Information about Asia and the Pacific Asia y el Pacífico
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China

Author(s):
International Monetary Fund
Published Date:
May 1995
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Table 1.China: Sources and Uses of National Income, 1989-93 1/(In billions of yuan, at current prices)
19891990199119921993
Sources of national income
Agriculture 2/420.9500.0526.9579.5631.7
Industry624.1661.0770.3988.51,286.2
Commerce140.5114.8168.9216.4253.6
Transport and communications54.778.788.796.8111.2
Construction77.483.9100.9141.1205.4
National income 3/1,317.61,438.41,655.72,022.32,488.2
Trade balance 4/24.4-41.2-43.2-23.570.0
Statistical discrepancy17.641.118.9-5.743.6
Available national income 3/1,359.61,438.31,631.41,993.12,601.8
Uses of national income 3/
Consumption900.5966.31,096.91,306.71,594.9
Private776.1820.2924.41,103.01,352.6
Public124.4146.1172.5203.7242.5
Net accumulation459.1472.0534.5686.41,006.9
Fixed assets (net)283.5300.8376.8554.5847.6
Stockbuilding and work-in-progress175.6171.2157.7131.9159.3
Total uses1,359.61,438.31,631.41,993.12,601.8
Memorandum items:
Gross national product1,599.31,856.42,166.52,665.63,413.4
Differences between gross national product and national income281.7418.0510.8643.3925.2
Nonmaterial services207.2258.8388.0400.0
Depreciation159.2182.0215.0271.4387.2
Other and discrepancy-84.7-22.8-92.2-28.1
Real GNP growth (in percent)4.44.18.013.013.4
Sources: Data provided by the Chinese authorities; China Statistical Yearbook; and staff estimates.

There is a break in the GNP series, because the authorities have revised national accounts data for the 1990-93 period.

Including village industry.

According to the Material Product System of national accounts.

Derived from balance of payments data. A negative sign indicates a trade surplus.

Sources: Data provided by the Chinese authorities; China Statistical Yearbook; and staff estimates.

There is a break in the GNP series, because the authorities have revised national accounts data for the 1990-93 period.

Including village industry.

According to the Material Product System of national accounts.

Derived from balance of payments data. A negative sign indicates a trade surplus.

Table 2.China: Investment and Saving, 1989-93
19891990199119921993
(In billions of yuan)
Gross domestic investment589.4616.1708.6917.41405.0
Fixed investment 1/413.8444.9550.9785.51245.7
By ownership
State units253.6273.3337.8476.8765.8
Collective units57.053.069.8135.9223.1
Construction by households103.2100.1118.3122.2147.6
Other 2/0.018.525.150.6109.2
By source of finance
State appropriation 3/34.238.837.333.446.4
Domestic bank loans71.687.1129.2215.2292.6
Foreign loans24.827.831.645.790.7
Self-raised funds and other283.2291.2352.8491.2816.0
Stockbuilding and work in progress 4/175.6171.2157.7131.9159.3
Balance on the external current account-26.957.470.735.9-69.6
Gross national saving 5/562.5673.5779.3953.31335.4
State budget (current account surplus)38.348.138.728.856.9
Enterprises and other 6/249.3296.4360.9443.2662.8
Households 7/274.9329.0379.7481.3615.7
Financial saving171.7228.9261.4359.1468.1
Change in deposits 8/(137.0)(199.2)(207.3)(243.9)(321.8)
Change in currency holdings 9/(17.8)(25.4)(45.1)(98.6)(129.7)
Subscription to government bonds(14.9)(4.3)(9.0)(16.6)(16.6)
Direct household investment103.2100.1118.3122.2147.6
(In percent of GNP)
Gross domestic investment33.933.232.734.441.2
Fixed investment25.924.025.429.536.5
Balance on the external current account-1.73.13.31.3-2.0
Gross national saving33.236.336.035.839.1
State budget (current account surplus)2.42.61.81.11.7
Enterprises and other 6/16.616.016.716.619.4
Households 7/11.217.717.518.118.0
Of which: Financial saving(10.7)(12.3)(12.1)(13.5)(13.7)
Sources: Data provided by the Chinese authorities; and staff estimates.

Investment in plant and equipment plus equipment renewal and technical transformation.

Not separately identified by ownership (investment by enterprises not covered by the plan).

These data are not comparable with the budgetary data for investment because of differences in recording method and coverage.

Includes stocks of materials, goods in process of production, and finished goods.

Estimated as gross domestic investment plus the balance on external current account.

Calculated as a residual; mainly state- and collectively owned enterprises and extrabudgetary operations of local government.

Does not take into account borrowing by households, which is negligible, and purchases of securities issued by nongovernment entities.

Includes individual deposits with the Agricultural Bank of China.

It is assumed that 85 percent of the increase in currency in circulation is held by households.

Sources: Data provided by the Chinese authorities; and staff estimates.

Investment in plant and equipment plus equipment renewal and technical transformation.

Not separately identified by ownership (investment by enterprises not covered by the plan).

These data are not comparable with the budgetary data for investment because of differences in recording method and coverage.

Includes stocks of materials, goods in process of production, and finished goods.

Estimated as gross domestic investment plus the balance on external current account.

Calculated as a residual; mainly state- and collectively owned enterprises and extrabudgetary operations of local government.

Does not take into account borrowing by households, which is negligible, and purchases of securities issued by nongovernment entities.

Includes individual deposits with the Agricultural Bank of China.

It is assumed that 85 percent of the increase in currency in circulation is held by households.

Table 3.China: Fixed Investment by State Units, 1989-93(In billions of yuan)
19891990199119921993
Total fixed investment by state units253.5273.3337.8476.8765.8
Capital construction155.2170.4211.6301.3461.6
Renewal of equipment and technical transformation78.983.0102.3146.1219.6
Other19.519.923.929.484.6
Breakdown by financing:
State budget33.738.136.632.846.3
Other 1/219.8235.2301.2444.0719.5
Of which:
Retained profits of enterprises and extrabudgetary operations of local governments(93.6)(98.5)(125.5)(196.6)(321.9)
Domestic bank loans(52.6)(64.8)(93.8)(143.5)(…)
Foreign capital(24.8)(25.8)(27.6)(38.7)(54.1)
Breakdown by sector:
Industry144.5160.0193.0253.5361.4
Heavy industry112.3127.3151.6195.7
Of which: Energy(56.2)(68.3)(78.3)(95.3)(129.4)
Light industry32.232.741.457.6
Agriculture6.37.710.113.115.8
Transport and communications23.128.744.363.9134.8
Other79.776.990.4146.3253.8
Memorandum items
Number of large- and medium-sized capital construction projects under construction 2/969.41059.01053.01153.0
Sources: Data provided by the Chinese authorities; and China Statistical Yearbook.

Extrabudgetary funds of enterprises and local governments, domestic bank credit, and foreign loans that do not transit through the state budget.

Includes suspended or postponed projects.

Sources: Data provided by the Chinese authorities; and China Statistical Yearbook.

Extrabudgetary funds of enterprises and local governments, domestic bank credit, and foreign loans that do not transit through the state budget.

Includes suspended or postponed projects.

Table 4.China: Retail Sales, 1989-93
19891990199119921993
(In billions of yuan)
Total retail sales 1/810.2830.0941.61099.41359.3
By area:
Urban353.4374.0437.2528.7717.6
Rural456.8456.0504.4570.7641.7
By type of goods:
Consumer goods707.4725.0824.6970.51223.7
Means of agricultural production102.8105.0117.0128.9135.6
(Share of total retail sales; in percent)
State-owned enterprises39.139.640.241.339.7
Collective units33.231.730.027.926.3
Individual traders18.618.919.620.322.6
Jointly owned units0.50.50.50.70.9
Rural to urban residents8.69.39.79.810.6
Source: Data provided by the Chinese authorities; and China Statistical Yearbook.

Includes sales by rural to urban residents; excludes market sales to rural residents.

Source: Data provided by the Chinese authorities; and China Statistical Yearbook.

Includes sales by rural to urban residents; excludes market sales to rural residents.

Table 5.China: Industrial Production, 1989-93
19891990199119921993
(In billions of 1990 yuan)
Gross value of industrial output2,221.72,392.42,745.23,502.04,482.4
Heavy industry1,139.61,211.11,386.71,788.92,289.7
Light industry1,082.11,181.31,358.51,713.12,192.7
By type of ownership
State-owned units1,268.81,306.41,419.01,594.91,686.3
Collectively owned units781.8852.31,009.11,405.51,910.9
Of which:
Output of village-run industries284.9326.5504.5775.4
Other171.1233.7317.1501.6885.2
(In millions of metric tons; unless otherwise specified)
Output of major industrial commodities
Raw and semifinished materials
Steel61.666.471.180.989.6
Pig iron58.262.467.775.987.4
Rolled steel48.651.556.467.077.2
Cement210.3209.7252.6308.2367.9
Plate glass (mn. standard cases)84.480.787.193.6110.9
Chemical fertilizers18.018.819.820.519.6
Chemical pesticides (’000 metric tons)208.0228.0255.0280.8257.0
Machine building
Mining equipment (’000 metric tons)325.6313.8333.9372.7
Machine tools (’000)178.7134.5163.9228.7261.8
Large- and medium-sized tractors (’000)39.839.452.757.036.9
Small tractors (’000)1,118.11,101.41,347.81,390.7961.4
Motor vehicles (’000)583.5514.0714.21,066.71,298.5
Light industry
Chemical fibers (’000 tons)1,480.91,654.21,910.32,130.42,214.5
Cotton yarn4.84.64.65.04.9
Cloth (cotton and chemical fiber; mn. meters)18.918.918.219.118.2
Wristwatches (mn.)75.686.778.286.6192.9
Radios (mn.)18.321.019.716.522.5
Bicycles (mn.)36.831.436.840.840.9
Sawing machines (mn.)9.77.67.68.37.9
Television sets (mn.)27.726.826.928.728.8
Tape recorders (mn.)24.230.228.732.330.5
Household washing machines (mn.)8.36.66.97.18.8
Household refrigerators (mn.)6.74.64.74.96.2
Sources: Data provided by the Chinese authorities; and China Statistical Yearbook.
Sources: Data provided by the Chinese authorities; and China Statistical Yearbook.
Table 6.China: Monthly Industrial Production, 1992-94(In 1990 constant prices)
Seasonally Adjusted;

Percent Change from

Preceding:
Seasonally Unadjusted;

