2004 國際收支平衡表

澳 門 特 別 行 政 區 政 府 Governo da Região Administrativa Especial de Macau

Government of Macao Special Administrative Region

澳 門 金 融 管 理 局 Autoridade Monetária de Macau Monetary Authority of Macao

國 際 收 支 平 衡 表

Balança de Pagamentos Balance of Payments

2004

目錄 ÍNDICE CONTENTS

序言

...…5

PREFÁCIO ...23

PREFACE ...39

說明 NOTAS EXPLICATIVAS

NOTES

...7

Metodológica e Fontes Estatísticas ...25

Methodology and Data Sources ...……...41

概念

...7

Conceitos ...25

Concepts ...41

符號註釋

...9

Sinais Convencionais ...28

Symbols ...43

常用縮寫

...9

Siglas e Abreviaturas ...28

Abbreviations ...43

結果分析 ANÁLISE DE RESULTADOS

ANALYSIS OF RESULTS

...

Situação Global ...29

Overall Situation ...45

經常帳

...12

Conta Corrente ...30

Current Account ...46

資本及金融帳

...13

Conta de Capital e Financeira ...31

Capital and Financial Account ...………...47

目錄 ÍNDICE CONTENTS

統計表 QUADROS

TABLES

表一、澳門國際收支平衡表

...17

Quadro 1. Balança de Pagamentos: RAEM ...35

Table 1. Balance of Payments: Macao SAR ...…51

表二、澳門國際收支平衡表分項: 經常帳

...18

Quadro 2. Balança de Pagamentos: Conta Corrente ...36

Table 2. Balance of Payments Sub-account Components: Current Account ...52

表三、澳門國際收支平衡表分項: 資本及金融帳

...19

Quadro 3. Balança de Pagamentos: Conta de Capital e Financeira ...37

Table 3. Balance of Payments Sub-account Components:

Capital and Financial Account ...………...53

PREFACE

Given the importance of the external sector in Macao’s economy and monetary system, the Monetary Authority of Macao and the Statistics and Census Service regularly compile comprehensive balance of payments (BOP) data of Macao SAR for supporting policy formation and enhancing statistical transparency.

BOP, as defined in the International Monetary Fund (IMF)’s Balance of Payments

Manual, 5

for a specific time period, the economic transactions of an economy with the rest of the world. Transactions, for the most part between residents and nonresidents, consist of those involving goods, services, and income; those involving financial claims on, and liabilities to, the rest of the world; and those (such as gifts) classified as transfers, which involve offsetting entries to balance – in an accounting sense – one-sided transactions.

This publication, which incorporates data for the reference years 2002 to 2004, would enable the public utilisation of the BOP statistics in a more convenient and systematic manner. We would also like to take this opportunity to extend our gratitude to all entities that have given support and provided information to us in this task.

Comments and suggestions, which help improve the quality of our work, are sincerely welcome.

NOTES

METHODOLOGY AND DATA SOURCES

The compilation of the BOP statistics is based on the concepts, definitions, and classifications recommended in the IMF’s Balance of Payments Manual, 5^th Edition, 1993, with considerations of the economic characteristics of the Territory and the limitations of the information available.

The major data sources of Macao SAR’s BOP are Enterprise Survey, Coordinated Portfolio Investment Survey, annual economic activity surveys, administrative data from various government bodies, some smaller scaled/ad-hoc surveys and estimations of data models.

On the 20^th of December 1999, Macao became a Special Administrative Region of the People’s Republic of China. With respect to the statistics in this report, “Macao”

stands for the Macao Special Administrative Region. Macao and Mainland China are considered as two economic territories and transactions between them (e.g. trade in goods and trade in services) are treated as international transactions.

CONCEPTS

Balance of Payments

A statistical statement that systematically summarises, for a specific time period, the economic transactions of the residents of an economy with the rest of the world. It comprises two broad accounts: current account, and capital and financial account.

Most of the transactions are recorded on an accrual basis.

Macao Residents

They include any individuals, enterprises or other organisations that have a centre of economic interest in Macao SAR. In practice, individuals who have stayed or intend to stay in Macao SAR for at least 12 months are considered as Macao residents. For enterprises or other organisations, they normally operate or engage in production in

Macao. Likewise, branches and subsidiaries of nonresident enterprises domiciled in Macao are also regarded as Macao residents. A nonresident of Macao is any individual, enterprise, or other organisation that does not meet the criterion of Macao residents described above.

