JPRS ID: 10290 CHINA REPORT ECONOMIC AFFAIRS

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• Original Classification: U
• Document Page Count: 19
• Document Creation Date: November 1, 2016
• Sequence Number: 59
• Content Type: REPORTS

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JPRS L/ 10290
29 January 1982
China Re ~rt
p
EC~DNOM~C AFFAIRS
(FOUO 2/82)
;
FBIS FOREIGN BROADCAST INFOl~MATIOfV SERVICE
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- JPRS L/10290
29 January 1982
_ CHINA REPOP.T
~ ECONOMI C AFFAI RS
(~oUO 2/82~
CONT~NTS
PEOPLE'S REPUBLIC OF CHINA
FINANCE AND BANKING
Foreign I~bney Key To Better Living
_ (Yoshio Matsui; ~iE DAILY YOMIURI, 15 Dec 81) 1
Unattractive Loan Repayment Method
(Yoshio Matsui; THE DAILY YOMIURZ, 29 Dec 81) 3
. INDUS T$Y
Lack of Interest in Service Industry
(Goro Tagawa; THE DAILY YOMIURI, 22 Dec 81) 5
FOREIC,d~T TRADE
Briefs ~
Computer Import 7
LABOR AND WAGES
Unemployment Becoming Serious Problem
(Goro Tagawa; THE DAILY YOMIURI, 11 Dec 81)................... 8
GEDiERAL
Finance Official on Economic Re~d~ustment
(FAR EAS TERN ECONOMIC REVIEW, 25-31 Dec 81) 10
- a - [III - CC - 83 FOUO]
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' FINANCE AND BANKING
:
E
-f FOREIGN MONEY KEY TO BETTER LIVING
I ~
I Tokyo THE DAILY YOMIURI in English 15 Dec 81 p 5
~
,
' [Article by Yoshio Matsui]
; [Text] The Chinese , pec,ple's �poPular among th~ Chinese Th~ze ss another coupon
eagerness for foreign cur- :people. in China. It is iasued ,.,to ,
I
rencies is surprlaing.`Indeed Of course, ways of'obtain- :'forelgn�~ationala.'The.:ralue'
( they change color when ing foreign currency are of the ~Coupon, calIet! ~"'cori-
' they receive ioreign money limited. If a peraon fs lucky vPrtlble tickets," is the
i such as the Japanese yen or he may get foreign money 8an4e as the yuan.
the American dollar. directly irom ioreign tpur- Coupon As Pasaport
This reporter was surprls- ists, although this practice cotxpon allows for-
' ed at the phenomenon be- is conaidered illegal. eigners to ahop . at stores
cause there is no way a Main $o~trCe open only ~ tq i~oreign na-
Chinese can use foreign Under the circumstances, t~onals where articlea of
~ moneq in the country. So I most foreign currencies well-ktlown brand names
asked them about the rea- come into the country ei- attd oi higher quality are
sons behind this. ther tl~rouBh remittances available. �The coupon is
$ ecial Privile es from overseas Chinese ~ or extremely attractive to the
p g lelt by the latter during Chinese people: -~,Thus thia
Whenever a Chinese gces their stay in Chi~na. ' coupon~ 'together with the
~ to the Bank o2 China with The system of granti~g other , coupo~ 'Sor ~ supply
ioreign moneq, the bank speciol ~rivileges to the materiala, ~ is coneidered �a
not only converts the cur- Chinese pPople who ~eposit "Passport" ~ to ~~bett~r 1lving
rency into the yuan but foreign currencies irito the in China. '
also o8ers special coupons gank of China !s of course, Consequently, the 1lving
~ called "tickets � to supply a desperate measure to gar- standard ~ of Chlnese who
~ anaterials.^ � ner all available foreign have well-to-Qo relatives
If a person gces to a ~oney in the country. abroad or � who, have � con-
store wlth the coupon, he or In fact, this is reflected in tacts with loreignexs in
she is oSered an additional the Chinese (3overnment po- China diSers from, that of
omount of rice, wheat or licy on foreign exchange ordinary Chinese.
oll outside the framework control. Any attempt that In Peking, !or instance,
oi rationing. may result in an outSux oi Chinese families 1lving next
It appeared that there ioreign maney out of the to icreign residents own TV
were other kinds o! special ~ountry always facea atrict sets, washing machlnes and
coupons with which Chinese ~hecks by Chlnese authori- bicycles of latest models.
'could buy such artlcles as ties. On the other hand, On the other hand, Chinese
television sets or bicycles, there are no restrictSona on people living next to the
nll of well-known brand the inIIux of foreign , cur- above mentioned Chinese
names, without waiting for ~ncy into Ch1na. have no choice but to use
their turns as per long wait- Consequently, the Chinese outdated bicycles by carry-
1ng lists. people are ehcouraged to ing out necessary repairs.
Tt~s means that speclal look !or foreign money in This has created an imbal-
privileges are granted Lo the country. ance in the living pattern
_ those wh~ turn over foreigi! ot the Chinese people.
currency to the bank, a
system which has become
1
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r~rn v~~r....n.. .,..a. ..i.~,.
When i visited a people's to curb the "independent" ~~~quality is an ideal
commune in Shanghai, I import ,oi Snished prcducts form," .he , ss~ys, "but it is
came across a farming by provincial and municipal something to be consldered
household which was richly authorities irom early thls a1te: the liviug standard of
furnished with furniture. A year. But it appears that ~he Chinese pc~ople has
check revealed that the fa- the Chinese Government ;,Qen improved.a little more.
mily had a rich and in- cannot easily retrieve de- Until that ~ time, we rieed to
auential relative !n a tor- centralized power 2rom the $hut our eyes to a limited
e16n Country. � local authorities once it has R age di8erential" .
been granted. Certainly, China ~is an
~Rieh Provincea Furthermore, agluent pro- economically poor nation.
