-
国家外汇管理局统计数据显示，截至2026年4月末，我国外汇储备规模为34105亿美元，较3月末上升684亿美元，升幅为2.05%。 2026年4月，受宏观经济数据、主要经济体货币政策及预期等因素影响，美元指数下跌，全球主要金融资产价格表现有所分化。汇率折算和资产价格变化等因素综合作用，当月外汇储备规模上升。我国不断巩固拓展经济稳中向好态势，发展韧性和活力进一步彰显，有利于外汇储备规模保持基本稳定。 2026-05-14/ningbo/2026/0514/2574.html
-
2026年3月，我国国际收支货物和服务贸易进出口规模49876亿元。其中，货物和服务贸易出口26437亿元，进口23439亿元，顺差2999亿元。服务贸易主要项目为：旅行服务进出口规模1833亿元，其他商业服务进出口规模1579亿元，运输服务进出口规模1428亿元，电信、计算机和信息服务进出口规模731亿元。 按美元计值，2026年3月，我国国际收支货物和服务贸易出口3829亿美元，进口3395亿美元，顺差434亿美元。 2026-05-14/ningbo/2026/0514/2573.html
-
The State Administration of Foreign Exchange (SAFE) recently released Preliminary Data on China’s Balance of Payments Statement for the Fourth Quarter and the year of 2015. The press spokesperson of the SAFE answered press questions on China's balance of payments as follows: Q: Could you brief us on China's balance of payments for 2015? A: China witnessed new changes to its balance of payments in 2015, with the twin surpluses that have continued for a long time replaced by the current account surplus and the capital and financial account (excluding reserve assets) deficit. First, the current account surplus grew to nearly USD 300 billion. The current account surplus was USD 293.2 billion in 2015, up by 33% year on year, and the current account surplus as a percentage of GDP was 2.7%, compared with 2.1% in the previous year. The surplus of trade in goods hit a new record high. In 2015, the surplus in trade in goods under balance of payments reached USD 578.1 billion, up by 33% year on year. The income from trade in goods was USD 2.145 trillion, down by 4%, while the expenditure was USD 1.5669 trillion, down by 13%. Trade in services continued to be in deficit. In 2015, the deficit of trade in services was USD 209.4 billion, up by 39% year on year. The income from trade in services was USD 230.4 billion, down by 1%, while the expenditure reached USD 439.7 billion, up by 15%. Travel racked up the highest deficit among the items under trade in services, which was USD 195 billion in 2015, up by 81% year on year. The reason was Chinese residents' strong demand for study, travel and shopping abroad. The deficit in primary income expanded. In 2015, the deficit in primary income (previously called primary yield) hit USD 59.2 billion, up by 74% year on year. The income was USD 230.1 billion, up by 8%, and the expenditure reached USD 289.3 billion, up by 17%. The cause of the deficit was that due to the heavy stock of FDI, the expenditure on return on investment grew faster than the income from the return on China's ODI. The deficit in secondary income contracted. In 2015, the deficit in secondary income (previously known as current transfers) hit USD 16.3 billion, down by 46% year on year. The income was USD 37.9 billion, down by 8%, and the expenditure was USD 54.2 billion, down by 24%. Second, the financial account was in deficit. China's non-reserve financial account deficit was USD 504.4 billion in 2015 (including net errors and omissions in the fourth quarter, but it is expected that the actual data may be lower than this figure). Net inflows from direct investments dropped. In 2015, net inflows from direct investments reached USD 77.1 billion, down by 63% year on year. On the one hand, net outflows for ODI hit USD 167.1 billion, up by 108% year on year, suggesting that as the Belt and Road Initiative was promoted, Chinese enterprises became optimistic about the prospects for overseas investments and stepped up efforts to go global. On the other hand, net inflows from FDI reached USD 244.2 billion, down by 16% year on year, which, however, suggested that overseas investors remained optimistic about the long-term prospects for investing in China and net inflows from FDI remained high. Third, foreign exchange reserves fell. As at the end of 2015, the balance of China's foreign exchange reserves was USD 3.3 trillion, down by USD 512.7 billion or 13% year on year. Specifically, the foreign exchange reserves arising from international transactions dropped by USD 342.3 billion, and the carrying value of the foreign exchange reserves arising from non-transaction factors such as changes of foreign exchange rates and asset prices fell by USD 170.3 billion. Q: Why did the current account surplus increase significantly amid capital outflows in 2015? Will capital outflows put China's balance of payments at risk? A: To answer this question, we should first look at the preparation of the Balance of Payments Statement. By the latest international standards, the Balance of Payments Statement contains the current account, and the capital and financial account. If errors and omissions are not taken into consideration, the absolute value of the current account surely equals that of the capital and financial account, and the sum of the two accounts is zero. This means that if the current account is in surplus, the capital and financial account is in deficit, to be sure. The larger the current account surplus, the higher the capital and financial account deficit. According to the recording principle of the Balance of Payments Statement, the increase in external assets or the decrease in liabilities is recoded as capital outflows. This means that the deficit of the capital and financial account indicates the increase in China's net external assets. Previously, when the current account surplus was heavy, China achieved the equilibrium