Information about Asia and the Pacific Asia y el Pacífico
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People’s Republic of China: Staff Report for the 2012 Article IV Consultation—Informational Annex

International Monetary Fund
Published Date:
July 2012
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Information about Asia and the Pacific Asia y el Pacífico
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Annex I. Fund Relations

(As of May 31, 2012)

I. Membership Status: Joined 12/27/45;

Article VIII (December 1, 1996)

II. General Resources Account



Fund holdings of currency7,394.8777.63
Reserve position in Fund2,131.0822.37
Lending to the Fund
New Arrangements to Borrow3,667.50

III. SDR Department:

SDR Million% Allocation
Net cumulative allocation6,989.67100.00

IV. Outstanding Purchases and Loans:


V. Financial Arrangements:










VI. Projected Payments to Fund

(SDR million; based on existing use of resources and present holdings of SDRs):


VII. Exchange Arrangements:

China’s de facto exchange rate regime has been classified as a crawl-like arrangement since June 21, 2010. De jure classification of the exchange rate is managed floating. On July 21, 2005, the People’s Bank of China (PBC) announced that the exchange rate of the renminbi against the U.S. dollar would be revalued upward by about 2.1 percent (from RMB 8.28/US$ to RMB 8.11/US$) and the exchange rate regime would move to a managed float in which renminbi’s value is set with reference to a basket of currencies. The stated intention of the Chinese authorities was to increase the flexibility of the renminbi’s exchange rate. The authorities indicated that they will not publish the currencies in the reference basket and their relative weight. The PBC indicated that it would adjust the exchange rate trading band as necessary to reflect market developments and financial and economic conditions. Under the new regime, the band around the daily trading price of the U.S. dollar against the renminbi was kept at ± 0.3 percent around the central parity published by the PBC while the trade prices of the non-U.S. dollar currencies against the renminbi were allowed to move within a certain band announced by PBC, which was initially set at ±1.5 percent and increased to ±3 percent in September 2005. In August 2005, the governor of PBC revealed that U.S. dollar, Euro, Japanese yen, and Korean won were the main currencies included in the basket; and U.K. pound, the Thai baht, and the Russian ruble were among other currencies included in the basket. In May 2007. The band around the daily trading price of the U.S. dollar against the renminbi was widened to ± 0.5 percent. After maintaining the renminbi closely linked to the U.S. dollar between July 2008 and June 2010, the PBC announced on June 19, 2010 a return to the managed floating exchange rate regime prevailing prior the global financial crisis with the exchange rate allowed to move up to +0.5 percent from a central parity rate to enhance the effectiveness of monetary policy. Further, on April 14, 2012, the PBC announced a widening of the renminbi’s trading band against the U.S. dollar in the interbank foreign exchange market. As of today, the band has been widened from ½ to 1 percent, allowing daily fluctuations of up to twice the previously permissible amount relative to the central parity rate. The trading prices for the renminbi against the euro, yen, Hong Kong dollar, and pound sterling on the one hand and against the ringgit and the ruble on the other hand float within a 3 percent and a 5 percent range of the day’s middle exchange rates of the renminbi against these currencies, respectively.

On January 4, 2006, over-the-counter (OTC) trading of spot foreign exchange was introduced with 13 banks initially designated as market makers. The number of market makers has since risen to 44, with 26 banks approved as spot market makers, and 20 approved as forward and swap trading market makers. The centralized spot foreign exchange trading system (CFETS) remains operative, but its central parity rate (renminbi against the U.S. dollar) is now based on a weighted average of CFETS and OTC transactions. Under the new system, CFETS first inquires prices from all market makers before the opening of the market on each business day, exclude the highest and lowest offers, and then calculates the weighted average of the remaining prices in the sample as the central parity for the renminbi against the U.S. dollar for the day. The weights for the market makers, which remain undisclosed, are determined by the CFETS in line with the transaction volumes of the respective market makers in the market. The CFETS determines the middle rate for the renminbi against the ringgit and the ruble similarly. The middle exchange rates of the renminbi against the euro, yen, Hong Kong dollar, and pound sterling, respectively, are determined through cross rates by the CFETS based on the day’s foreign exchange middle rate for the renminbi against the U.S. dollar and the exchange rates for the U.S. dollar against the euro, yen, Hong Kong dollar, and pound sterling on international foreign exchange markets.