Percent Change from

Preceding:
MonthYearMonthYear
1992
January7.013.3-7.112.9
February1.922.1-8.721.9
March1.620.225.620.1
April1.218.42.418.2
May0.516.51.916.7
June2.318.86.019.6
July3.623.1-9.123.3
August1.021.31.421.2
September2.121.23.220.7
October2.422.42.522.4
November2.426.44.226.1
December1.731.48.232.2
1993
January-10.110.3-22.89.8
February22.933.110.532.9
March-3.726.219.126.1
April0.625.51.625.2
May2.027.43.627.3
June4.029.58.430.1
July0.125.0-12.625.1
August-0.323.50.023.4
September-1.319.41.519.1
October-0.116.40.116.4
November4.819.16.518.9
December10.529.418.229.8
1994
January-10.219.9-28.719.9
February7.016.97.816.9
March5.718.721.018.8
April1.820.12.620.0
May2.520.64.120.5
June1.818.06.318.2
July-0.317.6-12.917.8
August2.520.92.720.9
September2.926.15.826.0
October2.229.02.528.9
November4.228.35.828.1
December4.921.912.422.0
Sources: Data provided by the Chinese authorities.
Sources: Data provided by the Chinese authorities.
Table 7.China: Agricultural Output, 1989-93 1/
19891990199119921993
(In billions of 1990 yuan)
Gross value of agricultural output711.8766.2793.8843.0907.8
Farming458.7495.4499.9520.9548.0
Animal husbandry183.8196.7214.0232.8258.0
Fishery37.341.144.250.960.3
Forestry32.033.035.738.441.5
(In millions of metric tons; unless otherwise specified)
Grain crops407.6446.2435.3442.7456.5
Of which:Paddy180.1189.3183.8186.2177.7
Wheat90.898.296.0101.6106.4
Corn78.996.898.895.4102.7
Soybeans10.211.09.712.519.5
Tubers 2/27.327.427.228.431.8
Industrial crops
Cotton3.84.55.74.53.7
Oil-bearing crops13.016.116.416.418.0
Jute and hemp1.11.10.90.91.0
Sugarcane48.857.667.973.064.2
Sugarbeets9.214.516.315.112.0
Tea (’000 metric tons)534.9540.1541.6559.8599.9
Tobacco2.82.63.03.53.5
Output of pork, beef, and mutton23.325.127.229.432.3
Aquatic products11.512.413.515.618.2
Source: Data provided by the Chinese authorities; and China Statistical Yearbook.

Excluding village-run industries.

Grain equivalent (5 kg. of tubers equivalent to 1 kg of grain).

Source: Data provided by the Chinese authorities; and China Statistical Yearbook.

Excluding village-run industries.

Grain equivalent (5 kg. of tubers equivalent to 1 kg of grain).

Table 8.China: Sown Area, Average Yields, and Inputs of Major Crops, 1989-93
19891990199119921993
Total sown area (mn. ha.)146.6148.4149.6149.0147.7
Grain crops112.2113.5112.3110.6110.5
Of which:Paddy32.733.132.632.130.4
Wheat29.830.830.930.530.2
Corn20.421.421.621.020.7
Soybean8.17.67.112.4
Tubers9.19.19.19.19.2
Industrial crops20.621.323.524.3
Of which:Cotton5.25.66.56.85.0
Oil-bearing crops10.510.911.511.511.1
Sugarcane1.01.01.21.21.1
Sugarbeets0.60.70.80.70.6
Tobacco1.51.61.82.12.1
Jute and hemp0.30.30.50.40.4
Average yields (metric tons/sown ha.)
Grain crops3.63.93.94.04.1
Of which:Paddy5.55.75.65.85.9
Wheat3.03.23.13.33.5
Corn3.94.54.64.55.0
Soybean1.31.51.41.41.6
Tubers3.03.03.03.13.5
Industrial crops
Of which:Cotton0.70.80.90.70.8
Oil-bearing1.21.51.41.41.6
Sugarcane50.957.158.358.659.0
Sugar beets16.221.720.822.820.1
Tobacco1.61.61.71.71.7
Jute and hemp2.02.22.02.22.3
Machine-plowed area (mn. ha.)42.648.350.231.5
Large- and medium-sized tractors (’000)848.2813.5784.5758.9721.2
Small tractors (mn.)6.57.07.37.57.9
Power-driven drainage and irrigation equipment (mn.)8.18.58.99.1
Irrigated area (mn. ha.)44.747.447.848.648.7
Sources: Data provided by the Chinese authorities; and China Statistical Yearbook.
Sources: Data provided by the Chinese authorities; and China Statistical Yearbook.
Table 9.China: Energy Production, Consumption, and Exports, 1989-93
19891990199119921993
Production
Coal (mn. metric tons)1,054.01,079.91,087.01,116.41,150.0
Crude oil (mn. metric tons)137.2138.1140.8141.8145.2
Natural gas (bn. cubic meters)15.315.615.816.116.9
Hydroelectricity (bn. kwh)118.4126.7125.1130.7146.0
Total primary energy 1/ (mn. metric tons of standard fuel equivalent)1,016.41,039.21,048.41,091.1
Exports
Coal (mn. metric tons)15.317.320.019.719.8
Crude oil (mn. metric tons)24.424.022.221.519.4
Oil products (mn. metric tons)4.75.34.85.43.7
Total (mn. metric tons of standard fuel equivalent) 1/57.558.858.256.6
Domestic consumption
Total (mn. metric tons of standard fuel equivalent) 1/, 2/969.3987.01,037.81,091.71,073.7
Of which:Agriculture(47.4)(48.5)(51.0)(50.2)(…)
Industry(662.9)(675.8)(714.1)(762.8)(…)
Transportation and communication(45.0)(45.4)(47.6)(50.6)(…)
Households(155.8)(158.0)(159.9)(156.4)(…)
Memorandum items
Per capita domestic consumption (metric tons of standard fuel equivalent)0.90.90.90.9
Source: Data provided by the Chinese authorities.

One kg of standard fuel has a thermal equivalent of 7,000 kilocalories. Conversion factors in terms of standard fuel equivalent (sfe) are as follows: coal 0.714 sfe/kg; crude oil 1.43 sfe/kg; natural gas 1.33 sfe/kg; refined oil products 1.63 sfe/kg. Conversion of hydropower is on the basis of the consumption quote of standard coal for thermal power generation in each year. Excludes bioenergy, solar, and nuclear energy.

Not equal to production less exports because of losses during distribution.

Source: Data provided by the Chinese authorities.

One kg of standard fuel has a thermal equivalent of 7,000 kilocalories. Conversion factors in terms of standard fuel equivalent (sfe) are as follows: coal 0.714 sfe/kg; crude oil 1.43 sfe/kg; natural gas 1.33 sfe/kg; refined oil products 1.63 sfe/kg. Conversion of hydropower is on the basis of the consumption quote of standard coal for thermal power generation in each year. Excludes bioenergy, solar, and nuclear energy.

Not equal to production less exports because of losses during distribution.

Table 10.China: Price Developments, 1985-93(Average annual percentage change)
Consumer

Price

Index 1/
Retail

Prices 2/
Prices at

State

Commercial

Departments
Market

Prices
Average Prices

of Industrial

Products Sold

in Rural Areas
Average Procurement Prices

of Agricultural

Products 3/
Rural Retail

Prices of

Agricultural

Inputs
19859.38.87.817.23.28.64.8
19866.56.05.68.13.26.41.1
19877.37.36.716.34.812.07.0
198818.818.517.331.915.223.016.2
198918.017.818.39.718.715.018.9
19903.12.12.6-6.04.6-2.65.5
19913.42.73.3-1.53.0-2.02.9
19926.45.45.32.23.13.43.7
199314.713.013.012.111.813.414.1
Sources: Data provided by the Chinese authorities; and China Statistical Yearbook.

A weighted average of the price indices for consumer goods and services in urban and rural areas.

A weighted average of state-fixed prices, negotiated prices, and free market prices.

Includes state-fixed prices, negotiated prices, and prices for above-quote purchases.

Sources: Data provided by the Chinese authorities; and China Statistical Yearbook.

A weighted average of the price indices for consumer goods and services in urban and rural areas.

A weighted average of state-fixed prices, negotiated prices, and free market prices.

Includes state-fixed prices, negotiated prices, and prices for above-quote purchases.

Table 11.China: Market Price Developments, 1989-93(Average annual percentage change; unless otherwise specified)
19891990199119921993
National average market prices 1/9.7-6.0-1.52.412.5
Urban 2/10.2-4.9-0.63.6
Rural 3/9.3-6.7-2.71.1
Consumer goods 1/9.7-6.0-1.52.212.1
Of which:
Grain36.6-18.6-13.6-0.316.0
Edible vegetable oil35.4-4.8-4.8-6.114.3
Meat, poultry, and eggs13.7-4.1-5.02.913.8
Aquatic products11.7-4.61.13.717.9
Dried vegetables12.5-8.28.615.46.0
Fresh vegetables-0.2-4.82.34.08.6
Dried fruits24.9-8.1-3.03.222.4
Fresh fruits1.1-7.84.0-3.68.1
Firewood and grass21.0-2.2-3.0-5.73.2
Miscellaneous11.7-2.0-1.14.3-1.3
Agricultural inputs 4/3.0-7.40.13.214.8
Source: Data provided by the Chinese authorities.

In rural and urban areas.

Consumer goods only.

Consumer goods and agricultural means of production. Prices recorded at county fairs.

Prices at county fairs.

Source: Data provided by the Chinese authorities.

In rural and urban areas.

Consumer goods only.

Consumer goods and agricultural means of production. Prices recorded at county fairs.

Prices at county fairs.

Table 12.China: Urban and Rural Incomes and Expenditures, 1989-93 1/
19891990199119921993
(In billions of yuan)
Urban
Total wage bill261.9295.1332.4393.9491.6
State enterprises205.0232.4259.5309.0381.3
Of which: Bonuses36.139.446.161.888.7
Collective units53.458.165.974.385.0
Other3.54.67.010.625.3
(In yuan)
Average annual wage1,935.02,140.02,340.02,711.03,371.0
State enterprises2,055.02,284.02,477.02,878.03,532.0
Collective units1,557.01,681.01,866.02,109.02,592.0
(In yuan per capita)
Income 2/1,387.81,522.81,713.12,031.52,583.2
Expenditure1,211.01,278.41,453.81,671.72,110.8
Saving176.8244.4259.3359.8472.4
Rural
Income 2/, 3/601.5686.3708.6784.0921.4
Primary industry371.7510.9516.9543.7589.6
Secondary and tertiary industries168.6146.5158.6202.2283.4
Expenditure 4/535.4538.1619.8659.0769.7
Saving66.1148.288.8125.0151.9
(In percentage of total income)
By type of income
Primary industry61.874.472.969.364.0
Secondary and tertiary industries28.021.322.425.830.8
Nonproductive income10.24.24.74.95.3
(In percent change)
Memorandum items:
Total wage bill in urban areas13.112.712.618.524.8
Urban average annual wages10.810.69.315.924.3
Urban income per capita16.49.712.518.627.2
Rural income per capita 2/, 3/10.414.13.210.617.6
Sources: Data provided by the Chinese authorities; and China Statistical Yearbook.

