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China Maintains Surplus in International Payments
China's State Administration of Foreign Exchange (SAFE) announced Monday that in 2000 China's international balance of payments maintained a surplus in its current account, capital account and financial account.
According to the balance of payments published Monday by the SAFE, China's current account for international payments made a surplus of 20.52 billion US dollars last year.
The exports of goods in 2000 valued at 249.13 billion US dollars, up 28 percent compared with the previous year; the imports of goods totaled 214.66 billion US dollars, up 35 percent, with a surplus of 34.47 billion US dollars.
At the same time, income from the service sector was 30.43 billion US dollars, up 28 percent; while expenditure in this sector was 36 billion US dollars, up 15 percent, with a deficit of 5.6 billion US dollars. Meanwhile, earning projects resulted in a deficit of 14.67 billion US dollars and current transfers made a surplus of 6.31 billion US dollars.
The surplus of capital and financial accounts was 1.92 billion US dollars, down 5.72 billion US dollars from the previous year, of which the capital account showed a deficit of 40 million US dollars while the financial account made a surplus of 1.96 billion US dollars.
In the financial account, direct investment projects had a surplus of 37.48 billion US dollars, securities investment projects had a deficit of 3.99 billion US dollars, and other investment projects had a deficit of 31.53 billion US dollars, indicating that direct investment continued to be China's major inflow of overseas capital.
China's international asset reserves also had steady growth and the local currency, Renminbi, remained stable. In 2000 China's international asset reserves increased 10.55 billion US dollars from the end of 1999, of which foreign exchange reserves increased 10.9 billion US dollars to reach 165.57 billion US dollars at the end of 2000, while the exchange rate of RMB appreciated from 8. 2795 yuan for one US dollar to 8.2781 yuan for one US dollar.
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