BANKING & FINANCE - Oct. 7, 1996
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World Bank Warns Belt-Tightening May Have Hurt China: Efforts since 1993 to dampen inflation in China may have slowed the economy to a greater extent than Beijing officials will admit. China’s economic growth was running at just 7% in the late summer months compared with an official figure of 9.8% for the first half, according to the World Bank. Quoted Sunday in Hong Kong’s South China Morning Post, the World Bank cited high unemployment of about 10% in urban areas and as high as 30% in some cities, compared with an official figure of 3.8% nationwide. Chinese officials may be reluctant to disclose a slowdown. It could open the door to criticism during an expected power struggle next year as leader Deng Xiaoping fades from the scene and a crucial Communist Party congress convenes.
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