Components may not add to totals because of rounding.

Based on sample surveys.

A new method of computation was adopted in 1991, in which farmers’ own consumption is valued at contract/state-purchases mixed average prices instead of at state list prices.

Includes investment in productive assets and purchases of agricultural inputs.

Sources: Data provided by the Chinese authorities; and China Statistical Yearbook.

Components may not add to totals because of rounding.

Based on sample surveys.

A new method of computation was adopted in 1991, in which farmers’ own consumption is valued at contract/state-purchases mixed average prices instead of at state list prices.

Includes investment in productive assets and purchases of agricultural inputs.

Table 13.China: Labor Force, 1989-93
19891990199119921993
(In millions of persons)
Labor force (end-year) 1/557.1571.2587.1597.9606.4
Urban147.7151.1156.2159.9163.9
Public sector137.4140.6145.1147.9148.5
State units(101.1)(103.5)(106.6)(108.9)(109.2)
Collective units(35.0)(35.5)(36.2)(36.2)(33.9)
Jointly operated units(1.3)(1.6)(2.2)(2.8)(5.4)
Individual workers6.56.77.68.411.2
People waiting for jobs3.83.83.53.64.2
Rural409.4420.1430.9438.0442.5
Agriculture332.3341.2349.6348.0339.7
Urban new employment in6.27.97.76.66.1
State units 2/3.95.24.43.73.1
Collectives in cities and towns1.92.32.72.22.0
Individual businesses and others0.40.40.60.71.0
(Annual percentage change; unless otherwise indicated)
Labor force2.02.52.81.81.4
Urban labor force1.42.33.42.42.5
Public sector1.02.33.21.90.4
Individual workers-1.53.113.410.533.3
Rural labor force2.22.62.61.61.0
Of which: Agriculture5.62.72.5-0.5-2.4
Year-end percentage of people waiting for jobs in the total urban labor force2.62.52.22.32.6
Sources: Data provided by the Chinese authorities; and China Statistical Yearbook.

Including people waiting for jobs.

Including employment in joint ownership units.

Sources: Data provided by the Chinese authorities; and China Statistical Yearbook.

Including people waiting for jobs.

Including employment in joint ownership units.

Table 14.China: Monetary Survey, 1990-94 1/, 2/
19901991199219931994
DecemberMarchJuneSept.Dec.MarchJuneSept.
(In billions of yuan; end of period)
Net foreign assets93137155144136150168289348408
Net domestic assets1,4381,7972,3852,6712,8062,8783,1643,2463,4713,733
Domestic credit1,6962,0392,5512,6912,7962,9043,2453,3793,5553,718
Loans to enterprises and individuals1,6541,9812,4042,5572,6592,7773,0933,1673,3523,522
Net credit to Government4258147112117113126134121122
Claims on nonmonetary financial institutions------21201425798174
Other items, net-258-242-166-2010-26-81-133-8315
Broad money1,5301,9342,5402,8152,9423,0283,3323,5343,8194,141
Money8791,1221,5011,3961,4631,4341,6191,6351,7581,890
Currency in circulation264317433455485507585575568630
Demand deposits6158031,0689419779281,0341,0601,1901,260
Quasi-money6518121,0391,4191,4801,5941,7131,9002,0622,251
(Percentage change from a year earlier)
Net domestic assets24.125.032.733.530.025.326.421.523.729.7
Of which: Domestic credit23.720.225.122.322.521.922.625.627.128.0
Broad money28.026.431.330.326.622.224.025.629.836.8
Of which: Currency in circulation12.820.236.446.254.242.635.226.317.024.4
(Percentage chance from previous quarter; seasonally adjusted annual rate)
Net domestic assets26.023.534.235.921.710.341.914.330.633.3
Of which: Domestic credit20.918.122.321.318.016.137.132.424.019.2
Broad money28.022.231.127.821.610.842.329.738.836.3
Of which: Currency in circulation20.425.649.763.962.63.520.625.320.031.7
Source: People’s Bank of China.

Includes the operations of the People’s Bank of China, specialized and universal banks, rural and urban credit cooperatives, and the Agricultural Development Bank.

Data from March 1993 have been revised based on a new statistical methodology that includes an improved accounting system and expended coverage. Growth rates from 1994 are based on these new statistics.

Source: People’s Bank of China.

Includes the operations of the People’s Bank of China, specialized and universal banks, rural and urban credit cooperatives, and the Agricultural Development Bank.

Data from March 1993 have been revised based on a new statistical methodology that includes an improved accounting system and expended coverage. Growth rates from 1994 are based on these new statistics.

Table 15.China: Operations of the People’s Bank of China, 1990-94 1/(In billions of yuan; end of period)
19901991199219931994
MarchJuneSept.Dec.MarchJuneSept.
Net foreign assets68132120132129145155280345420
Gold and international financial institutions99910101212181920
International reserves converted at exchange rate 2/112113109114123249276340
Other-29101920125060
Net domestic assets5896938528378619461,1581,0681,0541,084
Claims on deposit money banks515599698667687788961930938958
Claims on other financial institutions21201425262823
Claims on central government (net)42581011081111061191027975
Claims on nonfinancial sectors41455356606468687071
Other items (net)-9-9-1-16-17-26-15-59-60-43
Reserve money6578259719699891,0911,3131,3471,3991,504
Liabilities to banks313400421375372439549600650667
Required deposits139181234239246250275300331357
Other deposits15920316311095158229253271259
Cash in vault14162426313145474851
Liabilities to nonbanks345425551594617653764747749837
Currency in circulation264317433455485507585575568630
Deposits of nonmonetary institutions35343650403847
Deposits of the public8010811810398110130132143160
Memorandum items:
Money Multiplier2.32.32.62.93.02.82.52.62.72.8
(Seasonally adjusted)2.42.52.72.92.92.72.72.72.72.7
Excess reserves ratio13.713.58.95.85.17.510.010.19.88.8
(Seasonally adjusted)12.312.37.45.35.38.78.99.610.210.1
Source: Data provided by the People’s Bank of China.

Data from March 1993 have been revised based on a new statistical methodology that includes an improved accounting system and expanded coverage. Growth rates from 1994 are based on these new statistics.

Reserves converted at official rate prior to 1994.

Source: Data provided by the People’s Bank of China.

Data from March 1993 have been revised based on a new statistical methodology that includes an improved accounting system and expanded coverage. Growth rates from 1994 are based on these new statistics.

Reserves converted at official rate prior to 1994.

Table 16.China: Assets and Liabilities of Deposit Money Banks, 1993-94 1/, 2/(In billions of yuan; end of period)
19931994
MarchJuneSept.Dec.MarchJuneSept.
Net foreign assets11.77.34.813.39.12.6-12.4
Reserve assets370.1361.2420.2573.4576.8634.6646.8
Required deposits239.3246.4249.8288.9306.9339.0366.6
Other deposits104.783.9139.5239.5217.9244.4223.1
Cash in vault26.131.030.944.947.447.751.0
PBC financing bills--------4.53.66.1
Domestic credit2,505.52,605.02,719.93,032.53,182.43,378.83,549.3
Claims on Government4.26.06.37.531.342.847.1
Claims on nonfinancial sector2,501.22,599.02,713.53,025.13,098.53,282.03,451.2
Claims on nonmonetary financial institutions--------52.753.951.1
Total assets2,887.32,973.53,144.83,619.23,768.44,015.94,183.7
Liabilities to nonfinancial sector2,245.82,345.92,401.12,613.32,823.43,103.83,347.5
Sight deposits877.7918.1863.3961.9994.01,120.31,183.4
Term deposits110.5110.5112.9124.8127.9160.6178.8
Savings deposits1,202.11,258.81,367.31,458.81,645.61,756.81,909.7
Other deposits55.558.557.667.856.066.275.7
Liabilities to central bank669.3685.6780.3968.0913.3940.8959.8
Liabilities to nonmonetary financial sector--------23.325.125.4
Bonds28.624.323.622.923.121.621.6
Owners’ equity201.9207.6231.6237.7266.8273.6278.1
Of which: Paid-in capital201.9207.6231.6237.7261.7262.0262.0
Other items, net-258.3-290.0-291.8-222.8-281.6-348.9-448.8
Total liabilities2,887.32,973.53,144.83,619.23,768.44,015.94,163.7
Source: Data provided by the Chinese authorities.

Includes the operations of specialized and universal banks, rural and urban credit cooperatives, and the Agricultural Development Bank.

Based on the new statistical methodology that is used to compile the monetary survey in Table 14.

Source: Data provided by the Chinese authorities.

Includes the operations of specialized and universal banks, rural and urban credit cooperatives, and the Agricultural Development Bank.

Based on the new statistical methodology that is used to compile the monetary survey in Table 14.