of the balance of payments by increasing reserve assets or making outbound investments with reserve assets, which are shown as capital outflows. But this changed dramatically in 2015, with capital outflows arising from significant increase in reserve assets replaced by capital outflows arising from significant increase in net external assets held by other private sectors. The capital outflows in 2015 were the results of domestic banks' and enterprises' voluntary increase of their external assets and repayment of previous foreign financing, which were substantially different from withdrawal of foreign capital. In the year, reserve assets arising from international transactions dropped by USD 342.9 billion, and were shown as capital inflows in the Balance of Payments Statement while net capital outflows of USD 504.4 billion were recorded in the non-reserve financial account. This means while reserve assets were decreasing, net external assets held by the private sector were increasing. In the first three quarters (the data for the fourth quarter are unavailable), China witnessed an increase of USD 272.7 billion in external assets. To be specific, ODI as a result of the going global efforts went up by USD 115 billion, stock and bond investments through the Shanghai-Hong Kong Stock Connect or QDII, USD 57.3 billion, and other investments such as overseas deposits and foreign loans, USD 96.9 billion. External debt fell by USD 32.1 billion, while continued inflows of USD 184.1 billion were recorded under FDI. The decrease in external debt was chiefly due to the decreased non-resident deposits and the repayment of trade finance of previous years. Generally speaking, the current capital outflows from China are the result of the shift of China's external assets from reserve assets to the private sector, and China's external assets and liabilities structure ensures the stability of its foreign-related economy and its capability to withstand strong impact. First, China's current account has remained in surplus and its net external assets are immense. As at the end of September 2015, China posted USD 6.28 trillion in external financial assets, USD 4.74 trillion in external debt and USD 1.54 trillion in net assets, which enabled it to remain at the world's second place by net assets. So long as the current account remains in surplus, there will surely be capital outflows as a result of the increase in net external assets, which will either be in the form of reserve assets or be held by the private sector. Second, the central bank has an enormous amount of foreign exchange reserves, which will be favorable for the government to concentrate resources to withstand possible impact from capital flows. By the end of 2015, China's reserve assets amounted to USD 3.33 trillion, which was the highest worldwide, nearly 3 times that of Japan (USD 1.2 trillion), the No. 2 worldwide, and 5 times that of Saudi Arabia (more than USD 600 billion), the No. 3 worldwide. Third, unlike other countries' external debt that is mainly comprised of short-term stocks of foreign-owned companies and bond investments, China's external debt is mainly FDI, which is made for the purpose of long-term and stable operation. As at the end of September 2015, China's stock of FDI amounted to USD 2.85 trillion, accounting for 60% of its total liabilities. As these investments have been integrated into the real economy, if foreign companies want to withdraw their investments, they need time to cash in the land, plants and machinery they have, and enough support from cash flows even if they want to remit out the accumulated undistributed profits. Fourth, the additional net external assets of the private sector are mostly productive assets, such as ODI, which are the positive results of making better use of domestic and overseas markets and resources. Both theories and practices show that it is a trend that the private sector will allocate productive and financial resources at the global level at a certain stage of economic development. Last but not least, it is an objective economic law that capital inflows will alternate with capital outflows while the long-term large-scale capital inflows are not sustainable. Between 2000 and 2013, as international capital flooded into emerging markets, China witnessed an astonishing amount of net capital inflows, which amounted to USD 1.35 trillion. As the domestic and foreign economic environments change, it is inevitable that China will witness usual and orderly capital outflows. Therefore, we should objectively view the changes in the balance of payments such as the capital and financial account deficit and the decrease in foreign exchange reserves. Q: Could you please predict China's balance of payments in 2016? A: Overall, it is expected that the pattern of "current account surplus and capital and financial account (excluding reserve assets) deficit" will continue in China's balance of payments in 2016, with the balance of payments staying stable and cross-border capital flow risk within control. The current account will continue to be in surplus. On the one hand, trade in goods will be in surplus. The continued slow recovery of the world economy will help stabilize China's external demand. The IMF projection shows that the world economic growth will hit 3.4% in 2016, 0.3 percentage point higher