China accepted the obligations of Article VIII, Sections 2, 3, and 4 of the Fund’s Articles of Agreement on December 1, 1996. There are repatriation requirements on proceeds from exports and from invisible transactions and current transfers. Starting on August 13, 2007, all enterprises (domestic institutions) having foreign exchange revenue from foreign operation or from current accounts may keep foreign exchange receipts according to their operational needs in their current foreign exchange accounts. Domestic institutions that had no current account foreign exchange revenue may purchase foreign exchange for imports in advance based on documentary proof of the payment and deposit the funds into their foreign exchange accounts. Individuals may, also open foreign exchange savings accounts and deposit foreign exchange purchased in accordance with the relavant regulations. There are no measures currently in force that have been determined to be exchange restrictions subject to Fund jurisdiction. However, China has notified measures to the Fund, pursuant to procedures under the Executive Board Decision 144-(52/51), which apply to measures imposed solely for national or international security reasons.

Exchange controls continue to apply to most capital transactions. Effective on July 1, 2006, quotas on foreign exchange purchases for foreign direct investment (FDI) were abolished, and domestic investors were allowed to purchase foreign exchange to finance pre-FDI activities. Since December 1, 2002, qualified foreign institutional investors (QFIIs) have been allowed to invest domestically in A shares, subject to certain restrictions, and all nonresidents have been allowed to purchase B shares, which are denominated in U.S. dollars or Hong Kong dollars. The overall QFII quota was increased to US$30 billion in December 2007 from US$10 billion. By the end of 2011, a cumulative total of 110 QFIIs had been approved, with a total investment limit of US$21.64 billion. The qualified domestic institutional investor (QDII) scheme was introduced in 2004, and measures have since been taken to promote its development. Since May 1, 2006, residents can purchase up to US$20,000 foreign exchange for depositing in banks or for current account transactions and this limit was raised to US$50,000 in September 2006. Beyond the quota, purchases require relevant documents. In May 2007, the QDII scheme was expanded to allow qualified banks to invest retail funds in foreign equities. Effective July 5, 2007 the China Securities and Regulatory Commission extended QDII to securities and fund-management companies. The firms have to meet certain capital and other requirements. From April 2006, qualified insurance companies were also allowed to invest their own foreign exchange externally under the QDII scheme up to 15 percent of their total assets. QDIIs may also invest in foreign derivative instruments.

The use of renminbi in international transactions has been expanded. In 2010, international financial institutions were approved to raise funds domestically in renminbi for use offshore. Since August 2011, trade transactions between all provinces and cities in the Mainland with other countries may be settled in renminbi. Since August 17, 2010, eligible foreign institutions may invest in the interbank bond market in renminbi. The eligible institutions include foreign banks engaged in cross-border trade settlements in renminbi, the Hong Kong and Macao region renminbi clearing banks, and foreign central banks and monetary authorities. These investments are subject to limits, but there is no minimum holding period. In August 2011, a new pilot scheme was announced to allow up to RMB 20 billion in portfolio flows into the securities markets (through a renminbi Qualified Foreign Institutional Investor scheme), and in October, rules were published to allow overseas firms to invest renminbi raised offshore in the Mainland as foreign direct investment.

External borrowing remains subject to permission by the respective authority except for FFEs, which may borrow abroad within the difference between the enterprise’s total investment and registered capital. Lending abroad generally requires approval, but domestic associated enterprises of multinational corporations may directly lend to offshore associated enterprises.

VIII. Article IV Consultation:

China is on the standard 12-month consultation cycle. The 2011 Article IV mission was concluded on June 9, 2011 and the staff report was published on July 20, 2011.

IX. Technical Assistance:

Technical assistance provided from 2000 through April 2012 is summarized in Annex V.

X. Resident Representative:

The resident representative office in Beijing was opened in October 1991. Mr. Il Houng Lee is the Senior Resident Representative and Mr. Murtaza Syed is the Resident Representative.

Annex II. World Bank–IMF Collaboration

(As of June 8, 2011)

1. Building on consultations between Mr. Rohland (World Bank Country Director) and Mr. Chalk (IMF Mission Chief) on June 30, 2010, the Bank and Fund country teams met on September 28, 2010, to identify macro-critical structural reforms and coordinate the two teams’ work for the period September 2010-August 2011.

2. The teams agreed on China’s main macroeconomic challenges. These are to maintain macroeconomic and financial stability, sustain growth while implementing reforms to decisively rebalance the economy toward domestic demand, and reform the financial sector to support the new growth model.

3. Based on this shared assessment, the teams identified four structural reform areas as macro-critical, in view of their central role in rebalancing the economy and placing China on an internally and globally more sustainable growth path: (1) further liberalizing and developing the financial sector, in line with the recommendations from the ongoing FSAP being jointly conducted by the IMF and World Bank; (2) strengthening the social safety net, notably pensions and healthcare; (3) reforming the SOE sector, including dividend and corporate governance policies; and (4) reforming public finance, including local government financing, intergovernmental fiscal relations, and taxation policy. Annex 1 details the specific activities planned by the two country teams, along with their expected deliveries.