Table 17.China: Specialized and Universal Banks’ Domestic Currency Assets and Liabilities, 1990-94(In billions of yuan; end of period)
19901991199219931994
MarchJuneSept.Dec.MarchJuneSept.
Total deposits1,0461,3301,7481,8461,9181,9642,1402,1442,4802,544
Enterprises3995056967497637187829021,0571,117
Sight3364555906506666206758349891,049
Term6450107989798107686868
Households5016478208659099941,0571,1891,3951,395
Sight76102155182205205219239239239
Term4245456656837057098389511,1561,156
Township enterprises79141414131527----
Agricultural collectives2244545161617
Rural credit cooperatives7692107102102111140------
Other6174107112125124142101215
Bonds issued1011910
Interbank operations (deposit)378311327648
Liabilities to the PBC508591671663680752961908934953
Self-owned funds111102154154154154172190191191
Other liabilities, net7496-52-183-148-116-64-69-199-103
Total liabilities1,7402,1192,5222,4802,6042,7543,5973,4953,7424,242
Loans1,4761,7592,1082,1262,2012,2972,5782,6112,7552,885
Industrial421493581582600630702662663689
Commercial576668743764783811902920943994
Construction67729190939310599104107
Urban collectives8293134121126129136115106110
Business loans to individuals2223333345
Agricultural loans100117142146152158169132145148
Loans to rural credit cooperatives4433443------
Fixed investment loans198274357360376398476561650683
Other27375557647281667983
Cash in vault14162425292942374851
Bonds held4657556091132154
Interbank operations (loan)432231224562
Required deposits134173222237242247271307339367
Other deposits at the PBC1161701229376126214218244223
Total assets1,7402,1192,5222,4802,6042,7543,5973,4953,7424,242
Source: Data provided by the Chinese authorities.
Source: Data provided by the Chinese authorities.
Table 18.China: Balance Sheet of Rural Credit Cooperatives, 1990-94(In billions of yuan; end of period)
19901991199219931994
MarchJuneSept.Dec.MarchJuneSept.
Deposits214271348372385400430469502530
Rural collectives enterprises11142222232225636871
Township enterprises15193032343236455
Households184232287308317336358403430454
Sight deposits39435965706973838383
Term deposits145188228244248266285319346370
Other57910101111------
Loans from banks4567876777
Other liabilities, net-0-4-0-3-161623166
Total liabilities218272353376392413452499525544
Domestic credit141181245275291304314358384402
Loans to collective enterprises13172224252626768486
Loans to township enterprises76101147162172183200191202211
Loans to individuals526376899494889098105
Redeposits at banks7792108101101110138142142142
Total assets218272353376392413452499525544
Source: Data provided by the Chinese authorities.
Source: Data provided by the Chinese authorities.
Table 19.China: Balance Sheet of Urban Credit Cooperatives, 1990-94(In billions of yuan; end of period)
19901991199219931994
MarchJuneSept.Dec.MarchJuneSept.
Deposits31.044.882.996.1108.1110.0134.0148.1176.2198.8
Collectives and individual enterprises11.715.743.551.158.556.962.374.390.2100.8
Households8.613.521.424.427.331.237.645.653.462.1
Sight deposits2.64.27.79.411.311.711.711.311.311.7
Term deposits6.09.313.115.016.119.525.934.342.150.4
Other10.715.618.120.622.321.934.128.232.636.0
Loans from banks1.41.42.83.83.42.52.92.43.22.9
Other liabilities4.810.224.733.540.739.650.968.268.972.1
Total liabilities37.256.4110.4133.4152.2152.1187.8218.7248.4273.8
Loans24.931.649.757.461.064.777.791.6104.5117.4
Collectives16.120.338.444.547.050.153.758.165.671.8
Individual enterprises2.53.34.55.45.85.912.815.718.420.9
Other6.38.16.87.58.28.711.217.720.524.8
Deposits with banks7.810.717.918.419.019.729.62.913.412.1
Required reserves3.14.78.29.611.411.613.414.617.619.8
Other1.49.434.748.060.856.167.0109.6112.9124.6
Total assets37.256.4110.5133.4152.2152.1187.8218.7248.4273.8
Source: Data provided by the Chinese authorities.
Source: Data provided by the Chinese authorities.
Table 20.China: Financial Survey, 1994 1/, 2/(In billions of yuan; end of period)
1994
MarchJuneSept.
Net foreign assets288.8347.8407.9
Domestic credit3,514.53,704.33,892.1
Claims on Government (net)135.1122.7123.4
Claims on nonfinancial sector3,379.43,581.63,768.7
Money plus quasi-money3,700.44,004.14,351.4
Money1,643.71,767.71,901.0
Currency in circulation583.5578.2641.3
Demand deposits1,060.31,189.61,259.7
Quasi-money2,056.72,236.42,450.4
Term deposits127.9160.6178.8
Savings deposits1,715.71,834.91,997.0
Other deposits213.1240.9274.7
Bonds29.423.623.7
Owners’ equity344.9353.1359.0
Of which: Paid-in capital332.8335.0334.9
Other liabilities (net)-271.4-328.7-434.1
Source: Data provided by the Chinese authorities.

Includes operations of the institutions covered in the Monetary Survey, plus the nonmonetary financial institutions.

Based on a new statistical methodology introduced in 1994.

Source: Data provided by the Chinese authorities.

Includes operations of the institutions covered in the Monetary Survey, plus the nonmonetary financial institutions.

Based on a new statistical methodology introduced in 1994.

Table 21.China: Assets and Liabilities of Nonmonetary Financial Institutions, 1994 1/(In billions of yuan; end of period)
1994
MarchJuneSept.
Reserve assets12.513.715.6
Required reserves4.45.06.2
Deposits at PBC7.68.28.7
Cash in vault0.30.40.5
Central bank financing bonds0.20.10.1
Domestic credit212.6229.9246.7
Consigned loans101.8110.0120.9
Trust loans39.743.548.3
Other loans71.176.477.6
Claims on central government1.41.31.5
Claims on deposit money banks18.418.220.5
Liabilities to nonfinancial sector157.1174.7198.9
Trust deposits26.229.837.8
Consigned deposits117.0129.2142.0
Other deposits13.915.719.2
Bonds2.21.91.8
Liabilities to PBC5.23.62.9
Liabilities to deposit money banks37.137.236.0
Owners’ equity50.151.452.9
Of which: Paid-in capital43.045.044.8
Other items (net)-6.9-5.7-8.3
Source: Data provided by the Chinese authorities.

Based on a new statistical methodology introduced in 1994.

Source: Data provided by the Chinese authorities.

Based on a new statistical methodology introduced in 1994.

Table 22.China: Interest Rates on Deposits, Bonds, and Interbank Operations, 1990-95(In percent)
199019901991199119921993199319941995
Apr.Aug.Apr.Oct.Dec.MayJulyDec.Jan.
Individual deposits
Sight2.882.161.801.80 1/1.802.163.153.153.15
Three months6.304.323.243.243.244.866.666.666.66
Six months7.746.485.405.405.407.209.009.009.00
One year10.088.647.567.567.569.1810.9810.9810.98
Two years10.989.367.927.927.929.9011.7011.7011.70
Three years 2/11.8810.088.288.288.2810.8012.2412.2412.24
Five years 2/13.6811.529.009.009.0012.0613.8613.8613.86
Eight years 2/16.2013.6810.0810.0810.0814.5817.1017.1017.10
Institutional deposits
Sight2.882.161.801.801.802.163.153.153.15
Three months6.304.323.243.243.244.866.666.666.66
Six months7.746.485.405.403.407.209.009.009.00
One year10.088.647.567.567.569.1810.9810.9810.98
Two years10.989.367.927.927.929.9011.7011.7011.70
Three years11.8810.088.288.288.2810.8012.2412.2412.24
Five years13.6811.529.009.009.0012.0613.8613.8613.86
Eight years16.2013.6810.0810.0810.0814.5817.1017.1017.10
Financial bonds13.34 3/13.34 3/8.50 2/8.50 4/8.50 5/
PBC rates
Loans to specialized banks
Planned9.007.927.207.207.209.0010.6210.6210.89
Temporary9.007.927.207.207.208.64-8.8210.08-10.4410.08-10.4410.32-10.71
Deposits by specialized banks
Required7.926.846.126.126.127.569.189.189.18
Other7.926.846.126.126.127.569.189.189.18
Government bonds
Six months9.80
One year12.00
Two years13.00
Three years14.0010.009.5013.9614.00
Five years10.5015.86
Source: Data provided by the Chinese authorities.

Effective July 1, 1991.

The inflation adjustment for deposits of three-year maturity and longer was 8.8 percent in December 1994, and 9.84 percent in January 1995.

One-year maturity: for two years’ maturity, 14.24 percent; for three to five years’ maturity, one percentage point higher than that of individual deposits of the same maturity.

One-year maturity; for two years’ maturity, 9.2 percent; for three years’, 10 percent.

One-year maturity; for two years’ maturity, 9.00 percent; for three years’. 9.50 percent; for five years’. 10.50 percent.

Source: Data provided by the Chinese authorities.

Effective July 1, 1991.

The inflation adjustment for deposits of three-year maturity and longer was 8.8 percent in December 1994, and 9.84 percent in January 1995.

One-year maturity: for two years’ maturity, 14.24 percent; for three to five years’ maturity, one percentage point higher than that of individual deposits of the same maturity.

One-year maturity; for two years’ maturity, 9.2 percent; for three years’, 10 percent.

One-year maturity; for two years’ maturity, 9.00 percent; for three years’. 9.50 percent; for five years’. 10.50 percent.

Table 23.China: Interest Rates on Loans, 1990-95(In percent)
199019901991199119921993199319941995
Apr.Aug.Apr.Oct.Dec.MayJulyDec.Jan.
State industrial and commercial loans
Working capital10.089.368.648.648.649.3610.9810.9810.98
Fixed asset loans
One year or less10.089.368.468.468.469.1810.9810.9811.70
One-three years10.8010.089.009.009.0010.8012.2412.2412.96
Three-five years11.5210.809.549.549.5412.0613.8613.8614.58
Five-ten years11.8811.169.729.729.7212.2414.0414.0414.76
Over ten years11.8811.169.729.729.7212.2414.0414.0414.76
Agricultural loans
Loans for collective crop production9.008.287.747.747.748.4610.0810.0810.08
Loans for collective crop investment
One year or less10.089.368.648.648.649.1810.9810.9811.70
One-three years10.009.368.648.648.6410.8012.2412.2412.96
Three-five years11.5210.089.549.549.5412.0613.8613.8614.58
Over five years11.8810.089.549.549.5412.2414.0414.0414.76
Loans financed by issue of Agricultural Bank of China bonds12,09610.809.729.729.7211.2513.1813.1813.18
Households
Agricultural production loans10.089.368.648.648.649.3610.9810.9810.98
Individual industrial and commercial loans12.1011.2310.3710.3710.3711.2313.1813.1813.18
Loans for township enterprises working capital10.089.360.648.648.649.3610.9810.9810.98
Source: Data provided by the Chinese authorities.
Source: Data provided by the Chinese authorities.
Table 24.China: Distribution of Loans, 1989-94 1/
198919901991199219931994 2/
(In billions of yuan; end of period)
Total loans1,3471,6541,9812,4042,9583,290
Industry 3/6758371,0151,2741,5721,747
Working capital5186397419161,0961,064
Industrial enterprises 4/387489575689851842
Construction organizations60677291105107
Collective enterprises and individuals718395137140115
Fixed investment157198274357476683
Commerce 5/477576668743902994
Agriculture 6/196241298387484550
(Percent change from a year earlier)
Total loans18.022.819.821.323.023.7
Industry19.824.121.325.423.425.7
Working capital21.923.416.023.719.67.4
Fixed investment13.226.238.530.133.371.4
Commerce16.420.816.011.221.422.6
Agriculture 6/15.823.323.430.124.919.3
(As percentage of total loans)
Industry50.150.651.353.053.153.1
Working capital38.438.637.438.137.132.3
Fixed investment11.712.013.914.916.120.7
Commerce35.434.833.730.930.530.2
Agriculture 6/14.514.615.016.116.316.7
Source: Data provided by the Chinese authorities.

Includes gross renminbi lending to enterprises and individuals by the PBC, the specialized and universal banks, and Rural Credit Cooperatives.

September 1994.

Includes loans to construction enterprises. Excludes loans to rural industrial enterprises, which are included under loans for agriculture.

Includes other loans of the PBC and of the universal and specialized banks.

Includes credit for agricultural procurement.

Includes loans to rural industrial enterprises.

