Thirty Years of Turbulence - Chinese Enterprises

作者：admin  点击次数：7  发布时间：2026-02-24

During the period from January 1, 1984 to March 5, 1985, some key leaders of the Communist Party of China's Hainan District Party Committee and Hainan District Government adopted erroneous practices such as speculation on foreign exchange and excessive borrowing of loans. They approved the import of over 89000 cars, of which over 79000 have already arrived, as well as a large amount of materials such as television machines, video recorders, and motorcycles, which were resold. This is a major event since China's opening up to the outside world. The Hainan Administrative Region Party Committee and some responsible persons violated the central government's policy on developing Hainan, took advantage of policy loopholes from local interests, and abused the autonomy given by the central government. This serious violation of laws and regulations has impacted the national plan, disrupted market order, undermined foreign exchange management regulations and credit policies, and damaged the Party and social atmosphere. It has not only caused great damage to the country, but also added difficulties to the development and construction of Hainan, delaying the progress of Hainan Island's development and construction. ”

The survey data released shortly after showed that within a year, Hainan illegally bought foreign exchange at high prices from 21 provinces, cities, and 15 central units, totaling 570 million US dollars. The total amount of loans used by various companies for imports was 4.21 billion yuan, which was 1 billion yuan more than the total industrial and agricultural output value of Hainan in 1984. In addition to cars, 2.86 million televisions and 252000 video recorders were also imported.