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People’s Republic of China: Staff Report for the 2015 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund. Asia and Pacific Dept
Published Date:
August 2015
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Fund Relations

(As of May 31, 2015)

Membership Status: Joined 12/27/45; Article VIII (December 1, 1996)

General Resources Account:

SDR Million% Quota
Quota9,525.90100.00
Fund holdings of currency9,281.6297.44
Reserve position in Fund244.322.56
Lending to the Fund
New Arrangements to Borrow3,156.39

SDR Department:

SDR Million% Allocation
Net cumulative allocation6,989.67100.00
Holdings7,495.03107.23

Outstanding Purchases and Loans: None

Financial Arrangements:

TypeApproval DateExpiration

Date
Amount

Approved

(SDR million)
Amount

Drawn (SDR

million)
Stand-by11/12/8611/11/87597.73597.73
Stand-by03/02/8112/31/81450.00450.00

Projected Payments to Fund (SDR million; based on existing use of resources and present holdings of SDRs):

Forthcoming
201620172018
Principal0.000.000.00
Charges/interest0.120.120.12
Total0.120.120.12

Exchange Arrangements:

China’s exchange rate regime has been classified as a crawl-like arrangement since June 21, 2010. De jure classification of the exchange rate is managed floating. On July 21, 2005, the People’s Bank of China (PBC) announced that the exchange rate of the renminbi against the U.S. dollar would be revalued upward by about 2.1 percent (from RMB 8.28/US$ to RMB 8.11/US$) and the exchange rate regime would move to a managed float in which renminbi’s value is set with reference to a basket of currencies. The stated intention of the Chinese authorities was to increase the flexibility of the renminbi’s exchange rate. The authorities indicated that they will not publish the currencies in the reference basket and their relative weight. The PBC indicated that it would adjust the exchange rate trading band as necessary to reflect market developments and financial and economic conditions. Under the new regime, the band around the daily trading price of the U.S. dollar against the renminbi was kept at ± 0.3 percent around the central parity published by the PBC while the trade prices of the non-U.S. dollar currencies against the renminbi were allowed to move within a certain band announced by PBC, which was initially set at ±1.5 percent and increased to ±3 percent in September 2005. In August 2005, the governor of PBC revealed that U.S. dollar, euro, Japanese yen, and Korean won were the main currencies included in the basket; and U.K. pound, the Thai baht, and the Russian ruble were among other currencies included in the basket. In May 2007, the band around the daily trading price of the U.S. dollar against the renminbi was widened to ± 0.5 percent. After maintaining the renminbi closely linked to the U.S. dollar between July 2008 and June 2010, the PBC announced on June 19, 2010 a return to the managed floating exchange rate regime prevailing prior the global financial crisis with the exchange rate allowed to move up to +0.5 percent from a central parity rate to enhance the effectiveness of monetary policy. As of today, the band has been widened to 2 percent, allowing daily fluctuations relative to the central parity rate. The trading prices for the RMB against the euro, Japanese yen, pound sterling, Australian dollar, Canadian dollar, and New Zealand dollar float within a 3 percent range of the current day’s middle exchange rates for the RMB against these currencies. The trading prices against the Malaysian ringgit and the Russian ruble float within a 5 percent range of the current day’s middle exchange rates of the RMB against these currencies. The trading price of the RMB against the Thai baht in regional interbank markets floats within a 10% range of the reference price.

On January 4, 2006, over-the-counter (OTC) trading of spot foreign exchange was introduced with 15 banks initially designated as market makers. The number of market makers has since risen to 31 with all the banks approved as spot market makers, and 27 approved as forward and swap trading market makers by the end of 2014. The centralized spot foreign exchange trading system (CFETS) remains operative, but its central parity rate (renminbi against the U.S. dollar) is now based on a weighted average of CFETS and OTC transactions. Under the new system, CFETS first inquires prices from all market makers before the opening of the market on each business day, exclude the highest and lowest offers, and then calculates the weighted average of the remaining prices in the sample as the central parity for the renminbi against the U.S. dollar for the day. The weights for the market makers, which remain undisclosed, are determined by the CFETS using various factors, including the transaction volumes of the respective market makers in the market. The method for determining is as follows: The CFETS determines the middle rate for the renminbi against the ringgit, yen, and the ruble similarly. The middle exchange rates of the renminbi against the euro and Hong Kong dollar, and pound sterling, respectively, are determined through cross rates by the CFETS based on the day’s foreign exchange middle rate for the renminbi against the U.S. dollar and the exchange rates for the U.S. dollar against the euro, yen, Hong Kong dollar, and pound sterling on international foreign exchange markets.

China accepted the obligations of Article VIII, Sections 2, 3, and 4 of the Fund’s Articles of Agreement on December 1, 1996. There are repatriation requirements on proceeds from exports and from invisible transactions and current transfers. Starting on August 13, 2007, all enterprises (domestic institutions) having foreign exchange revenue from current operations may keep foreign exchange receipts according to their operational needs in their current foreign exchange accounts. With SAFE approval or registration, domestic institutions may open foreign exchange capital accounts and retain foreign exchange revenues from capital transactions. Domestic institutions that had no current foreign exchange revenue may purchase foreign exchange for imports in advance based on documentary proof of the payment and deposit the funds into their foreign exchange accounts. Individuals may, also open foreign exchange savings accounts and deposit foreign exchange purchased in accordance with the relevant regulations. There are no measures currently in force that have been determined to be exchange restrictions subject to Fund jurisdiction. However, China has notified measures to the Fund, pursuant to procedures under the Executive Board Decision 144-(52/51), which apply to measures imposed solely for national or international security reasons.

