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China - The Chinese economy : fighting inflation, deepening reforms (Inglês)

Government policies helped lower inflation in 1995 and edge GDP growth down to a more sustainable level. The key measures included administrative restrictions on investment, careful management of central bank credit to banks, increases in administered interest rates on commercial bank loans, and price controls and subsidies for some essential commodities. Improved conditions in agriculture also helped, relieving upward pressure on food prices and bolstering growth of output and incomes in rural areas. The government's stabilization policies came at the cost of rising interenterprise arrears, difficulties in stock and real estate markets, and higher urban unemployment rates. Nevertheless, aggregate demand was managed more skillfully than in previous episodes of overheating and was accomplished against a backdrop of structural reforms and major new economic policy initiatives. This report updates information contained in the World Bank's previous country economic memorandum on China. It begins with a brief review of recent macroeconomic developments. It then examines medium-term issues linking structural reforms to sustainable growth, with special focus on state enterprises, the financial sector and, finally, public finances.




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