Source: Data provided by the Chinese authorities.

Includes gross renminbi lending to enterprises and individuals by the PBC, the specialized and universal banks, and Rural Credit Cooperatives.

September 1994.

Includes loans to construction enterprises. Excludes loans to rural industrial enterprises, which are included under loans for agriculture.

Includes other loans of the PBC and of the universal and specialized banks.

Includes credit for agricultural procurement.

Includes loans to rural industrial enterprises.

Table 25.China: State Budget and Financing, 1989-94 1/(In billions of yuan)
198919901991199219931994 2/
BudgetJan.-Sept.Est.BudgetJan.-Sept.
Total revenue294.8331.3361.1415.3452.2298.6513.0476.0315.4
Of which:
Proceeds of foreign loans14.417.818.020.926.91.035.8----
Treasury bonds5.69.319.939.630.031.031.5----
Other domestic borrowings7.27.17.06.57.00.66.7----
Total expenditure304.0345.2381.4439.0472.7282.3528.8542.9325.8
Of which:
Repayments of loans7.219.027.043.835.017.033.6----
Domestic2.612.216.735.826.716.524.7----
Interest1.32.35.512.08.94.98.4----
Principal1.39.911.223.817.811.616.3----
Foreign4.66.810.38.08.30.58.9----
Interest1.52.12.32.21.30.11.4----
Principal3.14.78.05.87.00.47.7----
Surplus/deficit-9.2-13.9-20.3-23.7-20.516.3-15.0-66.9-10.4
Source: Data provided by the Chinese authorities.

Revenue and expenditure statistics were compiled according to the national definition.

In 1994, the national definition was changed to exclude loan proceeds from revenue and to exclude loan repayments (including interest) from expenditure.

Source: Data provided by the Chinese authorities.

Revenue and expenditure statistics were compiled according to the national definition.

In 1994, the national definition was changed to exclude loan proceeds from revenue and to exclude loan repayments (including interest) from expenditure.

Table 26.China: Reconciliation of Chinese and GFS Definitions of State Budgetary Operations, 1989-94 1/(In billions of yuan)
198919901991199219931994 2/
BudgetJan.-Sept.Est.BudgetJan.-Sept.
Total revenue (Chinese definition)294.8331.3361.1415.3452.2298.6513.8476.0315.4
Loss foreign loans received14.417.818.020.926.91.035.8----
Less domestic borrowing 3/13.916.426.946.137.031.638.2----
Plus operating losses of state-owned enterprises 4/59.957.951.044.538.925.841.235.925.1
Equals: Total revenue (GFS format)326.4355.0367.2392.8427.2291.8481.0511.9340.5
Total expenditure and net lending (Chinese definition)304.0345.2381.4439.0472.7282.3528.8542.9325.8
Loss domestic principal repayments1.39.911.223.817.811.616.3----
Loss foreign principal repayments3.14.78.05.87.00.47.7----
Plus operating losses of state-owned enterprises 4/59.957.951.044.538.925.841.235.925.1
Plus construction bonds, special state bonds4.33.22.0------------
Plus interest payments 5/--------------17.813.4
Equals: Total expenditure and not lending (GFS format)363.8391.7415.2453.9486.8296.1546.0596.6364.3
Overall surplus (+) or deficit (-) (Chinese definition)-9.2-13.9-20.3-23.7-20.516.3-15.0-66.9-10.4
Overall surplus (+) or deficit (-) (GFS format)-37.3-36.7-48.0-61.1-59.6-4.3-64.9-84.7-23.8
Financing (GFS format)37.336.748.061.159.64.364.984.723.8
Foreign borrowing (net)11.313.110.015.119.90.628.114.3
Borrowing from People’s Bank of China (gross)10.811.726.617.420.526.444.7----
Change in Treasury deposits-16.75.8-10.525.5---21.3-27.2---43.9
Purchases of government bonds by state banks0.96.29.118.58.814.6
Other domestic borrowing 6/28.43.58.73.819.211.27.370.423.8
Other financing, n.i.e. 7/2.6-3.54.2-19.2-21.4-2.6--3.7
Sources: Data provided by the Chinese authorities; and staff estimates.

GFS definitions contained in IMF, Manual on Government Finance Statistics, 1986.

In 1994, the national definition was changed to exclude loan proceeds from revenue and to exclude loan repayments (including interest) from expenditure.

Mainly government bonds issued to enterprises and households.

Beginning in 1985, subsides and enterprise leases are treated in Chinese statistics as deductions from tax revenue.

In 1994, calculation of expenditure on a GFS basis required that interest payments be added to the authorities’ estimate, which excluded interest payments.

Identified financing from all domestic sources other then the People’s Bank of Chine and bonds sold to state banks.

Residual category; may include some extrabudgetary funds.

Sources: Data provided by the Chinese authorities; and staff estimates.

GFS definitions contained in IMF, Manual on Government Finance Statistics, 1986.

In 1994, the national definition was changed to exclude loan proceeds from revenue and to exclude loan repayments (including interest) from expenditure.

Mainly government bonds issued to enterprises and households.

Beginning in 1985, subsides and enterprise leases are treated in Chinese statistics as deductions from tax revenue.

In 1994, calculation of expenditure on a GFS basis required that interest payments be added to the authorities’ estimate, which excluded interest payments.

Identified financing from all domestic sources other then the People’s Bank of Chine and bonds sold to state banks.

Residual category; may include some extrabudgetary funds.

Table 27.China: State Budget Revenue, 1989-94 1/
198919901991199219931994 2/
BudgetJan.-Sept.Est.BudgetJan.-Sept.
(In billions of yuan)
Total revenue326.4355.0367.2392.8427.2291.8481.0511.9340.5
Tax revenue301.7313.8331.7345.7391.6282.2447.6477.9322.2
Taxes on income and profits80.184.782.181.179.665.077.478.361.4
Enterprise income tax69.474.573.172.171.648.367.863.145.2
State enterprises 2/58.360.462.762.562.441.558.354.337.9
Collectives11.713.310.49.69.26.89.58.87.3
Joint ventures0.60.8
Personal income tax 3/1.01.47.94.9
Agricultural income tax8.58.89.09.08.08.89.615.211.3
Taxes on goods and services158.2164.0175.5206.6237.9186.4287.6212.7
General sales tax144.8149.7159.9205.8237.1186.0286.8256.3212.7
Excises 4/53.058.162.969.373.546.382.127.1
Value-added tax 4/43.140.040.670.680.6104.1108.1192.9138.0
Turnover tax 4/48.751.656.465.983.035.696.663.447.6
Urban maintenance and development tax8.69.210.0------------
Real estate tax2.63.23.8------------
Special tax on oil1.21.11.0------0.1----
Salt tax1.00.80.80.80.80.40.7--
Customs duties18.215.918.721.323.019.225.733.020.6
Other taxes45.249.255.436.751.111.656.927.5
Budget regulation fund9.113.113.911.711.85.010.22.83.5
Key projects fund20.218.518.815.715.76.611.84.83.3
Construction tax2.83.83.13.23.5--3.83.9--
Other13.113.819.66.120.1--31.120.7
Nontax revenue24.741.235.547.135.69.633.434.018.3
Gross profit remittances from SOEs4.47.87.56.08.4--4.9----
Other nontax revenue18.333.428.041.127.29.628.534.018.3
Memorandum items:(In percent of GNP)
Total revenue20.419.116.914.714.012.714.112.411.5
Tax revenue18.916.915.313.012.812.313.111.610.8
Taxes on income and profits5.04.63.83.02.62.82.31.92.1
Taxes on goods and services9.98.88.17.87.88.18.47.2
Customs duties1.10.90.90.80.80.80.80.80.7
Other2.82.72.61.41.70.51.70.9
Nontax revenue1.52.21.61.81.20.41.00.80.6
(In percent of total revenue)
Tax revenue92.488.490.388.091.796.793.193.494.6
Taxes on income and profits24.523.922.420.618.622.316.115.318.0
Taxes on goods and services48.546.247.852.655.763.959.862.5
Customs duties5.64.55.15.45.46.65.36.46.0
Other13.813.915.19.312.04.011.88.1
Nontax revenue7.611.69.712.08.33.36.96.65.4
Source: Data provided by the Chinese authorities.

Compiled according to definitions contained in IMF, Manual on Government Finance Statistics, 1986.

Income tax and income adjustment tax on state enterprises.

Includes personal income tax, wage regulatory tax, and bonus tax.

In 1994, as part of the tax reform, the coverage of these three taxes was changed. For details, see SM/94/71.

Source: Data provided by the Chinese authorities.

Compiled according to definitions contained in IMF, Manual on Government Finance Statistics, 1986.

Income tax and income adjustment tax on state enterprises.

Includes personal income tax, wage regulatory tax, and bonus tax.

In 1994, as part of the tax reform, the coverage of these three taxes was changed. For details, see SM/94/71.

Table 28.China: Functional Classification of State Budget Expenditure and Net Lending, 1989-94 1/
198919901991199219931994 2/
BudgetJan.-Sept.Est.BudgetJan.-Sept.
(In billions of yuan)
Total expenditure and not lending363.8391.7415.2453.9486.8296.1546.0596.6364.3
Current expenditure288.2306.9328.5364.0383.6255.3424.2504.5320.0
Administration28.533.334.342.544.522.754.061.429.7
Defense25.129.033.037.842.532.642.852.042.6
Culture, education, public health, and science55.361.770.879.385.259.096.0113.379.3
Of which: Education31.635.341.045.349.435.355.866.249.5
Economic services34.637.946.047.852.732.057.467.038.4
Geological survey3.33.67.84.44.93.34.96.24.0
Agriculture19.722.224.426.929.217.532.337.819.5
Operating expenditure for industry, commerce, communication4.54.75.24.57.04.67.69.16.4
Development of new products5.96.37.38.910.25.910.712.07.4
Working capital for state enterprises1.21.11.31.11.40.71.91.91.1
Social welfare relief5.05.56.76.66.94.57.56.45.4
Subsidies97.396.088.376.776.238.071.173.237.4
Daily living necessities 2/37.438.137.332.237.312.229.937.312.3
Operating losses of state enterprises59.957.951.044.338.925.841.235.925.1
Interest payments2.84.47.814.210.25.09.717.813.4
Other39.639.141.659.165.461.585.9111.473.6
Capital expenditure75.684.886.789.9103.240.8121.892.144.3
Capital construction 3/66.975.876.076.588.532.490.165.233.8
Development of the productive capacity of existing enterprises8.79.010.713.414.78.431.726.910.5
Memorandum items:(In percent of GNP)
Current expenditure18.016.515.213.712.411.112.412.210.8
Administration1.81.81.61.61.51.01.61.51.0
Defense1.61.61.51.41.41.41.21.31.4
Subsidies6.15.24.12.92.51.72.11.81.3
Daily living necessities2.32.11.71.21.20.50.90.90.4
Operating losses of state enterprises3.73.12.41.71.31.11.20.90.8
Interest payments0.20.20.40.50.30.20.30.40.5
Capital expenditure4.74.64.03.43.41.83.62.21.5
Total expenditure22.721.119.217.014.012.916.014.412.3
(As percent of total expenditure)
Current expenditure79.278.379.180.278.886.277.784.687.8
Administration7.88.58.39.49.17.79.910.38.2
Defense6.97.47.98.38.711.07.88.711.7
Subsidies26.724.521.316.915.712.813.012.310.3
Daily living necessities10.39.79.07.17.74.15.56.33.4
Operating losses of enterprises16.514.812.39.88.08.77.56.06.9
Interest payments0.81.11.93.12.11.71.83.03.7
Capital expenditure20.821.720.919.821.213.822.315.412.2
Source: Data provided by the Chinese authorities.