Exchange controls continue to apply to most capital transactions. Effective on July 1, 2006, quotas on foreign exchange purchases for foreign direct investment (FDI) were abolished, and domestic investors were allowed to purchase foreign exchange to finance pre-FDI activities. Since December 1, 2002, qualified foreign institutional investors (QFIIs) have been allowed to invest domestically in A shares, subject to certain restrictions, and all nonresidents have been allowed to purchase B shares, which are denominated in U.S. dollars or Hong Kong dollars. The overall investment limit for QFIIs was US$150 billion in 2014. As of the end of 2014, a cumulative total of 251 QFIIs had been approved, with a total investment limit of US$49.701billion. The Qualified Domestic Institutional Investor (QDII) scheme was introduced in 2004, and measures have since been taken to promote its development. Since May 1, 2006, residents can freely purchase up to US$20,000 foreign exchange and this limit was raised to US$50,000 in September 2006. Above this amount, purchases require relevant documents. In May 2007, the QDII scheme was expanded to allow qualified banks to invest retail funds in foreign equities. Effective July 5, 2007 the China Securities and Regulatory Commission extended QDII to securities and fund-management companies. The firms have to meet certain capital and other requirements. From April 2006, qualified insurance companies were also allowed to invest their own foreign exchange externally under the QDII scheme up to 15 percent of their total assets. QDIIs may also invest in foreign derivative instruments.

The use of renminbi in international transactions has been expanded. In 2010, international financial institutions were approved to raise funds domestically in renminbi for use offshore. Since August 2011, trade transactions between all provinces and cities in the Mainland with other countries may be settled in renminbi. Since August 17, 2010, eligible foreign institutions may invest in the interbank bond market in renminbi. The eligible institutions include foreign banks engaged in cross-border trade settlements in renminbi, the Hong Kong SAR and Macao SAR region renminbi clearing banks, and foreign central banks and monetary authorities. These investments are subject to limits, but there is no minimum holding period. Starting from January 6, 2011, resident enterprises in 20 provinces and cities in the Mainland may use renminbi for outward FDI in those countries which accept such settlement. In December 2011, a new pilot scheme was announced to allow up to RMB20 billion in portfolio flows into the securities markets (through a renminbi Qualified Foreign Institutional Investor scheme), and in October, rules were published to allow overseas firms to invest renminbi raised offshore in the Mainland as foreign direct investment. Since 2012 all residents and nonresidents can use RMB for FDI. RMB qualified foreign institutional investors (RQFIIs) may invest in domestic securities markets. Under the expanded RMB qualified foreign institutional investors (RQFII) scheme, Hong Kong subsidiaries of Chinese financial institutions, as well as financial institutions registered and operated in Hong Kong SAR, may invest in domestic securities markets using RMB proceeds raised overseas. RMB clearing banks were or will be established in Singapore, Taiwan Province of China, France, Canada, Luxembourg, Australia, Germany, Korea, and the UK.

As of 2014, resident-associated companies of multinational corporations may directly lend to overseas-associated enterprises within a certain limit; they may also provide loans to overseas-associated enterprises through domestic banks. Foreign loans to domestic institutions, with a maturity of more than one year, are subject to NDRC approval. Short-term external borrowings are subject to the limits of SAFE approval. All external borrowing must be registered with the SAFE.

Article IV Consultation:

China is on the standard 12-month consultation cycle. The 2014 Article IV mission was concluded on June 5, 2014 and the staff report was published on July 30, 2014.

Technical Assistance:

Technical assistance provided from 2001 through September 2015 is summarized in Annex V.

Resident Representative:

The resident representative office in Beijing was opened in October 1991. Mr. Alfred Schipke is the Senior Resident Representative and Mr. Waikei Raphael Lam is the Deputy Resident Representative.

World Bank-IMF Collaboration

(As of June26, 2015)

1. The IMF China Resident Representatives held discussions with the World Bank team in May 2015 to exchange views on key areas of reform to ensure sustainable medium-term growth in China, minimize risks, and improve the inclusiveness of growth. The teams discussed their agendas for 2015-16. The last such meeting was held during December 2014 in Beijing.

2. The teams agreed the focus of reform in China should be on shifting growth to a more balanced and sustainable path, along the line of the Third Plenum reform blueprint. Reforms should aim at preventing further buildup of risks stemming from rapid credit growth and quasi-fiscal spending, and move the economy to a more inclusive, environment-friendly, and sustainable growth path. Giving the market a more decisive role, eliminating distortions, and strengthening institutions will result in a more efficient use of resources, faster productivity growth, and rising living standards across the income spectrum.

3. Based on this assessment, teams identified the following reform areas as macro-critical:

  • Financial sector reforms. Further progress in financial sector reform is central to containing risks and boosting growth by facilitating better allocation of resources. Widespread implicit guarantees—of savers, intermediaries, and borrowers—and the cap on deposit rates distort the pricing of risk and borrowing costs, resulting in misallocation of credit and inefficient investment. Key measures in this area include deposit interest rate liberalization, stepped-up supervision and regulation of the financial system and overhaul of the system of resolving failed financial institutions. In addition, stronger measures to monitor and regulate the large shadow banking sector should be taken. Renewed focus on reforming the role of the state in the financial sector should be made, with particular emphasis on the governance of state financial institutions. More effective mechanisms to be put into place to ensure a functional crisis management framework is in place and more coordinated macroprudential monitoring is implemented. And there is a need to continue to push for innovations to facilitate greater financial inclusion for those households and businesses not served by the formal financial markets.

  • Fiscal reforms. Off-budget spending, in infrastructure but also in other areas, undertaken by local government-owned entities have led to a significant buildup of debt. Bringing these projects on-budget and strengthening control over public financial management will help control fiscal risks. Improving the fiscal framework is a priority for the medium term, including strengthening budget processes, data transparency, local government finances, and medium-term budget planning. Tax reforms—many of them planned and some already partly in place or in pilot form—will promote more efficient and inclusive growth. These reforms include extending the VAT to services, improving the progressivity of the personal income tax, and implementing a property tax.

  • Reform of social safety nets. Further strengthening the pension and health insurance systems—including by improving adequacy and expanding coverage—would have macro-benefits such as reducing precautionary household savings. It is also crucial to improve benefit portability across provinces and economic sectors. Reforms should be done in a way that ensures the sustainability of the social security system, including through parametric changes to the pension system and transferring the welfare and legacy components to the budget.

  • SOE reform. Reforms include opening up to full and fair competition activities currently reserved to SOEs, properly pricing finance and other factor inputs, requiring adequate dividend payments to the budget, and imposing hard budget constraints. Opening up the service sector to more competition will also be critical for generating the productivity gains necessary to fuel growth and for boosting household income, as services tend to be more labor intensive than industry.

