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China's net international investment position (IIP) more than doubled last year, largely as a result of its fast-growing economy and an improved international clearing capacity.

 

China's net IIP, or overseas financial assets and direct investment minus such liabilities, was US$287.5 billion at the end of 2005, surging by 138 percent from a year earlier, according to figures released yesterday by the country's top foreign exchange body, the State Administration of Foreign Exchange (SAFE).

 

This is the first time China has published its IIP figures, which the administration said complements its macroeconomic statistics, assists in macro policymaking, and helps in the analysis of the global financial capital situation.

 

China was ranked sixth largest in terms of net IIP for 2004, and last year's sharp increase is bound to push its ranking up further, SAFE said.

 

"China's international investment position reflects its achievements in opening up and economic development over the last 30 years, indicating the opening up is broadening, (there is a) closer connection with the world economy, and economic strength is improving," a SAFE spokesman said.

 

The administration said the growing stockpile of net assets gives China a strong ability to repay foreign debts, underlines its liquidity and control of foreign exchange reserves that make up the bulk of foreign assets and the stability of inward foreign direct investment.

 

"Such a structure will help prevent financial risk, and has a positive effect on China's financial stability," the spokesman said.

 

Driven by a huge trade surplus and growing capital inflows partly fuelled by expectations for a stronger local currency, China's forex reserves shot up to US$818.9 billion at the end of last year from US$609.9 billion a year earlier. Forex reserves accounted for an overwhelming 68 percent of China's foreign financial assets at the end of last year, and 71 percent of the 2005 increase in foreign financial assets.

 

While growing forex reserves serve to ensure the nation's international clearing ability, they have complicated the task of monetary policymakers of containing local money supply to harness inflationary pressures and rapid loan growth. They mop up excess dollars to enforce the trading band of the renminbi or yuan by issuing new cash, subsequently increasing local money supply.

 

Government officials have repeatedly said China is not pursuing a huge forex stockpile, and has taken measures to reduce surpluses.

 

(China Daily May 26, 2006)