By the same reason a ~nces and cities can aftord The current poHcy designed
similar imbalance also ex- to invest according to their to make people wark 3~arder
ists between provinces. own iree will. Naturally, ~ and to inspire them ~with
- C3uangdong and Fu~ian the3~ become energettC..andl ~gher asptra~lons c~Sers
provinces which historically spinted, and this ied `to g irom a policy to reaIlze
have sent out a great anany gAp in wage scalea. equality. P~rhsps, China
Chinese overseas naturally wiil Snd itaelf in this
receive ioreign currency ~ap jri Wages dtlemma whlch may prevail
from abroad. Thus they are For instance, the em- for a considerable period �of
relatively richer ~han other Ployes of No 1 department time.
provinces, and it appears store in Bhanghai are paid
that land-locked provlnces an average of 7U yuan a
are being left behtnd !n month. Similarly, the .wages
'~poverty." of employea at a staS;e-run
Thia trend has gathered department store ln Wu-
momentum since last year han, Hubei Province, are
when a trade llberalization 87�5 yuan, while erriployes
poliey was e,dopted. Provin- at a, department store in
cial and municipal autr.c~ri- Chongqing in Slchuan Pro-
ttea were allowed tc+ keep vince earn only 53 yuan.
aside for their own use part Indeed,~ �product prlces
of proSts earned irom their diSer fro~ province to pro-
traile with foreiQn coun- ~ce, but tfie quality of
tries. R.icher provincea and Pl~ducts also difiers de-
cities wasted ~no time in Peniiing on the province or
~eizing the opportunity, and region. After taking �ir.~o
started trading with foreign account these iactc+rs, wages
enterprises and countrleB. ~'e hlgheat in 3hanghai,
Worth mentioning are followed by those in Wuhan
their transactions involving and Chungqing !n . that
order.
- black-and-white telewision There had been a big pay
sets. R.tcher provlnces and dlPferential b~tween urban
cities impOrted them in a areas and farnaing commu-
large quantity from Tatwan nitiea, betweea factory
and Hong Kong. workers and farmere and
The purchase price uf a~tween white-collar and
12-inct: set was 90 yuan blue-collar workers. At one
(one yuan is equivalent to tlme the digerence waa nar-
about ~130) and the rlch rowed, but it contlnued to
provtnces and cities sold exist. But the new policy
- them for 300 yuan each to for freer trade has reaulted
other provinces, netting a in widening the wage gap,
" proSt oY 210 yuan per set� and it may be safe to say
This means that they earn- that it is widening even
ed not only foreign cx_- iurther.
change but domestic m~~ey Weng Qiquan, a professor
too, depending on the type of ecor,omica at FUdan
of transactions. tinlversity in Peking, stresses
When the Chineae (~ov- that China ls currently .in
- ernment became &ware , oi a tranaitional period.
thls unfair practl~e, it tried
COPYRIGHT: The Daily Yomiuri 1981
CSO: 4020/70
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FINANCE AND BANKI'iJv
UNATTRACTIVE LOA~1 REP~'~:*~NT METHOD
Tokyo THE DAILY YOMIURI in English 29 Dec 81 p 5
[Article by Yoshio Matsui]
[Text] At the outset of my muat use one-third of ita materials and techniques
meeting with Huang (3uom- products as payment for for use at Chinese iactories,
ing, vice-superintendent of the interest. Thls must be where the materials are
the Xiangzhou wool-knitt- hard on the factory. prccessed into fln~shed
ing factory in 3huha! City, ~~F'!ve years from now, products. The produets
he said with a wry smile however, the factory and concerned are moatly tex-
on hts face: "I had no ldea its machines wlll become tile goods such as sweat-
- that the rates of interest our own property," Huang ters, gloves and �pajamas.
on loans were so high." said: "So the factory's Hut tnis forumla is Brad-
- The factory, which be- stagers, includin~; myseli, ually spreading into other
gan operating last year, is are happy and eager to sectors, such as the elect-
a Chinese establishment work:' Certainly, a keen ro~Gy p.~d watch industries.
but China provided only sense of purpose Slled the ~ere are 300 cases of
land manpower for the air in the factory. ~~Compensatlon trade" and
factory. The factory's bu~lfl- Local V iewpaittt "P~cessing on a commis-
' ings and machinea were Hong Kong enterprlsea 81on" in Jhencho, which
bought with loans totaltng like Shuhai, Sa loeated near
about 7 million Hong Kong 61'anting loans to China to Hong Kong. There are
; dollars (one Hong Kong enable the country to build about 1,500 itema of goods
dollar equaLs abouC "f40) a factory snd to buy involved in these cases.
which were obtained from ~achines for the iactory
enterprises in Hong Kong. do not consitltue "invest- Huang Shiming, muyor oi
The loans are to be repaid ~ent of toreign capital" in ghencho, suid: "We cann~t
over a period ot flve years. China. It is a sort of ex- belittle Lhe beneflts that we
However, the 2actory port of. a~.achines and other Bain frora these pro~ects.
must pay the loans includ- ~aterial:a to China. on a We can absorb excellent
ing the interest, in terms deferred payment basis. ~chniques and the pro-
of wool and woolen goods Seen irom Chlna's view- ~ects also give workers the
that it prc~ucea. polnt, it !s the import of will to work, whlch is most
Th~ ratea of� interest on flnished producte. needed st ~ Chinese iac-
loar,s are very high theae It is called "compensa- tories."
