From: xu@hydra.maths.unsw.oz.au ()
Subject: CND-Global, January 4, 1993
Organization: school of Mathematics UNSW
Distribution: aus
Date: Mon, 4 Jan 1993 06:15:41 GMT



               * * *  C h i n a   N e w s   D i g e s t  * * *

                                (News Global)


                           Monday, January 4, 1993


Table of Contents                                                 # of Lines
============================================================================
1. News Brief (5 Items) ................................................. 51
2. China to Expand Stock Issuing Authority .............................. 41
3. Taiwan Records High Economic Growth in 1992 .......................... 29
4. China Changes Tone to Win Clinton's Favor ............................ 36
5. What's in Today's Hua Xia Wen Zhai Special Issue #11 (cm9301z1) ...... 37
============================================================================

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1. News Brief (4 Items) ................................................. 51
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[China Radio International, 1/3/1993] -- Southeast China's Fujian province
began the construction of an international airport Friday in the provincial
capital Fuzhou.  The local government has poured 1.62 billion US dollars 
into the project.  The new airport will be one of the most important 
airports in southeast China and it will become the major airport from the
mainland to Taiwan. (Forwarded by: Andrew Waldie [awaldie@web.apc.org])
                                ___ ___ ___

[China Radio International, 1/3/1993] -- The foreign exchange stock market
in east China's Shanghai city closed the year's trade Thursday with a new
height of one US dollar for 7.706 Yuan in Chinese Renminbi currency.  This
is 1.8206 Yuan higher than first day's close at the beginning of 1992. The
turnover for 1992 amounted to 3.4 billion US dollars, up 29% over 1991.
Daily turnover of the market has exceeded 10 million US dollars this year.
Exchange rate and turnover soared as did the stock market in 1992.
Because the large amount of funds rushed into the city from other parts of
the country, it has greatly facilitated the city's need for funds for
construction.  The government has been adjusting the official exchange rate
upward in order to match the price of hard currency at free swap markets.
It is planning to adopt free exchange between Chinese Renminbi currency
and hard currencies step by step.(Forwarded by: Andrew Waldie)
                                ___ ___ ___

[China Radio International, 1/3/1993] -- China's largest hardware trading
centre opened Thursday in Yongkang city in east China's Zhejiang province.
Yongkang is well-known for its hardware industry.  Thousands of factories
and over 100 000 people are involved in the field.  The new market covers
an area of 33 hectares.  It is a complex of trading floors, service
facilities and residential buildings.  Over 10 000 overseas and domestic
businessmen visited the market on the first trading day.(Forwarded by:
Andrew Waldie)
                                ___ ___ ___

[UPI, 1/2/1993] PHNOM PENH -- The first United Nations ban against the Khmer
Rouge has not been fully implemented, a U.N. official said Saturday. The
ban, which prohibits the export of whole logs and limits the export of sawn
timber, was passed by Cambodia's four-party Supreme  National Council in
September and came into force on New Year's Day. The Khmer Rouge have been
refusing for the past six months to cooperate in the U.N.'s peacekeeping
operation in Cambodia, and will not allow the U.N. to open checkpoints on
the border between Thailand and the western part of Cambodia controlled by
the guerilla faction. (Forwarded by: A CND Reader)
                                ___ ___ ___

[UPI, 1/2/1993]	BEIJING -- The English-language China Daily said the China
National Coal Corp., one of the perennial money-losers among state-owned
industries, hopes to use more market pricing to become profitable within 
five years. The moves are among long-planned but sensitive government
reforms to allow more market regulation of essential commodities. National
petroleum officials said last week they would also begin lifting price
controls on crude oil this year. The China Daily said China National Coal
had freed prices on about 20 percent of its production last year and would
increase the amount of its production allowed to be priced at market levels
this year to 57 percent, or about 190 million tons.(Forwarded by: A CND
Reader)

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2. China to Expand Stock Issuing Authority .............................. 41
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Forwarded by: A CND Reader
Source: UPI, 12/30/1992

BEIJING -- The government plans to expand authority to all of China's
provinces this year for listing a limited number of companies' shares on the
country's two stock exchanges, state-run media reported Sunday.

At the same time, officials are working to form an integrated national
securities market, regulate stock trading more efficiently and avert wide
swings and other problems on the fledgling exchanges in Shanghai and 
Shenzhen, the reports said.

"Price drops and rises on the two exchanges are still too dramatic for
investors' sanity," said the official China Daily, quoting experts as noting
that swings on "more mature markets are usually not as sharp."

The official Xinhua news agency quoted securities officials as saying the
government nonetheless would expand authority for public stock issues this
year and that it might "extend to all parts of China."

"The securities administrative authorities will allow each of the provinces
on the mainland to select one or two of their share-holding companies with
good business performance to be listed in the Shanghai and Shenzhen stock
exchanges within this year," the dispatch said.

The move would expand public issue authority beyond the current limitation 
to southern Guangdong, Hainan and Fujian provinces.

