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Practices and challenges In Compiling FOF(financial transaction) In China

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Practices and challenges In Compiling FOF(financial transaction) In China

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  1. Practices and challenges In Compiling FOF(financial transaction) In China By Wen Jiaoyue Statistics and Analysis Department, PBC, China

  2. Achievements of financial accounts in China • 1992-2010, 19tables • revised in compiling methods

  3. Main contents • Institutional sector classification • 􀂄Financial instruments • 􀂄Data sources • 􀂄Compiling methods • 􀂄Compiling procedure • 􀂄Challenges

  4. Institutional sector classification • Households • Government • Non-financialcorporations • Financial corporations • Rest of the world

  5. Financial instruments • Currency • Deposits • Loans • Insurance technical reserves • Inter-financial institutions accounts • Required and excessive reserves • Securities • bonds • shares

  6. Investment funds • Deposits with margin securities trading account • Cash in vault • Central bank loans • Miscellaneous(net) • Foreign direct investment • Changes in other foreign assets and debts • Changes in reserve assets • Errors and omissions in the BOP

  7. Data sources • Statistical data of PBC, • Ministry of Human resources and Social Security of People’s Republic of China; • Related ministries of the State Council.

  8. Compiling methods • 􀂄Consistent with 1993 SNA

  9. Compiling procedure • 􀂄Sector accounts, • 􀂄Transaction accounts, • 􀂄Matrix accounts

  10. Challenges • 􀂄(i) Time lags • As a consequence of the comprehensiveness and accounting homogeneity of flow-of-fund statistics, compiling, combining and processing information takes time and the data are only available with 1year lag. As different data suppliers have different release timetable, there are different time lags.

  11. (ii) Sector concern • With the reform of government from central planning to marketing economics, some institutional units should be reclassified as enterprises company, then, they are difficult to distinguish from banking database.

  12. (iii) innovation of financial instruments • Due to the innovation of financial instruments, items in off-balance sheets are growing fast, how to incorporate these items into the FOF is a challenge.

  13. (iv) different supervisor standard and different accounting standard • Different government institutions are responsible for different financial institutions ,so it is difficult to unified the classification of financial items. • And with the system of business accounting changing to comply with international standards, the breakdown of assets and liabilities is also changing, the data have to be consistent with years before.