| China to upgrade int'l payments statistics system |
BEIJING, July 4 -- China plans to upgrade its statistical analysis and monitoring system used to determine the country's international payments, the State Administration of Foreign Exchange (SAFE) said on its website Tuesday.
Li Dongrong, SAFE's deputy chief said the move is aimed at making SAFE statistics more accurate and reliable for macroeconomic analysis and decision-making.
SAFE is also trying to collect more data by conducting more surveys and exchanging data with other relevant departments, Li told a symposium held at Dalian, a coastal city in northeast China's Liaoning Province.
He said SAFE continues to improve its method of compiling international payment statistics in order to make its figures more accurate and transparent.
Since China's entry into the World Trade Organization, the flow of international capital had become more frequent and complicated, requiring greater accuracy and efficiency in reporting statistics.
Since last year, SAFE has published semiannual reports on China's balance of international payments.
In May this year, it published the first report on the balance of China's overseas investments.
He, however, said SAFE is facing increasing challenges as a result of the China's ever expanding and evolving economic relations with the rest of the world. He said overseas capital has engaged the Chinese economy in more complicated and flexible forms.
This year two issues have drawn wide public concern over China's international payments statistics system. One is the billion-dollar difference between SAFE's figures on foreign investment in China in 2005 and statistics produced by the Ministry of Commerce. The other is the embarrassing lack of authentic figures on foreign capital entering the country's property market, amid calls for the imposition of tighter controls.
Attendees to the Dalian conference included experts from the International Monetary Fund, the Bank for International Settlements, SAFE, the People's Bank of China and the Ministry of Commerce.
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