0.4 0.4 0.3 0.4 0.4 0.3 0.2 0.1 a.. Tde 19. Table 22: CHINA: Structure of Goventment Expendiftur 1979 198 1981 1982 --1983 1934 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 (bilUiwi of yua) ToW exenditure a net lending 146.9 146.4 144.4 148.3 169.0 193.9 232.4 262.1 282.7 313.7 363.8 391.7 415.2 453.9 545.9 632.6 Cwreotcqxpaidtue 36.2 99.1 107.1 113.2 126A4 138.1 168.1 137.5 207.1 237.6 288.2 306.9 32835 364.0 42,4.3 538.5 Adminis1zaZon 5.7 6.7 7.1 3.2 10.1 13.7 14.4 13.2 19.5 23.9 28.5 33.3 34.3 42.5 53.6 72.9 Defcnse 22.3 19.5 16.8 17.6 17.7 18.1 19.2 20.1 21.0 21.8 25.1 29.0 33.0 3783 42 6 551i Culbxr, education ,pubtic hcalth 13.2 15.7 17.0 19.7 22.3 26.3 31.7 38.0 40.3 48.6 55.3 61.7 70.8 79.3 95.3 127 8 sctaice, and broadcasting, of /Whch: dcaiw . . . . . 14.8 18.4 21.4 22.7 27.9 31.6 35.3 41.0 45.3 5538 Econoraic saviocs 18.7 19.2 16.3 17.6 18.8 20.4 22.4 25.2 26.0 28.9 34.6 37.9 46.0 47.3 57.4 57.8 Geologicalsry .. . . . 2.6 3.0 3.1 3.0 3.3 3.3 3.6 7.8 4.4 4.9 6.4 Asiculbze .. . . .9.6 10.1 12.4 13.4 15.4 19.7 22.2 24.4 26.9 32.3 40.0 Opcatin.expenditure fc.1udusIy, . . . 3.0 3.5 3.7 3.3 3.9 4.5 4.7 5.2 6.5 7.6 cmmnimcaStio uW c Devclopcnat ofnew prducts .. . . . . 4.2 4 4 5.0 5.1 5.3 5.9 6.3 7.3 3.9 10.7 11.4 Wcakiog cpi1aIfor seowoi~d enterprises . . . 1.0 1.4 1.0 1.2 1.0 1.2 1.1 1.3 1.1 1.9 Socualwelfue relef .. . . . . . . 3.6 3.7 4.1 5.0 5.5 6.7 6.6 7.5 9.5 Subuidies 19.5 27.4 36.8 37.2 42.6 41.0 50.7 53.2 67.0 76.3 97.3 96.0 83.3 76.7 71.0 68.0 Daily livimgoacessties 16.0 24.0 30.5 30.0 30.9 31.5 31.4 25.7 29.5 31.7 37.4 38.1 37.3 32.2 29.9 31.4 Aincltuzal inputs 0.0 0.0 2.2 2.1 1.4 1.0 1.3 . . . . . Operating loscaofaM own~ed a6cqaise 3.5 3.4 4.2 5.2 10.3 3.5 18.0 32.5 37.5 44.6 59.9 57.9 51.0 44.5 41.1 36.6 v Inteedpaymaits .. . . . . . . 1.9 2.3 3.0 2.8 4.4 7.8 14.2 9 7 16.7 0 Oltes 6.3 10.7 12.6 12.8 15.0 18.6 29.7 22.3 26.7 31.0 39.6 39.1 41.6 59.1 36.7 130.6 Capitalexpenditure 60.7 47.3 37.3 35.1 42.6 55.8 64.3 75.2 75.6 76.1 75.6 84.8 86.7 89.9 121.6 94.1 Capitg construction .. . . .. 48.9 58.4 67.2 68.2 66.4 66.9 75.8 76.0 76.5 90.1 64.0 D3ewtlpuirAitftbe produckwc. . . . 6.9 5.9 8.0 7.4 9.7 8.7 9.0 10.7 13.4 31 5 30.1 capacity of--%sin aileaise (as a percentage of GNP) Mernrmtdurn items: Cuncitexpcndimur 21.4 21.9 22.0 21.3 21.2 19.2 18.7 13.4 17.3 15.9 17.0 16.5 15.2 13.7 12.3 12.0 Subsidies 4.8 6.1 7.6 7.0 7.1 5.7 5.6 5.7 5.6 5.1 5.8 5.2 4.1 2.9 2 1 1.5 Dailylivingnecessities 4.0 5.3 6.3 5.6 5.2 4.4 3.5 2.3 2.5 2 1 2.2 2.1 1.7 1 2 0 9 0 7 oparatin losesofstslcowned entesprises 0.9 0.7 0.9 1.0 1.7 1.2 2.0 3.2 3.1 3.0 3.5 3.1 2.4 1.7 1.2 038 Capitaicpaidor 13.0 10.3 7.7 6.6 7.1 7.7 7.1 7.4 6.3 5.1 4.5 4.6 4 0 3.4 3 5 2 1 (as a peroentagc of tota expenditure) Subsidies 13.3 18.7 25.5 25.1 25.2 21.1 21.8 22.2 23.7 24.3 2,67 24.5 21 3 16.9 130 10.7 capi.sexa iditur 41.3 32.3 25.8 23.7 25.2 23.8 27.7 28.6 26.7 24.3 20.3 21.6 20.9 193 22.3 14.9 Table 23: CHINA: Budget and Its FinKdng 1979 19S0 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 (bilis of yuu) Revenue 123.4 128.8 135.8 138.3 156.1 180.0 228.3 244.6 257.6 210.3 326.4 355.0 3672 392.8 475.9 5514 Expenditue 146.9 146.4 144.3 148.3 169.2 193.9 232.4 262.7 282.7 313.7 363.8 391.7 415.2 453.9 5459 6326 Deficit -23.5 -17.6 -8.5 -10.0 -13.1 -13.9 .4.1 -18.1 -25.1 -33.4 -37.4 -36.7 -48.0 .61.1 .70.0 -742 Finacing 23.5 17.6 8.5 10.0 13.1 13.9 4.1 18.1 25.1 33.4 37.3 36.8 4S.0 61.2 70.0 742 Dmcstic 17.0 12.6 9.7 13.5 14.4 14.2 10.1 12.8 18.3 22.0 26.0 237 380 46.1 41.9 671 Mcaysuten 17.0 12.6 2.5 7.3 8.7 8.6 4.0 12.8 7.9 22.0 26.0 23.7 16.1 88.9 -31.6 160 N-nbank 0.0 0.0 7.1 6.2 5.7 5.6 6.1 0.0 10.4 0.0 0.0 0.0 21.9 -42.S 73.5 510 F-epw 6.5 5.0 -1.2 -3.5 -1.3 40.3 -6.0 5.3 6.8 11.4 11.3 13.1 10.0 15.1 2S.1 71 Gr- fo-4 bonowing .. .. . .. .. 7.6 10.6 139 14.4 17.8 18.0 20.9 35.8 147 Anmtiution .. .. . .. .. . .2.3 -3.8 -2.5 -3.1 A47 -8.0 -5.8 -7.7 -7.6 (as a psom ase of GNP) Reenue 30.6 28.5 27.9 26.1 26.2 25.0 25.4 24.0 21.5 18.8 19.3 19.1 16.9 14.7 13.S 12.4 Expiditure 36.4 32.4 29.7 27.9 28.4 26.9 25.8 25.7 23.6 21.0 21.5 21.1 19.2 17.0 15 14.1 Deficit -5.8 -3.9 -1.7 -1.9 -2.2 -1.9 -0.5 -1.8 -2.1 -2.2 -2.2 -2.0 -2.2 -2.3 -20 -1.6 FiDnma 5.8 3.9 1.7 1.9 22 1.9 0.5 1.8 2 1 2.2 2.2 2.0 2.2 2.3 2.0 1.6 DoesUic 4.2 2.8 2.0 2.5 24 2.0 1.1 1.3 1.5 1.5 1.5 1.3 1.8 1.7 1.2 1.4 Madry system 4.2 2.8 0.5 1.4 1.5 1.2 0.4 1.3 0.7 1.5 1.5 13 0.7 3.3 -0.9 04 Nosbwik 0.0 0.0 1.5 1.2 1.0 0.8 0.7 0.0 0.9 0.0 0.0 0.0 1.0 .1.6 21 11 Foreiga 1.6 1.1 -0.3 -0.7 .0.2 0.0 -0.7 0.5 0.6 0.8 0.7 0.7 0.5 0.6 0S 02 Gm- f-spozi Xabcowing . .. . ..0.7 0.9 0.9 0.9 1.0 0.8 0.8 1.0 03 Amorti .. .. .. .. .. .. -0.2 -0.3 -0.2 40.2 -0.3 -0.4 .0.2 .0.2 -02 (m a pacenUc of total deficit) Fwiomg 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.2 100.4 99.7 99.8 100.3 100.0 100.2 100.0 100.0 Darnetic 72.3 11.4 114.5 135.0 110.0 102.0 246.4 10.9 73.1 65.8 69.5 64.6 79.2 75.5 59.9 904 Metysystm 72.3 71.4 30.0 73.0 66.2 62.0 97.6 709 31.5 65.8 69.5 64.6 33.5 145.5 -45.2 21.6 Nambank 0.0 0.0 84.5 62.0 43.8 40.0 148.8 0.0 41.5 0.0 0.0 0.0 45.6 -70.0 105.0 6S.1 F-ea 27.7 28.6 -14.5 -35.0 -10.0 -2.0 -146.4 29.3 27.3 34.0 30.3 35.7 20.8 24.7 40.2 9.6 Go f-oin bowing . .. . .. .. .. 