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Yao Jingyuan: China's foreign exchange reserves exceed US $2 trillion
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17:03, November 28, 2008

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China's foreign exchange reserves currently exceed US $2 trillion, said Yao Jingyuan, chief economist at the National Bureau of Statistics of China, at the China Industry Investment Forum on November 27.

The foreign direct investment China absorbed over the past 30 years has greatly increased. China's foreign exchange reserves have jumped to No.1 in the world. Statistics show that between 1979 and 2007, China's foreign exchange reserves increased by US $1.5267 trillion in total, or an average of US $52.6 billion per year. The reserves grew, especially between 2000 and 2007, by US $1.3627 trillion, up by US $194.7 billion on average per year. Statistics from the State Administration of Foreign Exchange show that, by the end of September this year, foreign exchange reserves reached US $1.9056 trillion, up by 33% year-on-year.

At the forum, Yao also predicted that the growth rate of the consumer price index (CPI) in November and December this year will definitely be lower than 4%. The CPI in October rose by 4% compared with the same period last year, which is the lowest monthly growth rate this year. In addition, at a time when the country continues to launch policies to stimulate economic growth, Yao said "the individual income tax threshold should be raised."

By People's Daily Online

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