According to the Immigrants and Remittance Overview 2008, delivered by the World Bank on March 19, China's overseas remittance income totaled $25.7 billion: the second largest overseas remittance income received in 2007. It was preceded by India, at $27 billion; and followed by Mexico, at 25 billion dollars.
The overview also shows that total global overseas remittance last year was approximately $318 billion. Approximately $240 billion dollars of the total remittance flows into developing countries.
The report points out that the U.S. is the largest exporter of overseas remittance. It exported an 42.2 billion dollars in overseas remittance in 2006. Saudi Arabia and Switzerland are the second and third largest exporters, exporting 15.6 billion dollars and 13.8 billion dollars respectively.
One author of the overview, Xu Zhimei, declared that overseas remittance is very important for many developing countries. Not only is it helpful in alleviating poverty; but it is also a major source of foreign exchange and fundamental for economic stability in these countries.
By People's Daily Online
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