Compiled according to the definition contained in IMF. Manual on Government Finance Statistics. 1986.

From 1986, data for price subsidies for daily living necessities cover only domestically produced items and some means of production. Date for operating losses of state-owened enterprises also include subsidies on imported daily necessities and agriculture inputs; however, official data do not identify these items separately.

Includes extrabudgetary capital spending financed by construction bonds and special state bonds.

Source: Data provided by the Chinese authorities.

Compiled according to the definition contained in IMF. Manual on Government Finance Statistics. 1986.

From 1986, data for price subsidies for daily living necessities cover only domestically produced items and some means of production. Date for operating losses of state-owened enterprises also include subsidies on imported daily necessities and agriculture inputs; however, official data do not identify these items separately.

Includes extrabudgetary capital spending financed by construction bonds and special state bonds.

Table 29.China: Subsidies, 1989-94(In billions of yuan)
198919901991199219931994
BudgetJan.-Sept.Est.BudgetJan.-Sept.
Daily living necessities37.438.137.332.237.312.229.937.312.3
Grain, cotton, and edible oils26.326.826.722.428.522.425.2
Meat4.14.24.23.94.03.03.5
Other 1/7.07.16.45.94.84.58.6
Operating losses of state-owned enterprises59.957.951.044.538.925.841.235.925.1
Total subsidies97.396.088.376.776.238.071.173.237.4
Source: Data provided by the Chinese authorities.

Including subsidies for some means of production.

Source: Data provided by the Chinese authorities.

Including subsidies for some means of production.

Table 30.China: Structure of Domestic Government Debt--Total Amounts Issued by Type, Maturity, and Interest Rates, 1989-99(In billions of yuan)
Year

Issued
Type 1/Issued

To: 2/
Amount

Issued
Year of MaturityInterest

Rate

(Percent)
19891990199119921993199419951996199719981999
1989TBH5.65.614.0
PIBH12.512.5
SSBE4.34.315.0
1990TBH9.89.314.0
SSBE3.23.215.0
PBFI7.17.17.5
CBE9.49.48.0
1991TBH19.9419.9 3/10.0
SSBE2.02.09.0
PBFI7.07.0
1992TBH14.914.910.5
TBH24.724.79.5
1993 4/TBH30.030.0 5/14.0
TBH1.31.5 5/15.9
TBFI6.7
1994 4/TBFI2.32.312.0
TBFI/H/E28.528.513.0
70.070.014.0
TBFI/UIF2.02.015.9
Total amount maturing: 6/2.523.518.026.010.024.246.767.584.91.52.0
Sources: Data provided by the Chinese authorities; and staff estimates.

  • TB Treasury bonds
  • SSB Special state bonds
  • FB Fiscal bonds
  • CB Conversion bonds
  • PIB Price-Indexed bonds

  • M Issued to households
  • E Issued to enterprises
  • FI Issued to financial institutions
  • PF Issued to pension funds
  • UIF Issusd to unemployment insurance fund

Of this amount, at least Y 2.5 billion was sold by a voluntary method (underwriting syndicate) for the first time.

Since 1993, bonds of longer then three years’ maturity have been indexed to inflation.

Staff estimates.

Includes debt issued before 1989.

Sources: Data provided by the Chinese authorities; and staff estimates.

  • TB Treasury bonds
  • SSB Special state bonds
  • FB Fiscal bonds
  • CB Conversion bonds
  • PIB Price-Indexed bonds

  • M Issued to households
  • E Issued to enterprises
  • FI Issued to financial institutions
  • PF Issued to pension funds
  • UIF Issusd to unemployment insurance fund

Of this amount, at least Y 2.5 billion was sold by a voluntary method (underwriting syndicate) for the first time.

Since 1993, bonds of longer then three years’ maturity have been indexed to inflation.

Staff estimates.

Includes debt issued before 1989.

Table 31.China: Financial Instruments, 1990-94(In billions of yuan)
19901991199219931994 Estimate
OutstandingOutstandingOutstandingIssuedOutstandingIssued
Central government89.0106.0128.438.2154.0
Treasury bonds49.558.786.331.5106.9102.9
State key construction bonds4.94.94.9--4.9--
Bonds to financial institutions13.620.226.76.732.7--
State construction bonds0.90.40.2--0.2--
Special state bonds7.69.39.3--9.3--
Indexed bonds12.512.50.9------
State enterprise bonds16.315.015.6----
Capital construction bonds9.59.5------
Key enterprise bonds6.85.6------
Local enterprise bonds
10.318.540.8----
Bonds issued by financial institutions11.012.313.4--13.4
Shares4.57.518.93.822.7
Total bonds and shares131.1159.3217.042.0190.1
Memorandum items:
Proportion of total by:
Central government67.966.559.191.081.0
State enterprises12.49.47.2----
Local enterprises7.911.618.8----
Bonds issued by financial institutions8.47.76.2--7.1
Shares3.44.78.79.011.9
Source: Data provided by the Chinese authorities.
Source: Data provided by the Chinese authorities.
Table 32.China: Revenue and Expenditure of the Central and Local Governments, 1989-94 1/
19891990199119921993

Budget
1993

Estimate
1994

Budget
(In billions of yuan)
Own revenue (excluding transfers received)326.4355.0367.2392.8427.2480.9511.9
Central government142.2160.5146.1142.4155.8141.8308.0
Local governments184.2194.5221.1250.4271.4339.1203.9
Own expenditure (excluding transfers made)363.8391.7415.2453.8486.8547.9596.6
Central government170.3183.8185.6196.6214.5212.9240.0
Local governments193.5207.9229.6257.2272.3335.0356.6
Revenue transfers
From the central government to local governments56.258.555.459.758.354.5213.5
From local governments to the central government45.248.249.055.957.460.060.8
Net transfers made (-) or received (+)
Central government-11.0-10.3-6.4-3.8-0.95.5-152.7
Local governments11.010.36.43.80.9-5.5152.7
Revenue after transfers from local governments326.4355.0367.2392.8427.2480.9511.9
Central government187.4208.7195.1198.3213.2201.8368.8
Local governments139.0146.3172.1194.5214.0279.1143.1
Revenue after transfers from the central government326.4355.0367.2392.8427.2480.9511.9
Central government131.2150.2139.7138.6154.9147.3155.3
Local governments195.2204.8227.5254.2272.3333.6356.6
(In percent)
Memorandum items:
Own revenue/Total revenue
Central government43.645.239.836.336.529.560.2
Local governments56.454.860.263.763.570.539.8
Revenue after transfers from local governments/Total revenue
Central government57.458.853.150.549.942.072.0
Local governments42.441.246.949.550.158.028.0
Revenue after transfers from the central government/Total revenue
Central government40.242.338.035.336.330.630.3
Local governments59.857.762.064.763.769.469.7
Own expenditure/Total expenditure
Central government46.846.944.743.344.138.940.2
Local government53.253.155.356.755.961.159.8
Source: Data provided by the Chinese authorities.

Revenue and expenditure data compiled according to definition contained in IMF, Manual on Government Finance Statistics, 1986.

Source: Data provided by the Chinese authorities.

Revenue and expenditure data compiled according to definition contained in IMF, Manual on Government Finance Statistics, 1986.

Table 33.China: Extrabudgetary Funds, 1989-93
19891990199119921993 1/
Estimate
(In billions of yuan)
Total extrabudgetary revenue265.9270.9324.4385.5143.3
State-owned enterprises210.4207.1247.8287.9
Public institutions50.157.769.788.5
Financial departments5.46.16.99.1
Total extrabudgetary expenditure250.3270.6309.2365.0131.4
Current expenditure99.4106.9126.4146.674.7
Administration1.31.51.92.337.0
Bonus payments12.410.911.712.6
Culture, education, and health14.017.220.225.3
Social welfare21.124.028.327.3
Economic services50.653.364.379.1
Major repairs28.030.238.949.3
City maintenance3.43.53.95.06.8
Road fees12.013.414.817.623.1
New product trial1.51.62.12.8
Increase in circulating funds5.74.64.64.4
Capital expenditure150.9163.7182.8218.456.7
Investment in fixed assets86.592.5105.4134.429.0
Technical updating and transfer63.365.873.490.2
Capital construction23.226.732.044.2
Simple construction0.20.20.20.3
Contributions to government funds 2/18.717.619.015.02.4
Other45.553.458.268.725.3
Extrabudgetary surplus (+) / deficit (-)15.60.315.220.511.9
(In percent of GNP)
Memorandum Items:
Extrabudgetary revenue16.614.615.014.54.2
Extrabudgetary expenditure15.714.614.313.73.8
Current6.25.85.85.52.2
Capital9.48.88.48.21.7
Extrabudgetary surplus (+) / deficit (-)1.00.00.70.80.3
Source: Data provided by the Chinese authorities.

In 1993, the accounting methodology for extrabudgetary funds was changed to exclude several items, mainly retained earnings of state-owned enterprises.

Contributions to funds for energy, industry, transportation, and construction projects.

Source: Data provided by the Chinese authorities.

In 1993, the accounting methodology for extrabudgetary funds was changed to exclude several items, mainly retained earnings of state-owned enterprises.

Contributions to funds for energy, industry, transportation, and construction projects.