  • Green growth. Air pollution, water quality and supply, and issues such as desertification, dependence on coal, and degradation of grasslands have social, health, and economic effects. Underpricing of energy and inadequate consequences for pollution have worsened these effects while contributing to China’s dependence on industry. Raising these factor costs to capture the cost of externalities and investing in renewable energy will make growth more sustainable and inclusive. This will also require mobilization of private capital and utilize the capital markets to support green investments.

  • Infrastructure. Investment in infrastructure has been a key driver of the Chinese economy, particularly during the slowdown around the Global Financial Crisis. However, the rapid pace of investment has in some cases left communities behind, and in other cases has led to excessive investment in projects with relatively low social or financial returns. Filling in the gaps of investment in social projects will make growth more inclusive while improving the overall social and financial efficiency of infrastructure investment. Measures to improve the process of approving new infrastructure projects will ensure that investments are focused in areas of the highest social return.

4. The teams agreed to the following division of labor.

  • Financial sector reforms. The Bank is working with the authorities on the development of a financial sector reform strategy. The Fund will continue to follow up on the recommendations of the 2011 FSAP and provide technical assistance to the Chinese authorities as needed.

  • Fiscal reforms. The Bank will continue to work with the Ministry of Finance (MOF) to help in implementing key reforms in public finance in the context of a proposed fiscal technical assistance investment project. The Fund will continue its technical cooperation on the fiscal framework and budgetary preparation, including strengthening the medium-term macro and fiscal framework, enhancing local government borrowing monitoring, and modernizing accounting and treasury management. The Fund will also continue to discuss the near- and medium-term implications of China’s fiscal stance and policy choices on the broader economy as well as implications for global spillovers.

  • Social safety nets. The Bank will continue to work with the Chinese authorities on reforms to improve the equity, sustainability, and portability of the Chinese pension system. This includes helping provincial governments in developing more centralized information systems. The Bank will also work with MOF to optimize fiscal risk management associated with social security liabilities in the context of the fiscal technical assistance investment project. The Fund will look at issues related to the how different social insurance schemes (including pensions and health care) fit into the medium-term fiscal and macroeconomic policy framework. The Fund will also review the balance between benefits and financing from different revenue sources, including social contributions and other revenue.

  • Green growth. The Bank’s focus on climate change and renewable energy in China will continue to emphasize cutting-edge renewable energy technologies, scale-up of energy conservation and investments in energy efficiency, and green building policies (for heat and energy efficiency). Engagements with a climate change focus will extend to expansion of distribution of electricity from natural gas generation, analysis of carbon capture and storage potential, and development of carbon markets. The Fund will continue to discuss options to capture the cost of externalities through the use of fiscal policy such as better calibration of excise and other taxes. It is ready to provide assistance on shifting the pricing and taxation of energy, and discussing the growth and fiscal implications of such a shift.

5. Teams have the following requests for information from their counterparts:

  • The Fund team requests to be kept informed of progress in the above macroeconomic structural reform areas, as milestones are reached and at least on a semiannual basis.

  • The Bank team requests to be kept informed of the Fund’s assessments of macroeconomic policies and prospects in the context of the Article IV consultation and staff visits, and at least semiannually.

The following table lists the teams’ separate and joint work programs for June 2015–June 2016.

Appendix I. China: Bank and Fund Planned Activities in Macrocritical Structural Reform Areas
ProductsExpected Delivery Date
Bank Work Program
  • China Economic Reform Implementation Project (umbrella TA project, including various subprojects with MOF, PBC, and provincial finance bureaus).

  • China Economic Update

  • “Just-in-time” Policy Notes for MOF

  • TA on Mid-term Macrofiscal Framework

  • Subnational Intergovernmental Fiscal Relationship

  • Municipal Financing and Local Debt Management

  • Inclusive Finance Academy

  • Financial Consumer Protection and Consumer Literacy

  • Financial Reform Strategy

  • Capital Market Development

  • Deepening health reform in China-building high quality and value-based service delivery

  • Ongoing

  • Ongoing

  • Delivered on demand

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

Fund Work Program
  • December Staff Visit

  • 2016 Article IV Consultation

  • Cooperation Program for Fiscal Reforms (FAD)

  • Dec 2015

  • May/June 2016

  • Ongoing

Joint Work Program
  • Financial Sector Assessment Program

  • 2016

Relations With the Asian Development Bank1

1. The Asian Development Bank’s (AsDB) partnership with the People’s Republic of China (PRC) has grown in many ways since the PRC became a member of AsDB in March 1986. The PRC is AsDB’s second largest shareholder among regional members and the third largest overall, as well as an important middle-income country client. By the end of 2014, the PRC’s cumulative borrowing from AsDB reached $29.35 billion with 215 loans for public sector projects. Of the total public sector loans, 56.8 percent was allocated to the transport sector, followed by agriculture and natural resources (11 percent) and water and other municipal infrastructure services (12.8 percent), energy (12.5 percent), industry and trade (2.3 percent), finance (2.3 percent), education (0.5 percent) and multisector (1.7 percent). Over the past 27 years, AsDB has helped finance 27 private sector projects in the PRC totaling $4.96 billion. AsDB also funds technical assistance for the PRC. By the end of 2014, AsDB had provided a total of $446.933 million for 714 technical assistance projects, consisting of $139.956 million for preparing projects and $306.977 million for policy advice and capacity development.

2. Overall, the PRC has demonstrated strong capabilities in implementing projects. The good performance shows the strong sense of project ownership among agencies involved in the design, implementation, and management of projects, as well as the rigorous screening process for development projects, particularly those proposed for external financing. Loan disbursement and contract award performance is good.

3. The PRC has demonstrated its strong partnership with AsDB by contributing to the Asian Development Fund, establishing the $20 million PRC Poverty Reduction and Regional Cooperation Fund (the PRC Fund), and replenishing another $20 million to the PRC Fund. The PRC Fund—the first fund established in AsDB by a developing member country—providing technical assistance projects to support subregional cooperation initiatives, particularly Central Asia Regional Economic Cooperation (CAREC) and Greater Mekong Subregion (GMS) programs.

