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蘇州翻譯公司關(guān)鍵字：In addition can also be seen from the table, our outstanding shares and securities financing are increasing, the increase is mainly long-term bonds and equity bonds, increased 218.57% and 41.33%, this may be the international capital market, especially in recent years, the issuance of securities active market reasons.
Analysis of other investmentsIn 2004 the greatest change in the international balance of payments should be other investments, changes in its dynamics, structure, and trends is necessary to conduct in-depth and detailed analysis. Produce such large changes in the mainly foreign investment in China increased substantially and the other in a foreign country other investments dropped significantly for two reasons. 2003, 5.882 billion dollars in deficit. 2004 achieved a surplus of 37.908 billion dollars, an increase of 7.445 times the following to analyze the reasons for such a large increase. Here I will first list the data and the analysis of 2003-2004: look at the asset class project credit - that reduce the amount of assets, the borrower - that the increase in the amount of assets in 2003, 17.922 billion dollars deficit surplus of 1.98 billion dollars in 2004 ,
Reserve asset, in which large changes in trade credit projects, from 14.65 billion dollars in 2003 to a deficit of 15.897 billion dollars in 2004 the deficit, the so-called trade credit is associated with accommodating the import and export trade finance credit of a special form, while it is to achieve international capital investment and flexible manner. Trade as an object, its distribution has a significant investment in nature
Shows that foreign investment in China to increase trade credit, which also shows in China has a very good investment environment.
Looking at liabilities, whether the borrower than the lender or anyone else involved has greatly improved in 2003, an increase greater than the amount the borrower and the lender to reduce the amount, from the structural study, mainly reflected an increase in the amount of foreign trade credit increased substantially; worth noting is a sub - long-term projects under the trade credit balance of zero in 2003, 2004, amounted to 2.862 billion dollars and long-term loans from the 2003 deficit of 5.356 billion dollars in 2004 to 4.815 billion dollars in earnings, other long-term liabilities projects from 2003 to 2004, a loss of earnings, and the increase is substantial, these are shows that our lending ability, you can have more capital Cunliang for investment and infrastructure, thus speeding up our economic development.
Analysis of the amount of change in reserve assetsThere must have borrowed loans, loans must be equal to the principle of double-entry bookkeeping, in theory, balance of payments accounting for the difference in these major projects have the following relationship:
Current account balance + capital and financial account balance + amount = 0 change in reserve assetsTo be: the amount of change in reserve assets = (current account balance + capital and financial account balance)
When the reserve assets is positive, indicating that the reduction in reserve assets; is negative, the increase in reserve assets. Current account balance and capital and financial account balance changes will lead to changes in reserve assets. But in time due to incomplete information, recording time, valuation standards and exchange rate inconsistencies, these identities are often difficult to maintain real economic life, it must also consider errors and omissions to the above equation becomes:
= The amount of change in reserve assets (current account balance + capital and financial account balance plus net errors and omissions)
-------------" International Monetary and Financial Economics "Mechanical Industry Press, 11Comparing 2003-2004 data we found that in 2004 we reserve assets of 206.364 billion dollars, compared with a net increase of 89.3409 billion in 2003 dollars, an increase of 76.3%, which has not changed monetary gold, IMF Special Drawing Rights allocated to China and China in the reserve position has continued to grow, a larger change in reserve position in which, from -0.89 billion dollars in 2003 to 4.79 billion dollars in 2004, an increase of 6.38 times, but most are reflected in the growth of foreign exchange reserves, the 2003 China foreign exchange reserves of 116 844 100 000 dollars in 2004, rose to 206.681 billion dollars, a net increase of 89.8399 billion dollars, an increase of 76.9%, while in 2003, reserve assets account credit balance is zero, the credit balance in 2004 was 4.78 billion dollars, the increase in the amount of mainly caused by the reserve position, that is, domestic residents have on the rest of the world's stock of net debt, is also worth noting that net errors and omissions dropped significantly. Since China has established financial institutions, direct investment, portfolio investment statistics, exchange business statistics reporting system to improve the international balance of payments basis of accounting work, China's international balance of payments statistics on the net errors and omissions has been in a downward trend - ---- Li Xiaoping point of view.
Summary:An interesting thing is that China's international balance of payments current account, capital a "twin surplus", but also to maintain the stable economic growth, which in other countries do is not seen in, pulling the reason may be that China's capital and money markets not yet fully open, see the flow of international capital restrictions, the private purchase of foreign financial assets is limited, but as China's four state-owned commercial banks gradually the market, and China's WTO commitments, the capital market will be more active.
From the above analysis of the overall analysis and the difference can be seen in 2004, China's international balance of payments surplus and foreign exchange reserves growth was mainly due to a large number of capital and financial account surplus, the capital account records transactions is very limited, the numbers are small, and thus capital and financial account surplus has mainly come from the financial account surplus. The internal financial accounts is the most obvious changes in other investment projects. So we can conclude that, and 2003, compared to China's international balance of payments in the greatest change is that other investment, reserve assets and foreign exchange reserves are also significant sources of growth is the growth of other investment projects. Other financial investment under international balance of payments is greater volatility of a project. It changes direction, directly determines the magnitude of changes the basic situation of China's international balance of payments, also decided to reserve assets and foreign exchange reserves of China's growth.
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