than in 2015. Meanwhile, as the Belt and Road Initiative is implemented, bilateral and multilateral strategic cooperation will be deepened, providing new opportunities for exports. As the US dollar strengthens and the real demand remains sluggish, the commodity prices in the global markets will remain low, making it hard for import prices to rebound in the year. China's domestic demand will stay stable, so it is not very likely that imports will change dramatically and the import volume will remain lower than the export volume. On the other hand, trade in services will continue to be in deficit. Expenses on travel will still be the primary cause of the deficit as Chinese residents' consumption demand for travel and study abroad will remain strong. As a result, it is expected that the current account surplus, led by the surplus in trade in goods, will continue. The capital and financial account is expected to stay in deficit, with either cross-border capital outflows or inflows under different entries. First, overseas long-term capital will remain optimistic about China's economic prospects and market potential and foreign capital aimed at long-term investments will continue to flow in. China posted a net FDI inflow of USD 244.2 billion in 2015, and is expected to continue to witness a large-scale net FDI inflow in 2016. Second, the normalization of the US monetary policy and the operational risks facing the emerging markets will continue to heighten the fluctuations of China's cross-border capital flows, and domestic market players' demand for the allocation of overseas assets and the tendency to deleverage overseas liabilities will remain. If the US adjustment of its monetary policy is consistent with market expectations, its impact on the global financial markets will be gradually released and the capital outflows from China under the capital account will remain orderly and controllable. Overall, it is expected that China's balance of payments will remain stable and the cross-border capital flow risk will be within control in 2016. There are still many fundamental factors that support the stable and healthy operations of China's balance of payments. For example, with economic fundamentals having not changed substantially, China remains at the forefront among major economies by economic growth as its economic size keeps expanding, and the optimization and upgrading of its economic structure is accelerating. At the same time, China's current account remains in surplus, its foreign exchange reserves are still in abundance, and the outstanding short-term external debt as a percentage of the balance of foreign exchange reserves is far lower than 100%, the international security line. Therefore, China can fully ensure the receipts and payments in the balance of payments and is strong in withstanding the impact from cross-border capital flows. 2016-03-14/en/2016/0314/1193.html
-
The national foreign exchange administration work conference was held in Beijing recently. Following the gist of the 18th CPC National Congress, the third, fourth and fifth plenums of the 18th CPC Central Committee and the Central Economic Work Conference, the meeting reviewed foreign exchange administration in 2015, analyzed the current economic, financial and BOP situations and made plans for foreign exchange administration for 2016. Pan Gongsheng, Deputy Governor the People's Bank of China and Secretary of the CPC Leading Group of the State Administration of Foreign Exchange (SAFE), delivered a work report, and deputy administrators, chief accountants, heads of the SAFE branches (foreign exchange administration departments) and departments of the SAFE attended the meeting. The meeting pointed out that, under the leadership of the CPC Central Committee and the State Council and the guidance of the CPC Committee of the People's Bank of China, foreign exchange authorities, following the principle of seeking progress while maintaining stability, focused on making breakthroughs in the reform, accelerating administration streamlining and power delegation and the "five shifts" in foreign exchange administration, and stressing risk prevention and control in 2015, thereby successfully completing the tasks of the year. The upgraded version of the reform of centralized operation and management of foreign exchange funds of MNCs has achieved initial success, the pilot program of the cross-border foreign exchange payment business of payment institutions has been rolled out nationwide, the facilitation of direct investment convertibility has been enhanced, the pilot program of the macro-prudential management of external debt has been carried out steadily, the ongoing and ex-post monitoring management has been improved, the crackdown on foreign exchange irregularities has strong deterring effect, the foreign exchange reserves operation and management system and mechanism have been improved, and therefore, foreign exchange authorities' capabilities to support economic restructuring, transformation and upgrading have been further strengthened. The year 2016 is the first year of the 13th Five-Year Plan period, the meeting stressed. Currently, China's economy and finance run stably, the economic development fundamentals remain optimistic, featuring strong potential and high resilience, the balance of payments is in equilibrium, and