4. The Asian Development Bank’s Country Partnership Strategy (CPS) 2011–2015 was endorsed by AsDB Board of Directors in May 2012. The CPS 2011–2015 is aligned with the priorities of the PRC’s 12th Five-Year Plan 2011–15 that intersect with those of AsDB’s long-term Strategy 2020, particularly the redoubling of efforts to promote socially inclusive and environmentally sustainable development. The CPS reflects the PRC’s changing circumstances as a rapidly growing middle-income country with increasing emphasis on innovation and value addition and South-South cooperation to underpin the evolving AsDB-PRC partnership. The CPS is built on three strategic pillars: (i) inclusive growth, (ii) environmentally sustainable growth, and (iii) regional cooperation and integration. It identifies four priority sectors for country operations during the CPS period: (i) energy, (ii) natural resources and agriculture, (iii) transport, and (iv) urban development. The sector selection reflects AsDB’s comparative strengths and expertise through its longstanding operations in these sectors.

5. Projected public sector lending in 2014–2016 will total about $4.13 billion, of which 32 percent will support the transport sector; 27 percent for agriculture, rural development, and natural resource management; 30 percent for urban development, water supply, and sanitation improvement; and 11 percent for the energy sector. Over 90 percent of the projects are located in the western, central and north-eastern regions in line with the CPS’s priorities of promoting inclusive growth and environmentally sustainable growth.

6. AsDB’s technical assistance will complement the lending program to improve the sector policy environment, support governance and capacity development, and strengthen the knowledge base and innovative features of lending operations.

China: AsDB’s Commitments and Disbursements (Public Sector Loans), 1993–2014(In millions of U.S. dollars)
YearCommitments 1/Disbursements 2/
19931,031371
19941,618492
19952,304558
19963,282707
19974,033715
19984,518818
19995,337792
20006,159832
20016,7481,313
20027,563782
20038,075705
20048,733636
200511,060892
200611,794988
200713,2141,190
200814,5191,234
200915,6231,342
201016,9641,342
201118,2441,580
201219,4761,343
201320,4161,063
201421,7481,303

Refers to cumulative contract awards.

Refers to disbursements for the year.

Refers to cumulative contract awards.

Refers to disbursements for the year.

Statistical Issues

Assessment of Data Adequacy for Surveillance

1. Data provision has some shortcomings, but is broadly adequate for surveillance. Priorities for improvement include national accounts and government finance statistics. Progress has been made in meeting the SDDS standard, as most of data requirements are observed although several data categories are compiled but not disseminated in accordance to the SDDS standard (for instance, the quarterly GDP is compiled on a cumulative and not a discrete basis). Some planned improvements include strengthening the data dissemination by the National Bureau of Statistics (NBS), and revising the reporting codes and classification of BOP transactions to Balance of Payments and International Investment Position Manual, Sixth edition (BPM6) by the State Administration of Foreign Exchange (SAFE). For a fuller discussion planned improvements see (http://dsbb.imf.org/Pages/GDDS/SummaryReport.aspx?ctycode=CHN&catcode=s1)

Real Sector Statistics

2. The National Bureau of Statistics (NBS) compiles and disseminates annual GDP by activity in current and constant prices (2010) and quarterly estimates of GDP. Both the annual accounts and quarterly accounts are based on the System of National Accounts, 1993 (1993 SNA). The techniques for deriving volume measures of GDP are not sound and need to be improved. GDP by expenditure is compiled at current and constant prices, but the constant price estimates are not published. Data on the expenditure components of GDP are not available on a quarterly basis. Nevertheless, the NBS has made a number of improvements to the range and quality of national accounts data, the most important being improving the exhaustiveness of the GDP estimates by activity. Further improvements are intended for both the annual and quarterly accounts, however, no target dates have been set. As in other countries, rapid economic change, including the expansion of the private sector, presents new problems for data collection and compilation. The ability to change the data collection systems is restricted by the decentralized nature of the statistical system.

3. Monthly industrial production, retail sales, and fixed investment indices are compiled with the corresponding month of the previous year as a base period but, no chain-linked indices are produced. Data revisions tend to be made without publishing the entire revised series.

4. Labor market statistics—including employment and wage data—are not comprehensive, and are only available on a quarterly basis.

5. In January 2001, the NBS began to publish a Laspeyres price index that provides a time series for each January to December including last month=100, same month of preceding year=100, and same period of preceding year=100. This more accurately reflects consumer spending patterns (e.g., the weight of services increased, while the weight of food declined). The number of survey items has been expanded to at least 600 for small cities and counties and more for large and medium-size cities (e.g., 1800 for Beijing). The most recent weights of the major CPI components were provided to the staff in 2006.

Government Finance Statistics

6. Serious data shortcomings continue to hamper fiscal analysis. Data on the social security and extra budgetary funds are only provided annually and with a long lag. Expenditure classification remains in need of improvement, mainly because data by economic type are not published. The authorities have indicated an intention to begin collecting these data and to develop accrual based measures of fiscal performance over the medium term while also strengthening the compilation of cash based GFS.

Monetary and Financial Statistics

7. In recent years, improvements have been made in monetary and financial statistics. However, the monetary and banking surveys lack sufficient detail with regard to bank claims on the government, hampering the estimation of the fiscal deficit from the financing side. The reported net foreign assets position of PBC does not include exchange rate valuation effects and interest earnings on foreign reserves. The PBC has also ceased to report separate data on central government deposits in its balance sheet since April 2005 because the MOF no longer distinguishes between central and other government deposit accounts. This change has led to breaks in data series of monetary base and monetary aggregates.

8. The monetary and financial statistics missions in March 2015 made several recommendations for improvements in monetary data compilation with a view to accelerating PBC’s implementation of the standardized report forms (SRFs). The authorities plan to finalize the SRF data for depository corporations by the end of 2015 and begin regular reporting of SRF data after PBC’s review and approval process of these data is complete.

9. With regards to financial soundness indicators (FSIs), the authorities expanded the data scope in early 2015 by including two encouraged FSIs for deposit takers in their regular reporting to the Fund.

External Sector Statistics

10. The data are compiled (in U.S. dollars) largely in accordance with the fifth edition of the Balance of Payments Manual (BPM5). From 2015, the data are complied largely in accordance with the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6). The authorities continue their efforts to improve the coverage of direct investment transactions in the balance of payments (BOP) and IIP statistics, and progress is being made in developing these statistics. Since the International Transactions Reporting System is the major data source for balance of payments (BOP) statistics, in order to ensure its smooth operation, regular training programs for staff in the provincial offices of SAFE have been recommended. In 2011, China commenced participation in the Coordinated Direct Investment Survey (CDIS), although only inward direct investment positions are currently recorded.

