INFLATION IN CHINA
Received Sundav, 9.50 p.ui. NKW YOKJv, Jan. 10. Because of tlie fast-developing infiu tiou a vvave of liankiuptcie.s is svveeping (.'hina, says ihe Herald-Tribu'tie's iSlianghai correspoiident. Five liundred linns closed down in Nanking recently and since Christnias 1000. Whanghai firrns closed. Nol all are closirig permanently. Soiue are makiug emergeiicy arrangements wiili llieir creditors, others have beeu bought ont by new investors and otliers are being kept goiug by Goverument loans. Shaiightp's
' otticiul living cust iudex increased si.v 1 fold in 1040. The blaek market inter est rate is now 15 per cent. Otlier fac tors eontributing to the business fail ures include a transportation breakdown and a niultitude of taxes. The Communist Party 's eeutral eoni , niittee hus rejected the Governnient 's offei to send a peace envoy to Yenan 1 and reiterated that negotiatioiis must : be preceded by a uulliiication oi • China 's new Constitution and the res ! toration of the t'ronts of last January The Governmeht had announced pre I viouslv its seleetion of General Chang L.'hihe.hrmg to present the proposals at i Yenan.
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Chronicle (Levin), 20 January 1947, Page 7
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180INFLATION IN CHINA Chronicle (Levin), 20 January 1947, Page 7
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