days. The factory musi tfon trade." The uae of thia Complex ~et~totjs
puy an interest of 14 per- formula has become popu- ~ere is always a rlsk
cent pcr unnum on ita lar in such provlnces as
louns. The tctal amount (}uanddong and Fuiian, involved in large invest-
- oi in;,erest thut the factory which have much dealings ~ent. Mqreover, the pro-
is required to ~ay in the ~th foreign countries. cedures tor such inveat-
Srst year of the flve-year ments are very complex,
pcrfod is nesrly 1 million A simpler methor~ of ob- slthough the government
~ionF Kong dollar. ~e talning materials for goods, encourages large invest-
compuny's production in a'nlch is called" processing ments. Many forelgn enter-
the flrst year amounted to on a commission," is also prlses are troubled by new
3 million Hong Kong dol- being used. Foreign enter- demandg made by the Ch!-
lars, which meuns Lhat it Prises bring their own nese side in cornectian
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rvK urri~~r+~, u~~
with the lnvestmenta. Eut very quict~y. But then are ~vanta. Thus, the "compen-
there is little rlsk in "cotn- also times ~vhea we must ~~on trade" and "process-
peneatlon trade" and �pm-, walt 1or s long time ior the ,~g on s commlasion� ior-
cesging un a commfa~sion; ' producta Lo arrlve. This ie mulsa sre taklnQ root !n
and the procedurea for partly due to the unavall-
these pro~ects are quite ability oi ahipa. There ~vas a time ~vhen
simple. Thls makea the pro- �~gut the main reeaon ls enterprlsea oi foreign coun-
~ects very attractive to ibr- that Chineae tranaportation triea, including Japan, aere
elgn enterpriaes. agendes never let a ahip ~ubilant over big deala auch
Besides, some foreign leave a port until it ia iully aa +,he ezport of induatriel
enterprlses regard the pro- loaded. 6o goods which are planta to .that conntry. They
jects as a prelude to full- loaded on a shlp just before were hit hard by the reduc-
scale investments. The pro- it leaves the port are de- tlon of Chineae investmenta
i ects are, so to speak, "a in the . conatructton P~~ects
_ pair of lovers assodating uvered earlier than expect- ~~~y ~der the
with each other before ed. But gooda ahich are ~~ernization pmgram. P'or
loaded on a ship arst take some ttme. they did not
The Sanyo Denki Com- s long ttme to reach us:' ~ow what to do.
pany commissioned a Chi- Sudden C~tcttlgs But now they have found
nese enterprise in Sheacho There ie yet another prob� ~~realfattc," though not al-
to produce tranalator lem which gcea even deeper, waya, means of engaglnQ 1n
radios. The pro~ect suc- It often happene in the caee trade ~vith C2~1ns. . �
ceeded and thia became the of "compensation trade"
- springboard for s~oint that a Chineae offlcial aud-
venture; ior which the denly appeare and say8:
funda were supplled on a ~~We want to aell the prod-
50-50 basla by Sanyo and ucts of our factorY in China.
the Chlnese enterprlse. We want to give other goode
8anyo acted cautlowl~ in to repay the loan."
carrying out the !lrst pro- For example, a Japaneee
~ect and launchiag the flshery companY a?aa nego-
second one. The "procesaing tlating aith a ChlnCae en-
on a commission" pro~ect terp:ise on a deal in which
waa undertaken by Hong the company would lease
Kong 3anyo, a aubsidfary flshery equipment to the
of Sanyo, and the ~oint Chinese enterprlse and the
venture was undertaken by . Cb:r~eae aide ~vould makr re-
_ the head office of the com- ~ayment by aupplqing ms-
~ pany. rine producta to ;the cotn-
~ I.imttaftons pany. Suddenly, ths~ Chineee
� aide beBan eayin6 that� !t
But there are some would supply rew silk �!n-
. limitations to auch pru- stead of marlne producta.
- ~ecta. Firatly, there 1a L1ie Needleaa to say, the ilshery
problem ~ of quallty of the company cannot uae ailk in
products. .Many of the , anq way.
gooda produced in these ~ere was alao a case of
- pro~ects sre faulty and a Chineae enterpriae otier-
quality of the Boods ls inB ~ Bive p~iamsa to a
uneven. This createa head- ~apanese comDany to PaY
aches tor the foreign enter- for the lesalag vf a iadlo
prise concerned. There 1s pr~uction 1ine. The Japa-
also the p:~blem of tran~- nese company waa satound-
portation. ed.
A ataff member of a Japa- Whole deal might be
nese trading company sta- washed out, if the Chiaeae
Lloned in Hon~ Kong said side makea auch a strange
with a wry amlle on h1a ofier. Luckily, there are
face: "There are timea when fewer such caaea recently.
the products are delivered Chlnese enterprlaes snd for-
eign companlea have begun
to aee ' ~vhat each other
COPYRIGHT: The Daily Yomiuri 1981
CSO: 4020/70
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INDUSTRY
LACK OF INTEREST IN SERVICE INDUSTRY
Tokyo THE DAILY YOMIURI in English 22 Dec 81 p 5
[Article by Goro Tagawa]
[Text] One morning .this wrlter ~ei+ .her during my eeveral One time thia idend be-
vyes . surpdsed to eome ex- vistte to China. MQst work- ocame . irritated at a restaur-
tent ahen .a g~rl still wlth . ers were buay chstting .with 'snt . sa � nobody ~~came ta
an ~innocent, face came to colleaguea~ even ~when cua- take his order for a lonB
me , at a hotel . in Zheng- ~~ra come in ~ and they time. He then etarted to
zhou, Sormally greeted me are eo unmannerly as � to write his observatlons in
and asked ~ ior zny morning place ordered things on the the suggestion notebooks.