11. Despite an ostensibly modest level of external vulnerability, there remains a need to strengthen external debt monitoring and compilation. In 2010, China started submitting total and public external debt data for the Quarterly External Debt Statistics (QEDS) database, a notable step forward.

Data Standards and Quality

12. China has participated in the General Data Dissemination System since April 2002, and the metadata posted on the Fund’s Dissemination Standards Bulletin Board (DSBB) are regularly updated.

Data Reporting to STA for Publications

13. Despite improvements in reporting a number of breaks remain in the series, and comparable historical data are not available. Reporting of data to STA for publication in the International Financial Statistics (IFS) has, in the past, tended to be sporadic and with a considerable time lag. Long time series for the consumer and producer price indices and industrial production levels are not available, although the comparison is made and available for each period with the same period of the previous year. However, the range of information is relatively limited, with no data published on wages, trade volumes, or prices/unit values.

14. China has reported general government cash-based budget data for 2003–09 following the GFSM 2001 methodology for publication in the 2011 Government Finance Statistics Yearbook. However, these data are limited, with no data provided on government transactions in expense, assets, and liabilities. The revenue classification does not fully distinguish between revenue and grants, tax and nontax revenue, and current and capital revenue. The presentation of expenditure by function is largely aligned with international best practice.

15. Owing to source data issues, the authorities have not yet been able to report a GFSM 2001 Statement of Sources and Uses of Cash for the budgetary central government accounts on a subannual basis. As a result, there are no fiscal data for China on the Principal Global Indicators website.

16. For reporting monetary data to the Fund, the authorities have not begun using SRFs. Monetary data continue to be reported using the old format.

17. The FSIs data currently posted on IMF’s website are available for all core indicators and two encouraged FSIs on an annual basis with data beginning from 2010. The April 2012 mission encouraged the authorities to compile and report the FSI data with quarterly periodicity. The authorities agreed with the improved periodicity for their FSI data, but indicated that they would prefer to move to semi-annual reporting prior to compiling the quarterly data.

18. The monthly time series on international reserves for publication in the IFS are now submitted on a timely basis. With regards to BOP and IIP data, the authorities started submitting quarterly data to STA for publication in the IFS and the Balance of Payments Statistics Yearbook (BOP data are available on a quarterly basis starting in 2010 and IIP starting in 2011). Additionally, China participates in the CDIS as mentioned above but not yet in the Coordinated Portfolio Investments Survey (CPIS).

Data Dissemination to the Public

19. The publication of a quarterly statistical bulletin by the PBC has significantly improved the timing and coverage of publicly available data on the monetary accounts and the main real sector indicators. However, the monthly statistical publications do not contain many time series (e.g., unemployment) or the disaggregation necessary for analysis. Moreover, several important time series, particularly on the main fiscal variables, are not released in a systematic and timely manner. Extensive annual economic data are available in various statistical yearbooks, but these are published nine months or more after the end of the year. Nevertheless, in the case of quarterly external debt data disseminated in QEDS, time lag is around four to six months.

China: Table of Common Indicators Required for Surveillance(As of May 8, 2015)
Date of

Latest

Observation
Date

Received
Frequency of

Data9
Frequency of

Reporting9
Frequency of

Publication9
Exchange rates05/1406/14DM9D
International reserve assets and reserve liabilities of the monetary authorities104/1505/15MMM
Reserve/base money03/1505/15Q, MQ, MQ, M
Broad money03/1505/15MMM
Central bank balance sheet03/1505/15MMM
Consolidated balance sheet of the banking system03/1505/15MMM
Interest rates203/1505/15101010
Consumer price index301/15n.a.MMM
Revenue, expenditure, balance and composition of financing4—general government5201303/14AAA
Revenue, expenditure, balance and composition of financing4—central government04/1405/14MMM
Stocks of central government and central government-guaranteed debt6Q4/1303/14QQQ
External current account balanceQ3/1403/15QA, QA, Q
Exports and imports of goods and services705/1405/14MMM
GDP/GNP8Q1/1404/14A, Q (cumulative)A, Q (cumulative)A, Q (cumulative)
Gross external debtQ4/1303/14A, QA, QA, Q
International investment positionQ3/1403/15A, QA, QA, Q

Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Only 12-month growth rates are reported (price indices are not available).

Data on financing (foreign, domestic bank, and domestic nonbank financing) is not available.

The general government consists of the central (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Goods trade data are provided monthly. Services trade data are released with the current account statistics.

For real GDP, level data are available only on an annual basis (growth rates are available on a quarterly, cumulative basis).

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).

Interest rates change only infrequently; these changes are publicly announced.

Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Only 12-month growth rates are reported (price indices are not available).

Data on financing (foreign, domestic bank, and domestic nonbank financing) is not available.

The general government consists of the central (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Goods trade data are provided monthly. Services trade data are released with the current account statistics.

For real GDP, level data are available only on an annual basis (growth rates are available on a quarterly, cumulative basis).

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).

Interest rates change only infrequently; these changes are publicly announced.