Current Account

Current account largely measures flow of real resources including exports and imports of goods and services, income earned and expenses incurred abroad, and current transfers from and to abroad. Most current account transactions are recorded on a gross basis, reflecting the provision and acquisition of real resources by an economy with the rest of the world. Major components of current account are described below:

(a) Goods comprise all movable goods that change ownership from residents to nonresidents (exports) and vice versa (imports).

(b) Services include services rendered by residents to nonresidents (exports) and vice

versa (imports).

(c) Income consists of earnings by Macao residents from abroad (income earned) and by nonresidents in Macao (expenses incurred) for the provision of factors of production.

(d) Current transfers are transactions in which residents of an economy provide/receive real and financial resources that are likely to be consumed immediately or shortly, to/from nonresidents without the receipt/provision of equivalent economic values in return.

Capital and Financial Account

Capital account measures external transactions in capital transfers, and in acquisition or disposal of non-produced, non-financial assets.

(a) Capital transfers are transfers of ownership of a fixed asset or the forgiveness of a liability without receiving any economic value in return.

(b) Acquisition or disposal of non-produced, non-financial assets comprises transactions associated with tangible assets that are not actually produced and transactions associated with non-produced intangible assets.

Financial account records transactions in financial assets and liabilities between residents and nonresidents, classified into direct investment, portfolio investment, financial derivatives, other investment, and reserve assets.

(a) Direct investment refers to investment made by a resident entity in one economy with the objective of obtaining a lasting interest and a significant degree of influence on the management of an enterprise resident in another economy. For statistical purposes, the guideline of ownership is determined at 10% or more of the equity (ordinary share or voting stock) in the enterprise.

(b) Portfolio investment refers to investment in nonresident equity securities (less than 10% equity in an enterprise) and debt securities.

(c) Financial derivatives are financial instruments that are linked to a specific financial instrument or indicator or commodity, and through which specific financial risks can be traded in financial markets in their own right.

(d) Other investment refers to other financial claims on and liabilities to nonresidents that are not classified as direct investment, portfolio investment, financial derivatives or reserve assets.

(e) Reserve assets consist of foreign currency assets that are readily available to and controlled by the Monetary Authority of Macao.

SYMBOLS

r Revised data

@ Figures are subject to revisions later on o Less than half of the unit employed - Absolute value equals zero

.. Not applicable

... Not available

% Percent

ABBREVIATIONS

BOP Balance of Payments GDP Gross Domestic Product

MOP Macao Pataca

ANALYSIS OF RESULTS

Overall Situation

The balance of payments of the Macao Special Administrative Region continued to show a surplus in 2004, represented by the rise of MOP8.8 billion in foreign exchange reserves over one year earlier. This surplus stemmed from a surplus of MOP33.4 billion in the current account, a net inflow of funds of MOP2.2 billion in the capital account and a net increase of MOP13.4 billion in financial non-reserve assets.

Chart 1: Balance of Payments, 2003-2004

-20,000 -10,000 0 10,000 20,000 30,000 40,000

Current Account Capital Account

Financial Non-Reserve Assets (Net Change)

Reserve Assets (Net Change)

2003 2004

(Millions of Patacas)

The BOP statement consists of two main groups of accounts:

(i) Current account – which contains goods and services, income and current transfers;

(ii) Capital and financial account – which contains capital and financial flows (both inward and outward), and acquisition or disposal of non-produced, non-financial assets.

Current Account

In 2004, the current account surplus rose further to MOP33.4 billion (equivalent to 40.2% of GDP at current market prices), up from the already sizable surplus of MOP25.5 billion (equivalent to 40.1% of GDP) in 2003. Such current account surplus was mainly due to larger invisible trade surplus, which more than offset the visible trade deficit and net outflow of external factor income.

The strong economic growth continued to drive up domestic demand in 2004.

Imports of goods (f.o.b) surged at a fast pace of 26.6% while exports of goods increased 8.9%. As imports of goods grew much faster than exports of goods, the goods account deficit increased from MOP8.8 billion in 2003 to MOP14.8 billion in 2004. In contrast, the invisible trade surplus remained large with an amount of MOP54.0 billion in 2004, up from MOP35.5 billion in 2003. The number of inbound visitors continued to show notable growth throughout the year under the favourable impact of the “Individual Traveller Scheme”. As a result, export of travel services soared 45.1%, raising the net export of these services from MOP39.0 billion in 2003 to MOP57.3 billion in 2004. Other services including transportation continued to show a net import, which narrowed mildly from MOP3.5 billion in 2003 to MOP3.4 billion in 2004. Overall, a combined visible and invisible trade surplus of MOP39.2 billion was recorded in 2004, compared to a MOP26.8 billion surplus in 2003.