order. .This . was becauae I desk rude4y as !i they were Whenever- he went bactc to
had thought .that. i could throwing them. . ~ th~ same reataurant he was
not expect good servlce .in a ~~8 n?Y ~~t ~P ~ served well. '
saeialist countrg.~ Chiaa, I� wanted my bath , The sudden.charige oi tlie
Seeing her working like a to 1~e rePeired es ff .did no~ waiteis' attitvde apparent=
beaver, made me comfort- 8upplq hot water but~I~
had lY lrom the~ fact that
able and i felt like tipping ~~t three daY~ unt11; it reglstration o1 complalnts
her generously it she ac- w~ ~py~d. ,A,t a~ statlon- against them would mean
cepted it. " . gry 8hop in 8ha:ighal I wae a reductton in fiielr bonus.
At Srst I thouBht of her. ur~d ~�~eclde in a~urry But phenomenon ~ of thls
ss a high school student a,~t . to buy belore even I~d ~$e8 $ CO~OA
who was wnrking at a part- had the chnnce to inapect slogan llke "1Setve ~ ior the
time ~ob as she wore a tag ~ a~ .~~pletely: P~PIe" look empty.
_ ~rith "trainee" written on got :the ~n- It seems that not ~ only
it. But she was a student at .~hat , eervlqe _in �~itora but also Chineae
_ , a hotel school in ~liengdu. other areaa 'must ' be ~rety themselves Snd poor.. ser�v-
Rare Ea erners bad aince serv~ce 4n ehan- i~ ~1e ~'a"8~
g a troubleaome, experlence.
Bhe eaid that ahe would hai, a reputed area, wae eo ~gn Zhihao,~~ �editot ~o!
flnd a posltion thia autumn ~bad. ' ' the China ~Youth Annual
after a lour-montti on-the- ' ~
_ spot training. Her explana- S~SSestto~t BoOki Bulletin, said: at takes us
tion� satlsSed me about her . When I told oi my ~Fo~?- as long ss two~ months tc~
eagerness. � , plaint to a. irlend ete?Yln6 have . a people s suit made
~1 Her ei~eryday schedule, ~ r~+ -~B =or three yeara ~.~Pe::ing. We Snd !t not
however, appeared very by sayir.g that Chine~ was long e ~en whe~t we are kept
ttght. She stood at a booth stlll ~ as it ~ised be' or waitin~ for �three hours at
selling souvenlra during in- ~id 'rather deterlo~ated, he a~?rber's ahop:'
terv~ls between meal ~ t,~me satcl, "I w111 tell yoq a B~ M~Y Chinese people re ;
_ and 'entertained foreign ~way. Use auBBeation . note- siding abroad have suc-
customers at a bar at night. booka�~' _ , ceeded � i~ the serylce in-
8he usually went to bed ~~e sugBes~ion - notebobka duatry in their respective
after 1 am. �But I don't are .hung at tt~e entrance countriea: Neverthele�a why
mind thls as i wlll graduate ot restaura~a and shopa in 8e~~ in,' mainland China
in two mantha," ehe eaid in order to allow cuatomera to been not improved? `
$uent Japanese. wri~e tt?elr. obeervations � or
I rarelq 'met suCh a ser!- comPlalnts. ~ .
ous aervice industry 'worter
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FUR UM~M'IC;IAL U5~ UNLY
~ : . wro Nor~4~ ~ ~ ~ ~~t ~a
~ , ~tg." ~qlid"-~it+e.x~eagaged :~u z~LMs
~ Ia f peldng .~afte"r,: tlie~ ~rev category~ ~11' not ~be_ gblo ~to
olutlon; ~emphaafa t~"vaa plac- have aa induceme~ `even ii
~tt � on !nd�~atrialieaticm �un- they ~anWt :to tlo ao. �
der a alogan oi conyersion ,It ~.qm~� ~g ~�~g
irom a consumptlon 1Cit9 ~ ~t 'th~.::eervloe indus~.ry
an industral dty and ss a q~~y.. ~devalop'- if a
result the category of eer- great nii~sber oL younB peo-
. vioe aas eet aalde. Dle aeeldria: jobs' are put in-
��At the aame time a to .'thfa . category. 'Oi . Pri-
wrong aottoa apread that mary importance 1s tliat
thoee who . aeir?ve are low- thoee : who ~enter thls Seld
clasa people and those who regala pride �;:aad respon-
are eerved are higher-class aibility ior their ~.iobs. �
~eople. Tl~ia haa reaulted in ;:~;thls� ~ect the glrl
aueh an atmoapherc ' that ~om i'met in Zhengzhou
Yo~6 . DeoPle want to work Dt+avided' s.Proo1 th4t edu-
at iactoriea instead oi ,~}~pn and traiaing conld
working in the eervice in- help provlde a warm=hesrt-
: dustry," C3uan explalned. ed aeryice to tr~velera even
Thia phenomenon con- 1n a eocialtet country.
trasta with that in Japan Although I ae?y thie out of
where the tertlary, indus- u~y aomewhat middlesome
.�try ia far more popular klndneas, . her servloe for
than induatrial. . manufac- ~~Omera at the bar until
:turere �among ~ob-seeking iau at night ia overaervice.
studenta. ' ~ , .:;1: ; ~ ' A habitual maaner oi this
IL seema t1~at M, iemart- ~d maq lead ta~n unYa-
vorable reault.