4. The teams confirmed their commitment to continue to provide information for their counterparts on the following areas:

  • The Fund team to be informed of progress in analytical work, in particular on work related to the reform of social protection, financial sector reform, public financial management, and inter-governmental fiscal relations. Timing: when milestones are reached (and at least semi-annually).
  • The Bank team to be kept informed of the Fund’s assessments of macroeconomic policies and prospects, and on TA or analytical work on social protection, financial sector reform, public financial management, and inter-governmental fiscal relations. Timing: in the context of Article IV and other missions (and at least semi-annually).

5. No disagreement among the teams emerged on either the key issues, challenges or on the program of specific tasks to tackle these. It was agreed that further details on collaboration, as necessary, will be agreed at the technical level as work progresses.

Appendix 1. China: Bank and Fund Planned Activities in Macro-Critical structural Reform Areas,
ProductsExpected Delivery Date
Bank Work Program• China Economic Reform Implementation Project (umbrella TA project, including various sub-projects with MOF, PBoC, and provincial finance bureaus).• December 2012
• China Quarterly Update• Ongoing
• “Just-in-time” policy notes for MOF• Delivered on demand
• TA on Mid-term Macro-Fiscal Framework• June 2013
• Sub-national Inter-governmental Fiscal Relationship• June 2013
• Municipal Financing and Local Debt Management• Ongoing
• Inclusive Innovation• Ongoing
• Promoting Inclusive Finance• Ongoing
• Financial Consumer Protection• Ongoing
• Interest Rate Liberalization• Ongoing
• Capital Market Development• Ongoing
• Corporate Governance and Financial Stability• Ongoing
• TA report on Statistical Master Plan• June 2012
Fund Work Program• December Staff visit aide memoire• Feb 2011
• Article IV Consultation Notes• May/Jun 2011
• Article IV Staff Report• Jul 2011
• Possible Working Papers on issues addressed during the Article IV mission• Jul/Dec 2011
• Corporate investment in China: Determinants from cross country firm-level;
• Financial development and corporate sector investment
• Financial development and household saving
• How large are the potential gains from reforms toward free enterprise?
• RMB internationalization
• Tax policy• Ongoing
• Tax administration• Ongoing
• Public financial management• Ongoing
• Intergovernmental fiscal relations• Ongoing
• Statistics• Ongoing
• Financial stability and sequencing• Ongoing
Joint Work Program• FSAP• FSAP Report in July 2011
Annex III. Relations with the Asian Development Bank1

1. The Asian Development Bank’s (ADB) partnership with the People’s Republic of China (PRC) has grown in many ways since the PRC became a member of ADB in March 1986. The PRC is ADB’s second largest shareholder among regional members and the third largest overall, as well as an important middle-income country client. By the end of 2011, the PRC’s cumulative borrowing from ADB reached $24.9 billion with 181 loans for public sector projects. Of the total public sector loans, 53 percent was allocated to the transport sector, followed by water and other municipal infrastructure services (13 percent) and energy (12 percent), agriculture and natural resources (9 percent), industry and trade (3 percent), finance (2 percent), and multisector (7 percent). Over the past 25 years, ADB has helped finance 30 private sector projects in the PRC totaling $3.0 billion.

2. ADB also funds Technical Assistance for the PRC. By the end of 2011, ADB had provided a total of $380 million in grants for 665 technical assistance projects, consisting of $119 million for preparing projects and $261 million for policy advice and capacity development.

3. Overall, the PRC has demonstrated strong capabilities in implementing projects. The good performance shows the strong sense of project ownership among agencies involved in the design, implementation, and management of projects, as well as the rigorous screening process for development projects, particularly those proposed for external financing. Loan disbursement and contract award performance is good.

4. The PRC has demonstrated its strong partnership with ADB by contributing to the Asian Development Fund, establishing the $20 million PRC Poverty Reduction and Regional Cooperation Fund (the PRC Fund), and replenishing another $20 million to the PRC Fund. The PRC Fund—the first fund established in ADB by a developing member country—providing technical assistance projects to support subregional cooperation initiatives, particularly Central Asia Regional Economic Cooperation (CAREC) and Greater Mekong Subregion (GMS) programs.

5. The Asian Development Bank’s preparation of the new “Country Partnership Strategy” (CPS) for the PRC, covering 2011 to 2015 is nearly completion. The new CPS has been formulated in line with the priorities of the 12th Five Year Plan (FYP) that intersect with the strategic priorities of Strategy 2020, particularly PRC’s renewed emphasis on regionally balanced development and environmental sustainability including low-carbon development. ADB will support four priority sector duing the new CPS period: (i) energy, (ii) natural resources and agricylture, (iii) transport, and (iv) urban development. Emphasis on selectivity within each priority sector is a highlight of the new CPS and marks major progress in the ongoing dialogue to reposition each sector through the lens of innovation and value addition, and synergy with regional cooperation and intergration programs.

