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Judging China's "monetary" future with statistics

www.chinanews.cn 2006-02-02 11:38:40

China's 2005 economic operation was a perfect coda to the new century's
first Five-year Plan (2001-2005), thanks to the pull of the "triple
locomotives" of investments, consumption and exports. In particular,
external trade continued its rapid growth. The netting of imports and
exports left China with a trade surplus exceeding US$100 billion; 2005
actual utilized foreign direct investment amounted to US$60.3 billion.
Although this was a slight decline of 0.5% compared to the previous year,
when one add on top of this figure investments in the financial,
insurance and securities industries, actual utilized foreign capital
still exceeded US$70 billion, a very respectable figure. From this one
can see that the international community and global multinationals are
still very enthusiastic about investing in China.
It was learned that by 2005 year-end, Chinese private savings totaled
10.1 trillion RMB, rising by 2.1 trillion over the previous year. Folk
wisdom says that the heart never panics with money in hand. Despite
certain reservations about such high savings rates held by some
economists, such vast savings in the hands of Chinese urban and rural
dwellers put a safety mat under their feet and allow them to have more
room to maneuver in case of difficulties.
The year 2006 is the beginning of China's "Eleventh Five-Year Plan".
Although unfavorable conditions such as fundamentally weak earnings for
farmers, inadequate growth rates in rural incomes and unrefined modes of
economic growth still exist, China's "monetary" future remains bright,
based on the fine foundations built in previous years.

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