able trend o1 dieregarding
tYie iervice''industr9 in Oh1-
na ,caanot ' be .aeparated
' irom� the prevalent econom- ~
ic vlev~. peeullar to . Marziam
which attaches ~ value o~ly
- to ioba . directly conriected
wlth ananuiacturing. '
? In the ~capltaliat wdetY
even waitressea in , reataur-
anta sre evalnated for' their
work aa membets reapona!-.
ble for development . oi the
national ecunozqy. �
' 'SocialOatcast
But in aocialiat countries'
perlormance in the tertiary
iridustry (except for. trans-
postation), which .does not
produce. gooda, is not in-
cluded in the gtoss national
product' (C3NP). Under such
clrcumatsn~ea, ' the servlce
induatry � ia eomething flke
COP'YRIGHT: The Daily Yomiuri 1981
. CSO: 4020/70
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FOREICN TRADE
BRIEFS
COMPUTER IMPORT--Hitachi Ltd. has recently obtained the approval of the
coordinating committee for the Control of Exports to Communist Countri~s (COCOM)
for the export of a mec~itmm computer to China. An order for the computer,
"M-150H," which is used for training technicians was sent in from the management
modernization research institute of the Chinese Scientific and Technological
Association. For Hitachi, which has exported more than 40 computer sets to
China to date, this will be the first computer exported for tr~ining purposes.
The Chinese Scientific and Technological Association is to use the "M-150H"
computer to train computer technicians in computer technology and software.
[OW120235 Tokyo NIHON KEIZAI SHIMBUN in Japanese 7 Dec 81 Morning Edition
p 9 OW]
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r~~tc urr~uA~. ~~~c ~,~v~.~
LABOR AND WAGES
UNEMPLOYMENT BECOMING SERIOUS PROBLEM
Tokyo THE DAILY YOMIURI in English 11 Dec 81 p 5
[Article by Goro Tagawa]
[TeXt] In Chlna, there are many "Daiye" young people are Covt Policy
people who want to work declsively dlSerent irom ~oW so many "datye"
but cannot lint! s~ob. For "shuahoku ronln 1n that people were created in Chi-
some reaeon, thel~e people they , are hard preseed Wlth na where there are no
are not called "ahlye" (un- everyday l~te and cannot ~~ehiye" people?
employed) pereons but al- afford to look for a ~ob in
most always~ refexred to as a letsurely ananner. ~n titutlon ati tulates that
~~dalye" (~ob-awaitingl per- If unemployed people are t~ Bovernment
should take
Snns, deSned a8 those who have the reapansibllit of helping ~
Asked abbut the difference the ability and will to work the people flnd employment.
- between the two, An offlcial but cannot flnd a iob, China achieved the "feat"
explained: Unemployed peo- dalye people belong to
ple are thaae who have lost them. The word "daly~" has af almoat perfect employ-
their ~obs because they recently �begun to be uaed ment !n the beginning, of
were elther dlsmiased or in Chlnn, preaumably be- the 1980s.
thetr companfea went bank- cause iob ehortage hsa be- Although the Chineae
rnpt. People walting for ioba come a serioua eoclal prob- Ciovernment provided ioba
are those young people who lem. ~ for nearly all the. people,
have not yet found ? iob This repotter happened to every establfahment auSered
ufter graduattng irom meet a"dalye" qounB man from an extreme surplua of
schools. in ~hangha! and chatt~d labor because it hired work-
~~There are iob-awaiting with him ior a wh11e. He ers far more than actualiy �
reople in our country~ but said: "I underatand that needed.
never unem~aloyed people:' Japaneee newapapere allow Many Chlnese factoriea
Coilti~ A Word ~uch apace for help-wsnted have three to flve times as
g. sda every day, but why sre many employea aa correa-
This repocter wea deeply there more than one m11IIon pondtng Japaneae com-
impre9sed wlth the Chineae unemployed people !n Js- paniea. if auch fsctortee
ablitty to coin auch a pgn7~~ Ttila reporter wae st ws~nt to rationallze their
aenalble expreaeton as "dci- a lose for en aneaer. management by introductng
~ ye" aa might be' expected of The young man, who eald modern mach~nery~ they
the peopie oi a country with he was loitering srounQ a cannot aftord to do ao be-
a rlch culture. Sut it !s dif- p~rk every daq, aounded !n- esuae oi their exceantve
flcult to *~nd its equivelent credible ~vhen he ea1d: "I menpower.
in Japanese. A barelq coih- arould be willing to do anY Life Employr?~ent
parable Japaneae expreasion aob , Once a worker Rnde em-
mfKht be "shushoku ronin." young people wanting to he will not be
"Shushoku ronin," how- flnd a~ob in a maior citq Rred unless there is some
ever. refers to a rather numbers 300,000 Pin S~ang- exceptlonal reason, and an
"cnretree" job neeker who hai, 23U,000 in Peking and enterprlse w111 never go
is refralning from taking up 800,000 ln Sichuan Province. bankrupt how b16 a deficit
a~ob until he can lind a The total numbe'r of euch it maY run. A worker has
positlon that he likes. people 1n Ch1na is said to no rear of losing hls ~oo.
amount to tens oi m1111on. �
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If a vacancy LS created ~~daiye" problem to atten-
by a worker who retires un- tton.
der the aRe 11mit system, it Some such qoung people
will be fllled by his ofi- began to commit cri?nes or
spring. Thus a aorker~ hold- other acts o! ~isdeec~ and
ing a position has vested some others started under-
rights to it. ground antigovernment ac-
At the Wuhan steel com- tlvlties. Is it natural for
plex, whose operat:on rate young people who have
w~.s reduced by halt as a grad~iated frnm achools but
result ot economic adiust- cannot flnd a way of e~rn-
mer~t, 2,000 , vrorkers were ing a living to become
1Q1d oft and forced to stay desperate and act reckless-
at home, but they received ly?