Technical Assistance

China: Summary of Technical Assistance, 2001–15 1/
DepartmentPurposeDate
Tax System Reform
FADMission On VAT And Inheritance TaxApril 2001
FADMission On Tax PreferenceSeptember 2001
FADMission On Financial Sector TaxationAug/Sep 2002
FADMission On Personal Income Tax ReformNovember 2003
LEGSeminar On Basic Tax LawDecember 2005
FADMission On VAT Treatment Of Financial ServicesApril 2006
FADMission On Estimation Of VAT Gap And CapacityJune 2009
FADMission On VAT Treatment Of Financial ServicesJune 2010
FADMission On Tax Gap AnalysisSeptember 2011
FADMicro-Simulation ModelsDecember 2013
Tax Administration Reform
FADFive Missions On ComputerizationsJune 2000–Oct. 2002
FADTwo Missions On Strategic PlanningNov 2001–Aug 2002
FADSeminar On Strategic Planning In WashingtonOctober 2002
FADMission On Revenue AdministrationNovember 2003
FADReview Of Computerization ProjectSeptember 2004
FADMission On Business Process Reengineering PilotNovember 2005
FADMission On IT ModernizationJune 2006
FADMission On Strategic Planning, Risk Management, And Taxpayer ServicesSeptember 2006
FADMission On VAT Invoice Cross-Checking And Other Administration IssuesMarch 2007
FADMission On Business Process Re-Engineering And Golden Tax Project 3August 2007
FADSeminar On Strategic Planning And ManagementJanuary 2008
FADMission On VAT On Services, Resource Tax PolicyOctober 2009
FADMission On Project Management Golden Tax Project 3June 2010
FADExpert Visit On Strategic PlanningOctober 2010
FADMission On Tax Administration: Large TaxpayersOctober 2010
FADPeripatetic Expert Visit On Tax AdministrationOctober 2010
FADTax Policy And AdministrationSeptember 2011
FADTax Administration (Peripatetic Expert Visit 4 Of 5)October 2011
FADTax Administration (Peripatetic Expert Visit 5 Of 5)October 2011
FADLarge Taxpayer ComplianceOctober 2011
FADWorkshop On Practical Tax Analysis For Tax OfficialsDecember 2012
FADLarge Taxpayer AdministrationJanuary 2013
FADTax Administration Follow-UpApril 2014
FADTax Collection Law RevisionMay 2014
Public Financial Management
FADWorkshop On Government Fiscal Management Information SystemFebruary 2001
FADMission On Treasury/Accounting Reform; Macro-Fiscal CoordinationNovember 2001
FADMission On Budget Preparation, Classification, And Treasury ReformJune 2002
FADMission On Budget ClassificationMarch 2003
FADWorkshop On Budget And Treasury Modernization In WashingtonOctober 2003
FADMission On Treasury And Accounting ReformsNovember 2003
Public Financial Management
FADMission On Budget Law IMarch 2004
FADMission On Cash ManagementApril 2006
FADMission On Budget Law IiSeptember 2007
FADDiscuss FAD’s PFM Program With AuthoritiesSeptember 2007
FAD/STAMission On Accrual AccountingSeptember 2007
FADSeminar On Local Government Cash ManagementDecember 2009
FADPresentation Of The Budget Institutions PaperMay 2010
FADFiscal Medium-Term Budget Management SeminarNovember 2011
FADMedium-Term Revenue Administration Program And Policies DiscussionJune 2012
FADHigh-Level Dialogue On PFM InstitutionsNovember 2012
FADTreasury ModernizationFebruary 2012
FADTreasury ModernizationFebruary 2013
FADModernization Of Government AccountingApril 2014
FADMedium Term Expenditure FrameworksJuly 2014
Intergovernmental Fiscal Relations
FADMission Intergovernmental RelationsNovember 2002
FADMission On Subnational Fiscal RisksNovember 2003
FADConference On Reforming Assignments And Next Steps In Intergovernmental ReformsNovember 2007
Statistics
STASeminar On General Data Dissemination SystemApril 2001
STAMissions On Trade Price StatisticsJun. 2001–Jan. 2002
STAMission On GDDSFeb./Mar. 2002
STASeminar On GDDS/SDDS In WashingtonSeptember 2002
STAGDDS ReviewDecember 2003
STAMission On Government Financial StatisticsJanuary 2005
STAMission On Monetary And Financial StatisticFeb./Mar. 2005
STASeminar On International Investment PositionApril 2005
STASeminar On IIP StatisticsApril 2005
STASeminar On External Debt StatisticsAugust 2005
STAMacroeconomic StatisticsMay 2006
STABalance Of Payments And IIP CourseJune 2007
STAMission On Monetary And Financial StatisticsAugust 2007
STASeminar On Balance Of Payments And International Investment Position Manual, Sixth Edition (BPM6)April 2008
STABPM6 CourseJune2009
STASeminar On Services StatisticsNovember 2009
STASeminar On Financial Derivates, Direct Investment And External DebtSeptember 2010
STABalance Of Payments And IIP CourseJune 2011
STAGovernment Finance StatisticsSeptember 2008
STAFinancial Soundness IndicatorsJune 2009
STAMonetary And Financial StatisticsOctober 2010
STAWorkshop On Special Data Dissemination StandardApril 2011
STAGovernment Finance StatisticsMay 2011
STAData Work: Data Collection from Ofcs and SRFS Data Development / FSI Data ReportingApril 2012
STAQuarterly National AccountsNovember 2013
Statistics
STASDDS AssessmentAugust 2014
STAData Work: Monetary Data Reported in SRFSeptember 2014
STASDDS AssessmentDecember 2014
Monetary Policy, Bank Supervision, and AML/CFT
MFDMissions On Banking SupervisionOctober 2003
MFDAML/CFT IssuesSeptember 2003
MFDAML/CFT SupervisionMarch 2004
MFDBank RestructuringApril 2004
MFD/LEGAML/CFT Advisory MissionJanuary 2005
MFD/LEGAML/CFT IssuesApril 2005
FADVisit To Review UNDP/IMF/China Fiscal Reform TA ProgramFebruary 2001
FAD/TASTwo Missions For Tripartite Review Of The UNDP/IMF/China Fiscal Reform TA ProgramJan. 2002/Feb. 2003
MFDMission On TA Needs In Banking Sector ReformJuly 2002
MFDMission On TA Needs In Financial SectorOctober 2003
FADParticipation In UNDP/DFID Fiscal Reform WorkshopFebruary 2004
FADVisit To Discuss TA Needs Under UNDP/DFID Fiscal Reform ProjectDecember 2004