Table 34.China: Consolidated Budgetary and Extrabudgetary Revenue and Expenditure of the Central and Local Governments, 1989-93 1/
19891990199119921993 2/
Estimate
(In billions of yuan)
Extrabudgetary revenue265.9270.9324.3385.5143.3
Central government107.2107.3138.1170.824.6
Local governments158.7163.6186.2214.7118.7
Extrabudgetary expenditure250.3270.7309.2365.0131.4
Central government97.6103.8126.3159.319.9
Local governments152.7166.9182.9205.7111.5
Extrabudgetary balance15.60.215.120.511.9
Central government9.63.511.811.54.7
Local governments6.0-3.33.39.07.2
(In percent of GNP)
Memorandum items:
Consolidated budgetary and extrabudgetary revenue37.033.731.929.218.3
Central government15.614.413.111.74.9
Local governments21.419.318.817.413.4
Consolidated budgetary and extrabudgetary expenditure38.434.633.430.719.9
Central government16.815.514.413.46.8
Local governments21.619.119.017.413.1
Overall balance (including extrabudgetary funds)-1.4-0.9-1.5-1.5-1.6
Central government-1.2-1.1-1.3-1.6-1.9
Local governments-0.20.2-0.20.10.3
Source: Data provided by the Chinese authorities.

Budgetary revenue and expenditure data according to GFS definition.

In 1993, the accounting methodology for extrabudgetary funds was changed to exclude several items, mainly retained earnings of state-owned enterprises.

Source: Data provided by the Chinese authorities.

Budgetary revenue and expenditure data according to GFS definition.

In 1993, the accounting methodology for extrabudgetary funds was changed to exclude several items, mainly retained earnings of state-owned enterprises.

Table 35.China: Merchandise Trade (Customs Basis), 1988-94(In billions of U.S. dollars)
ExportsImportsBalanceExports 1/Imports 1/Cumulative ExportsCumulative ImportsCumulative Balance
1988
1st Quarter8.99.6-0.611.111.98.99.6-0.6
2nd Quarter12.112.7-0.512.112.821.122.2-1.2
3rd Quarter11.914.1-2.311.914.332.936.3-3.4
4th Quarter14.618.9-4.312.115.447.555.3-7.7
1989
1st Quarter9.711.5-1.912.314.79.711.5-1.9
2nd Quarter12.616.5-3.912.616.522.228.0-5.8
3rd Quarter14.014.7-0.714.014.836.242.7-6.5
4th Quarter16.316.4-0.113.313.352.559.1-6.6
1990
1st Quarter10.810.00.813.912.910.810.00.8
2nd Quarter14.913.11.714.913.125.623.12.6
3rd Quarter15.713.42.315.613.541.436.54.9
4th Quarter20.717.53.216.914.162.154.08.1
1991
1st Quarter13.411.12.217.414.613.411.12.2
2nd Quarter17.515.81.817.715.830.926.94.0
3rd Quarter18.316.41.918.116.649.243.35.9
4th Quarter22.420.51.918.216.471.463.97.7
1992
1st Quarter15.013.81.219.618.315.013.81.2
2nd Quarter20.619.31.320.919.335.633.12.5
3rd Quarter22.019.42.521.719.657.652.55.1
4th Quarter27.428.1-0.722.122.385.080.64.4
1993
1st Quarter16.117.3-1.221.223.116.117.3-1.2
2nd Quarter21.123.4-2.421.423.437.240.7-3.5
3rd Quarter24.127.5-3.428.027.961.268.2-6.9
4th Quarter30.535.8-5.224.528.291.8103.9-12.2
1994
1st Quarter19.120.4-1.325.227.419.120.4-1.3
2nd Quarter29.328.80.529.828.948.449.2-0.8
3rd Quarter31.028.92.230.729.379.478.11.4
4th Quarter41.637.63.933.329.6121.0115.75.3
Source: Data provided by the Chinese authorities.

Seasonally adjusted.

Source: Data provided by the Chinese authorities.

Seasonally adjusted.

Table 36.China: Exports by SITC Group, 1989-94 1/
1989199019911992 2/19931994
First three

quarters
(In millions of U.S. dollars)
Total52,51062,07071,90084,94091,75579,441
Primary products15,02615,88616,21217,00316,67713,098
Foodstuffs6,1456,6097,2268,3098,4086,768
Beverages314342529720901694
Nonfood items4,2113,5373,4863,1433,0532,755
Mineral fuels4,2705,2374,8214,6924,1092,616
Of which: Petroleum(3,581)(4,365)(3,975)(3,639)(3,098)(1,869)
Edible oils and fats87161150139206265
Manufactured items28,72634,58042,04267,93675,07266,332
Chemicals3,2013,7303,8184,3484,6243,881
Products classified by material10,89712,57614,45516,13516,39615,153
Of which: Textiles(6,994)(6,999)(7,734)(8,587)(8,704)(7,965)
Machinery and equipment3,8745,5887,14913,21915,27213,412
Miscellaneous manufactures10,75512,68616,62034,23438,78033,886
Of which: Clothing(6,130)(6,848)(8,998)(16,748)(18,429)(16,287)
Unidentified items8,73411,60413,646--711
(Percent of total)
Primary products28.625.622.520.018.216.5
Foodstuffs11.710.610.19.89.28.5
Beverages0.60.60.70.81.00.9
Nonfood items8.05.74.83.73.33.5
Mineral fuels8.18.46.75.54.53.3
Of which: Petroleum(6.8)(7.0)(5.5)(4.3)(3.4)(2.4)
Edible oils and fats0.20.30.20.20.20.3
Manufactured items54.755.758.580.081.883.5
Chemicals6.16.05.35.15.04.9
Products classified by material20.820.320.119.017.919.1
Of which: Textiles(13.3)(11.3)(10.8)(10.1)(9.5)(10.0)
Machinery and equipment7.49.09.915.616.616.9
Miscellaneous manufactures20.520.423.140.342.342.7
Of which: Clothing(11.7)(11.0)(12.5)(19.7)(20.1)(20.5)
Unidentified items16.618.719.0------
Source: Data provided by the Chinese authorities.
Source: Data provided by the Chinese authorities.
Table 37.China: Exports of Oil and Oil Products, 1988-93
198819891990199119921993
Crude oil
Volume (thousand tons)27,01024,39023,97922,24021,51019,430
Value (million U.S. dollars)2,6992,6993,4022,8892,7742,409
Unit value (U.S. dollars/ton)100111141130129125
Petroleum products, refined
Volume (thousand tons)4,7904,7305,2404,8105,3903,720
Value (million U.S. dollars)682757876823865629
Unit value (U.S. dollars/ton)142160167171140149
Paraffin wax
Volume (thousand tons)137134185180270240
Value (million U.S. dollars)63668784117105
Unit value (U.S. dollars/ton)459492470447433403
Memorandum items:
Average world crude spot price (U.S. dollars/barrel)14.217.222.018.318.216.1
Export pries of Chinese crude oil (U.S. dollars/barrel)13.915.419.418.218.117.5
Sources: Data provided by the Chinese authorities; and IMF, International Financial Statistics.
Sources: Data provided by the Chinese authorities; and IMF, International Financial Statistics.
Table 38.China: Imports by SITC Group, 1989-94 1/
1989199019911992 2/19931994
First three

quarters
(In million of U.S. dollars)
Total59,12553,36063,79480,585103,82278,063
Primary products11,7559,85410,83313,25514,20710,171
Foodstuffs4,1933,3362,7993,1462,2081,841
Of which: Cereals(2,983)(2,353)(1,648)(1,677)(1,012)(698)
Beverages20115720023924551
Nonfood items4,8354,1075,0035,7755,4404,802
Mineral fuels1,6501,2722,1133,5705,8132,633
Edible oils and fats875982718325501044
Manufactures40,17234,50241,81267,33089,61567,428
Chemicals7,5566,6489,27811,1579,7078,013
Products classified by materiel12,3358,90610,49319,27328,52919,536
Machinery18,20816,84519,60231,31244,40835,353
Miscellaneous manufactures2,0732,1032,4395,5886,9714,526
Unidentified items7,2158,99011,146--174461
(Percent of total)
Primary products19.918.517.016.413.713.0
Foodstuffs7.16.34.43.92.12.4
Of which: Cereals(5.0)(4.4)(2.6)(2.1)(1.0)(0.9)
Beverages0.30.30.30.30.20.1
Nonfood items8.27.77.07.25.26.2
Mineral fuels2.02.43.34.45.63.4
Edible oils and fats1.51.01.10.70.51.1
Manufactures67.964.765.583.686.386.4
Chemicals12.812.514.513.89.310.3
Products classified by materiel20.916.716.423.927.525.0
Machinery30.831.630.738.942.845.3
Miscellaneous manufactures3.53.93.06.96.75.8
Unidentified items12.216.817.5--0.20.6
Source: Data provided by the Chinese authorities.

Customs basis.

A new classification of imports was adopted in 1992.

Source: Data provided by the Chinese authorities.

Customs basis.

A new classification of imports was adopted in 1992.

Table 39.China: Direction of Trade, 1989-93(In percent of total)
19891990199119921993 1/
Exports
Industrial countries36.034.934.835.052.2
Of which:United States8.38.58.610.018.5
Canada0.80.70.80.81.3
Japan15.914.714.213.717.2
France1.01.01.00.91.4
Germany 2/3.03.23.32.94.3
Netherlands1.41.51.51.41.8
Italy1.41.411.31.31.4
United Kingdom1.21.11.01.12.1
Switzerland0.30.30.20.20.3
Developing countries and areas61.263.364.263.246.9
Africa1.11.91.11.21.3
Asia50.753.657.054.936.8
Of which:Hong Kong41.443.344.743.824.3
Macao0.90.80.70.60.6
Singapore3.23.22.82.42.5
Europe6.04.53.13.74.3
Of which: Russia2.83.0
Middle East2.72.32.22.32.8
Western Hemisphere0.71.00.81.01.7
Countries, n.i.e.1.71.01.00.90.9
Memorandum items:
Oil exporting countries2.22.52.52.53.0
Imports
Industrial countries53.750.049.146.452.5
Of which:United States13.312.312.510.910.3
Canada1.82.82.62.41.3
Australia2.52.52.42.01.9
Japan17.814.215.716.722.5
France2.43.12.51.81.6
Germany 2/5.75.44.84.95.8
Italy3.12.02.32.12.6
United Kingdom1.82.61.51.21.6
Switzerland0.90.80.70.61.0
Developing countries and areas40.846.450.051.145.8
Africa0.70.70.60.50.7
Asia28.538.341.741.634.7
Of which:Hong Kong21.227.127.525.110.2
Singapore2.51.61.71.52.6
Europe4.94.14.35.77.0
Of which: Russia4.15.5
Middle East1.00.91.31.31.6
Western Hemisphere3.72.42.12.11.8
Of which:Brazil1.61.00.50.60.8
Argentina1.00.60.50.20.2
Countries, n.i.e.1.30.80.40.40.4
Memorandum item:
Oil exporting countries2.02.53.43.02.7
Sources: Data provided by the Chinese authorities, and IMF, Direction of Trade Statistics.

Exports were reclassified in 1993 according to their final destination.

Not including trade with the former German Democratic Republic.

Sources: Data provided by the Chinese authorities, and IMF, Direction of Trade Statistics.

Exports were reclassified in 1993 according to their final destination.

