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.
Detalhes
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Data do documento
1996/04/04
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TIpo de documento
Relatório Econômico ou Setorial Pré-2003
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No. do relatório
15288
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Nº do volume
1
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Total Volume(s)
2
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País
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Região
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Data de divulgação
2010/07/01
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Nome do documento
Main report
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Palavras-chave
state enterprises;inflation;commercial bank;public finance;Financial Sector;public sector deficit;financial sector reform;monetary policy;state enterprise reform;Foreign Exchange Reserve;foreign direct investment;open market operation;personal income tax law;export growth;nonbank financial institution;balance of payment;legal and regulatory framework;Public and Publicly Guaranteed;increase in interest rate;International Trade and Investment;food price;current account surplus;value added tax;small state enterprises;income tax rate;nonviable state enterprise;special economic zone;share of state;social security payment;errors and omission;treasury bond;broad money;state sector;
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