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as 20.66% in 1995, but in 1996 the proportion suddenly decreased to 14.65% without any adjusting of governmental policies, which was obviously resulted form the changing of Chinese market. The figure was 14.79% in 1997 and 13.11% in 1998, which indicated that the scale of foreign capital and total social investment had been fixed on and the market lacked the either investing momentum or need for foreign capital. However, the competition of price between enterprises beginning form 1997 suggested the changing of market necessarily resulted to the decreasing of domestic and foreign investments from another angle because the market had entered the period of declining or stabilization. The amount of the utilization of foreign ca pital in 1999 was 40.4 billion USD, decreasing 11.4% over the previous year but the total investment in China was 2.9876 trillion RMB, increasing 5.2% over the previous year. The proportion of foreign capital was 11.2%, falling behind 13.48%, the proportion of 1992, and only about half of the highest proportion in 1994. This proved that the need for domestic capital exceeded that of foreign capital, and the new changing had emerged in utilization of foreign capital (including the adjusting of some policies). While the proportion of foreign capital was lower than that of 1992, the utilization of foreign capital has already entered the new stage of stable or decreasing scale.

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下一篇论文： An Analysis of the Character —— Carrie Meeber

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