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The summary of Statistical Work of the SAFE

This summary highlights the working progress, short-term plan, and medium-term plan of the State Administration of Foreign Exchange (SAFE) in improving the balance of payments, international investment positions, and external debt statistics.

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The summary of Statistical Work of the SAFE

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  1. The summary of Statistical Work of the SAFE The State Administration of Foreign Exchange May 11-14, 2004

  2. The summary of Statistical Work of the SAFE • Working progress • Short-term plan • Medium-term plan

  3. Working progress--The improvements in the balance of payments (BOP)and the international investment positions (IIP) • The SAFE started compiling international investment position (IIP) statement on a trial basis and solicited comments from relevant experts. Now the SAFE is compiling the IIP of 2003 and will do each year in the future. • The SAFE has made several adjustments to the statistical method associated with trade credits statistics, enlarged the scope of investigation, further defined the contents of investigation, and calculated the stock data of trade credits assets and debts in the year of 2002 and the first half year of 2003 by means of sample survey. The calculation of the trade credits in the year of 2003 is under way. • The formulization of the trade credits method is under way. The final methodology will take effect after the approval of the NBS. • From January 1, 2003, the timeframe for the ITRS income reporting has been shortened from 10 business days to 5 business days.

  4. Working progress--The improvements in the balance of payments (BOP) and the international investment positions (IIP) • On January 9, 2003, “The Checking System on Balance of Payments Reporting Data (experimental)”was promulgated. It is a legislative guarantee for the improvement of the quality of ITRS reporting. • On February 11, 2003, the amended version of “The By-Laws of Regulations on Reporting of Balance of Payments Statistics” was released. It took effect as of March 1 2003. • The time lag of the dissemination of BOP statement is shortened, and the BOP statement in the year of 2003 is disseminated in April 2004.

  5. Working progress--The improvements in the international reserves and the external debts statistics statistics • The preparation for compiling the reserves data according to the reserves data template has been finished. • In the SAFE’s annual report of 2002, the method for compiling external debts data is illustrated. • Cross-checks were made with the BIS in 2002 and with the World Bank in 2003. • The frequency of data dissemination has been increased from semi-annual to quarterly; and time lag of data dissemination has been shortened from 4 months to three months.

  6. Short-term plan • The aspect of BOP and IIP 1.Sample survey method for trade credits will be formulated. 2.The classification of international transactions is standardized in accordance with BANLANCE OF PAYMENTS MANUAL (THE FIFTH), and will be applied as a national standard in practice of data collection and statistics after approved. 3.The SAFE formalizes the information collection of balance of payments transactions conducted through credit cards. 4.The semi-annual balance of payments statement will be disseminated in English on the SAFE’s web site. The timeliness of the dissemination of BOP statement will be improved.

  7. Medium-term plan • The aspect of BOP and IIP statistics 1.Disseminate of the IIP statement of China, and disseminate the BOP statement quaterly. 2.Amend the Rules of Balance of Payments Statistics Reporting 3.Prepare the upgrade of BOP statistics and monitoring system and the unification of documents. The new system and documents are expected take effect in the year of 2006. • The aspect of external debts statistics The SAFE will cross-check the external debts data in a larger scope

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