their regular salarles. They j~ew MeasuPes
were not adviaed to reslgr? China is now maWng ef-
voluntarily, nor was there a forts to increase Job oppor-
personnel reductton. tunttles by developtng pri-
That may be the w:1y so- vately operated stores nnd
cialism works, but in the ~he service inc~ustry. Ch1na
eyes o[ a person ~vho has ~5 also exporting lubor
been brouKht up in capital- _in cooperation with Jap-
ism, China's perfPCt employ- ~ese companles. It has
ment is only superflcial. in sent workers to construc-
Uhina, so to speak, the tion proiects i~ other coun-
whole natlor~ !s devoted to tries.
employ~mei?t and weltare gut can sach measures
projects. ThLs situatton Sa alone secure employment for
aktn to the operation of all "dalye" young ~eople?
Japanese National Rallways gome Chinese even have
~J~'~' begun to arBue that the em-
Under the above clrcum- ployment of marrted women
stances, it w111 be dlftlcult $h~uld be restricted for the
for China to employ new p~lrpose ot gtving ~obs to
workers unleas 1t lncreases young people.
its economic growth rate The editor of a certafn
sharpiy. newapaper sald: "If both
nuring the Cultural H~- husband and wtfe continue
volution, however, the em- to work !n China, which
ployment problem did not hus a b!g populatfon, the
surface very much because ~dalye' problem wlll never ,
young people 1lving 1n clties be solved. Pnrtly to make
were aent to factoriea and ~omfortable homes, women
were engaged 1n farmtng on ghould stay at home. It ts
the pretext that they ahould not a good trend that elec-
diftuse knowledge to iarm- trtc waahing machinea and
_ 1nQ villaqes. refrlgeratora aell well be-
But after the Cultural cause nobody wanta to do
Revolution when a E~c~eat housework:'
number uf such yoang peo- Th1s 1s ot course a
rle returned to citles, the minorftq opinlon in China
_ employment sltuutton was y~,here women's say has
thrown lnto 1 Kreat confu- ~atned power slnce the
ston, suctdenly brtnging the rPVOlutfon compured wlth
thnt in Japan.
iTo be continued~
COPYRIGHT: The Daily Yomiuri 1981
CSO: 4020/70
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GENFRAL
FINANCE OFFICIAL ON ECONOMIC READJUSTMENT
HK290835 Hong Kong FAR EASTERN ECONOMIC REVIEW in English 25-31 Dec 81 pp 46-48
[Report from Beijing: Open to the World: A Top Beijing Finance Official Talks
of the Problems and Opportunities in Economic Readjustment"~]
[Text] In his report to the fourth session of the Fifth National People's
Congress (NPC) Premier Zhao 7.iyang reaffirmed China's commitment to expanding
ecanomic cooperation with foreign countries and further utilisation of foreign
capital. ~
To gain further insights into what China's policies toward foreign investment
will be in the period of readjustment now extended until the end of 1985,
Robert DeTfs talked to Wei Yuming, vice chairnian of the Foreign Investment
Control~~:Commission (FICC) and the .ImUOrt-Expart Coimnission (IEC), chaired
by Vice: Premier Gu Mu. .
- The FICC and IEC are one organisation, with identical staff, operating out of a
single office complex in Beijing+. As the FICC, the organisation has the sole
authority to approve foreign investments in China, and coordinates the related
activities of ministries and loca.l goverr~ment agenc3es . As the IEC, it super-
vises foreign trade and oversees the related work of ministries, foreign trade
corporations and the general administration of exchange control.
This interview took place prior to the conclusion of the NPC session.
[t~uestion] How will the extens ion of the period of read~ustment affect foreign
investment in China?
(An~swer] At the thizd session of the NPC, it was decided that the policy of
- opening up would be adopted in our economic affairs with foreign countries.
At the same time, th e policy of readjustment was also adopted. A.s you know,
after the 10 years of the Cultural Revolution, our national economg? suffered
heavy losses and was out of proportion, so without read3ustment our national
- economy cannot be further developed.
The policy ef opening up to the outside world is not a temporary policy, it
is a long-term strategy. Of course, China is such a large country, w3th such a
_ large population, we must develop our economy relying on our own efforts. But
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- at the same time, we should expand our foreign trade with various countr3.es.
Only by introducing advanced technology from advanced countries and by
~bsorbing foreign funds can we solve the problem of lack of capital, and
realise the four modernisations .
Recently some foreign friends have been confused about the significance of
our present readjustment. They thought that readjustment meant a slowing down
of the modernisation process. But actually, the current readjustment doesn't
mean slowing down. Progress will be made in some economic sectors.
For example, our light industry and textile industry have been developing quite
quickly: their growth rate this year will reach 12 percent. It is also true
that the growth rate of heavy industry dropped a little, because some factories
are under-utilised. This is only temporary. It is our hope that by readjust-
ment internally--within heavy industry--the growth rate of heavy industry
will catch up a little bit.
The utilisation of foreign funds will not adversely affect our national economy,
but will serve th e readjustment and expansion of our national economy. Just as
Premier Zhao said, we will actively utilise foreign funds, and we will use
forei~n funds from various sources.
[Question] Will China maintain high levels of capital inflow during the extended
period of readjustment?
