Foreign Trade

In the first nine months, China's foreign trade volume reached $1.27 trillion, up 24.3 percent compared with the same period last year, according to statistics released by the General Administration of Customs (GAC) (see graph 1). The trade surplus stood at $109.85 billion at the end of September.

In September alone, the foreign trade volume rose 26.6 percent to $167.98 billion. Of the total, exports stood at $91.64 billion and imports $76.34 billion, both record highs, increasing 30.6 percent and 22 percent, respectively, year on year.

From January to September, the total volumes of general trade and processing trade amounted to $547.18 billion and $596.17 billion, up 25.3 percent and 21.8 percent, respectively, over the year-earlier period.

The EU, the United States, Japan, Hong Kong and the Association of Southeast Asian Nations remained China's five largest trading partners (see graph 2).

Guangdong, Jiangsu and Shanghai registered the largest foreign trade volumes in the country, with their combined amount accounting for 58.6 percent of the national total (see graph 3).

Machinery and electrical products contributed 56.2 percent to China's total exports. From January to September, their exports were valued at $388.42 billion, shooting up 29.9 percent compared with the same period last year. Of the total, those of electrical appliances and electronic products, machinery products and equipment as well as hi-tech products reached $159.17 billion, $132.08 billion and $195.89 billion, up 34.6 percent, 24 percent and 30.6 percent, respectively, year on year.

At the same time, exports of clothes and shoes picked up 27.6 percent and 15.8 percent to $69.59 billion and $16.43 billion, respectively.

However, from January to September, exports of crude oil and refined oil decreased 21.8 percent and 21.1 percent to 4.27 million tons and 9.11 million tons, respectively.

During the January-September period, China imported $141.65 billion worth of primary products, surging 31.6 percent from the same period last year. Of the total, soybean imports jumped 8.8 percent to 21.25 million tons.

In the first three quarters, the country also bought $439.73 billion worth of manufactured goods, up 18.8 percent over the year-earlier period, with the amount accounting for 75.6 percent of the country's total volume of imports. Of this total, imports of machinery and electrical products were valued at $310.54 billion, increasing 25.1 percent from a year ago. During the first nine months, China imported 165,000 automobiles, zooming up 43.2 percent compared with the same period last year.

Tariff Revenues

In the first three quarters, Chinese customs collected 461.95 billion yuan of tariffs and import linkage tax, an increase of 74.3 billion yuan, or 19.17 percent over those in the same period last year, said the GAC. Of the total, tariffs reached 86.83 billion yuan and import linkage tax stood at 375.11 billion yuan. Customs plans to collect 552 billion yuan of tariffs and import linkage tax for the whole year, and in the first three quarters, 83.69 percent of the goal had been accomplished.

According to the GAC, a rapid increase of tariff revenues was brought about by stable growth of investment, consumption and exports, which pushed imports to rise. Moreover, continuous price hikes of energy and mineral products in the international market since this year also contributed to the large increase of tariff revenues. As an important source of tariff revenues, energy products had seen their import value surge 41.2 percent this year.

Finance

Financial performance remained sound and stable in the first three quarters, said the People's Bank of China (PBC), the country's central bank.

In the January-September period, increase of money supply turned to slow down (see graph 4). A total of 165.6 billion yuan of cash was put into circulation in the first nine months, 85.1 billion yuan more than in the same period last year. In September alone, 150.2 billion yuan of cash was put into circulation, 58 billion yuan more than a year ago.

At the end of September, the outstanding renminbi and foreign currency loans among all financial institutions stood at 23.38 trillion yuan, up 14.61 percent compared with the year-earlier period. (see graphs 5 and 6).

In the first nine months, 2.76 trillion yuan of renminbi loans were added to the balance, 798.7 billion yuan more than the figures in the same period last year. Of them, newly increased loans from households stood at 525 billion yuan, 197.3 billion yuan more than those in the same period last year, while those from non-financial corporations and other sectors grew 601.4 billion yuan to 2.23 trillion yuan.

In September alone, renminbi loans increased 220.1 billion yuan, 125.2 billion yuan less than a year ago.From January to September, $11.9 billion of foreign currency loans were added to the balance, $4.3 billion less than those in the same period last year. In September alone, foreign currency loans grew $200 million, which was $600 million higher than a year ago.

The month-end outstanding renminbi and foreign currency deposits of all financial institutions arrived at 34.05 trillion yuan in September, gaining 16.39 percent over the year-earlier period.

From January to September, newly increased renminbi deposits were 4.16 trillion yuan, 490.4 billion yuan more than the figures in the same period last year. Those from non-financial corporations were 1.72 trillion yuan, 208.1 billion yuan higher than a year ago. Deposits from the government increased 680.1 billion yuan, 242 billion yuan more than those in the same period last year.

In September alone, 387.2 billion yuan of renminbi deposits were added to the balance, 90.9 billion yuan less than a year ago.

During the January-September period, foreign currency deposits increased $8.3 billion, $5.6 billion higher than those in the same period last year. In September alone, foreign currency deposits grew $200 million, which was $3.8 billion higher than the year-earlier period.

At the end of September, the excess reserve ratio in all financial institutions stood at 2.52 percent, 0.18 percentage points higher than the prior month but 1.46 percentage points lower than the rate in the same period last year.

As of the end of September, the foreign exchange reserve stood at $987.9 billion, shooting up 28.46 percent over a year ago. In the first nine months, the foreign exchange reserve increased $169 billion, $9.9 billion more than that in the same period last year. In September alone, the reserve grew $15.9 billion, $100 million higher than that in the same period last year.

The renminbi foreign exchange rate stood at $1= 7.9087 yuan at the end of September.