China's Newly Increased Debt Reserves Amounted To Nearly 30% In The First Quarter.

" Indebtedness The phenomenon of high external storage ratio has not changed. According to the quarterly balance sheet position data released by the State Administration of foreign exchange on the 26 day, as at the end of 3 2011, China's external financial assets amounted to 43948 billion US dollars, an increase of 7% over the end of last year; external financial liabilities amounted to 24608 billion US dollars, an increase of 5%; and external financial net assets of 19340 billion US dollars, an increase of 8%.

It is worth noting that in the first quarter of this year, China's foreign exchange reserves grew by 197 billion 300 million yuan, while the growth of foreign financial net assets was 143 billion 300 million yuan.

"The growth of external reserves is still higher than that of foreign countries. Net claims That is to say, in the first quarter, $54 billion in new foreign reserves came from new external liabilities. Ding Zhijie, Dean of the school of finance at the University of foreign trade and economics, told reporters on the economic reference daily (micro-blog). According to the reporter's estimate, the new 54 billion debt reserve accounts for about 27% of the total increase of 197 billion 300 million US dollars.

"According to the stock calculation, by the end of the first quarter, China's foreign exchange reserves amounted to 30447 billion US dollars, and the net foreign debt reached 19340 billion US dollars. Assuming that all China's net debt is embodied in foreign reserves, there are still 11107 billion dollars in foreign reserves from foreign debt, accounting for about 37%. It's like 3000 pieces in a bag, 1000 of which are borrowed from classmates. Ding Zhijie said.

He pointed out that "debt" foreign exchange reserves are cost effective, while foreign exchange reserves are far less than the cost of debt, which may constitute a "loss".

According to the data released by the foreign exchange bureau, Finance Assets accounted for 71% of the reserve assets, while foreign direct investment accounted for 62% of the external financial liabilities.

The foreign exchange bureau has previously indicated that China's foreign assets are mainly foreign exchange reserves, and liquidity and controllability are strong. However, Zhao Qingming, senior researcher of China Construction Bank, told the economic reference daily that although the reserve assets are highly mobile, the yield is low, the annual yield is between 3% and 5%, while the annual yield of foreign direct investment in China is basically over 15%.

If we compare the data in the first quarter of this year with the data at the end of 2010, we will increase foreign direct investment by US $6 billion 600 million under external financial assets, increase foreign investment by US $6 billion 400 million, increase other investments by US $54 billion 400 million, and reserve assets by US $201 billion 400 million. Under foreign financial liabilities, foreign direct investment in China increased by US $49 billion 600 million, investment in securities increased by US $1 billion 500 million and investment in other countries amounted to US $74 billion 400 million.

"Direct investment projects with high yield are foreign direct to China. Investment The increase of US $49 billion 600 million is about 7.5 times that of China's foreign direct investment increase of 6 billion 600 million US dollars. Zhao Qingming said.

Zhao Qingming also pointed out that such an international investment position table structure also highlights the difficulty of "going out" of Chinese enterprises. The state should further liberalize the policy of opening up in this area, in particular, encourage individual funds to go further.

"Reducing capital inflow under the expectation of RMB appreciation will further promote the balance of international payments, and it is also important to seize the increment of foreign exchange reserves." Zhao Qingming said.