Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
China's forex reserves rank 1st in world
Adjust font size:

China's foreign exchange reserves rose from $1,577 billion in 1978 to $1,950 billion in 2008 to rank first in the world, said Yu Wenzhe, Chinese Ambassador in Ghana, on Tuesday.

To the same token, China's per-capital annual income of $62.5 in 1978 reached $9,863 in the urban areas, showing an increase of over 100 percent.

Ambassador Yu Wenzhe announced this during a press briefing which was aimed at highlighting China's significant socio-economic development for the past 60 years.

The People's Republic of China would be 60 years on October 1, 2009 and the Chinese people and its allies are expected to celebrate the country's 60th anniversary with pomp and pride.

The stated achievement, he noted, was due to China's vigorous pursuance of a strategy or model that featured high speed socio-economic development.

He was happy that China has metamorphosed from agricultural country to an industrial nation with the result that the country is now ranked the third largest manufacturing country in the world.

On the strength of China's development, Yu urged African leaders to translate the continent's advantage in natural resources into socio-economic development.

The ambassador disclosed that in 2006, the output of 172 categories of Chinese products ranked first on the world market, adding that about 70 percent of DVDs and toys; 50 percent of telephone sets and shoes; one-third of color TVs, bags and suit cases were made in China.

To be part of Ghana's future success, he said, China had invested more in Ghana in the fields of economic and technical assistance, which included grant and cash, human resource training among others.

Touching on China's investment in Ghana, he said, China topped the list of countries with the highest number of registered projects in Ghana.

"Up to June 30, 2009, China had registered 387 projects in Ghana valued at $235.18 million," he added.

"To achieve a sustainable and steady development of China-Ghana bilateral trade, both sides should adopt effective measures to balance the trade," he stressed.

Yu said this against the backdrop that China's export to Ghana had increased rapidly between 2002 and 2007 as against Chinese imports from Ghana, which he noted, had decreased for two consecutive years since 2005.

(Xinhua News Agency September 25, 2009)

Tools: Save | Print | E-mail | Most Read Bookmark and Share
Pet Name
China Archives
Related >>
- China forex reserves top US$2.13 trln
- Macao's forex reserves exceed $17 billion in April
- China applies golden touch to diversify forex reserves
- China's forex reserves hit US$1.95 trln
- Forex reserves likely to be hot topic next month
June 7 Tokyo 2nd China-Japan High-Level Economic Dialogu

June 30 Shanghai 2009 Automotive Engine Technology Seminar

September 8-12 Xiamen China Int'l Fair for Investment and Trade
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?