The net external factor income, as measured by the balance in income account, showed a net outflow of MOP5.6 billion as a result of an inflow of external factor income of MOP3.1 billion and an outflow of external factor income of MOP8.6 billion. By various components, a net outflow of MOP8.2 billion was registered for direct investment income, while net inflows of MOP1.6 billion and MOP1.2 billion were recorded for portfolio investment income and other investment income respectively.

Current transfers, which record basically the workers’ remittance to and out of Macao and external donations to and from local charity organisations, continued to register a net outflow, from MOP39.3 million in 2003 to MOP213.8 million in 2004.

Chart 2: Net Flows of the Current Account, 2003-2004

-20,000 -10,000 0 10,000 20,000 30,000 40,000 50,000 60,000

2003 2004

Current Account Goods Services

Income Current Transfers (Millions of Patacas)

Capital and Financial Account

In the year 2004, the capital and financial account, including official reserve assets, recorded a net outflow of MOP20.0 billion, MOP3.0 billion higher than that in 2003.

In the capital account, the net inflow of capital transfers (mainly migrants’ transfers) amounted to MOP2.2 billion, up from MOP711.5 million in 2003. Regarding financial non-reserve assets, the net outflow (i.e. net increase in foreign assets) stood at MOP13.4 billion (equivalent to 16.1% of GDP), virtually unchanged compared with 2003. The net outflow was mainly attributed to the net outflows of MOP17.5 billion and MOP4.7 billion in portfolio investment and financial derivatives respectively. These outflows completely offset the net inflows of MOP6.3 billion and MOP2.5 billion in direct investment and other investment respectively.

The banking sector recorded a net investment (including direct investment, portfolio investment, financial derivatives and other investment) outflow of MOP7.6 billion throughout 2004 (MOP11.1 billion in 2003) while general government and other sectors together showed a net investment outflow of MOP5.8 billion (MOP2.3 billion in 2003).

Chart 3: Changes in the Financial Account, 2003-2004

-20,000 -15,000 -10,000 -5,000 0 5,000 10,000

Net Foreign Direct Investment Net Portfolio Investment Asset Net Financial Derivatives Asset Net Other Investment Asset Reserve Assets (Net Change) (Millions of Patacas)

2004 2003

The continuation of two-digit GDP growth and promising prospects for the tourism sector continued to boost investment sentiments in Macao. There was a large inward foreign direct investment (including property investment by nonresidents) of MOP6.3 billion in 2004 (i.e. MOP2.1 billion higher than that in 2003), while direct investment abroad showed a slight increase of MOP2.8 million. As a result, the foreign direct investment account recorded a net inflow of MOP6.3 billion, from MOP4.2 billion in 2003.

The SAR Government had no external debt. In the relatively low interest-rate environment during 2004, local investors were inclined to invest in securities, which offered relatively higher yields. As there are no securities markets in Macao, trading of foreign securities is mainly processed through local registered financial institutions.

As shown in a separate survey known as the Coordinated Portfolio Investment Survey, portfolio investment holdings by Macao residents, excluding the holding of foreign exchange reserves, reached MOP62.2 billion as at the end of 2004 (MOP45.9 billion in 2003). The net outflow therein over the year as recorded in the portfolio investment account was MOP17.5 billion; of which banks recorded a net outflow of portfolio investment by MOP8.0 billion (45.9% of the total). Those of general government and other sectors noted respective outflows of MOP164.4 million (0.9%) and MOP9.3 billion (53.2%).

Other investment recorded a net inflow of MOP2.5 billion (equivalent to 3.1% of GDP) as against a net outflow of MOP7.2 billion in 2003. The net inflow in other investment included a MOP1.9 billion increase in assets and a MOP4.4 billion increase in liabilities. By sector, banks recorded a net inflow of MOP2.8 billion while general government and other sectors together showed a net outflow of MOP211.5 million. By component, loans granted abroad surged by MOP1.3 billion in 2004, while external loans extended to the SAR increased by MOP1.2 billion. Currency and deposits assets dropped by MOP344.6 million, while nonresident deposits in the local banking system increased by MOP3.1 billion. Other foreign assets and liabilities increased by approximately MOP1.0 billion and MOP116.2 million respectively during 2004.

The BOP surplus was fully reflected in the official reserve assets held by the AMCM, which surged from MOP34.7 billion at end-2003 to MOP43.5 billion at end-2004, equivalent to an increase of MOP8.8 billion as against a gain of MOP4.2 billion in 2003. The international reserves covered approximately 10.9 months of total value of goods and services imported, revealing that Macao had a strong external position and was able to meet external claims on its financial assets.