6. Projected public sector lending in 2012-2014 will total about $4.41 billion, of which 39 percent will support transport infrastructure; 22 percent for agriculture, rural development, and natural resource management; 26 percent for urban development, water supply, and sanitation improvement; and 13 percent for the energy sector. About 90 percent of the projects are located in the western, central and northeastern regions in lined with the CPS’s priorities of promoting inclusive growth and environmentally sustainable growth.

7. ADB’s technical assistance will complement the lending program to improve the sector policy environment, support governance and capacity development, and strengthen the knowledge base and innovative features of lending operations.

Table III.1.China: ADB’s Commitments and Disbursements (Public Sector Loans), 1993–2011(In millions of U.S. dollars)
YearCommitments 1/Disbursements 2/

Refers to cumulative contract awards.

Refers to disbursements for the year.

Refers to cumulative contract awards.

Refers to disbursements for the year.

Annex IV. Statistical Issues

I. Assessment of Data Adequacy for Surveillance

1. Data provision has some shortcomings, but is broadly adequate for surveillance. Most affected areas are: national accounts and government finance statistics.

Real Sector Statistics

2. The National Bureau of Statistics (NBS) compiles and disseminates annual GDP by activity in current and constant prices (2005) and quarterly estimates of GDP. Both the annual accounts and quarterly accounts are based on the System of National Accounts, 1993 (1993 SNA). The techniques for deriving volume measures of GDP are not sound and need to be improved. GDP by expenditure is compiled at current and constant prices, but the constant price estimates are not published. Quarterly GDP estimates are compiled in cumulative form, with minimal revisions, making it difficult to assess quarterly developments accurately or to make seasonal adjustments. Data on the expenditure components of GDP are not available on a quarterly basis. Nevertheless, the NBS has made a number of improvements to the range and quality of national accounts data, the most important being improving the exhaustiveness of the GDP estimates by activity. Further improvements are intended for both the annual and quarterly accounts, however, no target dates have been set. As in other countries, rapid economic change, including the expansion of the private sector, presents new problems for data collection and compilation. The ability to change the data collection systems is restricted by the decentralized nature of the statistical system.

3. Monthly industrial production, retail sales, and fixed investment indices are compiled with the corresponding month of the previous year as a base period but, no chain-linked time series are produced. Data revisions tend to be made without publishing the entire revised series.

4. Labor market statistics—including employment and wage data—are not comprehensive, and are only available on an annual basis, with considerable lag.

5. In January 2001, the NBS began to publish a Laspeyres price index that provides a time series for each January to December (with January each year = 100), but does not allow for year-to-year comparisons. This more accurately reflects consumer spending patterns (e.g., the weight of services increased, while the weight of food declined). The number of survey items has been expanded to around 700. The most recent weights of the major CPI components were provided to the staff in 2006.

Government Finance Statistics

6. Serious data shortcomings continue to hamper fiscal analysis. Budgetary data exclude spending associated with domestic bond proceeds on-lent to local governments and official external borrowing. Also, data on the social and extra budgetary funds are only provided annually and with a long lag. Expenditure classification remains poor, mainly because data are not classified by economic type. The authorities have indicated an intention to begin collecting these data and to develop accrual based measures of fiscal performance over the medium term while also strengthening the compilation of cash based GFS.

7. China has reported general government cash-based budget data for 2003-2009 following the GFSM 2001 methodology for publication in the 2011 GFS Yearbook. However, these data are limited, with no data provided on government transactions in expense, assets, and liabilities. The revenue classification does not fully distinguish between revenue and grants, tax and nontax revenue, and current and capital revenue. The presentation of expenditure by function is largely aligned with international best practice.

8. Owing to source data issues, the authorities have not yet been able to report a GFSM 2001 Statement of Sources and Uses of Cash for the budgetary central government accounts on a subannual basis. As a result, there are no fiscal data for China on the Principal Global Indicators website.

Monetary and Financial Statistics

9. In recent years, improvements have been made in monetary and financial statistics. The most notable progress made by the PBC are as follows: (1) expanding the coverage of depository corporations; (2) adjusting the sectorization of financial corporations; (3) improving the “all accounts” reporting system; and (4) improving data dissemination following the GDDS recommendations, such as disseminating advance release calendars on the PBC’s websites. However, the monetary and banking surveys lack sufficient detail with regard to bank claims on the government, hampering the estimation of the fiscal deficit from the financing side. The reported net foreign assets position of PBC does not include exchange rate valuation effects and interest earnings on foreign reserves. The PBC has also ceased to report separate data on central government deposits in its balance sheet since April 2005 because the MOF no longer distinguishes between central and other government deposit accounts. This change has led to breaks in data series of monetary base and monetary aggregates. The April 2012 monetary and financial statistics mission established procedures for regular reporting to the Fund of data on the central bank and other depository corporations in the format of standardized report forms (SRFs) beginning in December 2012.