42.1 42.5 41.4 38.5 48.5 37.5 34.2 512 19.8 Amortization .. .. .. . .. .. .. -12.7 -15.2 -7.5 .8.2 -128 .16.7 .9.5 -11.0 -103 S_ ug. Table 24: CHINA: Production of Major Crops 1979 19S0 19h1 19S2 1983 19S4 1925 1926 1927 1922 1939 1990 1991 1992 1993 1994 1995 (mi1h1iu of tans) Total food unu 332.12 320.56 325.02 354.50 327.21 407.31 379.11 391.51 402.98 394.01 407.45 446.24 435.29 442.66 456.49 445.10 465.00 Rice 143.75 139.91 143.96 161.60 161.37 171.26 161.57 372.22 174.26 169.11 120.13 139.33 323.21 136.22 177.70 175.93 Wheat 6273 55.21 69.64 61.47 3139 7.32 25.21 90.04 15.90 35.43 90.31 92.23 95.95 103 59 106.39 99.30 Cant 60.04 62.60 59.21 60.56 61.21 73.41 63.83 70.36 79.24 77.35 78.93 9632 92.77 95.33 102.70 99.21 Tuber 21.46 22.73 25.97 27.05 29.25 28.42 26.04 25.34 21.20 26.97 27.30 27.43 27.16 23.44 31331 30.25 Totaloilseed 6.44 7.69 10.21 31.32 30.55 11.91 15.71 14.74 15.21 13.20 12.91 16.13 16.38 16.43 12.04 19.90 22.50 of wbich; Peuit 2.32 3.60 3.33 3.92 3.95 4.32 6.66 5.32 6.17 5.69 5.36 6.37 6.30 5.95 2.42 9.61 30.24 Ripsed 2.40 2.38 4.07 5.66 4.29 4.21 5.61 5.33 6.61 5.04 5.44 6.96 7.44 7.65 6.94 7.49 9.76 Com Z21 2.73 2.97 3.60 4.64 6.26 4.15 3.54 4.25 4.15 3.79 4.51 5.61 4.51 374 4.34 4.50 COD Sqrnme 21.53 22.13 29.67 36338 31.14 39.52 51.55 50.22 47.36 49.06 48.57 57.62 67.90 73.01 64.19 60.93 64.40 1 Bectot 3.11 6.31 6.36 6.71 9.12 2.28 2.92 3.31 2.14 12.81 9.36 34.53 36.29 35.07 32.05 32.53 13.60 Cuwdtobacco 0.31 0.72 3.21 3.25 3.15 1.54 2.01 1.37 1.64 2.34 2.41 2.26 2.67 3.12 3.01 1.94 2.10 (thwud of ta) Fruits 7.02 6.79 7.20 7.71 9.49 9.35 33.64 33.42 16.61 16.66 13.37 13.74 23.76 24.40 30.11 35.00 41.90 Apples 2.37 2.36 3.01 2.43 3.54 2.94 3.63 3.34 4.26 4.34 4.50 4.32 4.54 6.56 9.07 11.13 citnn 0.56 0.71 0.0 0.94 1.30 3.50 1.21 2.55 3.22 2.56 4.56 4.36 6.33 5.36 6.56 6.33 Pean 1.44 1.47 1.59 1.76 1.30 2.10 2.34 2.35 2.49 2.72 2.57 2.35 2.50 235 3.22 4.04 Bumas 0.07 0.06 0.13 0.20 0.21 0.30 0.63 1.25 2.03 1.33 1.40 1.46 1.92 2.45 270 2.90 S_.. Cn SD.t Y.4 IMS. pp. 347. Table 25: CHINA :Yildd of Major Crops (by sown ar; kg/hectare) 1979 1980 1981 1982 1983 1984 1985 1986 1987 19S8 1989 1990 1991 1992 1993 1994 Toal food smins Z835 2,745 2835 3,135 3,405 3,615 3,480 3,525 3,615 3,585 31630 3,930 3,870 4,004 Rice 4,245 4,140 4,320 4,890 5,100 5,370 5,250 5,340 5,415 5,280 5,505 5,730 5,640 5,803 Whed 2,145 1,890 2115 2445 2,805 2,970 2,940 3,045 2,9S5 2,970 3,045 3,195 3,105 3,331 Com 2,985 3.075 3.045 3.270 3,630 3,960 3,600 3,705 3,915 3,930 3,885 4,530 4,575 4,533 Soyea 1,035 1,095 1.170 1,080 1,290 1,335 1,365 1,395 1,470 1,440 1,275 1,455 1,380 1,427 Tuber 2,595 2,835 2,700 2,895 3.120 3.165 3,030 X910 3,180 2,985 3,000 3,015 2,985 3,141 Peuhs 1,365 1,545 1,545 1.620 1,800 1,800 2,010 1.15 2,040 1,905 1,815 2,190 2,190 2,000 2,492 2564 Rap-eed 870 840 1.080 1,380 1.170 1,230 1,245 1,200 1,260 1.020 1.095 1,260 1,215 1,281 1,309 1,296 1 Coan 495 555 570 615 765 915 810 825 870 750 735 810 870 660 750 785 Sugncem 42,030 47,565 53.820 56,460 47,610 54,285 53.430 52,860 55,140 53,115 50,850 57,120 58,350 58.605 59,012 57,671 Behtwots 9,555 14,250 14,595 14,520 16,890 16,500 15,915 15,960 16,350 17,190 16,245 21,660 20,790 22,832 20,124 17.936 Cured tobac 1,590 1,815 2,190 2,085 X010 2,160 1.920 1.530 1,785 1,800 1,605 1,680 1,710 1,687 1,654 1,491 Sac¢ ChoqSidUa Y.4. 1ff W. 350 Table 26: CHINA: Gross Output Value of Indust" 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 (bilbom of yuan) Total 971.6 1,119.4 1,381.3 1,822.5 2,201.7 2,392.4 2,824.8 3,706.6 5,269.2 7,690.9 BY TYPE OF OWNERSHIP State-owned 630.2 697.1 825.0 1,035.1 1,234.3 1,306.4 1,495.5 1,782.4 2,272.5 2,620.1 Collectiveowned 311.7 375.2 478.2 658.7 785.8 852.3 1,008.5 1,410.1 2,021.3 3,143.4 Township 76.1 98.1 128.4 184.7 219.4 244.1 300.1 441.7 749.6 1,135.1 Village 66.3 83.8 116.5 170.4 211.8 239.4 293.4 454.0 645.4 1,207.2 loiitwb uab ural 15.2 24.8 31.6 43.9 49.6 53.9 56.9 87.0 132.2 261.1 Joint urban 0.0 2.1 3.0 3.9 5.0 5.5 6.9 10.2 15.6 33.8 Joint rural 15.2 22.7 28.6 40.0 44.6 48.4 50.0 76.8 116.6 227.3 Individual-owned 18.0 30.9 50.2 79.0 105.8 129.0 160.9 250.7 440.2 885.3 Urban 3.3 2.9 5.0 6.8 9.0 10.7 12.9 19.5 39.6 86.7 Rural 14.6 27.9 45.2 72.2 96.8 118.3 148.0 231.1 400.6 798.7 Otber 11.7 16.3 27.9 49.5 75.8 104.8 160.0 263.4 535.2 1,042.1 BY TYPE OF INDUSTRY Light 457.5 533.0 665.6 897.9 1,076.1 1,181.3 1,380.1 1,749.2 2,318.4 .. Heavy 514.1 586.4 715.7 924.5 1,125.6 1,211.3 1,444.7 1,957.4 2.950.8 CD (as a peroentage of total) BY TYPE OF OWNERSHIP Sate-owned 64.9 62.3 59.7 56.8 56.1 54.6 52.9 48.1 43.1 34.1 Collectiveowned 32.1 33.5 34.6 36.1 35.7 35.6 35.7 