（10⁶ MOP）

2002

2003

2004

1. Current Account

Goods -7 388.4 -8 767.4 -14 772.4

Services 29 620.9 35 534.1 53 959.5

Income -156.8 -1 227.3 -5 575.5

Current Transfers -72.0 -39.3 -213.8

2. Capital and Financial Account

Capital Account (net change) 1 114.8 706.2 2 197.7

Financial Account^* -11 073.6 -17 654.7 -22 183.4

Financial non-reserve assets (net change) -8 723.6 -13 448.6 -13 376.5

Direct Investment 2 761.4 4 186.5 6 263.2

Portfolio Investment -7 250.2 -9 558.6 -17 497.7

Financial Derivatives^** 949.1 -911.3 -4 681.7

Other Investment -5 183.8 -7 165.1 2 539.6

Reserve Assets -2 350.1 -4 206.1 -8 806.9

3. Errors and Omissions

Overall Balance of Payments

Notes: r Revised data.

@ Figures are subject to revisions later on.

o Less than half of the unit employed.

* "+" represents an increase in external liabilities or a decrease in external assets, indicating an inflow of funds;

"-" represents a decrease in external liabilities or an increase in external assets, indicating an outflow of funds.

** According to the latest revision of the International Monetary Fund (IMF), financial derivatives are presented as an individual item of the financial account.

Table 1. Balance of Payments: Macao SAR

Table 2. Balance of Payments Sub-account Components: Current Account

(10⁶ MOP)

Standard Components 2002^r 2003^r 2004^@

Current Account 22 003.7 25 500.1 33 397.7

Credit 61 495.3 69 677.2 91 112.8

Debit -39 491.5 -44 177.1 -57 715.2

Goods -7 388.4 -8 767.4 -14 772.4

Exports 18 940.9 20 733.0 22 586.9

Imports -26 329.3 -29 500.4 -37 359.3

Services 29 620.9 35 534.1 53 959.5

Exports 38 225.1 44 958.7 64 686.3

Imports -8 604.2 -9 424.6 -10 726.9

Transportation, exports 2 285.8 1 929.6 2 777.8

Transportation, imports -981.6 -1 003.2 -1 310.1

Travel, exports 34 592.3 41 347.6 60 000.7

Travel, imports -2 557.6 -2 331.1 -2 665.6

Other services, exports 1 347.0 1 681.5 1 907.7

Other services, imports -5 065.0 -6 090.3 -6 751.2

Income -156.8 -1 227.3 -5 575.5

Receipts 3 606.8 3 162.4 3 054.9

Payments -3 763.6 -4 389.7 -8 630.4

Compensation of employees, receipt … … …

-84.0 -86.6 -209.4

Investment income, receipts 3 606.8 3 162.4 3 054.9

Direct investment income 68.4 -44.0 -64.8

Dividends and distributed branch profits 116.0 64.3 76.4

-45.0 -108.4 -143.1

Income on debt (interest) -2.7 o 1.9

Portfolio investment income 1 421.9 1 553.0 1 705.4

Income on equity 190.5 287.6 350.2

Income on bonds and notes 1 143.2 1 143.4 1 245.6

88.2 122.0 109.5

Other investment income 2 116.5 1 653.5 1 414.3

Investment income, payments -3 679.5 -4 303.1 -8 421.1

-3 217.2 -3 963.3 -8 145.2 Dividends and distributed branch profits -1 778.5 -1 810.3 -5 699.0 -1 408.6 -2 109.7 -2 405.5

-30.0 -43.4 -40.7

Portfolio investment income -50.8 -50.2 -59.9

Income on equity -13.2 -15.2 -23.4

Income on bonds and notes - - -

Income on money market instruments -37.6 -35.0 -36.5

Other investment income -411.5 -289.5 -215.9

Current transfers -72.0 -39.3 -213.8

Receipts 722.5 823.1 784.7

General government - - -

Other sectors 722.5 823.1 784.7

Payments -794.5 -862.4 -998.6

General government -6.5 -18.0 -17.4

Other sectors -788.0 -844.4 -981.2

Income on money market instruments

Direct investment income

Reinvested earnings and undistributed branch profits Income on debt (interest)

Compensation of employees, payment

Reinvested earnings and undistributed branch profits

Table 3. Balance of Payments Sub-account Components:

Capital and Financial Account

(10⁶ MOP)

Standard Components 2002^r 2003^r 2004^@

Capital and Financial Account -9 958.9 -16 948.5 -19 985.7

Capital and financial non-reserve assets (net change) -7 608.8 -12 742.4 -11 178.8