The FSIs data currently posted on IMF’s website are available only for core indicators for 2010 and 2011 and no historical data series have been provided. The April 2012 mission encouraged the authorities to compile and report the FSI data with quarterly periodicity. The authorities agreed with the improved periodicity for their FSI data, but indicated that they would prefer to move to semiannual reporting prior to compiling the quarterly data. The mission also discussed with the authorities the possibility of expanding the data scope to include encouraged FSIs for deposit-takers. The authorities indicated that the work on the compilation of the encouraged FSI data is at an early stage and, furthermore, they are working on adopting the Basel III at this stage and agreed to consider the mission’s recommendations after the developmental work is completed for collecting data under the Basel III.

External Sector Statistics

10. The State Administration of Foreign Exchange (SAFE) relies on an International Transactions Reporting System (ITRS) which produces data derived from information on foreign exchange transactions conducted by banks. To supplement the ITRS, data on travel credits and trade credits are collected through periodic sample surveys, while additional data are collected from other government agencies and reports on balance sheet information from financial institutions and data on portfolio investment and direct investment.

11. The data are compiled (in U.S. dollars) largely in accordance with the fifth edition of the Balance of Payments Manual (BPM5). In 2011 the authorities began publishing quarterly balance of payments and international investment position (IIP) data—a significant step forward in the dissemination of timely external sector statistics. Within the current account, component detail is available on goods, services, income, and transfers. Data on the financial account, with significant component detail for functional categories, and data on the capital account are also available. Data on China’s IIP are published for the period 2004-2010 on an annual basis and for 2011 on a quarterly basis.

12. The authorities continue their efforts to improve the coverage of direct investment transactions in the balance of payments and IIP statistics, and progress is being made in developing these statistics. Data on transactions for the nonfinancial sector, received mainly from the Ministry of Commerce (formerly Ministry of Foreign Trade and Cooperation), apparently do not cover all required elements such as disinvestments. Since ITRS is the major data source for balance of payments (BOP) statistics, in order to ensure its smooth operation, regular training programs for staff in the provincial offices of SAFE have been recommended. In 2011, China commenced participation in the Coordinated Direct Investment Survey (CDIS).

13. Despite an ostensibly modest level of external vulnerability, there remains a need to strengthen external debt monitoring and compilation. China started submitting total and public external debt data for the Quarterly External Debt Statistics (QEDS) database, a notable step forward.

II. Data Standards and Quality

14. China has participated in the General Data Dissemination System since April 2002, and the metadata posted on the Fund’s Dissemination Standards Bulletin Board (DSBB) are regularly updated.

III. Data Reporting to STA for Publications

15. Despite improvements in reporting a number of breaks remain in the series, and comparable historical data are not available. Reporting of data to STA for IFS has, in the past, tended to be sporadic and with a considerable time lag. Following the introduction of new reporting arrangements, the timeliness of consumer price, industrial production, trade value, and total GDP data in IFS have improved substantially. No long-term time series are available for the consumer and producer price indexes and industrial production; rather the comparison is made each period with the same period of the previous year. However, the range of information is relatively limited, with no data published on wages, trade volumes, or prices/unit values. The authorities have resumed reporting data on international reserves for IFS. However, the monthly time series is now submitted every three months, instead of every month. With regards to BOP and IIP data, the authorities recently started submitting quarterly data to STA for IFS (BOP data are available on a quarterly basis starting in 2010 and IIP starting in 2011). Additionally, China participates in the CDIS and data on inward investments are available for 2009 and 2010.

Data Dissemination to the Public

16. The publication of a quarterly statistical bulletin by the PBC has significantly improved the timing and coverage of publicly available data on the monetary accounts and the main real sector indicators. However, the monthly statistical publications do not contain many time series (e.g., unemployment) or the disaggregation necessary for analysis. Moreover, several important time series, particularly on the main fiscal variables, are not released in a systematic and timely manner. Extensive annual economic data are available in various statistical yearbooks, but these are published nine months or more after the end of the year. Nevertheless, in the case of BOP and quarterly external debt data disseminated in QEDS, time lag is around four to seven months (BOP data are available for the third quarter of 2011 and external debt data are available for end 2011)

