Front Matter Page
© 1997 International Monetary Fund
September 1997
IMF Staff Country Report No. 97/71
People’s Republic of China—Recent Economic Developments
This report on recent economic developments in the People’s Republic of China was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of the People’s Republic of China or the Executive Board of the IMF.
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Front Matter Page
INTERNATIONAL MONETARY FUND
PEOPLE’S REPUBLIC OF CHINA
Recent Economic Developments 1
Prepared by Marianne Schulze-Ghattas, Vivek Arora, John Anderson, Erik Oppers (all APD), and John Norregaard (FAD)
Approved by the Asia and Pacific Department
June 10, 1997
Contents
I. Output and Price Developments
A. Introduction
B. Demand Developments
C. Production Developments
D. Income Developments
E. Labor Market Developments
F. Prices and Wages
II. Monetary and Financial Developments and Policies
A. Introduction
B. Money and Credit Developments
C. Operations of the People’s Bank of China
D. Operations of the Banking System
E. Interest Rates
F. Financial Sector Reforms
III. Fiscal Developments and Policy
A. Introduction
B. Fiscal Developments During the 1980s
C. The Public Finance Reform of 1994
D. Recent Fiscal Developments
IV. External Sector Developments
A. Introduction
B. Merchandise Trade
C. Other Current Transactions
D. Capital Account and Unrecorded Transactions
E. International Reserves
F. External Debt
G. Exchange Rate Developments
Boxes
1. Measuring Inflation in China
2. Proportion of Retail Sales at Administered and Market Prices
3. Structure of the Banking System
4. The Asset-Liability Ratio System
5. The Framework for Financial Sector Reform: The Decision of the Third Plenum
Tables
1. GDP by Sector, 1991–96
2. GDP and Expenditure Components, 1991–96
3. Investment in Fixed Assets by State-Owned Units, 1991–96
4. Capital Construction of State-Owned Units, 1991–96
5. Total Fixed-Asset Investment, 1991–96
6. Investment by State-Owned Units by Region, 1991–96
7. Annual Income and Expenditure in Urban and Rural Areas, 1991–96
8. Retail Sales, 1991–96
9. Industrial Production, 1991–96
10. Agricultural Output, 1991–96
11. Labor Force and Employment, 1991–96
12. Prices, 1991–96
13. Selected Inflation Measures, 1993–96
14. Proportion of Agricultural Output, Production Materials and Retail Sales Sold at Fixed, Guided and Market Prices, 1978–95
15. Average Money Wage of Formal Employees, 1991–96
16. Banking Survey, 1993–96
17. Operations of the People’s Bank of China, 1993–96
18. Monetary Survey, 1993–96
19. Assets and Liabilities of Deposit Money Banks, 1993–96
20. Foreign Assets and Liabilities of Deposit Money Banks, 1994–96
21. Assets and Liabilities of Specific Depository Institutions (or “Nonmonetary Financial Institutions”), 1993–96
22. Balance Sheet of State Commercial Banks, 1993–96
23. Balance Sheet of Rural Credit Cooperatives, 1993–96
24. Balance Sheet of Urban Credit Cooperatives, 1993–96
25. Interest Rates on Loans, 1992–96
26. Interest Rates on Deposits, Central Bank Loans, and Bonds, 1992–96
27. Budgetary Developments, 1980–96
28. State Budgetary Operations (GFS Format), 1993–97
29. State Budget Revenue, 1993–97
30. State Budget Expenditure and Net Lending, Functional Classification, 1993–97
31. Changes in the Tax Structure, 1986–96
32. Subsidies, 1993–96
33. Government Bond Issues, Interest, and Repayment, 1993–97
34. State Budget, Central and Local Components, 1993–96
35. Other Extrabudgetary Funds, 1988–94
36. Estimates of a Broad Measure of the Fiscal Deficit, 1990–96
37. Indicators of External Sector Developments, 1992–96
38. Merchandise Trade, 1990–97
39. Exports and Imports by Customs Regime and Type of Enterprise, 1994–96
40. Exports by Commodity Group, 1985–96
41. Direction of Trade, 1985–96
42. Imports by Commodity Group, 1985–96
43. Balance of Payments—Current Account, 1992–96
44. Balance of Payments—Capital Account and Reserves, 1992–96
45. Foreign Direct Investment Inflows, 1991–96
46. International Reserves, 1990–97
47. External Debt by Creditors and Type of Credit, 1990–96
Charts
1. Factors Contributing to Growth of Reserve Money, 1993–96
2. Factors Affecting the Growth of Broad Money, 1993–96
3. Balance of Payments Developments, 1982–96
4. Exports and Imports, 1993–96
5. Share of World Export Markets, 1980–96
6. Exchange Rate Developments, 1988–97