China economy 'on upswing’
NZPA-Reuter Peking China has indicated that its economy is on the upswing again after the disruption caused by conflict over the radical “Gang of Four.” A report by the official New China News Agency yesterday estimated the value of total Chinese industrial output for 1977 would be 14 per cent above that of 1976. The agency also reported that ordinary' Chinese were beginning to save money as a result of the first wage
rises for several years in Shanghai, China’s largest city. Nearly 400,000 new savings accounts had been opened in the city, and savings deposits generally in Shanghai had increased by 6.62 per cent during the first 11 months of the year, compared with the same period in 1976. Foreign economic analysts in Peking have suggested that the Chinese Government found the economy- in worse shape than was initially thought after the political and economic disruption caused, by conflict with Left-wing extremists under the now-purged “Gang of FOur.”
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Press, 28 December 1977, Page 7
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163China economy 'on upswing’ Press, 28 December 1977, Page 7
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