38.0 38.4 40.9 Towrihip 7.8 8.8 9.3 10.1 10.0 10.2 10.6 11.9 14.2 14.8 Village 6.8 7.5 8.4 9.3 9.6 10.0 10.4 12.2 12.2 15.7 Joint urban-ural 1.6 2.2 2.3 2.4 2.3 2.3 2.0 2.3 2.5 3.4 Joint urban 0.0 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.4 Jointnnal 1.6 2.0 2.1 2.2 2.0 2.0 1.8 2.1 2.2 3.0 Individual-owned 1.8 2.8 3.6 4.3 4.8 5.4 5.7 6.8 8.4 11.5 Urban 0.3 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.8 1.1 Rural 1.5 2.5 3.3 4.0 4.4 4.9 5.2 6.2 7.6 10.4 Other 1.2 1.5 2.0 2.7 3.4 4.4 5.7 7.1 10.2 13.6 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 BY TYPE OF INDUSTRY Light 47.1 47.6 48.2 49.3 48.9 49.4 48.9 47.2 44.0 Heavy 52.9 52.4 51.8 50.7 51.1 50.6 51.1 52.8 56.0 So-e Chi- Sthincl r..b& 1995, pp. 375. Table 27: CHINA: Output of Major Industrial Products Product Unit 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 Coal millimtons 620 622 666 715 789 872 894 928 980 1,054 1,080 1,087 1,116 1,150 1.240 1,298 Cnudeoil millign km 106 101 102 106 115 125 131 134 137 137 138 141 142 145 146 149 Ngxl gm bilim cum 14 13 12 12 12 13 14 14 14 15 15 16 16 17 138 Electricity biim kWh 301 309 328 351 377 411 450 497 545 535 621 673 754 340 928 1.000 Hydopowe billiaokWh 53 66 74 86 37 92 95 100 109 118 127 125 131 152 167 steel miliontow 37 36 37 40 43 47 52 56 59 62 66 71 81 90 93 94 Rnbfldal n mim tmu 27 37 29 31 34 37 41 44 47 49 52 56 67 77 34 sO Cement milmtm 30 83 95 108 123 146 166 186 210 210 210 253 308 36t 421 450 Tmma m ellnmm 54 49 50 52 64 63 65 64 62 5S 56 5t 62 64 66 67 Fallm milIionIm. 12 12 13 14 15 13 14 17 17 13 19 20 20 20 23 251 Col -2.4 0.3 7.1 7.4 10.3 10.5 2.5 3.8 5.6 7.6 2.5 0.6 2.7 3.0 7.3 4.7 CM eOil -0.2 -4.5 0.9 3.9 3.1 9.0 4.6 26 20 0.1 1.0 1.9 0.3 2.2 0.6 20 N l 3ps -1.7 .10.7 -6.4 2.3 1.3 4.0 6.4 0.9 2.7 5.5 1.7 5.1 -1.3 6.2 4.7 ledricity 6.6 2.9 5.9 7.2 7.3 3.9 9.4 10.6 9.6 7.3 6.2 9.1 11.3 11.4 10.6 7.7 Hyopower 16.2 12.5 13.6 16.1 0.5 6.5 2.5 5.6 9.2 3.3 7.1 .1.6 4.3 161 10.3 Steel 7.7 -4.1 4.4 7.7 36 7.6 11.6 7.3 5.6 3.6 7.7 7.0 14.0 10.6 3.4 1.5 Rolledseel 8.3 35.1 -20.9 5.9 9.3 9.5 9.9 3.l 7.1 3.6 5.9 9.4 18.3 15.2 9.2 -5.1 Ceit 3 S.A 3.3 14.3 13.7 13.6 13.6 13.8 12.2 12.3 0.1 -0.3 20.5 22.0 19.4 14.5 6.8 Tinber -1.5 -7.8 2.0 3.3 22.0 -3.0 2. -1.4 -3.0 -6.6 -4.0 4.2 6.3 3.5 3.5 0.5 Fertilize 15.6 0.6 3.2 7.9 5.9 -9.5 2.3 23.0 4.1 4.6 3.3 5.3 3.5 45 16.2 7.9 5~.- Chbe s55oiI re"40A AMS. pp. 41. Table 28: CHINA: Total Wage Bill of Staff and Workers by Employment Category 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 (billions of yuan) Totalwagebill 64.7 77.2 82.0 88.2 93.5 113.3 138.3 166.0 188.1 231.6 261.9 295.1 332.4 393.9 491.6 665.6 StaM-owned 52.9 62.8 66.0 70.9 74.8 87.6 106.5 128.9 145.9 180.7 205.0 232.4 259.5 309.0 381.3 517.7 Urbancollectives 11.7 14.5 16.0 17.3 18.7 25.4 31.2 36.3 40.9 48.8 53.4 58.1 65.9 74.3 85.0 102.3 Other .. .. .. .. .. 0.4 0.6 0.8 1.3 2.2 3.4 4.6 7.0 10.6 25.4 45.6 (as a pecentage of total) Totl war bill 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 State-owned 81.9 81.3 80.5 80.4 80.0 77.3 770 77.6 77.6 78.0 78.3 78.8 78.1 78.5 77.6 77.8 UrbancoDecr6ves 18.1 18.7 19.5 19.6 20.0 22.4 22.6 21.9 21.7 21.1 20.4 19.7 19.8 18.9 17.3 15.4 Othar 0.0 0.0 0.0 0.0 0.0 0.3 0.4 0.5 0.7 0.9 1.3 1.6 2.1 2.7 5.2 6.8 (growth rtes) Total wage bill 13.7 19.5 6.2 7.6 6.0 21.3 22.0 20.0 13.3 23.1 13.1 12.7 12.6 18.5 24.8 35.4 State-owned 13.0 18.6 5.2 7.3 5.5 17.1 21.6 21.0 13.3 23.8 13.5 13.4 11.7 19.1 23.4 35.8 Urban collectives 17.0 23.3 10.4 8.5 7.7 36.2 23.0 16.2 12.8 19.2 9.6 8.7 13.4 12.8 14.4 20.4 Othr .. .. . .. .. .. 63.9 42.4 50.0 70.6 57.7 35.7 53.0 50.0 140.2 79.7 PercentagesbareofwagebillinGDP 16.0 17.1 16.9 16.7 15.7 15.8 15.4 16.3 15.7 15.5 15.5 15.9 15.4 14.8 14.2 14.8 Nol.: TOW bill in ve ji aur; for 1984d. S-e; chi.. SoaSik&1 Y.rb.a 1995. p. 106. Table 29: CHINA: Average Annual Wage by Sector and Employment Category (yuan m1 current prices) Sector 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 Staff and workes Total 974 1,148 1,329 1,459 1,747 1,935 2,140 2,340 2,711 3,371 4,538 Faming &forestry, etc. 770 878 1,048 1,143 1,280 1,389 1,541 1.652 1,828 2,042 2,819 Excavation 1,066 1,324 1,569 1,663 1,964 2,378 2718 2,942 3,209 3,711 4,679 Manufacturing 955 1,112 1,275 1,418 1,710 1,900 2,073 2,289 2,635 3,348 4,283 Electric power, gas,and water 1,321 1,239 1,497 1,677 1,971 2,241 2,656 2,922 3,392 4,319 6,155 Geological survey 1,179 1,406 1,604 1,768 2,025 2,199 2,465 2,707 3,222 3,717 5,450 Consftuction 1,154 1,362 1,536 1,684 1,959 2,166 2,384 2,649 3,066 3,779 4,894 Transport&commnunications 1,082 1,275 1,476 1,621 1,941 2.197 2,426 2,686 3,114 4,273 5,690 Cmnmmerce&servicesetc. 859 1,007 1,148 1,270 1,556 1,660 1,818 1,981 2,204 2,679 3,537 Real estate 919 1,028 1,216 1,327 1,715 1,925 2,243 2,507 3,106 4,320 6,288 Soeial savices 588 777 980 1,085 1,719 1,926 2,170 2,431 2,844 3,588 5,026 Health cae,sporls&welfare 948 1,124 1,343 1,446 1,752 1,959 2,209 2,370 2,812 3,413 5,126 Education,cultlue&artsetc. 