China does not lack capital: CSRC Chair

BEIJING, July 5 (People's Daily Online) -- China's rate of saving is the highest in the history of large economies, and the nation does not lack capital, the top Chinese regulator said recently.

An article titled "Adjusting financial structure to pave way for economy" by Guo Shuqing, Chairman of the China Securities Regulatory Commission (CSRC), was published on People's Daily, China's flagship newspaper on July 2.

"China's rate of saving is as high as 52 percent, ranking absolute the first in the world, and also ranking first in all history of large economies," Mr. Guo wrote in the article.

Mr. Guo's conclusion is based on the newly-released data from the National Bureau of Statistics of China.

According to the data, the total GDP of China in 2011 was 47 trillion yuan, of which, the final consumption was 22.5 trillion yuan, the capital formation was 22.9 trillion yuan and the net export was 1.2 trillion yuan.

"Even if we suppose that China's rate of saving is 45 percent, China's total annual saving still exceeds 21.5 trillion yuan, which is equal to 3.4 trillion U.S. dollars according to the current exchange rate," Guo wrote.

"This number is still very high in the world. Therefore, we cannot say that China lacks capital."

CSRC, a ministry-level institution directly under China's State Council, regulates China's securities and futures markets with an aim to ensure their orderly and legitimate operation. It is the top securities regulator of China.