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China's foreign debt keeps growing
From correspondents in Beijing
January 02, 2008 02:52pm
CHINA'S debt to the outside world kept rising last year, with higher-risk short-term borrowing taking up a growing share, state media reported Wednesday.
China's outstanding foreign debt hit $US345.7 billion ($393 billion) by the end of September, up 7 per cent from the end of 2006, the China Securities Journal said, citing a statement by the State Administration of Foreign Exchange.
Of this amount, short-term debt - defined as loans with maturities of less than one year - accounted for 57.2 per cent, the paper reported.
At the end of 2006, short-term debt stood at 56.9 per cent of the total, according to earlier data from the State Administration of Foreign Exchange.
Despite the growth in overseas borrowing, China remains in a position to service its debt. It also holds the world's largest foreign exchange reserves.
Fuelled by an enormous trade surplus, China's forex reserves reached $US1.455 trillion in late October, according to the latest figures available.
http://www.news.com.au/business/stor...-31037,00.html
From correspondents in Beijing
January 02, 2008 02:52pm
CHINA'S debt to the outside world kept rising last year, with higher-risk short-term borrowing taking up a growing share, state media reported Wednesday.
China's outstanding foreign debt hit $US345.7 billion ($393 billion) by the end of September, up 7 per cent from the end of 2006, the China Securities Journal said, citing a statement by the State Administration of Foreign Exchange.
Of this amount, short-term debt - defined as loans with maturities of less than one year - accounted for 57.2 per cent, the paper reported.
At the end of 2006, short-term debt stood at 56.9 per cent of the total, according to earlier data from the State Administration of Foreign Exchange.
Despite the growth in overseas borrowing, China remains in a position to service its debt. It also holds the world's largest foreign exchange reserves.
Fuelled by an enormous trade surplus, China's forex reserves reached $US1.455 trillion in late October, according to the latest figures available.
http://www.news.com.au/business/stor...-31037,00.html