920 1,166 1,330 1,409 1,747 1,883 2,117 2,243 2,715 3,278 4,923 Scientific research 1,072 1,272 1,492 1,620 1,931 2,118 2,403 2,573 3,115 3,904 6,162 Bankingandinsucance 973 1,154 1,353 1,458 1,739 1,867 2,097 2,255 2,829 3,740 6,712 Governnentagencies 989 1,127 1,356 1,468 1,707 1.874 2,113 2,275 2,768 3,505 4,962 Others 3,371 5,213 Staff and workers in ate-owned enterpnses Total 1,034 1,213 1,414 1,546 1.853 2,055 2,284 2,477 2,878 3,532 4,797 Farming&forestry,etc. 785 892 1,062 1,154 1.291 1,401 1,559 1,665 1,845 2,043 2,821 Excavation 1,112 1,384 1,638 1,734 2,038 2,449 2,763 2982 3,239 3,856 4,863 Manufacturing 1,028 1,190 1,382 1,543 1,872 2,081 2,289 2,505 2,889 3,562 4,508 Electricpower,gas,andwater 1,357 1,272 1,518 1,692 1,994 2,248 2,648 2,883 3,354 4,317 6,124 1 GoDlogical suvey 1,180 1,408 1,607 1,773 2,025 2,199 2,463 2,71 3,235 3,729 5,476 Costuction 1,275 1,532 1,731 1,882 2,192 2,419 2,667 2,924 3,406 4,182 5,498 aN Transport & communications 1,164 1,383 1,610 1,773 2,140 2,423 2,697 2,967 3,452 4,604 6,212 Ls Conerce&seavicesetc. 776 1,087 1.268 1,398 1.737 1.851 2,028 2,201 2,478 2,933 3,856 Real estate 1,063 1,170 1.364 1,500 1,750 1,992 2,247 2,476 3.082 4,278 5,997 1 Social semvices 988 1,208 1,417 1,545 1,842 2,028 2,307 2,547 3,008 3,661 5,098 Healthcare,sports&welfare 981 1,164 1,376 1,481 1,793 1,999 2,263 2,417 2,S83 3,494 5,267 Education,culture&artsetc. 934 1,184 1,344 1,422 1,764 1899 2,134 2,257 2,732 3,292 4,944 Scientificresearch 1,074 1,268 1,494 1,624 1.935 2,123 2,411 2,580 3,130 3,898 6,212 Bankingandinsurance 1,038 1,234 1,427 1,540 1,842 1,960 2,200 2355 2967 3,885 7,017 Governmnentagencies 993 1,133 1,361 1,472 1,709 1,875 2,115 2,277 2,774 3,512 4,967 Others 3,793 5,744 Staff and workem in urban collective-owned enterprises Total 811 967 1,092 1,207 1,426 1,557 1,681 1,866 2,109 2,592 3,245 Faming&forestry,etc. 618 725 875 979 1.111 1,178 1,238 1,366 1,487 1.887 2,510 Excavation 702 852 945 1,016 1,208 1,433 1,844 1,960 2,000 2,327 2,793 Manufacturing 805 963 1,075 1,180 1,388 1.523 1,622 1,798 2,017 2,469 3,076 Electric power, gas,and water 615 667 875 1,250 1,294 1,625 2,133 2,588 2,737 3,539 5,734 Geological surey 900 900 1,286 1,333 1,500 1,000 1,212 1,765 2,188 2,843 3,692 Coruction 959 1,101 1,232 1,380 1,597 1,763 1,935 2,216 2,554 3,182 3,936 TrmnsportAcommu=cations 878 1,009 1,139 1,236 1,409 1,575 1,661 1,854 2,070 2,711 3,110 Comrnerce&servicesetc. 1,017 912 1,008 1,118 1,335 1,417 1,548 1,691 1,827 2,213 2,823 Real estate 860 1,050 1,238 1,130 1,602 1,967 1,969 2,432 2,763 4,006 5,290 Social services 736 806 1,057 1,167 1.333 1.521 1,638 1.905 2,082 2,727 3,754 Health care, sports & welfare 831 975 1,212 1.296 1.570 1,774 1.956 2135 2,416 2,935 4,238 Education, culture & arts etc. 634 779 945 1.033 1.202 1,352 1,533 1,689 1,987 2,539 3,548 Scientificresearch 900 1,052 1,286 1.319 1,636 1,710 1,997 2,120 2,392 3,474 4,719 Bankingandimsurance 800 945 1,150 1.235 1,450 1,597 1,806 1.965 2,428 3.182 5,625 Govenment agencies 885 1,046 1,227 1.368 1,648 1,860 2042 2,206 2,565 3,071 4.411 Others 2,547 4,067 So-: China.Sia, i*cal Yea..b 995. pp.111-5. Table 30: CHINA: Social Labor force by Sector (millions of workers) 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 Fanming foresy, animal husbndry. 308.7 311.3 312.5 316.6 322.5 332.3 341.2 349.6 348.0 339.7 333.9 fishey & water onsvancy Excavatic 7.7 8.0 8.1 8.2 8.3 8.4 8.8 9.1 9.0 9.3 9.2 Mnufaduing 70.3 74.1 80.2 83.6 86.5 85.5 86.2 88.4 91.1 93.0 96.1 Electic power, gas nd wat 1.3 1.4 1.5 1.6 1.8 1.8 1.9 2.0 2.2 2.4 2.5 Geologicd svey & exioltion 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 1.4 1.4 Cacunctni 16.6 20.4 22.4 23.8 24.9 24.1 24.2 24.8 26.6 30.5 31.9 Trnu taticm,posts&telecannumicakns 11.2 12.8 13.8 14.5 15.2 15.2 15.7 16.2 16.7 16.9 18.6 Cwanlece,catningtadeaSupply& 19.9 23.1 24.1 25.8 27.4 27.7 28.4 30.0 32.1 34.6 39.2 mukg of mimials and wudmtes Real 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.7 0.7 Social vices 4.4 4.0 4.7 5.0 5.3 5.5 5.9 6.0 6.4 5.4 6.3 Public health., orts and social welfare 4.4 4.7 4.8 5.0 5.1 5.2 5.4 5.5 5.7 4.2 4.3 Ediiab,-tune,as,itradiound 12.0 12.7 13.2 13.8 14.0 14.3 14.6 15.0 15.2 12.1 14.4 television broaing Scientific rneah, tedmical savice 1.4 1.4 1.5 1.6 1.6 1.7 1.7 1.8 1.8 1.7 1.8 BankingandiiPance 1.3 1.4 1.5 1.7 1.9 2.1 2.2 2.3 2.5 2.7 2.6 Govc_mnt. parties andorgnizatios 7.4 8.0 8.7 9.3 9.7 10.2 10.8 11.4 11.5 10.3 10.3 Others 13.1 13.2 13.4 15.0 16.6 17.1 18.0 19.1 23.1 37.4 41.6 TOTAL 482.0 498.7 512.8 527.8 543.4 553.3 567.4 583.6 594.3 602.2 614.7 AGRICULTURE 308.7 311.3 312.5 316.6 322.5 332.3 341.2 349.6 348.0 339.7 333.9 INDUSTRY 95.9 103.8 112.2 117.3 121.5 119.8 121.2 124.3 128.8 135.2 139.6 SERVICES 77.4 83.6 88.1 93.9 99.4 101.3 105.0 109.8 117.6 127.4 141.2 No,: Agrkbre conai of fawirq