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China’s foreign debts stabilizes in Q1
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China’s foreign debts declined slower in the first quarter with structure improving, indicating stabler cross-border capital flow, data from the State Administration of Foreign Exchange showed today.
Outstanding foreign debt amounted to US$1.36 trillion by the end of March, 3.6 percent down from the end of last year, SAFE said in a statement today.
The decline was 3.8 percentage points narrower than the quarterly drop in the fourth quarter.
Chinese companies have been actively paying back foreign debts along with the yuan’s depreciation in recent years, contributing to significant capital outflow from the country.
The administration said China’s foreign debt size is expected to stabilize according to recent data, and the credit risks are controllable.
It said the structure of China’s foreign debt is improving with greater longer term debts, and the recent decline was in line with cooler foreign trade activities.
The proportion of short-term foreign debt fell by 8 percentage points to 62 percent of the total from the end of last year, while the proportion of medium- and long-term debt rose 4 percentage points to 58 percent, the data showed.
Meanwhile, the decline of trade-related financing activities contributed to 66 percent of the total foreign debt decline in the first quarter.
Data also revealed a recovery of inter-corporate loans along with China’s economic restructuring, SAFE noted.
China in May implemented a new system to monitor cross-border financing that loosed control on approval of foreign debt issues while setting the upper limit of cross-border financing according to risk factors and enhancing inspection of financial institutions’ transactions.
SAFE said the new system will also help stabilizing the size of foreign debts and the administration will step up inspection to prevent abnormal cross-border capital flow.
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