foreign exchange reserves are abundant, suggesting China's financial system is robust. In the year, foreign exchange authorities should follow the spirit of the 18th CPC National Congress, and the Third, Fourth and Fifth Plenums of the 18th CPC Central Committee, as well as the plans of the Central Economic Work Conference to serve the new normal of economic development. Following the guidance of the "five shifts" in foreign exchange administration under the principles of seeking progress while maintaining stability and breaking new grounds, foreign exchange authorities should continue to boost administration streamlining and power delegation and law-based administration, promote trade and investment facilitation, push forward the capital account convertibility in an orderly manner, intensify monitoring of the balance of payments, and refine the external debt and capital flows management system under the framework of macro-prudential management to enhance the level of operation and management of foreign exchange reserves and ensure a good start of the 13th Five-Year Plan period. Priorities of foreign exchange administration for 2016 were set at the meeting. First, the reform of the way of foreign exchange monitoring will be pressed ahead with, with ex-ante approval made light of, ongoing and ex-post management improved, and the accuracy and foresight of the monitoring analysis of the balance of payments enhanced to improve the monitoring efficiency. Second, the foreign exchange administration services will be further optimized, with the current account facilitation reform deepened, and foreign exchange administration for cross-border investment and financing enhanced to accelerate the development of the foreign exchange markets. Third, risk prevention and control will be intensified. Foreign exchange authorities are required to guide banks to handle foreign exchange business in line with the three business principles and to strictly perform their responsibilities for authenticity and legitimacy review, crack down on foreign exchange irregularities and maintain the normal order of the foreign exchange markets. Fourth, efforts will be made to ensure sound operation and management of China's foreign exchange reserves, with a focus on coordinating the goals of security, flows and value preservation and growth and further diversifying the use of foreign exchange reserves. Fifth, strict Party conduct will be fully enforced, with the "two responsibilities" performed, and Party building further intensified, with a focus on cleaning up undesirable work styles, upholding integrity, teambuilding and internal management. 2016-03-16/en/2016/0316/1195.html
-
Q: Recent media reports say that China UnionPay will adopt a policy to impose a limit of USD 5,000 per transaction on overseas insurance merchants. Could you give us more details? A: The SAFE and China UnionPay do not change the policy on the use of bank cards with overseas insurance merchants. According to the Circular of the State Administration of Foreign Exchange on Issuing Merchant Category Codes for Prohibited and Restricted Use of Bank Cards Overseas (Huihan No. 19 [2004]) and the Circular of the State Administration of Foreign Exchange on Regulating the Management of Foreign-Currency Bank Cards (Huifa No. 53 [2010], the document updated and repealed the document of Huihan No. 19 [2004]), four merchant category codes (MCC) involve overseas insurance merchants. These merchants provide insurances under the current account that involves travel consumption, such as accident and illness insurances, and life insurance under the capital account that is of investment nature. Considering that domestic cardholders have the requirement for buying micro-insurance on their overseas trips or during their business communication, the SAFE defines insurance merchants as those allowed to accept a limited amount of payments by bank cards, while implementing the policy of the current account convertibility under bank cards. The amount per transaction between cardholders and such merchants should be no more than USD 5,000 or the equivalent, which can meet the reasonable requirements for buying micro-insurance and restrict investment insurance that involves the capital account. China UnionPay recently investigated overseas acquirers and found that some insurance merchants did not use the MCCs that are for merchants allowed to accept a limited amount of payments by bank cards and correspond to the industry codes, and required these acquirers to regulate the logo and use of MCCs to ensure the implementation results of regulatory policy and business rules. The SAFE has long supported and will continue to support cross-border use of bank cards to pay for normal travel consumption that is in compliance with regulations to facilitate international communication, and will not change the policy of buying foreign exchange domestically to pay for overseas consumption. Note: Merchant category code (MCC) is a code assigned to businesses based on their main business scope and industry classification. Q: Can domestic bank cards with logos of international card organizations such as VISA and MASTER be used with overseas insurance merchants? A: Both domestic bank cards with logos of international card organizations such as VISA and MASTER and of China UnionPay can be used with