foreary. Inna hubmidry, fishay and wan conervancy. wrvices ae remidual. Sorco- Chis Sltial Y,6oo& 1995, pp. 86. Table 31: CHINA: Labor Force by Employment Category 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 (millions of workers) Total 482.0 498.7 512.8 527.8 543.4 553.3 567.4 583.6 594.3 602.2 614.7 Staffandworkers 118.9 123.6 128.1 132.1 136.1 137.4 140.6 145.1 147.9 148.9 148.5 State-owned 86.4 89.9 93.3 96.5 99.8 101.1 103.5 1066 1089 109.2 108.9 Urban collective-owned 32.2 33.2 34.2 34.9 35.3 35.0 35.5 36.3 36 2 33.9 32.1 Otherownership 0.4 0.4 0.6 0.7 1.0 1.3 1.6 2.2 2.8 5.8 7.5 Urban individual laborers 3.4 4.5 4.8 5.7 6.6 6.5 6.1 6.9 7.4 9.3 12.3 Rural laborers 359.7 370.7 379.9 390.0 400.7 409.4 420.1 430.9 438.0 442.6 446.5 (as a percentage of total)) Total 100.0 100.0 100.0 100.0 1000 100.0 99.9 99.9 998 99.8 98.8 Staffand woiems 24.7 24.8 25.0 25.0 25.0 24.8 24.8 24.9 24.9 24.7 24.2 State-owned 17.9 18.0 18.2 18.3 18.4 18.3 18.2 18.3 18.3 18.1 17.7 1 Urban collective-owned 6.7 6.7 6.7 6.6 6.5 6.3 6.3 6.2 6.1 5.6 5.2 Otherownerahip 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.5 1.0 1.2 tn Urbanindividuallaborers 0.7 0.9 0.9 1.1 1.2 1.2 1.1 1.2 1.2 1.5 2.0 1 Rural laborers 74.6 74.3 74.1 73.9 73.7 74.0 74.0 73.8 73 7 73.5 72.6 (growth rates) Total 23.5 3.5 2.8 2.9 2 9 1.8 2.5 2.9 1.8 1.3 2.1 Staff and workers 3.3 3.9 3.6 3.2 3.0 1.0 2.3 3.2 2.0 0.7 -0.3 State-owned -1.5 4.1 3.8 3.4 3.4 1.3 2.3 3.1 2.1 0.3 -0.3 Urbancollective-owned 17.2 3.4 2.9 2.0 1.1 -0.7 1.3 2.2 -0.2 -6.3 -5.4 Otherownership 18.9 25.0 30.9 34.7 36.1 24.2 31.7 30.6 105.7 29.3 Urban individual laborers 46.8 32.7 7.3 17.8 15.8 -1.7 -5.2 12.7 6.9 25.7 31.7 Rural laborers 3.7 3.0 2.5 2.7 2.7 2.2 2.6 2.6 1.6 1 0 0.9 So..,-: CAa SI.gtitksJ Y,..b..k 1995. p. 84. Table 32: CHINA: General Price nices (annual growth rates) 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 OveralRetailPrice 2.0 6.0 2.4 1.9 1.5 2.8 8.8 6.0 7.3 18.5 17.8 2.1 2.9 5.4 13.2 21.7 14.8 OvcallRetailPncelndexl990=100 49.1 52.1 53.3 54.3 55.2 56.7 61.7 65.4 70.2 83.1 97.9 100.0 102.9 108.5 122.8 149.4 171.5 OveralConmui Price .. . . .. .. .. 9.3 6.5 7.3 18.8 18.0 3.1 3.4 6.4 14.7 24.1 17.1 of which Urban 1.9 7.5 2.5 2.0 2.0 2.7 11.9 7.0 8.8 20.7 16.3 1.3 5.1 8.6 16.1 25.0 Ruml .. .. .. .. .. 7.6 6.1 6.2 17.5 19.3 4.5 2.3 4.7 13.7 23.4 ON OveraflFarmandSideline 22.1 7.1 5.9 2.2 4.4 4.0 8.6 6.4 12.0 23.0 15.0 -2.6 -2.0 3.4 13.4 39.9 Pchmirw Price OverallIndlrialProiuctsRual 0.1 0.8 1.0 1.6 1.0 3.1 3.2 3.2 4.8 15.2 18.7 4.6 3.0 3.1 11.8 17.2 Retail Price Overall Indusial and Agricltural -18.0 -5.9 -4.6 -0.6 -3.3 -0.9 -5.0 -3.0 -6.4 -6.3 3.2 7.4 5.1 -0.3 -1.4 -16.2 Pmducts Price Parity So.: Chi.. Soamink. Y.r.-k 1995, p. 233. China kmhly Staiit, for 1994. Table 33: CHINA: Annual Rates of Inflation by Month (percentage change in the index over the previous 12 months) JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Overall Retil Pnce index 1987 5.0 5.1 5.5 6.5 7.6 7.8 8.0 8.4 7.9 7.6 8.5 9.1 1988 9.5 112 11.6 12.6 14.7 16.5 19.3 23.2 25.4 26.1 26.0 26.7 1989 27.0 27.9 26.3 25.8 243 21.5 19.0 15.2 11.4 8.7 1.1 6.4 1990 4.1 4.1 3.3 3.1 2.6 3.0 0.7 0.4 0.8 1.1 1.6 2.2 1991 1.4 1.0 0.9 0.6 3.1 3.8 4.2 4.0 4.3 4.0 4.4 4.0 1992 5.1 4.9 50 6.2 4.1 4.2 4.3 4.7 57 6.4 6.6 6.7 1993 8.4 8.7 10.2 10.9 12.5 13.9 14.9 15.1 14.5 14.6 15.1 17.6 1994 18.8 20.9 20.2 19.5 18.9 19.6 21.4 23.5 24.6 25.2 25.0 23.3 1995 21.2 19.7 18.7 18.0 17.6 16.0 14.6 12.3 11.4 10.3 9.2 8.3 1 ON Cost of Living Index -4 19S7 5.0 5.3 5.6 6.6 7.7 7.9 8.0 8.4 7.8 7.6 8.5 9.2 1988 9.7 10.7 11.6 126 14.5 16.7 19.8 24.1 26.4 27.0 26.8 27.7 1989 27.4 28.4 27.0 26.5 24.7 22.5 18.9 14.8 10.8 7.7 6.4 5.5 1990 3.5 3.5 2.7 2.5 2.0 2.4 0.2 -0.1 0.5 0.9 1.4 2.1 1991 1.5 1.0 08 0.4 3.0 3.8 4.3 4.1 4.4 4.0 4.6 4.0 1992 5.1 4.9 5.2 6.9 4.3 4.3 4.7 5.1 5.9 6.7 6.8 7.0 1993 8.6 8.9 102 10.4 11.9 13.3 14.3 14.6 14.1 14.4 15.2 17.9 1994 21.1 23.2 22.4 21.7 21.3 22.6 24.0 25.8 27.4 27.7 27.5 25.5 1995 24.1 22.4 21.3 20.7 20.3 18.2 16.7 14.5 13.2 12.1 11.2 10.1 Sor: Chfa0MotlhyStalMlk, . Tale 34: CHINA: Total hwvesnaent in lxed Asets 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 (billions ofyuan) Totalfixedinmvesn .. 96.1 123.0 143.0 183.3 254.3 302.0 364.1 449.7 413.8 444.9 550.9 785.5 1,245.8 1,637.0 1,944.5 Stat-owned 69.9 74.6 66.8 84.5 95.2 118.5 168.1 197.9 229.8 276.3 253.5 273.3 337.8 476.8 765.8 932.2 1,0S2.2 Colle-owed .. .. 11.5 17.4 15.6 23.9 32.7 39.2 54.7 71.2 57.0 52.9 69.8 135.9 223.1 266.5 297.8 IndivA-owned .. .. 17.8 21.1 32.2 40.9 53.5 64.9 79.6 102.2 103.2 100.1 118.3 122.2 147.6 197.1 23S.1 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18.6 25.0 50.6 109.2 241.3 326.4 Fixed inveflet by CENIER & LOCAL CENTER .. .. .. .. .. .. .. .. 105.8 116.8 128.0 150.5 184.7 LOCAL 1.. .. .. .. .. .. 70.5 136.7 145.3 187.3 277.5 (as a percentage of total) Total fixed inve nt .. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 X Stlt-OWed .. 