Xinhua said the government had set its initial target for stock issue volume
at 5 billion yuan ($870 million) this year. It said share issues totaled 13
billion yuan ($2.26 billion) in 1992, more than triple the original target 
of 4 billion yuan.

"A huge number of shares plus investment chances in state treasury bonds,
various kinds of government bonds and real estate confronted the stock 
market with several capital shortage in the latter half of last year," it
said.

The government plans to encourage the use of public funds such as pension 
and social security funds in the stock market in a bid to stabilize share
prices and dampen speculation.

The China Daily said that despite the problems, the government "has listed
the securities market as one of the most important vehicles to drive an
overhaul of the country's economy."

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3. Taiwan Records High Economic Growth in 1992 .......................... 29
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Forwarded by: Wenfeng
Source: DPA, 12/31/1992

TAIPEI -- Taiwan recorded high economic growth in 1992 due to booming trade
with mainland China and Asian neighbours, officials said Thursday. 

According to the economics ministry, the island's 1992 economic growth was
slightly better than Hong Kong and Singapore and much better than the United
States and Europe. 

Taiwan's growth was 6.1 percent, while that of the U.S. and major European
nations was about 2 percent. The economic growth of Japan, the strongest
economic power in Asia, was 2.2 percent, the ministry said. 

Taiwan's performance was also the best among Asia's Four Small Dragons, the
four fastest developing Asian nations - Hong Kong, Singapore, South Korea 
and Taiwan. Growth was 5.9 percent for Hong Kong, 5.5 percent for Singapore 
and 4.9 percent for South Korea. 

Analysts said Taiwan's economic structure has not changed but it has gained
from trading with China and other southeast Asian nations. 

Since Taipei lifted a ban on contracts with China in 1987, trade with China
via Hong Kong has been growing at the rate of about 30 percent a year. In the
first seven months of 1992, Taiwan's exports to China through the British
territory surged 38 percent to 3.4 billion U.S. dollars. 

On Monday, Vice Economics Minister Chiang Ping-kun announced that Taiwan has
attained the status of a developed economy as its per capita Gross National
Product (GNP) had risen above 10,000 dollars for the first time. 

Taiwan's GNP is estimated to total 10,196 per capita this year, up from 8,788
in 1991 when it was the world's 25th highest. 

----------------------------------------------------------------------------
4. China Changes Tone To Win Clinton's Favor ............................ 36
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Forwarded by: Charles Mok
Source: The San Francisco Chronicle, 1/2/1993 

BEIJING -- China, eager to get relations with the incoming Clinton
administration off to a good start, has switched its strategy for dealing
with the United States to emphasize cooperation rather than confrontation,
according to diplomats and other analysts.

Since the U.S. presidential election in November, official Chinese
pronouncements have changed in tone and substance.  Commercial contracts
have started to flow again to American companies.  An American team of
experts has been granted permission to investigate the possibility that U.S.
servicemen missing in action during the Vietnam War may have crashed in
China.

The change in strategy is viewed as significant because only a few months
ago, some analysts on both sides of the Pacific were bracing for a drastic
downturn in relations.

"There were some people who were very worried that from this winter until
next spring, U.S. relations with China could really go off a cliff," said
Kenneth Lieberthal, a China scholar at the University of Michigan.

For its part, the Bush administration, in its final months, has been working
to clear away some obstacles to an improved relationship between Washington
and Beijing.  Two weeks ago, President Bush sent Commerce Secretary Barbara
Franklin to Beijing, and China's top official in charge of science and
technology, Song Jian, visited Washington in early December and was received
by Vice President Quayle.  Bush also has authorized the first shipments of
U.S. military equipment to China since the 1989 crackdown.

By the time Bill Clinton takes over as president, virtually all the 
sanctions imposed after 1989 will have been eased, one American analyst
pointed out.

The underlying reason for the shift in Chinese approach is pragmatic. The
Chinese Communist Party officially reaffirmed economic development and
pursuit of a market economy as its main goal during a major party congress
in October.

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5. What's in Today's Hua Xia Wen Zhai Special Issue #11 (cm9301z1) ...... 37
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Forwarded by: CND Hua Xia Wen Zhai Editorial Board <cnd-cm@sdsc.edu>

                       Hua Xia Wen Zhai Zeng Kan
                 (Supplement to CND Chinese Magazine)
                          Special Issue #11
                      Modern Chinese Literature

                           January 3, 1993

 -----------------------------------------------------------------------------
                       Table of Contents (cm9301z1)
 -----------------------------------------------------------------------------
 1. Master Pieces ................................. Bian Zhi-lin, Dai Wang-shu
 2. Anecdote: The Yesterday of Today ................................. A Cheng
 3. Contemporary Poetry (1) .......................... Chen Dong-dong, Bei Dao
 4. Prose: Child Talk without Taboo ............................. Eileen Chang
 5. Contemporary Poetry (2) .................................. Ya Xian, Luo Fu
 6. Short Story: I Thought You Wouldn't Care .................... Wei Zhi-yuan
 -----------------------------------------------------------------------------
               Executive Editor:  Zhao Hua  < cnd-cm@sdsc.edu >
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