This summary will focus on two aspects: First, introduction on SAFE’s progress in the balance of payments, international reserves and external debts statistics in these years, which greatly improved the quality and transparency of statistical data; Second, the agenda in the coming future:

1. Working progress

1.1 The improvements in the balance of payments (BOP) and the international investment positions (IIP)

1.1.1 The SAFE started compiling international investment position (IIP) statement on a trial basis and solicited comments from relevant experts. Now the SAFE is compiling the IIP of 2003 and will do each year in the future.

1.1.2 The SAFE has made several adjustments to the statistical method associated with trade credits statistics, enlarged the scope of investigation, further defined the contents of investigation, and calculate the stock data of trade credits assets and debts in the year of 2003 by means of sample survey. The formulization of the trade credits method is under way.

1.1.3 From January 1, 2003, the timeframe for the ITRS income reporting has been shortened from 10 business days to 5 business days.

1.1.4 On January 9, 2003, “The Checking System on Balance of Payments Reporting Data (experimental)”was promulgated. It is a legislative guarantee for the improvement of the quality of ITRS reporting.

1.1.5 On February 11, 2003, the amended version of “The By-Laws of Regulations on Reporting of Balance of Payments Statistics” was released. It took effect as of March 1 2003.

1.1.6 On November 10-21,2003, we visited Italy and South Africa, and understood their experience in BOP statistics and IIP. Their advanced experience will be used for reference in our future work.

1.2 The improvements in the international reserves statistics

    The preparation for compiling the reserves data according to the reserves data template has been finished.

1.3 The improvements in the external debts statistics

1.3.1 In the SAFE’s annual report of 2002, the method for compiling external debts data is illustrated.

1.3.2 Cross-checks were made with the BIS in 2002 and with the World Bank in 2003.

1.3.3 The frequency of data dissemination has been increased from semi-annual to quarterly; and time lag of data dissemination has been shortened from 4 months to three months.

2. Short-term plans

2.1 The aspect of BOP and IIP

2.1.1 Sample survey method for trade credits will be formulated.

2.1.2 The classification of international transactions is standardized in accordance with BANLANCE OF PAYMENTS MANUAL (THE FIFTH), and will be applied as a national standard in practice of data collection and statistics after approved.

2.1.3 The SAFE formalizes the information collection of balance of payments transactions conducted through credit cards.

2.1.4 The semi-annual balance of payments statement will be disseminated in English on the SAFE’s web site.

2.2 The aspect of external debts statistics

The SAFE is studying to improve the statistical work on trade credit.

3. Medium-term plan

3.1 The aspect of BOP and IIP statistics

3.1.1 Disseminate of the IIP statement of China

3.1.2 Amend the Rules of Balance of Payments Statistics Reporting

3.1.3 the upgrade of BOP statistics and monitoring system and the unification of documents.

3.2 The aspect of external debts statistics

The SAFE will cross-check the external debts data in a larger scope.