Capital Account 1 114.8 706.2 2 197.7

Capital transfers 1 135.2 711.5 2 197.7

General government - - -

Other sectors 1 135.2 711.5 2 197.7

Nonproduced nonfinancial assets -20.4 -5.3 o

Financial Account -11 073.6 -17 654.7 -22 183.4

Financial non-reserve assets (net change) -8 723.6 -13 448.6 -13 376.5

Direct investment 2 761.4 4 186.5 6 263.2

Direct investment abroad -571.4 42.5 -2.8

Equity capital -187.2 22.4 -67.4

Claims on affiliated enterprises -187.2 22.4 -67.4

Liabilities to affiliated enterprises - - -

Reinvested earnings 45.0 108.4 143.1

Other capital -429.1 -88.3 -78.5

Claims on affiliated enterprises -456.7 38.2 -77.0

Liabilities to affiliated enterprises 27.6 -126.5 -1.4

Direct investment in Macao 3 332.7 4 144.0 6 266.0

Equity capital 665.1 613.5 18.4

Claims on direct investors - - -

Liabilities to direct investors 665.1 613.5 18.4

Reinvested earnings 1 408.6 2 109.7 2 405.5

Other capital 1 259.0 1 420.8 3 842.2

Claims on direct investors 193.3 -41.6 31.8

Liabilities to direct investors 1 065.8 1 462.4 3 810.4

Portfolio investment -7 250.2 -9 558.6 -17 497.7

Assets -7 257.0 -9 555.7 -17 495.4

Equity securities -2 330.3 -2 868.8 -3 907.3

-0.8 -612.9 -1 381.7

Banks -207.8 47.6 -14.7

Other sectors -2 121.7 -2 303.6 -2 511.0

Debt securities -4 926.6 -6 686.9 -13 588.1

Bonds and notes -4 638.0 -6 234.4 -6 610.9

General government -494.4 -1 289.9 1 208.0

Banks -3 076.7 -4 039.1 -5 384.9

Other sectors -1 066.9 -905.4 -2 434.0

Money market instruments -288.7 -452.6 -6 977.1

General government 2.9 -2.5 9.2

Banks -264.0 374.1 -2 624.4

Other sectors -27.5 -824.2 -4 361.9

Liabilities 6.8 -2.9 -2.3

Equity securities 6.8 -2.9 -2.3

- - -

Banks - -2.9 -2.9

Other sectors 6.8 - 0.6

Debt securities - - -

General government

General government

Table 3. Balance of Payments Sub-account Components:

Capital and Financial Account

(10⁶ MOP)

Standard Components 2002^r 2003^r 2004^@

Bonds and notes - - -

General government - - -

Banks - - -

Other sectors - - -

Money market instruments - - -

General government - - -

Banks - - -

Other sectors - - -

Financial derivatives 949.1 -911.3 -4 681.7

Assets 949.1 -911.3 -4 681.7

General government - - -

Banks 1 318.5 -1 151.7 -2 790.4

Other sectors -369.4 240.4 -1 891.2

Liabilities - - -

General government - - -

Banks - - -

Other sectors - - -

Other investment -5 183.8 -7 165.1 2 539.6

Assets -7 051.3 -6 542.9 -1 882.6

Trade credits 120.6 -134.0 84.0

Loans -1 276.2 344.4 -1 341.4

- - -

Banks -1 306.9 395.7 -1 445.3

Other sectors 30.6 -51.3 103.9

Currency and deposits -2 104.5 -3 579.2 344.6

-121.6 -96.1 -861.3

Banks -2 650.2 -3 338.7 1 517.2

Other sectors 667.4 -144.4 -311.3

Other assets -3 791.2 -3 174.1 -969.8

- - -

Banks -4 193.8 -3 152.9 -773.2

Other sectors 402.6 -21.2 -196.6

Liabilities 1 867.5 -622.2 4 422.2

Trade credits -129.5 127.3 -16.0

Loans -435.6 214.0 1 194.7

-0.6 - -

Banks -109.2 34.8 178.7

Other sectors -325.8 179.2 1 016.0

Currency and deposits 1 782.5 339.9 3 127.2

- - -

Banks 1 782.5 339.9 3 127.2

Other sectors - - -

Other liabilities 650.2 -1 303.5 116.2

- - -

Banks 454.3 -1 325.4 142.3

Other sectors 195.9 21.9 -26.1

Reserve assets (net change) -2 350.1 -4 206.1 -8 806.9

General government

General government

General government

General government General government

General government