Not including trade with the former German Democratic Republic.

Table 40.China: Services, 1988-94(In millions of U.S. dollars)
19881989199019911992199319931994
First half
Shipment of freight
Credit1,3081,0611,9371,1791,2941,391698762
Debit-1,387-2,382-2,139-2,193-3,876-5,134-1,759-2,289
Other transportation
Credit169153480494--------
Debit----------------
Insurance
Credit345332227342486452243226
Debit-214-187-84-214-274-362-137-181
Port dues, etc.
Credit304300289338368245115112
Debit-889-370-1,106-314-449-345-226-239
Travel receipts 1/
Credit2,0781,7071,7382,3463,9474,6832,1093,300
Debit-633-429-470-511-2,512-2,797-1,299-1,518
Profits
Credit06------00--
Debit-8-7-46-10-22-231-100-200
Interest
Credit427247667747614535298350
Debit-644-394-480-870-1,886-2,079
Bank interest and charges
Credit1,0421,6412,3502,9724,9813,8552,4913,000
Debit-978-1,264-1,536-1,999-3,439-3,364-1,719-2,497
Posts
Credit24118159221349471212160
Debit-11-16-13-15-72-85-70-32
Interofficial
Credit13715110711514120064133
Debit-277-337-239-184-227-472-129-259
Labor income
Credit3553527460472258
Debit---------20-22-20-49
Other services
Credit4587278661,8702,6043,4098081,250
Debit-193-189-291-689-2,004-2,818-1,055-1,500
Total services
Credit6,3276,4978,87210,69714,84415,2897,0629,351
Debit-5,233-5,574-6,314-7,000-14,781-17,709-6,971-10,085
Net1,0949232,5583,69763-2,42091-734
Source: Data provided by the Chinese authorities.

Excluding international passenger services, which are included under “other transportation.”

Source: Data provided by the Chinese authorities.

Excluding international passenger services, which are included under “other transportation.”

Table 41.China: Transfers, 1988-94(In millions of U.S. dollars)
19881989199019911992199319931994
First half
Private unrequited transfers (net)417237222444806883345468
Nonresident remittances
Credit1297612420722810856197
Debit-4-3-5-18-15-15-7-9
Migrants’ transfers
Credit299171109277595793357350
Debit-8-6-6-22-2-3-61-70
Public unrequited transfers (net)31435238735128949-29
International organizations
Credit61120841921731607044
Debit-19-38-15-9-34-33-5-11
Grants and aid
Credit791105921421222984239
Debit-118-49-76-10---67-100-300
Net unrequited transfers41930027483111571173396439
Source: Data provided by the Chinese authorities.
Source: Data provided by the Chinese authorities.
Table 42.China: Short-Term Capital, 1988-94(In millions, of U.S. dollars)
19881989199019911992199319931994
First half
Bank borrowing437-582-2,742558-709-546-4,656-774
Local and departments’ borrowing19850-115----30175456
Deferred payments170-23072-70-43----22
Deferred receipts---93-44-131-207----422
Other-729-663-32953-568-1,540-633
Total short-term capital76-1,319-3,198362-906-939-6,196-508
Source: Data provided by the Chinese authorities.
Source: Data provided by the Chinese authorities.
Table 43.China: Long-Term Capital, 1988-94 1/(In millions of U.S. dollars)
19881989199019911992199319931994
Frist half
Direct investment in China
Credit3,1943,3933,4874,34411,15627,5159,49414,713
Debit----------------
Direct investment abroad
Credit----------------
Debit-850-780-830-913-4,000-4,400-1,500-2,000
Portfolio investment in China
Credit1,216140--5458655,0422671,505
Debit---------472-1,395-195-279
Portfolio investment abroad
Credit----------------
Debit-340-320-240-330-450-597-664-373
International institutions 2/
Credit8611,2461,3111,3401,5832,1377302,003
Debit-163-217-212-274-202-212-124-861
Official loans
Credit1,3059541,4411,0261,5012,6501,0261,476
Debit-165-148-578-342-629-922-30-286
Bank borrowing
Credit1,0281,1421,3462,7422,7463816,5111,138
Debit-357-3,221-879-1,444-5,996-249----
Local and departments
Credit2,7263,8852,1369706591,3212,5492,161
Debit-667-1,021-949-437-2,930-3,410---2,982
Deferred payments
Credit1152786192691,8773,5861,9461,980
Debit-304-267-378-150-1,798-3,541-1,644-1,715
Deferred receipts
Credit90883205066,1535,5272,5902,377
Debit-142-103-371-483-6,069-5,900-2,735-2,445
Payments due for processing
Credit373317237293276553--
Debit-228-257-210-235-814-53-12-5
Leasing
Credit1616196194877972,105394653
Debit-65-363-259-237-269-485-103-225
Foreign aid
Repayment28374864735448
Extension-221-193-195-130-147-204-77-89
Other
Credit17334728------
Debit-553-0-16-10-3,211-1,570-2,102-1,072
Total credits11,11412,13311,61112,85927,64250,35425,52128,056
Total debits-4,058-6,893-5,137-5,187-26,987-22,940-9,206-12,333
Long-term capital (net)7,0565,2404,4747,66965527,41416,31215,723
Source: Data provided by the Chinese authorities.

Changes in deposits of oversees branches of the Bank of China with headquarters are classified in the long-term capital account of the balance of payments. For the external debt statistics, these deposits are classified as short-term debt.

Excluding use of Fund resources.

Source: Data provided by the Chinese authorities.

Changes in deposits of oversees branches of the Bank of China with headquarters are classified in the long-term capital account of the balance of payments. For the external debt statistics, these deposits are classified as short-term debt.

Excluding use of Fund resources.

Table 44.China: Bond Issues, 1992-June 1994
Issued

by: 1/
AmountU.S. dollar

Equivalent

(mn.)
Term

(years)
Interest

Rate

(percent)
1992JanuaryCITIC¥ 10 bn.6056.5
AprilCITIC¥ 20 bn.11356.4
JuneBOC¥ 70 bn.4165LIBOR + 0.65
MaySITCO¥ 13 bn.8756.4
JulyGITIC¥ 15 bn.9056.3
JulyBOC¥ 15 bn.905LIBOR + 0.5
OctoberBOCUS$150 an.1505LIBOR + 0.5
DecemberSITCO¥ 20 bn.12235,387
1993MarchBOC¥ 15 bn.12654.65
MarchBOC¥ 15 bn.12675.0
AprilCITICUS$150 mn.1505LIBOR + 0.5
AprilGITICUS$150 mn.1505LIBOR + 0.55
AprilFIEC¥ 10 bn.902.64.1
MayBOCoMUS$100 mn.1005LIBOR + 0.55
JuneSITI¥ 10 bn.9055.1
JuneBOCUS$200 mn.2005LIBOR + 0.5
JulyPCBCUS$50 mn.505LIBOR + 0.5
JulyPCBCUS$70 mn.507LIBOR + 0.6
JulyCIBUS$100 mn.1005LIBOR + 0.6
JulyCITIC¥ 30 bn.2832.54,125
AugustCITICUS$250 mn.2505LIBOR + 1.0
AugustHITIUS$880 mn.805LIBOR + 0.7
AugustPCBCUS$120 mn.12010LIBOR + 1.4
OctoberDITI¥ 10 bn.9354.55
OctoberGITICUS$150 mn.15010LIBOR + 1.15-1.35
OctoberMOF¥ 30 bn.2945
LIBOR+ 0.45
NovemberMOFUS$300 mn.30010LIBOR + 0.88
NovemberSITCOUS$70 mn.705LIBOR + 0.6
DecemberICBC¥ 15 bn.14054.1
1994FebruaryMOFUS$1.0 bn.1,000106.5
FebruaryCPPUS$150 mn.1505LIBOR + 0.9
MarchBOCUS$400 an.40056.75
MarchBOCUS$100 mn.100208.25
MayTTIC¥ 13 bn.12454.45
MayBOC¥ 13 bn.14474.65
JunePCBC¥ 16 bn.1607
JuneBOCDM 300 an.18857,125
JuneGEUS$150 mn.1305LIBOR + 2.0
Sources: Data provided by the Chinese authorities; and staff estimates based on International Financing Review, Euroweek, and Financial Times.

CITIC--China International Trust and Investment Corporation; FTIC--Fujian Trust and Investment Corporation; BOC--Bank of China; FIEC--Fujian Investment and Enterprise Corporation; SITCO--Shanghai International Trust and Investment; GITIC--Guangdong International Trust and Investment Corporation; MOF--Ministry of Finance; BOCoM--Bank of Communications; SITI--Shandong International Trust and Investment; HITI--Hainan International Trust and Investment; DITI--Dalian International Trust and Investment; ICBC--Industrial and Commercial Bank of China; CIB--China Investment Bank; PCBC--People’s Construction Bank of China; CPP--CP Pokphand Co; TTIC--Tianjin Trust and Investment Corporation; GE--Guandong Enterprises.

Sources: Data provided by the Chinese authorities; and staff estimates based on International Financing Review, Euroweek, and Financial Times.

CITIC--China International Trust and Investment Corporation; FTIC--Fujian Trust and Investment Corporation; BOC--Bank of China; FIEC--Fujian Investment and Enterprise Corporation; SITCO--Shanghai International Trust and Investment; GITIC--Guangdong International Trust and Investment Corporation; MOF--Ministry of Finance; BOCoM--Bank of Communications; SITI--Shandong International Trust and Investment; HITI--Hainan International Trust and Investment; DITI--Dalian International Trust and Investment; ICBC--Industrial and Commercial Bank of China; CIB--China Investment Bank; PCBC--People’s Construction Bank of China; CPP--CP Pokphand Co; TTIC--Tianjin Trust and Investment Corporation; GE--Guandong Enterprises.

Table 45.China: International Reserves, 1988-94(In millions of U.S. dollars)
Total Foreign

Exchange

Reserves
State

Foreign Exchange

Reserves
Gold 1/Reserve

Position

in the Fund
SDRsGross International Reserves 2/
TotalState
1988
March17,10917,10961242061918,76018,760
June18,16518,16558139758219,72419,724
September18,01318,01357239056719,54219,542
December17,54817,54859440758619,13519,135
1989
March17,69157339155519,210
June14,18755437752915,647
September14,18656838753415,676
December17,0226,68058739854018,5478,205
1990
March21,35257739452622,849
June23,43958640153024,955
September25,86961842155327,462
December28,59413,09962343056230,20914,714
1991
March33,13559840733134,692
June35,22158339852136,723
September39,96060241454741,523
December42,66423,28763643357744,30824,931
1992
March43,48060841556145,064
June45,09763743359446,761
September45,22923,23665344661946,94724,954
December45,00819,44361073841946,79521,230
1993
March40,16019,811615721