[Answer] Under the guidance of the policy of opening up to the outside world,
we have been utilising foreign funds for the past 2 years, and we are going to
use more. Here I can give you some f igures: over the past 2 years, loan
agreements were concluded with various governments and organisations totalling
$17.3 billion. In the past 2 years (1980-81) we have used up $1.2 billion.
Besides this, we have also used foreign funds in the f.orm of processing imported
materials and compensation trade, imported equipment and new technology.
[Question] Does the $17.3 billion include loans from international organisations,
that is, World Bank loans and International Monetary Fund (IlKF) credit?
[Answer] Of the $17.3 billion, purchasers' credits account for $12 billion, but
up to now we have not used a single penny of the buyers' credits. It does not
include IMr credit, but it does include the World Bank loans.
~ We have utilised loans from Japan, both OECF (Overseas Economic Cooperation Fund)
and E.`~IM (the Japanese Export-Import Bank), mostly relating to development of
railways, port facilities and coal m3nes. We have also used certain amounts
of loans from the World Banlc--$200 million for education and $200 million for
agricultural development.
In the Field of economic cooperation, we have approved 29 joint-venture projects
and more than 400 coproduction projects as well as compensation trade and
processing of imported materials. The coproduction projects represent a
utilisation of funds equivalent to $1.5 billion, and the compEnsation trade repre-
sents another $300 million.
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These figures really are not very big, however. Actually, in relation to the
size and population of our country, they are quite small. We have decided
to use more foreign funds in the Sixth 5-Year Plan (1981-86). If you ask me
how much, I cannot really tell you. But I can assure you we will use much more
foreign funds. For example, in the field of coproduction, compensation trade,
and processing of imported materials, we will approve not hundreds but
thousands of projects in the years to come.
[Question] According to Minister of Fina.nce Wang Bingqian's report on the
budget at the NPC, government revenues this year include 8 billion yuan
($4.7 billion) in foreign loans. So there must be foraign loan receipts other
than Il~' credit that are not included in your figures.
[Answer] The figures we gave you do not include IMF funds, which are used for
deficit purposes. They also do not include loans arranged in the 1978 contracts,
for instance the Balgang (Baoshan Steel) Complex, and they do not include
loans to th e goverrnnent from the Bank of China.
Different government departments use different bases for calculating these fi`ures.
We just calculate how much foreign funds have been utilised. For example, we
would determine the value of equipment and technology used in a compensation trade
- agreement or a joint-venture agreement, and then incorporate this into the figures.
The budget is prepared by th e Ministry of Finance,.which has a different account-
ing approach. The foreign loan receipts and loan repayments are recorded in
the Ministry of Finance Accounts. But I do not have the figures for a breakdown
of the 8 billion yuan in foreign loan receiPts in the budget for this year.
[QuestionJ Why is it that only a small porti.on of the available credit has been
- used so far?
[Answer] Due to readjustment, the scale of capital construction has been reduced
and curtailed. Because th e loans obtained from foreign governments were mos~ly
in the form of purchasers' credits, we have not used most of them. [Words
indistinct] have to confess that w e have very little experience 3n using foreign
loans--this is also a reason we have not used up the entire amount of foreign
- loans available. Another is the inadequacy of our economic legislation, the
lack of relevant laws and regulations. Furthermore, poor organisation and manage-
ment have delayed our use of these loans.
[Question] The World Bank in its report on the Chinese economy of June 1981
basically urged higher levets of capital inflow, but cautioned that unless
exports expanded quickly, China could face debt-service problems by 1990.
- Could you discuss your strategies to avoid future debt-service problems?
_ [Answer~ We have considered this problem very seriously. Our conclusion is
that, up to now, th e problem is that (shortage of capital has) bound our
hands. Some experts have suggested that deb t servicing and repayment of principal
should not be allowed to exceed 20 percent of foreign-currency income. We have
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~ decided that our debt servicing should not go beyond 15 percent. Also, we
have coal, we have oil and we have non-ferrous metals. We can use these to
pay our foreign debts. There will b e no debt-servicing problems.
We have also determined that we will keep our reputation and credit standing.
If we borrow from a foreign country, or from an international organisation,
we will surely repay in full.
- [Question] Zhao's report on the economy and future policy indicated that the
Sixth 5-Year Plan is still not in its final form. Can you di~cuss the overall
directions the plan will take, and perhaps some of the specific projects where
foreign participation could play a major role?
[Answer] In general, th e f irst priority will be given to transport and energy
resources developmenty because these are the wea.kest links in our national
economy. For example, we have large amounts of coal in Shanxi Province, at
ieast 10 million tonnes (annual production), but there is a problem in rail
- transport, That is why we want to expand railways and coal facilities in
conjunction with coal-mining development.
We also have abundant hydroelectric resources. Up to now, we have used at
most S percent of the exploitable hydr~electric potential. So we want to
bring our advantages in these fields to their full potential, by developing
more hydroelectric and coal-fired power stations. Also, because of our
abundant coal reserves, coal will be a good card to play in foreign trade.
The second priority is technological transformation of the machine-building
industry. The third priority comprises light industry, the textile industry,
agriculture, forestry and animal husbandry.
The emphasis is on the technical renovation of existing enterprises, but we will
also be building some new factories. We have 370,000 existing (industrial)
enterprises that urgently need technical transformation to raise the quality
of their products and their competitiveness in infiernational markets.
We haue decided that in the Sixth 5-Year Economic Development P1an we develop
coal mines in Shanxi Province and in Guizhou Province. Reserves in Shanxi
amotm t to 200 billion tonnes. In Guizhou, there are 12 billion tonnes of re-
coverable reserves. In Guizhou we will develop not just the coal mines, but
in an all-round way. There are suTphate and non-ferrous metals in Guizhou
as well as coal. We will improve the railway between Guizhou and the port of
Zhanjiang in Guangdong Province, and expand the port facilities in Zhanjiang.
