China's foreign debt down 3.76% in H1 of 2009

17:03, October 14, 2009      

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Data issued by the State Administration of Foreign Exchange (SAFE) on October 13 indicates that as of the end of June 2009, the balance of China's foreign debt stood at about 360.58 billion U.S. dollars (excluding the foreign debts of Hong Kong and Macao Special Administrative Regions and Taiwan), down about 14.08 billion U.S. dollars or 3.76 percent compared to that of the end of last year.

At the end of June, the balance of China's foreign debt continued the downward trend that began in the fourth quarter of last year. The balance of short-term foreign debt, an important index reflecting the fluidity of foreign debt, continued to drop, but the balance of medium and long-term foreign debt increased slightly compared to that of the end of last year.

The balance of medium and long-term foreign debt on a remaining maturity basis stood at about 166.21 billion U.S. dollars, an increase of about 2.34 billion U.S. dollars or 1.43 percent compared to that of the end of last year and accounting for 46.10 percent of the total balance of foreign debt. The balance of short-term foreign debt stood at about 194.37 billion U.S. dollars, down 16.42 billion U.S. dollars or 7.79 percent compared on that of the end of last year and accounting for 53.90 percent of the total balance of foreign debt.

Analysts pointed out that China borrowed medium and long-term foreign debt not due to a lack of funds, but aiming to carry out technical cooperation with international organizations and other countries. These liabilities are favorable to China's medium and long-term development and the fall in short-term foreign debt is mainly due to a fall in China's trade financing since the outbreak of the financial crisis.

Between January and June 2009, China's new medium and long-term foreign debt stood at about 9.33 billion U.S. dollars, down about 10.17 billion U.S. dollars or 52.15 percent year-on-year.

By People's Daily Online
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