Overseas borrowing doubled in 2004

China's outstanding foreign debt rose to US$229bn at the end of 2004, up 18.06% from a year ago, while 2004 overseas borrowing rose 102.8% year-on-year to US$205.9bn, owing to double-digit economic growth and expectations of the yuan revaluation, the State Administration of Foreign Exchange said. The figure includes borrowing by the Chinese Government, local businesses and foreign businesses operating in China, as well as trade credits.