69.5 68.7 66.6 64.7 66.1 65.5 63.1 61.4 61.3 61.4 61.3 60.7 61.5 56.9 55.7 Colllsiw-owned 12.0 14.2 10.9 13.0 12.9 13.0 15.0 15.8 13.8 11.9 12.7 17.3 17.9 16.3 15.3 Individual-owned .. .. 18.5 17.1 22.5 22.3 21.0 21.5 21.9 22.7 24.9 22.5 21.5 15.6 11.8 12.0 122 Other .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.2 4.5 6.4 8.8 14.7 16.8 Fixed investnent by CENTER & LOCAL CENTER .. .. 38.3 46.1 46.8 44.5 38.7 LOCAL .. .. 61.7 53.9 53.2 55.5 58.2 Totalfixedinvdne=taGDP(%) .. .. 19.8 23.2 24.1 25.6 28.4 29.6 30.4 30.1 24.5 24.0 25.5 29.5 36.1 36.4 S-r: G iwaby Chins Offwid for 1995; Chin Slatfulkal Teart99S. p. 138 frf 19S5-94; I911. p. 493 for 1981-84. Table 35: CHINA: Investment in Fixed Asset by State Owned Enterpries 1972 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 (billions of yuan) FixeddIvulnent 66.9 69.9 74.6 66.8 84.5 95.2 118.5 168.1 197.9 229.8 276.3 253.5 273.3 337.8 476.8 717.3 935.5 CapitalACmuuion 50.1 52.3 55.9 44.3 55.6 59.4 74.3 107.4 117.6 134.3 157.4 155.2 170.4 211.6 301.3 461.6 643.7 Tecnical Upgdati 16.8 17.6 18.7 19.5 25.0 291 30.9 44.9 61.9 75.9 98.1 78.9 83.0 102.3 146.1 219.6 291.9 Otbu 0.0 0.0 0.0 2.9 3.9 6.7 13.3 15.7 18.3 19.6 20.8 19.5 19.9 23.9 29.4 36.2 0.0 Fixediweitmmt bySecto 66.9 69.9 74.6 66.8 84.5 95.2 118.5 168.1 197.9 229.8 276.3 253.5 273.3 337.8 476.8 717.3 935.5 ofwhidh Raw mtaials .. .. .. .. .. . .. .. .. . 69.5 64.0 71.8 85.9 68.8 Enar .. .. .. .. .. .. .. .. .. .. 64.5 70.6 82.4 95.7 114.9 Tmrport uad nmuic. .. . .. .. .. .. .. . 28.5 22.9 26.9 40.7 75.7 Cnucticn il. gec.ty .. .. .. .. .. .. .. .. .. 2.8 2.2 1.8 2.1 3.9 Raeat .. .. .. .. .. .. .. .. . 28.8 14.8 11.3 16.7 26.5 .. .. 0' (as a percentag of tota) Fixed Invesment .. .. .. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Capital Ccudimo .. 66.4 65.7 62.4 62.7 63.9 59.4 58.4 57.0 61.2 623 62.6 63.2 64.3 68.3 TednicalUpsdating .. 29.3 29.6 30.6 26.1 26.7 31.3 33.0 35.5 31.1 30.4 30.3 30.6 30.6 31.2 Othdr 4.4 4.7 7.0 11.2 9.3 9.3 8.5 7.5 7.7 7.3 7.1 6.2 5.0 0.0 FixedInvesmentAbySedor 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 10Q.0 100.0 ofwhich Raw matwials .. . . . . 25.2 25.2 26.3 25.4 14.4 E-U - .. .. .. .. 23.3 27.8 30.1 28.3 24.1 Transptandcmunimcaons. .. .. .. .. .. .. .. 10.3 9.0 9.8 12.1 15.9 Cbuotioni iKI. gcopq. .y .. .. . .. .. .. .. 1.0 0.8 0.7 0.6 0.8 Pad Fe .. .. .. .. .. .. .. .. .. .. 6.8 5.9 4.1 4.9 5.6 : TwiS NS p. 14kICtU,.493k 161-. Table 36: CHINA: Investmnent in Capital Constuction of State-Owned Enterprises by Sector 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 (billions of yuan) All Sector 50. 1 52.3 55.9 44.3 55.6 59.4 74.3 107A4 117.6 134.3 157.4 155.2 170.4 211.6 301.3 461.6 643.7 Agriculwm . . 5.1 2.9 3.4 3.5 3.7 1.7 1.6 2.0 2.3 2.0 2.6 3.3 4.4 4.6 5.7 Indassay .. 27.6 21.6 26.1 28.2 34.2 44.6 53.2 68.3 81.3 82.2 95.3 114.7 145.8 200.4 276.2 Geoloe . . 0.3 0.3 0.3 0.4 2.6 2.6 3.0 2.9 3.6 4.6 5.9 8.2 9.8 12.1 Canslxucion ... 0.9 1.1 1.0 1.1 2.2 1.9 1.5 1.5 1.4 1.0 1.3 2.3 11.5 13.8 Tr-sport .. 6.2 4.0 5.7 7.8 10.8 17.8 18.8 19.5 21.6 17.0 21.1 34.0 45.8 90.1 137.3 Cc'rnimce .2.9 2.8 3.6 2.9 3.5 4.0 3.5 4.2 5.0 4.2 3.9 6.4 13.7 20.3 25.5 Red Esate& Public Utilities 3. . 4 1.3 2.0 1.9 2.4 1 1.8 11.0 9.3 13.4 11.2 8.2 1212 21.0 44.3 73.4 Educaiton, Heait, &Culture etc. .. 3.5 3.4 4.1 4.9 6.6 7.8 9.2 9.7 10.0 10.0 10.3 11.9 15.1 20.4 26.2 Reseerch .0.9 1.0 1.1 1.1 1l4 2.1 2.5 2.6 2.3 2.2 2.1 2.3 3.2 4.9 5.3 Banking & irance .. 0.3 0.3 0.6 0.3 0.3 0.7 0.8 1.3 1.9 1.6 1.5 1.9 3.0 6.7 9.6 Govemmient Agences &Other .. 4.5 5.8 7.8 7.3 10.0 9.8 10.1 10.0 12.0 17.0 16.3 20.0 34.3 41.8 49.4 Other ao0 0.0 0.0 0.0 0.0 0.0 0.0 2.3 2.5 2.8 3.2 2.8 3.5 -2.4 4.6 6.6 9.4 -a (as a percentage oftIotal) o All Sedantors . 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Agcicl-r . .. 9.2 6.5 6.1 5.9 4.9 1.6 1.3 1.5 1.5 1.3 1.5 1.6 1.4 1.0 0.9 Induatiy . .. 49.3 48.8 46.9 47.5 46.0 41.6 45.2 50.8 51.6 53.0 55.9 54.2 48A4 43A4 42.9 Geolon'.y. 0.0 0.6 0.5 0.6 0.5 2.5 2.2 2.3 1.8 2.3 2.7 2.8 2.7 2.1 1.9 Cor.abuwtion .. 0.0 2.1 1.9 1.7 1.5 2.0 1.6 1.1 1.0 0.9 0.6 0.6 0.8 2.5 2.1 Transport .. 11.2 9.1 10.3 13.1 14.6 16.6 16.0 14.5 13.7 11.0 12.4 16.1 15.2 19.5 21.3 commerce .. 5.1 6.3 6.5 4.9 4.7 3.7 2.9 3.1 3.2 2.7 2.3 3.0 4.5 4.4 4.0 Red Estate &Puhlic Utilities .. 6.0 3.0 3.6 3.3 3.2 11.0 9.4 6.9 8.5 7.2 4.8 5.8 7.0 9.6 11.4 Educaitni, Healtli, &Cultureetc . . 6.3 7.7 7.4 8.2 8.8 7.3 7.8 7.2 6.4 6.5 6.0 5.6 5.0 4.4 4.1 Resarech 1.7 2.2 1.9 1.9 1.9 1.9 2.2 2.0 1.5 1.4 1.2 1.1 1.0 1.1 0.8 Banoking& Insurance .. 0.5 0.7 1.1 0.6 0Q4 0.7 0.7 1.0 1.2 1.0 0.9 0.9 1.0 IA4 1.5 Government Agencies &Othcr . .. 8.1 13.0 14.0 12.4 13.4 9.1 8.6 7.5 7.6 10.9 9.6 9.5 11.4 9.1 7.7 Other .. . . 