NEWSGD.COM
Home | About Us | Contact Us | Site Map | Chinese
News | Biz | Pearl River Delta | Enjoy Life | Culture | Travelling | Pics | Cities & Towns | Gov Info | Specials
Current Home > Business > Biz Headlines
Imbalance of int'l payments remains serious problem for China
Latest Updated by 2006-08-11 10:49:23
Related News
Rules on e-payment in single deal tightened
Business News
Imbalance of int'l payments remains serious problem for China
Share swaps approved in takeovers by foreign firms
Automakers profits up 76 percent

China still faces serious problems posed by an imbalance in international payments despite its efforts to reform the forex management system in the first half of the year.

It remains a heavy and hard task to reach international balance of payments, said Hu Xiaolian, director of the State Administration of Foreign Exchange (SAFE), at a recent symposium.

Last year the surplus in China's balance of international payments was 223.8 billion U.S. dollars. In 2004 it was 110 billion.

Statistics with the SAFE show that China posted an increase of 76.3 percent in its contracted overseas direct investment funds in the first half year.

China continued to support its businesses to orderly broaden capital outflow channels, said Hu.

The government has abolished the purchase quota of foreign exchange in overseas direct investment to encourage more outflow of capital.

Hu attributed the surplus to the rapid grow of its open economy, but said that it also reflected problems in China's economy.

To reach a balance of international payments would require change to the mode of economic growth, adjustment of the economic structure and increasing domestic demand, said Hu, adding this will be a long and gradual process.

The official asked concerned departments to tighten supervision over cross regional capital flows, especially those in short terms. Meanwhile, the reform of the forex management system should be deepened to allow conversion of the Renminbi in capital accounts.

Editor: Donald

By: Source: China View website
Previous:    Next:Share swaps approved in takeovers by foreign firms


Major UK air terror plot thwarted


Foreign teens wrap up goodwill tour


Enjoying sunlight and sea in Zhuhai Islands


Phase III of Pazhou Exhibition Complex


U.S. beat Yao-less China 119-73
This site contains material from other media for content enrichment purpose only.
The Southcn.com website do not endorse such content and do not bear the joint responsibility of their copyright infringement.
The views expressed in written material posted to the bulletin boards of Southcn.com are those of the authors and/or publishers. The Southcn.com website does not endorse information products posted by organizations and individuals here. The originators of these information products are solely responsible for their content.
For copyright infringement issues, you shall contact Southcn.com within thirty (30) days. Email: falv@southcn.com
If you find any error in this page, please drag your mouse to mark the text with error, then press "CTRL" and "ENTER", to inform us. Thanks for your help!
Home  |  About Us  |   Contact Us  |  Site Map  |  Chinese
©2005 WWW.NEWSGD.COM. All rights reserved.registered number 020074 Terms of Use | Advertise | ICP Certificate No.B2-20050252
Guangdong Gov Link
Guangdong Gov Brief
State Structure
Guangdong in Brief
Laws & Regulations
Exchange Rate
Guangdong Guide
   
Museum Museum
University University
Eat Eat
Shopping Duting
Night Life Night Life
Weather Weather
Phone No. Phone Num
Consulate Consulate
Airport Airport
Travel Tips Tours Tips