overseas insurance merchants. The SAFE has recently required the issuing banks of the domestic bank cards with logos of international card organizations such as VISA and MASTER to implement the regulations on merchants that are allowed to accept a limited amount of payments by bank cards in accordance with the compliance and authenticity requirements. Q: Can domestic cardholders evade the limit of USD 5,000 or the equivalent per transaction by swiping cards many times? A: Domestic cardholders are allowed to use their bank cards to pay for normal and reasonable insurance requirements involved in overseas trips and business communication. Given that cardholders may swipe cards many times to pay for insurance transactions for other purposes, the SAFE will work with bank card organizations and issuing banks to rigorously monitor cardholders and merchants suspected of getting involved in transactions paid for by swiping the cards many times, based on the records of bank card transactions. 2016-03-14/en/2016/0314/1192.html
-
The State Administration of Foreign Exchange (SAFE) received and processed 48 NPC motions and CPPCC proposals in 2015, which involved operation and management of foreign exchange reserves, supporting Chinese enterprises to go global, providing financial support for the Belt and Road Initiative and boosting the development of cross-border e-commerce. The SAFE attached great importance to the processing efforts, arranged relevant work, and made great efforts to carry out the related tasks. As a result, the processing of the relevant proposals and motions for 2015 was completed successfully, which can be attributable to the following aspects: first, close attention from the leadership and thoughtful arrangements. With the significance of the proposals and motions processing stressed by the SAFE's Party Leadership Group, the leaders in charge of this processing effort convened a special meeting to make arrangements and raise requirements for the processing. Second, improved systems and standardized processing. A special measure has been developed to make sure the processing is institutionalized and standardized. Third, good coordination and communication to enhance the processing level. The SAFE took various measures to communicate with the delegates and further listened to their opinions and suggestions to ensure the quality of the processing. Fourth, strengthened training and rigorous overseeing. Training was provided for the persons processing the proposals and motions and supervision was improved to make sure every proposal and motion was replied. After the completion of the processing, a wrap-up meeting was held to identify and summarize the experience gained and good practices in this processing effort. The year 2016 was the first year of the Thirteenth Five-year Plan. The SAFE should take the processing effort of 2016 as a touchstone for the implementation of the gist of the 18th CPC National Congress, the Third, Fourth and Fifth Plenums of the 18th CPC Central Committee and the Central Economic Work Conference and continue to improve its work styles, so as to do well in the processing of the proposals and motions from the NPC and CPPCC in 2016. 2016-03-11/en/2016/0311/1189.html
-
On February 3, 2016, Pan Gongsheng, deputy governor of the People's Bank of China and administrator of the State Administration of Foreign Exchange (SAFE), met with Andrew Rashbass, chief executive of Euromoney Institutional Investor, and Tony James, president of Blackstone, in Beijing. The current economic conditions in China should be viewed in an all-round and objective way, said Pan Gongsheng. Overall, China's economy is running in a reasonable range. Against the backdrop of the slowing world economy and global trade, and heightened fluctuations in the international financial markets, China maintained a mid-to-high growth rate of 6.9 percent in 2015, which was no easy job as China's economic aggregate had exceeded the basis point of USD 10 trillion and was relatively high compared with other countries. Pan stressed that China's slowing economic growth is attributed to the sluggish global economic growth as well as the Chinese government's active policy adjustment, and will be conducive to China's achievement of more sustainable and higher quality growth and to global economic rebalance. Going forward, China will focus on advancing the structural reform, especially the supply-side structural reform, to better balance economic growth, structural adjustment and risk prevention to achieve sustainable and stable economic development and make great contributions to global economic growth and rebalance. According to Pan, China's balance of payments stays stable, the cross-border capital flow risk is within control, and the RMB exchange rate remains stable against a basket of currencies, indicating there is no ground for sustainable depreciation of the RMB. While vigorously promoting trade and investment facilitation, China focuses on risk prevention, stressing the requirement of reviewing the authenticity and the level of compliance and cracking down on foreign exchange violations, and will not resort to capital controls as it did before. They also exchanged ideas on the current global economic and financial conditions. 2016-03-14/en/2016/0314/1190.html
-
