Foreign Trade Jumpes 12.1% in the First Five Months

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Last updated at: (Beijing Time) Thursday, June 13, 2002

Foreign Trade Jumpes 12.1% in the First Five Months

China's import and export trade and foreign investments have jumped substantially in the last five months, statistics from the General Administration of Customs show.

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China's import and export trade and foreign investments have jumped substantially in the last five months, statistics from the General Administration of Customs show.

Foreign trade in the first five months of this year totalled US$221.55 billion, an increase of 12.1 per cent over the same period last year.

Exports from January to May totalled US$115.99 billion, up 13.2 per cent from the same period a year ago. Imports reached US$105.56 billion, a jump of 10.9 per cent, the statistics said.

China's exports to the United States, Hong Kong and to member states of the Association of Southeast Asian Nations (ASEAN) maintained a robust growth of over 16 per cent in the first five months of the year.But the pace of growth in exports to Japan and the European Union (EU) slowed down, according to the administration.

Data from the Ministry of Foreign Trade and Economic Co-operation indicate that overseas investments worth US$16.92 billion flowed into China in the first five months of this year, up 12.38 per cent on a year-on-year basis.

Ministry figures show that during the period, the government approved 11,612 foreign-funded companies, up 23.26 per cent from the same period last year. Contractual foreign investment totalled US$27.86 billion, growth of 7.29 per cent.

China now has 401,637 foreign-funded companies, backed up by contractual foreign investment of US$773.16 billion, 53 per cent of which has already been put into use.

The People's Bank of China also said Wednesday that the country's financial sector continued to run smoothly in May.

According to the bank, at the end of May outstanding broad money (M2) was 16.6 trillion yuan (US$2 trillion), up 14 per cent from the same period last year.Narrow money (M1) stood at 6.12 trillion yuan (US$740 billion), up 14.5 per cent, while money in circulation (M0) was at 1.52 trillion yuan (US$184 billion), up 9.3 per cent.

At the same time, money liquidity (M1/M2) was 36.9 per cent, up 0.8 per cent from the same time last year. This marks the first time since last September that money liquidity has risen.

By May's end, total outstanding deposits were 15.33 trillion yuan (US$1.85 trillion), up 17.4 per cent. Of that amount, corporate deposits were 5.15 trillion yuan (US$623 billion), up 14.1 per cent, and residents' savings were 8.04 trillion yuan (US$972 billion), up 17.6 per cent.

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