2005- China's Balance of Payments Report

Author: China Financial Publishing House
Publisher:
Publish Date: 2006-08-01
Features: In 2005, China's national economy achieved stable and relatively rapid development, with a rapid growth in foreign trade and a sustained large scale of foreign direct investment (FDI). The reform of the RMB exchange rate formation mechanism advanced steadily, expanding the flexibility of the exchange rate. The balance of payments continued to maintain a "dual surplus." Specifically, the current account surplus was 160.8 billion US dollars, and the capital and financial account surplus was 63 billion US dollars. By the end of 2005, China's foreign exchange reserves amounted to 818.9 billion US dollars. The main characteristics of China's balance of payments in 2005 were: the scale of balance of payments transactions continued to expand; the current account surplus rose significantly, with a substantial increase in the trade surplus in goods; the capital and financial account surplus decreased, as securities investment and other investments shifted from surplus to deficit, while FDI remained on a large scale; foreign exchange reserves grew rapidly. The balance of payments continued to maintain a strong overall risk resistance capability. This book provides an introduction and analysis of China's balance of payments situation in the first half of 2005, as well as the domestic and international economic conditions and foreign exchange management policies, in both Chinese and English. It also includes five special columns to explain and analyze key and challenging issues in China's foreign exchange, supplemented by charts. This book is an official announcement by the State Administration of Foreign Exchange (SAFE) that comprehensively reflects China's balance of payments situation, and is the most authoritative statistical data in China for the balance of payments in 2005.