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| Rosy Prospects for China's International Payments on WTO Entry |
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THU, NOV 08, 2001
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China will have bright prospects in international payments following its admission into the World Trade Organization (WTO) and the exchange rate of Chinese currency will continue to remain stable.
Thursday's "People's Daily" quoted Guo Shuqing, head of the State Administration of Foreign Exchange (SAFE), as saying that a fine macro economic situation and fair relationship between supply and demand at the inter-bank exchange market in China has made it possible for the exchange rate of the Chinese currency to remain stable.
"On China's accession into WTO, along with the expanded market access and tariff cuts, the country will see faster growth in imports but a comparatively smaller increase in exports, and possibly a narrowing of the trade surplus," said Guo, also deputy governor of the People's Bank of China, the central bank.
"However, China has great potential to attract overseas investment, and capital projects, among all, have a stronger appeal to overseas investors," Guo went on.
Guo said he believes that a slowdown in the American and the world economies will not change the fine development tendency in the Chinese economy.
According to Guo, China's foreign exchange reserves had hit 200 billion U.S. dollars by October this year, coupled with supply exceeding demand at the inter-bank exchange market.
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