LEG/MFDAML/CFT IssuesApril 2006
LEGAML/CFT Mission To Discuss TA To The Monetary Authority Of Macao SARJuly 2006
LEGAML/CFT Legislative DraftingJuly 2006
LEGAML/CFT Legislative DraftingAugust 2006
LEGAML/CFT Legislative DraftingSeptember 2006
LEGAML/CFT Legislative Drafting TA To The Monetary Authority Of Macao SARSeptember 2006
LEGAML/CFT Financial Institutions Inspection STX Advice Mission, Macao SARDecember 2008
LEGAML/CFT Financial Intelligence Unit Procedural Improvements, Macao SARMarch 2010
LEGAML/CFT Legislative DraftingJuly 2010
LEGAML/CFT Legislative DraftingMarch 2011
LEGBank ResolutionMay 2012
LEGAML/CFT Mission To Discuss Future Cooperation And TANovember 2009
INSCourses On Financial Programming And Policies (3)Jul. 2000–Jun. 2002
INSCourse On Banking SupervisionJune 2001
INSHigh-Level Seminar On Banking ReformMarch 2001
STASeminar On Money And Banking StatisticsApril 2001
MFDCourse On Banking Supervision (On-Site And Off-Site)July 2001
MFDBanking Risk ManagementJuly 2001
INSCourse On Financial Programming And PoliciesAugust 2001
MFDSeminar On Capital Account ConvertibilityOctober 2001
FADCourse On Public Sector Expenditure ManagementJune/July 2002
STASeminar On Balance Of Payments And IIP StatisticsAugust 2002
STACourse On Government Financial StatisticsSeptember 2002
INSCourse On Banking SupervisionSeptember 2002
MFDCentral Bank AccountingNovember 2002
STACourse On Government Financial StatisticsSeptember 2003
INSCourse On Financial Programming And PoliciesOctober 2003
MFDCourse On Assessing Financial SystemsNovember 2003
INSCourse On Advanced Financial Programming (Washington)November 2003
STACourse On Monetary And Financial StatisticsNov./Dec. 2003
Training
STAMoney and Banking Statistics: Training CourseDecember 2003
STAMoney and Banking Statistics: Meeting and LecturingDecember 2003
FADInternational Experience with Budget Law and Budget Law ReformMarch 2004
INSHigh-Level seminar on Monetary Policy TransmissionApril 2004
LEG/MFDAML/CFT WorkshopApril 2004
INSHigh-Level seminar on China’s Foreign Exchange SystemMay 2004
STASeminar on Coordinated Portfolio Investment SurveyApril 2004
INSCourse on Financial Market AnalysisJune 2004
MFDWorkshop on Ex and Balance of Payments IssuesJune 2004
INSCourse on Macroeconomic Management and Financial Sector IssuesJuly 2004
STASeminar on Quarterly National AccountsSeptember 2004
INSCourse on Financial Programming and PoliciesOctober 2004
STAHigh Level Seminar on Macroeconomic StatisticsJanuary 2005
MFDAML/CFT Training for PBC OfficialsFebruary 2005
LEGAML/CFT SymposiumMay 2005
MFDWorkshop on Monetary Strategy and OperationMay 2005
INSCourse on Financial Programming and PoliciesJune 2005
INSCourse on Macroeconomic Management and Fiscal IssuesJune 2005
LEGNational IT SymposiumJuly 2005
LEGAML/CFT WorkshopJuly 2005
INSCourse on Macroeconomic Management and Financial Sector IssuesJuly 2005
STACourse on External Debt StatisticsAugust 2005
STACourse on Monetary and Financial StatisticsSeptember 2005
MFDAML/CFT SymposiumSeptember 2005
MFDAML/CFT and Internal Control WorkshopNovember 2005
LEG/MFDAdvanced Training on ML and TF Typologies and STRsDecember 2005
LEGAML/CFT WorkshopJanuary 2006
MFDCourse on Foreign Exchange OperationsMarch 2006
INSCourse on Macroeconomic Management and Financial Sector IssuesMay 2006
LEGAML/CFT Workshop on Information Management TechnologyJune 2006
MFDCourse on Determining the Intermediate Target for Monetary PolicyJune 2006
STASeminar on Banking Statistics on Cross-Border FlowsJune 2006
MFDSeminar on Capital Account ConvertibilityOctober 2001
FADCourse on Public Sector Expenditure ManagementJune/July 2002
STASeminar on Balance of Payments and IIP StatisticsAugust 2002
STACourse on Government Financial StatisticsSeptember 2002
INSCourse on Banking SupervisionSeptember 2002
MFDCentral Bank AccountingNovember 2002
STACourse on Government Financial StatisticsSeptember 2003
INSCourse on Financial Programming and PoliciesOctober 2003
MFDCourse on Assessing Financial SystemsNovember 2003
INSCourse on Advanced Financial Programming (Washington)November 2003
STACourse on Monetary and Financial StatisticsNov./Dec. 2003
FADInternational Experience with Budget Law and Budget Law ReformMarch 2004
INSHigh-Level seminar on Monetary Policy TransmissionApril 2004
LEG/MFDAML/CFT WorkshopApril 2004
INSHigh-Level seminar on China’s Foreign Exchange SystemMay 2004
Training
STASeminar on Coordinated Portfolio Investment SurveyApril 2004
INSCourse on Financial Market AnalysisJune 2004
MFDWorkshop on Ex and Balance of Payments IssuesJune 2004
INSCourse on Macroeconomic Management and Financial Sector IssuesJuly 2004
STASeminar on Quarterly National AccountsSeptember 2004
INSCourse on Financial Programming and PoliciesOctober 2004
STAHigh Level Seminar on Macroeconomic StatisticsJanuary 2005
MFDAML/CFT Training for PBC OfficialsFebruary 2005
LEGAML/CFT SymposiumMay 2005
MFDWorkshop on Monetary Strategy and OperationMay 2005
INSCourse on Financial Programming and PoliciesJune 2005
INSCourse on Macroeconomic Management and Fiscal IssuesJune 2005
LEGNational IT SymposiumJuly 2005
LEGAML/CFT WorkshopJuly 2005
INSCourse on Macroeconomic Management and Financial Sector IssuesJuly 2005
STACourse on External Debt StatisticsAugust 2005
STACourse on Monetary and Financial StatisticsSeptember 2005
MFDAML/CFT SymposiumSeptember 2005
STAWorkshop on Coordinated Compilation Exercise (CCE) for Financial Soundness Indicators (FSIs)November 2005
STANBS/OECD Workshop on NA- Bilateral Meetings with Authorities - Int. Workshop on Strategy of Reform and Development of Stat. SystemNovember 2005
