Subjects > Balance of Payments > China
|Country: China Subject: Balance of Payments||CHN.BP.......|
|Name of collection/source |
The data collection system, which is based on information drawn from bank transaction records, is also supplemented with surveys to collect data on travel, direct investment, and portfolio investment, as well as transactions of financial institutions.
Annual data is collected from the International Monetary Fund (IMF).
First half-year data is collected from the State Administration of Foreign Exchange (SAFE)
Related Links: SAFE
Annual balance of payments data are disseminated within five to six months after the end of the reference period. Beginning in 2002 data is available bi-annually.
The balance of payments data produced by the State Administration of Foreign Exchange (SAFE) cover in principle all transactions by residents in China with nonresidents. The geographic territory of reference is the territory of China, excluding Hong Kong and Macao Special Administrative Regions and Taiwan Province of China.
Key statistical concept
The State Administration of Foreign Exchange (SAFE) of the People's Bank of China is responsible for compiling Mainland China's balance of payments. Prior to 1996, the SAFE, in preparing the balance of payments statement, collected data from various sources including government agencies, banks, and SAFE's internal records. The balance of payments statement was compiled in conformity with the methodology set forth in the BPM4. Beginning with 1996, Mainland China's balance of payments statistics have been compiled in accordance with the BPM5 on the basis of an international transactions reporting system (ITRS) introduced by the SAFE in January 1996.
SAFE will supplement that new data collection system, which is based on information drawn from bank transaction records, with new surveys to collect data on travel, direct investment, and portfolio investment, as well as transactions of financial institutions. Concerning the data since 1997, SAFE applied the BPM5 methodology to the compilation of balance of payments statements. Because data of prior years were not adjusted accordingly, changes in the magnitude of the items in the balance of payments accounts for the years 1997 to 1999, as compared to data of previous years, could be attributed in part to the application of the BPM5. Since 1998, the cumulative data are compiled for the first three, six, and nine months of the year, as well as for the whole year.
Data for the second half of the year is calculated as the difference between the annual data (collected from the IMF) and the data for the first half of the year (collected from SAFE).
After the International Meeting on Technical Cooperation (TC): Look to the Future for Chinese Statistics held in Beijing in May 2000, China made new efforts in the area of balance of payments statistics, and strengthened cooperation with the relevant international organizations and domestic agencies. For further information on these moves see:
Related Links: New Developments in China
Glossary Terms: Balance of Payment Manual, Fifth Edition (BPM5)
|Country: China Subject: Balance of Payments > Current Account Balance||CHN.BPBL.......|
|Key statistical concept|
The data are based on trade statistics compiled by the General Administration of Customs (Customs). Prior to 1996, goods for processing was presented in accordance with the BPM4 guidelines (i.e., processing fees were recorded under business services) rather than the BPM5 treatment; this resulted in a substantial difference between the value of goods reported in the balance of payments and that reported in the trade data produced by Customs, as the latter included these transactions on a gross basis. BPM5 recommends that such transactions be recorded, as gross values of imports and subsequent exports, under goods; the latter treatment has been adopted for the 1996 data. Beginning in 1997, ITRS has provided useful data for items such as goods for repair and goods procured in ports, etc.
Until 1995, SAFE obtained credit entries for transportation (shipment) and port services from the Ministry of Communications (MOC) and Ministry of Railways, among other sources. Beginning in 1996, the SAFE derives credit entries from the ITRS. Debit entries are drawn from import statistics compiled by Customs and from information derived from the ITRS.
The compilers obtain data on travel from the National Tourism Administration (NTA). The NTA collects the data through sample surveys conducted by the State Statistical Bureau.
Prior to 1996, SAFE obtained data for this item from various government agencies. Since 1996, it has derived data from the ITRS.
Prior to 1995, data on reinvested earnings were included indistinguishably in direct investment equity, but were not accounted for in investment income in the current account. As a result, reinvested earnings were implicitly included in net errors and omissions in those years. Beginning in 1995, SAFE has collected such data separately and included them in investment income. It collects the data for other investment income from banks and other SAFE sources. Since 1996, it has also drawn such information from the ITRS and from data compiled by the Ministry of Foreign Trade and Cooperation (MOFTEC).
Prior to 1996, these data came from Customs. Since 1996, the Customs and the ITRS are the primary data sources for this component.
|Country: China Subject: Balance of Payments > Capital and Financial Accounts||CHN.BPCF.......|
|Key statistical concept|
The data on inward direct investment flows are based on the MOFTEC collection of information on foreign-funded enterprises (i.e., resident enterprises with an aggregate of 25 percent or more of their equity funded by nonresidents). The entries for direct investment equity capital inflows for all years have included increases in direct investment equity capital arising from reinvested earnings. As concerns data for the years 1997-99, SAFE separately identified direct investment equity capital inflows from the reinvested earnings, in accordance with BPM5.
The China Securities Regulatory Commission (CSRC) compiles data on issues of shares. SAFE derives data on bonds from its debt statistics.
The SAFE receives relevant data from banks and other SAFE sources.
The SAFE obtains data on changes in reserve assets from the People's Bank of China (the central bank of Mainland China) and SAFE sources.