0.0 0.0 0.0 0.0 2.2 2.1 2.1 2.0 1.8 2.1 -1.1 1.5 1.4 1.5 Satyr, Chi-a Stafiflica Yiarhok 1995. p. 146 fr 1985-94; 1968. p. 493 far 1981-84. Table 37: CHINA: Foreign Direct Investment InMlows (millions of US dollars) 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 TOTAL 916.0 1,418.9 1,958.7 2,243.7 2,6466 3,739.7 3,773.5 3,754.9 4,666.6 11,291.6 27,771.0 33,945.8 FROM: HongKong &Macao 472.5 7475 955.7 1,328.7 1,809.1 2,428.1 2,341.8 2,118.5 2,579.1 7,706.1 17,444.9 19,822.7 Japan 186.4 224.6 315.1 263.4 266.6 598.4 407.7 520.5 609.5 748.3 1,361.4 2,086.2 Kome. .. .. .. 674.8 381.5 726.1 Taiwan (China) .. .. .. .. .. .. .. .. 471.9 1,053.4 3,139.1 3,391.3 United Kingdom 10.6 98.0 71.4 35.3 13.8 46.6 29.0 19.9 37.9 38.5 220.5 688.8 France 35.4 20.2 32.5 43.6 17.3 31.6 11.6 23.4 11.7 46.9 141.4 193.4 Italy 12.4 18.0 19.4 29.4 21.5 36.2 34.2 8.1 41.3 26.7 99.9 206.2 United States 83.1 256.3 357.2 326.2 271.3 244.4 288.2 461.2 330.7 519.4 2,067.9 2,490.8 RECEIVED BY PROVINCES Regiceal Total 576.6 885.5 1,320.6 1,741.7 1,782.7 3,149.7 3,437.3 3,436.2 4,425.8 11,291.6 27,770.9 33,945.8 Beijing 75.6 35.5 88.8 149.7 105.8 503.2 320.2 279.0 245.0 349.9 666.9 1,371.6 Tianjin 12.0 22.9 63.8 134.8 133.1 61.2 31.4 36.9 132.6 107.8 613.7 1,015.0 Hebei 4.5 10.2 55.9 51.4 10.3 19.1 43.7 44.5 56.6 113.1 396.5 523.4 Shanwi 0.0 0.0 0.5 0.2 4.9 6.5 9.8 3.4 3.8 53.8 86.4 31.7 InnerMongolia 3.4 0.0 2.6 7.5 5.1 6.4 4.4 10.6 1.7 5.2 85.3 40.1 Lioinig 8.0 14.8 25.8 48.2 90.8 130.6 126.1 257.3 362.4 516.4 1,279.1 1,440.1 Jilin 0.0 2.8 4.9 24.2 7.4 9.7 99.9 17.6 31.6 75.3 275.3 241.9 HeiloeWiang 0.9 1.0 4.0 24.5 14.0 69.3 57.4 28.4 20.9 72.2 232.3 347.6 Shanghai 10.7 42.4 108.8 148.9 214.0 233.2 422.1 174.0 145.2 493.6 3,160.3 2,473.1 Jiangu 10.5 31.4 51.3 45.6 86.4 125.5 126.9 134.0 219.2 1,463.2 2,843.7 3,763.2 Zhejiang 2.5 7.9 26.6 24.8 36.3 43.8 54.0 49.1 92.3 239.8 1,031.8 1,144.4 Anhui 0.0 0.1 3.0 35.2 3.2 27.9 8.8 13.5 10.7 54.7 257.6 370.0 Fujian 16.3 50.6 118.6 62.5 55.4 145.5 348.0 319.9 471.2 1,423.6 2,874.4 3,713.2 Jiai 0.0 6.8 10.5 9.1 5.4 8.9 9.2 7.5 19.5 99.7 208.2 261.7 Shandong 2.8 4.4 35.6 65.7 65.0 89.7 163.3 185.1 216.4 1,003.4 1,874.1 2,552.4 Henan 0.1 0.0 8.3 10.7 13.5 64.2 46.1 11.4 38.0 53.2 304.9 386.7 Hubei 0.0 0.0 8.0 12.4 26.0 22.3 28.6 31.8 46.6 203.1 540.5 601.9 Hunan 2.1 2.7 31.0 28.5 2.9 12.9 23.3 14.2 25.4 132.7 437.5 331.1 Guar4dong 400.0 650.1 651.3 862.7 736.9 1,251.1 1,323.2 1,582.3 1,9429 3,701.1 7,555.8 9,463.4 Guungxi 6.2 22.7 30.9 49.2 45.1 20.9 53.0 35.6 31.9 182.0 884.6 836.3 Hainan 0.0 0.0 0.0 0.0 0.0 117.4 95.0 103.0 176.7 452.6 707.1 918.1 Sichuan 19.0 7.8 28.7 31.8 24.3 40.3 13.1 24.4 80.9 132.1 571.4 921.7 Guizhou 0.0 0.7 9.8 12.2 0.0 13.8 13.9 11.1 16.3 19.8 42.9 63.6 Yunnan 0.0 0.2 1.6 3.8 6.3 8.3 7.9 7.4 3.5 28.8 97.0 65.0 Tibet 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Shaanxi 2.5 6.5 15.6 37.2 72.9 111.7 97.2 47.3 31.8 45.5 234.3 238.8 Gansu 12.8 0.0 0.6 1.3 0.2 2.4 0.0 1.2 4.8 0.4 12.0 87.8 Qingji 0.0 0.8 0.2 0.0 0.0 2.7 0.0 0.0 0.0 0.7 3.2 2.4 Ningia 0.0 0.2 0.3 0.1 0.0 0.3 1.1 0.3 0.2 0.4 11.9 7.3 Xinjia 0.0 2.2 10.9 14.0 17.7 5.0 0.9 5.4 0.2 0.0 53.0 48.3 So.re: Cha. S1a.Likd r...&.k 1ns, pp. 55s-557 for 1993-94: 1994. pp.527. 530 for 1992 prvv a i_fo acfr yarn. Table 38: CHINA: Total Production and Consumption of Energy and its Composition 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 PRODUCTION 627.7 645.6 637.4 632.3 667.8 712.7 778.6 855.5 881.2 912.7 958.0 1,016.4 1,039.2 1,048.4 1,072.6 1,070.0 1,140.1 (mnillions of tons of coal equivalent) (as a percentage of total) Coal 70.3 70.2 69.4 70.2 71.3 71.6 72.4 72.8 72.4 72.6 73.1 74.1 74.2 74.1 74.3 76.8 77.7 Crude oil 23.7 23.5 23.8 22.9 21.8 21.3 21.0 20.9 21.2 21.0 20.4 19.3 19.0 19.2 18.9 19.4 18.3 Natural gas 2.9 3.0 3.0 2.7 2.4 2.3 2.1 2.0 2.1 2.0 2.0 2.0 2.0 2.0 2.0 2.1 2.0 Hydropower 3.1 3.3 3.8 4.2 4.5 4.8 4.5 4.3 4.3 4.4 4.5 4.6 4.8 4.7 4.8 1.7 2.0 CONSUMPTION 571.4 585.9 602.8 594.5 620.7 660.4 709.0 766.8 808.5 866.3 930.0 969.3 987.0 1,037.8 1,091.7 1,073.7 1,180.1 (as a percentage of total) Coal 70.7 71.3 72.2 72.7 73.7 74.2 75.3 75.8 75.8 76.2 76.2 76.0 76.2 76.1 75.7 75.8 78.0 Cnude oil 22.7 21.8 20.7 20.0 18.9 18.1 17.4 17.1 17.2 17.0 17.0 17.2 16.6 17.1 17.5 20.3 18.1 -j Natual gas 3.2 3.3 3.1 2.8 2.5 2.4 2.4 2.2 2.3 2.1 2.1 2.0 2.1 2.0 1.9 2.1 2.0 Hydro power 3.4 3.6 4.0 4.5 4.9 5.3 4.9 4.9 4.7 4.7 4.7 4.9 5.1 4.8 4.9 1.8 1.9 GDP(billionofyuan) 669.7 720.5 776.7 811.7 880.7 970.5 I,IIS.0 1,269.0 1,380.7 1,540.8 1,714.9 1,785.2 1,853.1 2,025.4 2,313.0 2,625.3 2,935.1 (constant 1990 prices) Energy consunption 0.9 0.8 0.8 0.7 0.7 0.7 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.4 0.4 (mnillion ton per billion yuan) Nottw: Etcluding bice-nny, eas. S-httnnal nd nudesr a5y. AB flint. onvaed imno Sded fnt wath themal equivalen of 7,000 ktoorelon pa blogn. The convaesion hi kg of cosl (5.000 keel) 0.714 kg of sadad fuli I kg of cnrde oil (10,000 kd) = 143 kg of sidard flt I cubic niew of nttutal g (9.310 kcl) = 1.33 kg of undad rfl The converon of hydropowaerto ad rdIbdfis c dculated on the baa of the conntwnpbon