To develop Guizhou, the capital that will be needed is very large. Not hundreds
~ of millions of dollars, but billions of dollars. We also plan some major
projects in the northeast plain, and we plan to develop one or two x~uclear power
stations during this period.
What I have discussed here are mainly large-scale proj.ects for which the capital
needs wi11 be high and in all of them foreign capital will be used. We have
contacted various foreign governments and consortia, which have shown very
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strong interest in participating in joint-venture development projects (in these
areas). We also plan to establish some medium and small projects (in these
areas). We also plan tb convene an international conference.
[Question] When will this take place and who will participate?
[Answer] Next year, roughly in Jun~e. Approximately 200 foreign businessmen
will b e invited. Dur.ing the conference, we will offer 100 medium- and small-
sized projects.
[Question] How wl.ll the new economic laws under consideration at the NPC affect
foreign investment? There is some confusion about these laws among foreign
businessmen, especially the income-tax regulations for foreign firms.
[Answer] The principle is that economir_ cooperation should be based on equality
and mutua.l benefit. So, we will create a legal environment for foreign business
to make investments and to protect their interests. Some foreign businesses are
concerned that our policies may suddenly change, or they fear expropriation.
This fear is groundless. We will make more efforts to make more laws in this
area to give very firm protection to the fore3:gn business interests.
The income-tax law under coasideration at the current NPC session 3s one of these.
As far as I know, the tax levels set forth in this law are not high, relative to
developed countries and relative to some develop3ng countries. In order to
_ provide more protection for the legit3mate interests of foreign businesses, the
Chinese Government is negotiating b ilateral agreements for mutual investment
insurance and pzotection. We have concluded such an agreemer~t with the United
States, and an agree:nent will be concluded very soon with Swi.rzerland.' We are
discussing and negotiating similar agreements with France, Sweden, Canada and
West Germany.
There have been serious shortcomi.ngs and wealmesses in our utilisation of forei~n
funds. In many cases, both parties have noC clearly understood our position and
policies. Maybe we have not publicised our policies, laws and regulations very
effectively, or very efficier.tly. We have established four special economic
zones (SEZ~. Later, we will also grant more autonomy to coastal provinces.
Another way to encourage foreign investment is to try to do a good job with the
existing joint ventures and coproduction pro~ects. Another measure 3.s to strengthen
and expand the popularisation of economic laws and policies. We have decided to
publish a booklet of guidelines for investment in China.
[Question] When will this be ava3lable?
[Answer] As early as the first quarter of 1982.
[QuestionJ As a condition of joining the IMF, China has essentially agreed to
take steps to abolish the present system of dual exchange rates for 3nternal
and external foreign-currency transactions. When will this take place, and
what will be the effects on domestic prices and prices of export articles?
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~Ai?:;werJ 1: assurc you, there is only one exchange rate.
[Question] I'm referring to the internal settlement rate. As I understood it,
this would constitute a dual exchange-rate system as far as the IMF is concerned.
.
[AnswerJ That is not an exchange rate. The internal settlement rate is used
only to subsidise exports, and it cannot be called an ~~xchange rate. It is a
means of subsidising our export industries--many countries adopt such means
to encourage exports, and we still use this means. Whether or not tliis means
will still be used in the future is a matter which will be considered.
[QuestionJ As a condition of IMF membership, China will also eventually have to
make public the method used to determine the official exchange rate, which we
understand to be a weighted basket of other currencies. Will this happen soon?
And have there been any recent changes in the composition or wei~hting of the
basket? Will you move towards making the renminbi a freely-traded curr.ency?
[Answer] For the present we cannot g3ve you a good answer to this question.
_ The calculation method used to determ3.ne the exchange rate is very complicated.
As for making the renminbi a freely-traded currency, this can only happen when
materials (that we produce) are very abundant, otherwise the results could
be catastrophic to other countries.
[Question] China has recently puxsued a policy of decentralising economic
decision-making to the provincial, municipal and enterprise levels. But
_ excessive investment at the local levels was a major factor in the large
budget deficits recorded in 1979 and 1980. Th3.s has induced a countervailing
trend to reassert central control over local investment. Cou1d you discuss
the issue of local autonomy versus centralised control over investment decisions?
- [Answer] I think this is really a problem. You know, some Chinese provinces
have populations reaching 100 million--so it is quite reasonable to grant more
autonomy to the provincial authorities. The direction of reform and restructuring
is to enlarge the power of decision-making of various entities. We are now
considering the problem of centralised management and control over foreign
= trade affairs. We will increasingly practise our control via the price and market
- mechanisms.... I have to admit, we are quit~e inexperienced in this matter. How
can we manage to grant greater autonomy to local levels but not (let the situation)
run into disorder and chaos?
[Question] How do you evaluate the experience of the SEZ so far, and will you
_ establish new S~Z in the coastal provinces, for ~xample at Tianjin, or el.sewhere?
[Answer] The four SEZ have only recently been established, so it is too early
for us to be able to cite any remarkable results, but I think the progress has
i~een fine. The SEZ have made good contrib utions to market prosperity in local
areas, and have also contributed to th e utilisation of foreign funds.
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[Question] But SEZ cannot be established anywhP~a. They can be established
only in certain geographical and economic conditions. Our SEZ are presently
run on an experimental basis, and for the time being, we do not want to
- est~blish any more. We must want Co wait to see the results.
COPYRIGHT: FAR EASTERN ECONOMIC REVIEW 1981
CSO: 4020/77 END
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