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1、附录RethinkingFastGrowthinChina5sForeignExchangeReservesYuanlongWangI・IntroductionSince2000,China'sforeignexchangereserveshavebeengrowingfast.Bytheendof2001,China'sforeignexchangereserveshadexceededUS$200bnandbytheendof2002hadreachedUS$286.4bn.Bytheendof2003,ithadreachedUS
2、$403.3bnandin2004itreachedUS$609.9bn.InI999,China^sforeignexchangereservesaccountedfor15.6percentofitsGDP.TheratiohasbeengrowingcontinuallyandWas36.88percentofGDPby2004,makingChinathesecondlargestforeignexchangereserveholderintheworldafterJapan.StatisticsreleasedbyJapan'
3、sMinistryofFinanceon7July2005showthatbytheendofJunethesameyear,Japan"foreignexchangereservewerevaluedatUS$43.5bn.ChinahasreservesofUS$771bnbytheendofJune2005.However,ChinahasalargerratioofforeignexchangereservetoGDPthanJapan.In2005,China'sratioofforeignexchangereservetoG
4、DPwas37percent,whereasthatofJapanwas18percent.BytheendofDecember2005,ChinaforeignexchangereserveshadexpandedfurthertoreachUS$81&87bn.II.CauseofChinasSustainedHighGrowthofForeignExchangeReservesThemainreasonforChina^ssustainedfast-expandingforeignexchangereservesinrecenty
5、ears,iscontinualsurplusesinthecurrentandcapitalaccountsofChina'sbalanceofpayments.Intermsofsources,foreignexchangereservescanbedividedintocreditor'srights-basedreserveanddebt-basedreserve.Theformerisreservefromcurrentaccounts,whereasthelatterisfromthecapitalaccounts.Fore
6、ignexchangereservesofdevelopingcountriesaremainlycomposedofdebt-basedreserve.Sincethelatterhalfofthe1990s,thestructureofChina'sforeignexchangereservesourceshasundergonesignificantchange.From1994to1996,China'sforeignexchangereservesweremainlycomposedofdebt-basedreserve.Th
7、eincreasedforeignexchangereservesmainlycamefromcapitalaccountsurplus,whichmainlyresultedfromtheincreaseinforeigndirectinvestment(FDI).Since1997,thecreditor'srightssegmentofChina'sforeignexchangereserveshasgraduallybecomemoreincreased.However,during2003-2004thedebt-basedr
8、eservereboundeddramatically.Inthatperiod,thecapitalaccountsurplussoaredfromUS$52.726bnin2003toUS$1IO.66