quota of itadond coen for thenrml powar g-nnuo for the year. Soo: Chi- SIainlca Yeae*ook)flS,. P. 1t. Table 39: CHINA: Freight Traffic 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 (billion ton-km) Rail 534.5 5598 571.7 571.2 6120 664.6 724.7 812.6 876.5 947.1 987.8 1,039.4 1,062.2 1,097.2 1,157.6 1,195.5 1,245.8 Road 27.4 74.5 76.4 78.0 94.9 108.4 153.6 190.3 211.8 266.0 322.0 337.5 335.8 342.8 375.5 407.1 448.6 Donmsiicwatwas 129.2 139.3 152.1 150.7 170.8 181.1 196.1 240.0 270.0 288.9 310.4 349.8 345.1 396.5 422.2 472.7 1,568.7 Pipelines 43.0 47.6 49.1 49.9 50.1 53.4 57.2 60.3 61.2 62.5 65.0 62.9 62.7 62.1 61.7 60.8 61.2 Civil aviation 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.4 0.5 0.7 0.7 0.7 0.1 1.0 1.3 1.7 1.9 OVERALL 734.2 821.3 s49.4 850.0 928.0 1,007.7 1,131.9 1,303.7 1,420.0 1,565.2 1,686.0 1,790.3 1,806.6 1,899.7 2,018.4 2,137.7 3,326.1 Ocean sipping 248.7 317.1 353.2 364.3 376.9 397.7 437.4 532.9 594.8 657.6 696.6 768.9 814.1 899.0 903.4 913.4 ( a pementage of total) Rail 72.8 68.2 67.3 67.2 65.9 66.0 64.0 62.3 617 60.5 58.6 58.1 58.8 57.8 57.4 55.9 37.5 Road 3.7 9.1 9.0 9.2 10.2 10.8 13.6 14.6 149 17.0 19.1 18.9 18.6 It.o 18.6 19.0 13.5 1 -1 Dwnestiwvtcrwas 17.6 17.0 17.9 17.7 18.4 18.0 17.3 18.4 19.0 18.5 1.4 19.5 19.1 20.9 20.9 22.1 47.2 A Pipeine 5.9 5.8 5.8 5.9 5.4 5.3 5.1 4.6 4.3 4.0 3.9 3.5 3.5 3.3 3.1 2i8 1.2 Civil aviation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 OVERALL 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 h rates) Rail .. 4.7 2.1 -0.1 7.1 8.6 9.0 12.1 7.9 8.1 4.3 5.2 2.2 3.3 5.5 3.3 4.2 Road .. 171.8 2.6 2.1 21.7 14.2 41.7 23.9 11.3 25.6 21.0 4.8 .0.5 2.1 9.6 SA 10.2 Dmesticwaiwways . 7.8 9.2 -0.9 13.4 6.0 8.3 22.4 12.5 7.0 7.5 12.7 -1.3 14.9 6.5 120 231.9 Pipelines .. 10.7 3.2 1.6 0.4 6.6 7.1 5.4 1.5 2.1 4.0 -3.2 .0.3 -1.0 40.6 -1.5 0.7 Civil aviation . 26.8 14.6 20.6 16.5 15.7 35.8 33.4 15.9 35.1 12.3 -5.5 18.8 23.2 32.9 23.8 11.9 OVERALL .. 11.9 34 01 9.2 8.6 12.3 15.2 8.9 10.2 7.7 6.2 0.9 5.1 6.3 5.9 55.6 Oceanshippimg .. 27.5 11.4 3.1 3.5 5.5 10.0 21.8 11.6 10.6 5.9 10.4 5.9 10.4 0.5 1.1 S-e: China Statbi.al Y,a,rook 1995, p. 46-9. Table 40: CHINA: Passenger Traffic 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 (billion passenger-km) Rail 109.3 121.6 138.3 147.3 157.5 177.7 204.6 241.6 258.7 284.3 326.0 303.7 261.3 282.8 315.2 348.3 363.6 Road 52.1 60.3 73.0 83.9 96.4 110.6 133.7 172.5 198.2 219.0 252.8 266.2 262.0 287.2 319.3 370.1 422.0 Danestic waterways 10.1 11.4 12.9 13.8 14.5 15.4 15.4 17.9 18.2 19.6 20.4 18.8 16.5 17.7 19.8 19.6 18.4 Civilaviation 2.8 3.5 4.0 5.0 6.0 5.9 8.4 11.7 14.6 18.2 21.7 18.7 23.0 30.1 40.6 47.2 55.2 OVERALL 174.3 196.8 228.1 250.0 274.3 309.5 362.0 443.6 489.7 541.1 620.9 607.5 562.8 617.8 694.9 785.8 859.1 (as a percentage of total) Rail 62.7 61.8 60.6 58.9 57.4 57.4 56.5 54.5 52.8 52.5 52.5 50.0 46.4 45.8 45.4 44.3 42.3 Road 29.9 30.6 32.0 33.6 35.1 35.7 36.9 38.9 40.5 40.5 40.7 43.8 46.6 46.5 45.9 47.1 49.1 Domestic waterways 5.8 5.8 5.7 5.5 5.3 5.0 4.2 4.0 3.7 3.6 3.3 3.1 2.9 2.9 2.9 2.5 2 1 Civil aviation 1.6 1.8 1.7 2.0 2.2 1.9 2.3 2.6 3.0 3.4 3.5 3.1 4.1 4.9 5.8 6.1 6.4 OVERALL 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Rail .. 11.2 13.7 6.5 6.9 12.8 15.2 18.1 7.1 9.9 14.7 -6.8 -14.0 8.2 11.5 10.5 4.4 Road . 15.7 20.9 15.0 14.9 14.7 20.9 29.0 14.9 10.5 15.4 5.3 -1.6 9.6 11.2 15.9 14.0 Domesticwaterways .. 13.3 13.3 6.7 4.9 6.5 -0.3 16.4 1.9 7.6 4.1 -7.7 -12.4 7.5 11.9 -1.0 -6.6 Civil aviation .. 25.4 13.1 26.8 18.6 -0.9 41.6 39.8 25.4 24.4 19.2 -13.9 23.4 30.7 34.8 17.6 15.5 OVERALL .. 12.9 15.9 9.6 9.7 12.8 17.0 22.5 10.4 10.5 14.7 -2.2 -7.3 9.8 12.5 13.1 9.3 S,e Chl- Stewistk.J r-A 1995. p. 468-9. Table 41: CHINA: Average Shipping Dstance 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 (kilometers) Rail 485 500 514 530 539 559 584 636 646 673 681 686 705 718 734 735 791 Road 32 20 20 21 25 19 22 31 34 37 44 46 46 46 48 48 50 Waterwas 873 1,056 1,184 1,241 1,236 1,285 1,351 1,216 1,042 1,174 1,128 1,281 1,447 1,554 1,433 1,415 1,465 Pipelines 416 420 467 457 449 459 456 442 413 413 416 402 398 399 417 409 406 Civil aviation 1,521 1,539 1,573 1,809 1,961 1,983 2,074 2,128 2,143 2,183 2,226 2,226 2,218 2,234 2,330 2,393 2,241 OVERALL 395 212 220 232 238 244 219 243 236 234 243 258 270 284 279 274 282 (h rates) Rail .. 3.1 2.8 3.1 1.7 3.7 4.5 8.9 1.6 4.2 1.2 0.7 2.8 1.8 2.2 0.1 7.6 Road .. -37.5 0.0 5.0 19.0 -24.0 15.8 40.9 9.7 8.8 18.9 4.5 0.0 0.0 4.3 0.0 4.2 Waw S .. 21.0 12.1 4.8 -0.4 4.0 5.1 -10.0 -14.3 12.7 -3.9 13.6 13.0 7.4 -7.8 -1.3 3.5 Pipelines .. 1.0 11.2 -2.1 -1.8 2.2 -0.7 -3.1 -6.6 0.0 0.7 -3.4 -1.0 0.3 4.5 -1.9 -0.7 Civil aviation .. 1.2 2.2 15 0 8.4 1.1 4.6 2.6 0.7 1.9 2.0 0.0 -0.4 0.7 4.3 2.7 -6.4 OVERALL -46.3 3.8 5.5 2.6 2.5 -10.2 11.0 -2.9 -0.8 3.8 6.2 4.7 5.2 -1.8 -1.8 2.9 S- C C.l Sla#dklca Yearbok 1995. p. 468-9. WA,~~~~~~ GING ~ ~ ~ ~~~~~~A~t~ - X R~~~~~~~~~~~eport No: 15288 CHA Type: ER