Premier Zhu Urges Better Foreign Exchange Management

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Last updated at: (Beijing Time) Monday, January 06, 2003

Premier Zhu Urges Better Foreign Exchange Management

Chinese Premier Zhu Rongji has called for stricter exchange control to help maintain balance of international payments and facilitate the on-going economic reforms and modernization drive.

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Chinese Premier Zhu Rongji has called for stricter exchange control to help maintain balance of international payments and facilitate the on-going economic reforms and modernization drive.

While inspecting the State Administration of Foreign Exchange Friday, Zhu said great changes have taken place in the country's balance of international payments, with total foreign exchange reserves soaring from 21.2 billion US dollars in 1993 to 286.4 billion US dollars in 2002.

The premier spoke highly of the government policy to keep renminbi, the Chinese currency, from being devaluated during the Asian financial crisis.

"To stick to the policy is in the interests of our country," he said. "It has effectively safeguarded the country's economic growth and financial stability and won wide appraisal from the international community."

"The stability of renminbi and the sustained increase in foreign exchange reserves are major signs of the country's improving national strength and sustained and healthy economic development," the premier said.

He stressed that this year China would face a severe external economic environment and arduous tasks to develop the economy at home.

Under such circumstances, Zhu said, the foreign exchange administrative department should deepen reform, improve exchange control under current account and deal with convertibility under capital account cautiously.

Greater efforts must be made to monitor balance of international payments and build an early-warning system so as to be more capable of guarding against risks.

Meanwhile, the exchange control department must strive to improve working efficiency, continue to rectify and regulate the foreign exchange market and crack down on law-breaking activities such as fraudulence and illegal trading of foreign exchange.

Zhu urged the exchange administrative department to be more active in applying information technology to accelerate the establishment of a comprehensive information management system and have its computer network connected with those of banks, customs and other departments concerned.

He said technical training should be listed as a priority for building a rank of professionals well versed in the international economy, modern finances and market operations.

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