China: Table of Common Indicators Required for Surveillance(As of June 19, 2012)
Date of Latest ObservationDate ReceivedFrequency of Data9Frequency of Reporting9Frequency of Publication9
Exchange rates05/1206/12DM9D
International reserve assets and reserve liabilities of the monetary authorities103/1204/12MMM
Reserve/base money05/1206/12Q, MQ, MQ, M
Broad money05/1206/12MMM
Central bank balance sheet05/1206/12MMM
Consolidated balance sheet of the banking system05/1206/12MMM
Interest rates205/1206/12101010
Consumer price index305/1206/12MMM
Revenue, expenditure, balance and composition of financing4 – general government5201106/12AAA
Revenue, expenditure, balance and composition of financing4– central government05/1206/12MMM
Stocks of central government and central government-guaranteed debt6Q4/1106/12QQQ
External current account balanceQ1/1206/12QA, S11A, S11
Exports and imports of goods and services7Q1/1206/12MMM
GDP/GNP8Q1/1206/12A, Q (cumulative)A, Q (cumulative)A, Q (cumulative)
Gross external debtQ4/1106/12A, QA, QA, Q
International investment positionQ4/1104/12A, QA, QA, Q

Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Only 12-month growth rates are reported (price indices are not available).

Data on financing (foreign, domestic bank, and domestic nonbank financing) is not available.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Data on the exports and imports of goods are provided monthly. Services trade data is provided semi-annually and released with the current account statistics.

For real GDP, level data are available only on an annual basis (growth rates are available on a quarterly, cumulative basis).

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).

Interest rates change only infrequently; these changes are publicly announced.

Data provided semi-annually.

Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Only 12-month growth rates are reported (price indices are not available).

Data on financing (foreign, domestic bank, and domestic nonbank financing) is not available.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Data on the exports and imports of goods are provided monthly. Services trade data is provided semi-annually and released with the current account statistics.

For real GDP, level data are available only on an annual basis (growth rates are available on a quarterly, cumulative basis).

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).

Interest rates change only infrequently; these changes are publicly announced.

Data provided semi-annually.

