Others News
- Govt. to further relax forex curbs
Date: 30-Apr-2007 Sources: (Shenzhen Daily)
THE government will do more to spur capital outflows while keeping closer tabs on inflows of speculative capital as a way of putting its balance of payments position on a more even keel, a senior official said.
Speaking at a forum, Deng Xianhong, vice head of the State Administration of Foreign Exchange, said Friday the government was finding it challenging to temper its balance of payments position and that it would do more to address the issue.
'Generally speaking, the current problem in the balance of payments is still prominent and the task of balancing the balance of payments is very challenging,'he said.
Reiterating comments made previously by officials, Deng said the government would gradually loosen the forex restrictions on institutions and individuals and encourage companies of various ownership structures to invest abroad.
Priorities for this year included gradually allowing institutions and individuals to invest in a wider variety of products abroad, he said.
The government would also clamp down on growth in foreign debt, which grew by an annual 14.9 percent last year to US$323 billion, he said.
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