STANBS: International Workshop on the Strategy of Reform and Development of Stat. System in ChinaNovember 2005
STACourse: Banking Statistics on Cross Border Flows: Compilation and MonitoringJune 2006
INSCourse on Advanced Financial ProgrammingJuly 2006
INSCourse on Macroeconomic Management and Financial IssuesJuly 2006
LEGNational Workshop on IT for FIUsSeptember 2006
LEGAML/CFT Workshop on Mutual Evaluation ProcessOctober 2006
LEGAML/CFT SymposiumNovember 2006
LEGWorkshop for APC CountriesDecember 2006
LEGAML/CFT WorkshopMay 2007
LEGAML/CFT Training for SupervisorsMay 2007
LEGAML/CFT Training for Macao SAR SupervisorsMay 2007
INSCourse on Financial Programming and PoliciesMay 2007
STACourse on Balance of Payments StatisticsJune/July 2007
INSCourse on Macroeconomic Management and Financial Sector IssuesJuly 2007
LEGAML/CFT Training for Insurance and Securities Sectors SupervisorsOctober 2007
STACourse on Monetary and Financial StatisticsOctober 2007
STACourse at the CTP on Money and Banking StatisticsOctober 2007
MCMWorkshop on FSAP and Financial StabilityDecember 2007
MCMWorkshop on Stress TestingDecember 2007
LEGAML/CFT Risks in the Casino SectorDecember 2007
STATraining: CCE/FSIs Seminar to Visiting Chinese DelegationDecember 2007
FADSeminar on Revenue ForecastingMarch 2008
LEGAML/CFT Legislative Drafting WorkshopJanuary 2008
FADSeminar on Revenue ForecastingMarch 2008
INSCourse on Financial Programming and PoliciesApril 2008
Training
STASeminar: BPM6 Training with BOP Compilers from Head Office and Local OfficesApril 2008
LEGAML/CFT Supervision WorkshopMay 2008
INSCourse on External VulnerabilitiesJune 2008
STACourse on Government Finance StatisticsSeptember 2008
STASeminar on Financial Soundness Indicators and Money and Banking StatisticsSeptember 2008
INSCourse on Macroeconomic Management and Financial Sector IssuesOctober 2008
LEGAML/CFT Risk-Based Supervision WorkshopNovember 2008
INSCourse on External Vulnerabilities AnalysisFebruary 2009
INSCourse on Financial Programming and PoliciesMay 2009
STACourse on Balance of Payments and International Position StatisticsJune 2009
STACoordinated Direct Investment Survey/ External Debt
INSCourse on Macroeconomic Management and Financial Sector IssuesNovember 2009
LEGAML/CFT Risk-Based Supervision WorkshopNovember 2009
STANational Accounts StatisticsNovember 2009
STASeminar: Services StatisticsNovember 2009
INSCourse on Financial Programming and PoliciesJanuary 2010
MCMFSAP WorkshopJanuary 2010
STACourse on Monetary and Financial StatisticsMarch 2010
LEGAML/CFT Risk-Based Supervision WorkshopApril 2010
INSCourse on Macroeconomic Management and Financial Sector IssuesMay 2010
LEGAML/CFT Legislative Drafting MissionJuly 2010
LEGAML/CFT Risk-based Supervision WorkshopSeptember 2010
STASeminar on Financial Soundness Indicators Reporting and DisseminatingSeptember 2010
STASeminar on Balance of Payments Statistics: FDI/EXD/CPISSeptember 2010
STAWorkshop on Statistics on Derivative TransactionsSeptember 2010
MCMFinancial Regulation WorkshopOctober 2010
LEGAML/CFT Legislative Drafting MissionMarch 2011
INSCourse on Macroeconomic Management and Financial Sector IssuesMarch 2011
INSCourse on Macroeconomic ForecastingApril 2011
INSGovernment Finance Statistics Course at CTPMay 2011
STACourse on Government Finance StatisticsMay 2011
STACourse on Government Finance StatisticsJune 2011
INSBOP and IIP Course at CTPJune 2011
STACourse on Balance of Payments StatisticsOctober 2011
INSMonetary and Financial Statistics Course at CTPNovember 2011
STAParticipate in OECD-NBS Workshop on National AccountsMarch 2012
INSFSI Course at CTPSeptember 2012
MCMMedium Term Debt Management WorkshopNovember 2012
INSBOP/IIP Course at CTPApril 2013
MCMWorkshop on Capital Account Convertibility and Exchange Rate PolicyJune 2013
STASDDS SeminarJuly 2013
INSIntroductory Course on Monetary and Financial Statistics in CTPSeptember 2013
STAQuarterly National Accounts Seminar organized by NBSNovember 2013
ICDMacroeconomic Management & Financial Sector IssuesJanuary 2014
MCMFinancial StatisticsMarch 2014
MCMWorkshop on Financial Regulation and SupervisionMarch 2014
ICDMacroeconomic Management & Financial Sector IssuesMarch 2014
Training
ICDMacroeconomic DiagnosticsSeptember 2014
INSFinancial Soundness Indications in CTPSeptember 2014
STASeminar at Fund HQ for SAFE Officials on Experiences and Challenges in the Implementation of BPM6September 2014
ICDMacroeconomic ForecastingOctober 2014
ICDMacroeconomic Management and Financial Sector IssuesMarch 2015
MCM/STATotal Social Financing IndicatorMarch 2015
ICDMacroeconomic Forecasting (scheduled)June/July 2015
INSAdvanced Course on Monetary and Financial Statistics in CTPAugust 2015
STADebt SecuritiesSeptember 2015
STASAFE-Course on Compilation of Balance of Payments StatisticsSeptember 2015
ICDMacroeconomic Diagnostics (scheduled)September 2015
Statistics
STAMoney and Banking StatisticsMarch 2014
STAMonetary Data Reported in SRFMarch 2015
STAMeeting: ECB Meeting with Delegation from China on Debt Securities & Data IssuesApril 2015
STAMeeting: BIS Meeting with Delegation from China on Debt Securities & Data IssuesApril 2015
STABalance of Payments StatisticsSeptember 2015

The new Institute for Capacity Development (ICD) was formed from the merger of the former IMF Institute (INS) and Office of Technical Assistance Management (OTM) on May 1, 2012.

The new Institute for Capacity Development (ICD) was formed from the merger of the former IMF Institute (INS) and Office of Technical Assistance Management (OTM) on May 1, 2012.

Prepared by Asian Development Bank staff.

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