Annex V. Technical Assistance
Table V.1.China: Summary of Technical Assistance, 2001–11
Tax System Reform
FADMission on VAT and inheritance taxApril 2001
FADMission on tax preferenceSeptember 2001
FADMission on financial sector taxationAug/Sep 2002
FADMission on personal income tax reformNovember 2003
LEGSeminar on basic tax lawDecember 2005
FADMission on VAT treatment of financial servicesApril 2006
FADMission on estimation of VAT gap and capacityJune 2009
FADMission on VAT treatment of financial servicesJune 2010
FADMission on tax gap analysisSeptember 2011
Tax Administration Reform
FADFive missions on computerizationsJune 2000–Oct. 2002
FADTwo missions on strategic planningNov. 2001–Aug. 2002
FADSeminar on Strategic Planning in WashingtonOctober 2002
FADMission on revenue administrationNovember 2003
FADReview of computerization projectSeptember 2004
FADMission on business process reengineering pilotNovember 2005
FADMission on IT modernizationJune 2006
FADMission on strategic planning, risk management, and taxpayer servicesSeptember 2006
FADMission on VAT invoice cross-checking and other administration issuesMarch 2007
FADMission on business process re-engineering and Golden Tax Project 3August 2007
FADSeminar on Strategic Planning and ManagementJanuary 2008
FADMission on VAT on Services, Resource Tax PolicyOctober 2009
FADMission on project management Golden Tax Project 3June 2010
FADExpert Visit on Strategic PlanningOctober 2010
FADMission on Tax Administration: Large TaxpayersOctober 2010
FADPeripatetic Expert Visit on Tax AdministrationOctober 2010
FADTax Policy and AdministrationSeptember 2011
FADTax Administration (Peripatetic Expert Visit 4 of 5)October 2011
FADTas Administration (Peripatetic Expert Visit 5 of 5)October 2011
FADLarge Taxpayer ComplianceOctober 2011
Public Financial Management
FADWorkshop on Government Fiscal Management Information SystemFebruary 2001
FADMission on treasury/accounting reform; macrofiscal coordinationNovember 2001
FADMission on budget preparation, classification, and treasury reformJune 2002
FADMission on budget classificationMarch 2003
FADWorkshop on Budget and Treasury Modernization in WashingtonOctober 2003
FADMission on treasury and accounting reformsNovember 2003
FADMission on Budget Law IMarch 2004
FADMission on cash managementApril 2006
FADMission on Budget Law IISeptember 2007
FADDiscuss FAD’s PFM program with authoritiesSeptember 2007
FAD/STAMission on Accrual AccountingSeptember 2007
FADSeminar on Local Government Cash managementDecember 2009
FADPresentation of the Budget Institutions PaperMay 2010
Intergovernmental Fiscal Relations
FADMission intergovernmental relationsNovember 2002
FADMission on subnational fiscal risksNovember 2003
FADConference on Reforming Assignments and Next Steps in Intergovernmental ReformsNovember 2007
STASeminar on General Data Dissemination SystemApril 2001
STAMissions on trade price statisticsJun. 2001-Jan. 2002
STAMission on GDDSFeb./Mar. 2002
STASeminar on GDDS/SDDS in WashingtonSeptember 2002
STAGDDS ReviewDecember 2003
STAMission on government financial statisticsJanuary 2005
STAMission on monetary and financial statisticFeb./Mar. 2005
STASeminar on International Investment PositionApril 2005
STASeminar on IIP StatisticsApril 2005
STASeminar on External Debt StatisticsAugust 2005
STAMacroeconomic statisticsMay 2006
STABalance of Payments and IIP CourseJune 2007
STAMission on monetary and financial statisticsAugust 2007
STASeminar on Balance of Payments and International Investment Position Manual, sixth edition (BPM6)April 2008
STABPM6 courseJune2009
STASeminar on Services StatisticsNovember 2009
STASeminar on financial derivates, direct investment and external debtSeptember 2010
STABalance of Payments and IIP CourseJune 2011
STAGovernment Finance StatisticsSeptember 2008
STAFinancial Soundness IndicatorsJune 2009
STAMonetary and Financial StatisticsOctober 2010
STAWorkshop on Special Data Dissemination StandardApril 2011
STAGovernment Finance StatisticsMay 2011
STAMonetary and Financial StatisticsApril 2012
Monetary Policy, Bank Supervision and AML/CFT
MFDMissions on banking supervisionOctober 2003
MFDBank RestructuringApril 2004
MFDAML/CFT IssuesSeptember 2003
MFDAML/CFT SupervisionMarch 2004
MFD/LEGAML/CFT advisory missionJanuary 2005
MFD/LEGAML/CFT IssuesApril 2005
LEG/MFDAML/CFT IssuesApril 2006
LEGAML/CFT mission to discuss TA to the Monetary Authority of Macao SARJuly 2006
LEGAML/CFT Legislative DraftingJuly 2006
LEGAML/CFT Legislative DraftingAugust 2006
LEGAML/CFT Legislative DraftingSeptember 2006
LEGAML/CFT Legislative Drafting TA to the Monetary Authority of Macao SARSeptember 2006
LEGAML/CFT Financial Institutions Inspection STX advice mission, Macao SARDecember 2008
LEGAML/CFT Financial intelligence Unit procedural improvements, Macao SARMarch 2010
LEGAML/CFT Legislative DraftingJuly 2010
LEGAML/CFT Legislative DraftingMarch 2011
Review of Technical Assistance
FADVisit to review UNDP/IMF/China fiscal reform TA programFebruary 2001
FAD/TASTwo missions for tripartite review of the UNDP/IMF/China fiscal reform TA programJan. 2002/Feb. 2003
MFDMission on TA needs in banking sector reformJuly 2002
MFDMission on TA needs in financial sectorOctober 2003
FADParticipation in UNDP/DFID fiscal reform workshopFebruary 2004
FADVisit to discuss TA needs under UNDP/DFID fiscal reform projectDecember 2004
LEGAML/CFT Mission to discuss future cooperation and TANovember 2009
