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    Home > China's foreign exchange reserve balance of US$3.1 trillion ranks first

    China's foreign exchange reserve balance of US$3.1 trillion ranks first

    Echemi 2019-10-11

    fixed-assets-investment

    Ning Jizhe, deputy director of the national development and Reform Commission, director of the National Bureau of statistics, Liu Kun, Minister of finance, and governor Yi Gang of the people's Bank of China, introduced the situation of promoting stable, healthy and sustainable development of China's economy in the past 70 years, and answered reporters' questions.

    "In the past 70 years, China's economy and society have achieved great-leap-forward development, especially since the Eighteenth National Congress of the Communist Party of China, all undertakings have made historic achievements and made historic changes." Ningji said.

    Great emancipation and development of social productive forces. From 1952 to 2018, China's GDP jumped from 67.91 billion yuan to 90.03 trillion yuan, a 174-fold increase in real terms; per capita GDP rose from 119 yuan to 64.6 million yuan, a 70-fold increase in real terms.

    Comprehensive national strength, social productivity and people's living standards have been greatly improved. China has become the second largest country in the world economy, the largest country in trade in goods, the largest country in foreign exchange reserves, the second largest country in trade in services, the second largest country in the use of foreign capital and the second largest country in foreign investment. In 2018, the per capita disposable income of Chinese residents increased 59.2 times than that in 1949.

    Economic, social and ecological civilization construction should be coordinated and promoted. Over the past 70 years, China's fixed assets investment has continued to grow rapidly. By the end of 2018, China's railway business mileage was 132,000 kilometers, of which 30,000 kilometers were high-speed railway, ranking second in the world and first in the world respectively. Industrialization, informatization, urbanization and agricultural modernization are developing simultaneously. The contribution to the global economy is prominent. At present, China's economic growth contributes about 30% of the world's economic growth and ranks first in the world.

    "In the past 70 years, China's financial strength has been growing and its public financial system has been gradually improved." Liu Kun said that the national fiscal revenue increased from 6.2 billion yuan in 1950 to 18,335.2 billion yuan in 2018, an average annual increase of 12.5%, an increase of nearly 3,000 times. The financial "cake" has been enlarged continuously, and the fairness and fairness of finance have become increasingly prominent. The people have more and more enjoyed the fruits of reform and development. At present, there are more than 4500 banking financial institutions, 130 securities companies and 230 insurance companies in China, according to Yi Gang. The total assets of the financial industry are 300 trillion yuan, of which 268 trillion yuan belongs to the banking industry, ranking first in the world. In addition, the balance of foreign exchange reserves is $3.1 trillion, ranking the first in the world for many years.

    In recent years, the recovery of the world economy has been weak, and external uncertainties have also increased. In this context, how to promote the formation of a strong domestic market? Ningjizhao believes that the next step is to expand effective investment, promote consumption, improve quality and expand capacity. Many people are concerned about the implementation of the tax reduction and fee reduction policy. "The scale of tax reduction and fee reduction this year is unprecedented in China's financial history." Liu Kun responded that from January to July this year, a total of 1349.2 billion yuan of new tax and fee reductions were added and reduced nationwide, including 1174 billion yuan of new tax reductions. In terms of sub-industries, manufacturing industry is the industry that benefits the most; in terms of classification, private economy benefits the most obviously.

    Tax reduction and fee reduction effectively stimulate the vitality of the market main body, and enhance market confidence and economic growth momentum. According to the survey of 311 enterprises in 9 provinces by the National Bureau of Statistics, more than 70% of the tax reduction dividends are used for R&D, technological innovation and expanding reproduction reinvestment of enterprises, and it obviously promotes enterprises to increase R&D investment.

    In recent years, the central bank has effectively improved the financing situation of private and small and micro enterprises by using bank loans, market bonds and equity financing "three arrows". Up to the end of 8 this year, the balance of loans for small and micro enterprises of Pu Hui finance was 11 trillion yuan, an increase of 23%, and the comprehensive financing cost of enterprises decreased by more than 1 percentage points compared with the average level in 2018. From the point of view of issuing bonds, 66 private enterprises issued 48 billion 800 million yuan in debt, so as to pry up hundreds of billions of public debt issuance, so that the issuance of private enterprise bonds can not only be issued, but also reduced in the issue rate.

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