In 2010, China's External Debt Increased By 28%&Nbsp; Trade Credit Or Mixed Hot Money.

In March 31st, the state foreign exchange According to the data released by the authority, China in 2010 foreign debt The growth rate is 28% to 548 billion 938 million dollars (excluding foreign liabilities of Hong Kong, Macao and Taiwan), of which short-term foreign debt accounts for 68.44%.

In 2010, the growth rate of external debt was doubled in 2009, and the external debt balance increased by 14.4% to $428 billion 647 million at the end of 2009. But compared with the overall external debt, the growth rate of short-term external debt increased by 45% last year.

" RMB Trade credit and trade financing grew faster last year, pushing short-term external debt growth. The import and Export Chamber of Commerce will avoid risks or arbitrage through advance payment or deferred payment, while foreign exchange loans will grow rapidly, while foreign exchange reserves will be insufficient, and banks will borrow more foreign debts. Ding Zhijie, Dean of School of finance, University of International Business and Economics, said.

　　 Trade credit or mixed "hot money"

In 2010, the medium and long term foreign debt and short-term external debt continued to show a "shifting trend".

By the end of the year, the balance of external debt in the medium and long term increased by only 2.2%, to 173 billion 243 million US dollars, from 39.52% to 31.56%, while the proportion of short-term external debt increased by 8 percentage points to 68.44%.

In the short-term foreign debt balance of US $375 billion 695 million, the balance of trade credit was US $211 billion 200 million, accounting for 56.22%, and trade financing, such as credit support provided by banks for import and export trade, accounted for 21.74%, while the total of two accounted for 78% of the short-term external debt balance.

"This is closely related to the rapid development of China's foreign trade in recent years. As trade credit and trade financing have real import and export trade as the background, there will be no additional risk of external debt. " The safe said.

However, Ding Zhijie said that although trade credit and trade financing are theoretically based on real import and export trade, there is a lot of advance payment or deferred payment.

"Safe has already introduced measures, such as reducing the proportion of prepaid receipts and the delay payment basis for more than 90 days, reducing the short-term external debt index of financial institutions, to a certain extent, inhibiting the excessive growth of short-term external debt and preventing the" hot money "inflow. Ding Zhijie said.

Although the scale of short-term foreign debt balance is compressed, safe account data show that the debt balance of Chinese financial institutions increased by 44% to 135 billion 333 million US dollars in 2010, rising from 35.24% to 40.07%. The debt balance of foreign invested enterprises is 109 billion 576 million US dollars, accounting for 32.44%, and foreign financial institutions' debt balance is 48 billion 144 million US dollars, accounting for 14.26%.

　　 US dollar debt rises

According to the preliminary calculations, the debt repayment rate of foreign debt in 2010 was 1.63%, the debt rate was 29.25%, the debt ratio was 9.34%, and the ratio of short-term external debt to foreign exchange reserves was 13.19%, all within the international standard safety line, according to the preliminary calculations.

"The current level of external debt is still safe, but if we can strengthen the use of foreign exchange resources in China, there is still room for reducing the balance of foreign debt. There are so many foreign exchange resources in China, and the growth of foreign debt is also very fast. This is somewhat contradictory. " Ding Zhijie said.

The US dollar debt is still the main body of China's external debt, which accounted for 70.41% at the end of last year, up 2.65 percentage points from the end of 2009. The ratio of Japanese yen to euro debt declined, Japanese yen debt accounted for 8.56%, 3.33 percentage points lower than the end of 2009, euro debt accounted for 4.41%, and 1.97 percentage points lower than the end of 2009.

According to the debt type, the balance of international commercial loans is 270 billion 108 million US dollars, accounting for 79.98%, accounting for 5.56 percentage points. The balance of foreign government loans and international financial organizations loans is 67 billion 630 million US dollars, accounting for 20.02%.

From the point of view of investment, foreign debt invested in manufacturing industry accounted for 45 billion 743 million US dollars, accounting for 22.71%; for transportation, warehousing and postal services, we accounted for 25 billion 656 million US dollars, accounting for 12.74%; for the production and supply of electricity, gas and water, we accounted for 17 billion 299 million US dollars, accounting for 8.59%; for the real estate industry, we accounted for 10 billion 659 million US dollars, accounting for 5.29%; for information technology services, 8 billion 179 million US dollars, accounting for 4.06%.