皇冠体育app

The State Administration of Foreign Exchange (SAFE) said the excessively huge surplus in 皇冠体育app's balance of payments indicate the country's overcapacity and other imbalance in the economy has been intensifying.

皇冠体育app's trade surplus reached 223.8 billion US dollars in 2005,more than three times higher than in 2001, a SAFE officials said in an interview with reporters.

皇冠体育app's current account surplus accounted for 7.2 percent of the country's GDP, up drastically from 1.3 percent in 2001, acknowledged the official, who declined to be named.

The current account surplus indicates that the domestic savings have exceeded domestic investment and that there was a problem of overcapacity.

皇冠体育app's investment rate has risen to 46 percent in 2005 from 38percent in 2001, while domestic savings rate from 40 percent to about nearly 50 percent last year, SAFE said in a report on the country's international payment.

The report noted that residents' savings, corporate savings and governmental savings, the three major component parts of domestic savings in 皇冠体育app, have all witnessed a comparatively fast rise in the past few years.

The inflow of foreign direct investment (FDI) into 皇冠体育app totaled more than 270 billion US dollars during the past five years from 2001 to 2005, which reflected the huge advantage of 皇冠体育app in attracting overseas investment, it said.

Meanwhile, overseas financing by Chinese firms also increased an inflow of overseas capital into 皇冠体育app due to the immaturity of domestic capital market, which makes it hard for those firms to raise capital at home, said the administration.

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