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China Strengthens Economic Cooperation with Overseas
China remains the largest recipient of foreign direct investment (FDI) in the world despite a modest decline in 1999, a United Nations report said.
The policy of exchange rate stability followed by the Chinese authorities over the last two years has provided an anchor of stability for capital flows into China, according to the report on the Economic and Social Survey of Asia and the Pacific 2000 released in Beijing Monday.
Exports were either flat or were tending to weaken in the first half of 1999. After a series of measures taken by the State Council, export momentum was regained in the second half of the year with exports registering nearly seven percent growth in the first 11 months of the year compared to the same period in 1998.
The balance of trade surplus rose significantly during the year. The current account surplus, however, declined significantly from 3.0 to 0.5 percent of the country's gross domestic product ( GDP), the report said.
The 2000 survey was launched by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
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