capital market

The US dollar value of Chinese exports increased at an average rate of almost 18 percent perannum between 1978 and 1983 , while imports increased by approximately 11 percent per annum. As a result, the visible trade surplus rose sharply from US $1.4 billion in 1981 to US $4. 4 billion in 1982 and US $3. 7 billion in 1983. Exports grew much faster than imports during this period not only because of the strong emphasis placed on exporting by China ' s economic planners , but also because a number of industrial projects were postponed in 1979. Official recognition that foreign technology could play a major role in modernising the Chinese economy had caused imports to rise by more than 50 percent in 1978 placing undue strain on the national economy. Grain imports have fallen sharply over the past few years-China became a net grain exporter in 1984-and in 1983 the country started to export soya beans and cotton. What do“per annum”and“approximately" mean?

The US dollar value of Chinese exports increased at an average rate of almost 18 percent perannum between 1978 and 1983 , while imports increased by approximately 11 percent per annum. As a result, the visible trade surplus rose sharply from US $1.4 billion in 1981 to US $4. 4 billion in 1982 and US $3. 7 billion in 1983. Exports grew much faster than imports during this period not only because of the strong emphasis placed on exporting by China ' s economic planners , but also because a number of industrial projects were postponed in 1979. Official recognition that foreign technology could play a major role in modernising the Chinese economy had caused imports to rise by more than 50 percent in 1978 placing undue strain on the national economy. Grain imports have fallen sharply over the past few years-China became a net grain exporter in 1984-and in 1983 the country started to export soya beans and cotton. Why did the more than 50% rise in imports of 1978 place undue strain on China’s national economy?

The US dollar value of Chinese exports increased at an average rate of almost 18 percent perannum between 1978 and 1983 , while imports increased by approximately 11 percent per annum. As a result, the visible trade surplus rose sharply from US $1.4 billion in 1981 to US $4. 4 billion in 1982 and US $3. 7 billion in 1983. Exports grew much faster than imports during this period not only because of the strong emphasis placed on exporting by China ' s economic planners , but also because a number of industrial projects were postponed in 1979. Official recognition that foreign technology could play a major role in modernising the Chinese economy had caused imports to rise by more than 50 percent in 1978 placing undue strain on the national economy. Grain imports have fallen sharply over the past few years-China became a net grain exporter in 1984-and in 1983 the country started to export soya beans and cotton. What is“a net grain exporter' ? Does it mean one who has never done any import?

Passage 1 China's cautious approach to foreign borrowing is to be maintained, at least for the time being.The debt problems confronting a number of developing countries have reinforced China's determination to introduce foreign technology by means of direct investment and concessionary finance rather than by raising substantial sums of money on the international capital markets. Foreign investment is advantageous insofar as it facilitates the transfer of technology and skills and avoids creating an overhang of debt. The authorities do not consider it appropriate to incur large amounts of extemal debt until a number of practical bottlenecks in the economy, suuch as an inadequate transport network and energy constraints, have been tackled. China's access to substantial sums of money from the World Bank also reduces the need to borrow on commercial terms. Why did China refuse to borrow more until their transport capacity and energy supply have further increased?

Passage 1 China's cautious approach to foreign borrowing is to be maintained, at least for the time being.The debt problems confronting a number of developing countries have reinforced China's determination to introduce foreign technology by means of direct investment and concessionary finance rather than by raising substantial sums of money on the international capital markets. Foreign investment is advantageous insofar as it facilitates the transfer of technology and skills and avoids creating an overhang of debt. The authorities do not consider it appropriate to incur large amounts of extemal debt until a number of practical bottlenecks in the economy, suuch as an inadequate transport network and energy constraints, have been tackled. China's access to substantial sums of money from the World Bank also reduces the need to borrow on commercial terms. What does "borrow on commercial terms" imply here?

Passage 1 China's cautious approach to foreign borrowing is to be maintained, at least for the time being.The debt problems confronting a number of developing countries have reinforced China's determination to introduce foreign technology by means of direct investment and concessionary finance rather than by raising substantial sums of money on the international capital markets. Foreign investment is advantageous insofar as it facilitates the transfer of technology and skills and avoids creating an overhang of debt. The authorities do not consider it appropriate to incur large amounts of extemal debt until a number of practical bottlenecks in the economy, suuch as an inadequate transport network and energy constraints, have been tackled. China's access to substantial sums of money from the World Bank also reduces the need to borrow on commercial terms. Why does China prefer loans from the World Bank?

Another 20% worked well , but the remaining 60% should have been scrapped.

The following year, a tax law for joint ventures was promulgated.

The four SEZs have specifically designed tax and other incentives for the foreign investors.