Money Supply Maintains its Growth Momentum

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Last updated at: (Beijing Time) Wednesday, December 11, 2002

Money Supply Maintains its Growth Momentum

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Statistics released yesterday by the People's Bank of China (PBOC) show that in the first 11 months of the year, money supply maintained its growth momentum, creating a good financial environment for the rapid and healthy development of the national economy.

By the end of November, the outstanding broad money (M2) was 17.97 trillion yuan (US$2.17 trillion), up 16.6 per cent from the corresponding period last year, while that of narrow money (M1) was 6.8 trillion yuan (US$819.3 billion), up 18.5 per cent, according to the statistics.

The growth of M2 and M1 was 9.5 percentage points and 11.4 percentage points higher respectively than the combined value of GDP and CPI in the first three quarters of 2002, which meant the current money supply was sufficient and suitable for national economic development, a PBOC spokesman said.

At the end of November, the outstanding amount of money in circulation (M0) was 1.63 trillion yuan (US$196.4 billion), up 10.6 per cent on the same period last year, while the net input of cash in the month was 33.2 billion yuan (US$4 billion), or 3.7 billion yuan (US$445.8 million) more than the same month last year.

At the same time, outstanding RMB deposits totalled 16.86 trillion yuan (US$2.03 trillion), up 20.1 per cent from the same period last year. The outstanding loans were 12.86 trillion yuan (US$1.54 trillion), up 15.7 per cent in constant terms.

In another development, China Central Television reported yesterday that more than 240.6 billion yuan (US$29.1 billion) of tariff and import taxes had been collected by China's customs for this year up until Saturday. It means China accomplished this year's customs taxation goal of 240 billion yuan (US$29 billion) 25 days ahead of time.

Relevant customs departments predicted the revenue for 2002 could surpass 250 billion yuan (US$30.2 billion).

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