INSCourses on Financial Programming and Policies (3)July 2000–June 2002
INSCourse on Banking SupervisionJune 2001
INSHigh-Level Seminar on Banking ReformMarch 2001
STASeminar on Money and Banking StatisticsApril 2001
MFDCourse on Banking Supervision (On-Site and Off-Site)July 2001
MFDBanking Risk ManagementJuly 2001
INSCourse on Financial Programming and PoliciesAugust 2001
MFDSeminar on Capital Account ConvertibilityOctober 2001
FADCourse on Public Sector Expenditure ManagementJune/July 2002
STASeminar on Balance of Payments and IIP StatisticsAugust 2002
STACourse on Government Financial StatisticsSeptember 2002
INSCourse on Banking SupervisionSeptember 2002
MFDCentral Bank AccountingNovember 2002
STACourse on Government Financial StatisticsSeptember 2003
INSCourse on Financial Programming and PoliciesOctober 2003
MFDCourse on Assessing Financial SystemsNovember 2003
INSCourse on Advanced Financial Programming (Washington)November 2003
STACourse on Monetary and Financial StatisticsNov./Dec. 2003
FADInternational Experience with Budget Law and Budget Law ReformMarch 2004
INSHigh-Level Seminar on Monetary Policy TransmissionApril 2004
LEG/MFDAML/CFT WorkshopApril 2004
INSHigh-Level Seminar on China’s Foreign Exchange SystemMay 2004
STASeminar on Coordinated Portfolio Investment SurveyApril 2004
INSCourse on Financial Market AnalysisJune 2004
MFDWorkshop on Ex and Balance of Payments IssuesJune 2004
INSCourse on Macroeconomic Management and Financial Sector IssuesJuly 2004
STASeminar on Quarterly National AccountsSeptember 2004
INSCourse on Financial Programming and PoliciesOctober 2004
STAHigh Level Seminar on Macroeconomic StatisticsJanuary 2005
MFDAML/CFT Training for PBC OfficialsFebruary 2005
LEGAML/CFT SymposiumMay 2005
MFDWorkshop on Monetary Strategy and OperationMay 2005
INSCourse on Financial Programming and PoliciesJune 2005
INSCourse on Macroeconomic Management and Fiscal IssuesJune 2005
LEGNational IT SymposiumJuly 2005
LEGAML/CFT WorkshopJuly 2005
INSCourse on Macroeconomic Management and Financial Sector IssuesJuly 2005
STACourse on External Debt StatisticsAugust 2005
STACourse on Monetary and Financial StatisticsSeptember 2005
MFDAML/CFT SymposiumSeptember 2005
MFDAML/CFT and Internal Control WorkshopNovember 2005
LEG/MFDAdvanced Training on ML and TF Typologies and STRsDecember 2005
LEGAML/CFT WorkshopJanuary 2006
MFDCourse on Foreign Exchange OperationsMarch 2006
INSCourse on Macroeconomic Management and Financial Sector IssuesMay 2006
LEGAML/CFT Workshop on Information Management TechnologyJune 2006
MFDCourse on Determining the Intermediate Target for Monetary PolicyJune 2006
STASeminar on Banking Statistics on Cross-Border FlowsJune 2006
INSCourse on Advanced Financial ProgrammingJuly 2006
INSCourse on Macroeconomic Management and Financial IssuesJuly 2006
LEGNational Workshop on IT for FIUsSeptember 2006
LEGAML/CFT Workshop on Mutual Evaluation ProcessOctober 2006
LEGAML/CFT SymposiumNovember 2006
LEGWorkshop for APC CountriesDecember 2006
LEGAML/CFT WorkshopMay 2007
LEGAML/CFT Training for SupervisorsMay 2007
LEGAML/CFT Training for Macao SAR SupervisorsMay 2007
INSCourse on Financial Programming and PoliciesMay 2007
STACourse on Balance of Payments StatisticsJune/July 2007
INSCourse on Macroeconomic Management and Financial Sector IssuesJuly 2007
LEGAML/CFT Training for Insurance and Securities Sectors SupervisorsOctober 2007
STACourse on Monetary and Financial StatisticsOctober 2007
MCMWorkshop on FSAP and Financial StabilityDecember 2007
MCMWorkshop on Stress TestingDecember 2007
LEGAML/CFT Risks in the Casino SectorDecember 2007
FADSeminar on Revenue ForecastingMarch 2008
LEGAML/CFT Legislative Drafting WorkshopJanuary 2008
FADSeminar on Revenue ForecastingMarch 2008
INSCourse on Financial Programming and PoliciesApril 2008
LEGAML/CFT Supervision WorkshopMay 2008
INSCourse on External VulnerabilitiesJune 2008
STACourse on Government Finance StatisticsSeptember 2008
STASeminar on Financial Soundness Indicators and Money and Banking StatisticsSeptember 2008
INSCourse on Macroeconomic Management and Financial Sector IssuesOctober 2008
LEGAML/CFT Risk-Based Supervision WorkshopNovember 2008
INSCourse on External Vulnerabilities AnalysisFebruary 2009
INSCourse on Financial Programming and PoliciesMay 2009
STACourse on Balance of Payments and International Position StatisticsJune 2009
INSCourse on Macroeconomic Management and Financial Sector IssuesNovember 2009
LEGAML/CFT Risk-Based Supervision WorkshopNovember 2009
INSCourse on Financial Programming and PoliciesJanuary 2010
STACourse on Monetary and Financial StatisticsMarch 2010
LEGAML/CFT Risk-Based Supervision WorkshopApril 2010
INSCourse on Macroeconomic Management and Financial Sector IssuesMay 2010
LEGAML/CFT Legislative Drafting MissionJuly 2010
LEGAML/CFT Risk-Based Supervision WorkshopSeptember 2010
STASeminar on Financial Soundness Indicators Reporting and DisseminatingSeptember 2010
STASeminar on Balance of Payments StatisticsSeptember 2010
MCMFinancial Regulation WorkshopOctober 2010
LEGAML/CFT Legislative Drafting MissionMarch 2011
INSCourse on Macroeconomic Management and Financial Sector IssuesMarch 2011
INSCourse on Macroeconomic ForecastingApril 2011
STACourse on Government Finance StatisticsMay 2011
STASTA Balance of Payments and IIP CourseJune 2011

Prepared by Asian Development Bank staff.

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