April 19, 2007 - At the end of 2006, China 's outstanding external debt reached USD 322.988 billion (excluding that of the Hong Kong SAR, Macao SAR, and Taiwan Province , the same below), an increase of USD 41.943 billion or 14.92% compared with that at the end of 2005. Specifically, the outstanding long- and medium-term debt (with the remaining term) stood at USD 139.360 billion, an increase of USD 14.458 billion or 11.58% compared with that at the end of 2005. The outstanding short-term debt (with the remaining term) was USD 183.628 billion, an increase of USD 27.485 billion or 17.60% compared with that at the end of 2005. The short-term debt accounted for 56.85% of the total. Among the USD 322.988 billion external debt, the outstanding registered external debt was USD 218.988 billion and the balance of trade credit was USD 104 billion. Among the outstanding registered external debt, the amount borrowed by ministries and commissions directly under the State Council was USD 34.354 billion, accounting for 15.69%; that of domestic-funded financial institutions was USD 70.363 billion, accounting for 32.13%; that of foreign-funded enterprises was USD 60.842 billion, accounting for 27.78%; that of foreign-funded financial institutions in China was USD 49.634 billion, accounting for 22.67%; that of Chinese-funded enterprises was USD 3.521 billion, accounting for 1.61%; and that of other institutions was USD 274 million, accounting for 0.12%. The amount of registered long- and medium-term external borrowing in 2006 was USD 26.033 billion, an increase of USD 1.364 billion or 5.53% over the previous year. The principal repayment was USD 17.899 billion, a decrease of USD 2.852 billion or 13.74% over the previous year. The interest payment under the long- and medium-term debt was USD 3.105 billion, an increase of USD 23 million or 0.75% compared with the previous year. Initial calculations reveal that our debt service ratio in 2006 was 2.09%, the ratio of outstanding external debts to foreign exchange income was 30.42%, the ratio of outstanding external debts to GDP was 12.30%, and the ratio of short-term external debts to foreign exchange reserves was 17.22%. All of these indexes are within the safety limits of international standards. 2007-04-19/en/2007/0419/836.html
-
To push ahead with capital account convertibility and promote cross-border investment and financing facilitation, the State Administration of Foreign Exchange (SAFE) recently released the Regulations on Foreign Exchange Administration for Domestic Securities Investments by QFII (Announcement No. 1 of the SAFE in 2016, hereinafter referred to as the Regulations) to reform the foreign exchange administration system for qualified foreign institutional investors (QFII). The highlights of the Regulations include: first, easing the upper limit on the investment quota of a single QFII. The SAFE will no longer define a unified upper limit on the investment quota of a single institution and assign an investment quota (basic quota) to the institution in proportion to the size of its assets or assets under management (AUM). Second, simplifying quota approval management. A QFII's application for an investment quota that is within the basic quota will be subject to filing management, while the application for an investment quota that goes beyond the basic quota will be subject to SAFE approval. Third, further facilitating inward and outward remittances of funds. No requirements will be imposed on the deadline for the inward remittance of investment principal by a QFII. QFIIs will be allowed to subscribe and redeem open-end funds on a daily basis. Fourth, the lock-up period will be shortened from one year to three months, but the requirement that funds should be remitted out in batches and installments will remain unchanged, with the monthly total of outward remittance by a QDII no more than 20% of its domestic assets. The Regulations shall come into force as of the date of release. 2016-03-14/en/2016/0314/1194.html
-
To support the implementation of the Measures for the Declaration of Balance of Payments Statistics, and further improve the data quality and efficiency of trade credit survey, the SAFE has recently released the Circular on the Issuance of the Trade Credit Survey System (Huifa No.1 [2016], the “Circular”) to amend the trade credit survey system. The Circular strikes a balance between improvement of statistical data quality and reduction of reporting burden, with the amendment as follows: 1. Simplifying survey indicators. Corporate credit and bank credit, and short and long terms will no longer be differentiated. The statistical and reporting methods and dimensions will be basically consistent with the Accounting System for Business Enterprises (ASBE). 2. Improving the timeliness of surveys. Surveys will be conducted on a monthly rather than quarterly basis, and both monthly and annual surveys will be conducted, but on different companies. Data will be reported on a monthly and annual basis respectively. 3. Focusing on key enterprises. Enterprises above designated size will be the targets of surveys. The total number of companies to be surveyed will be consistent with the number in the past surveys, but most enterprises will participate in the annual survey and limited ones in monthly surveys. The Circular will come into force on August 1, 2016. 2016-02-14/en/2016/0214/1188.html