CHINESE INFLATION CRISIS
Crippling Of Factories
NEW YORK, January 19.. Foreign observers believe that China is facing the bleakest year of the war against Jappn because inflation has carried prices SOO times above the 10.37 level, says the “New York Times” Chungking correspondent. Some manufactured goods have even increased five-hundredfold and industrial production generally is declining. For example, 55 of 364 factories in the Chungking area have closed down, 13 have suspended operations, and others are expected- to follow them before spring. . _ This decline is due to a shortage ot funds for long-term, investment during the inflationary period when short term commercial loans were more profitable. It is also due to the high cost of production and the inequalities of price control measures. . A report on the fighting says the Chinese have launched counter-attacks against the Japanese forces penetrating Kucheng, in the southern Anhwei. 1 rovince. Strong Japanese activity is reported in the eastern part of the Chekiang Province.
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Dominion, Volume 37, Issue 98, 21 January 1944, Page 5
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159CHINESE INFLATION CRISIS Dominion, Volume 37, Issue 98, 21 January 1944, Page 5
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