Current account deficits of the United States resulted from surpluses of many countries, said the People's Bank of China Assistant Governor Guo Qingping Saturday.

Guo, who was speaking at the Global Think Tank Summit in Beijing, said excess savings in many countries, not only China, also contributed to the crisis.

The United States imported goods from various countries and China's exports only took about 12.1 percent of the U.S. imports in 2008, Guo said.

The countries' savings then flowed into the United States and boosted its domestic demand, which further increased other countries' current account surpluses and in turn helped inflate the real-estate market in the United States, he said.

Guo also called for the reform of the international financial system at the summit.

Basically a current account deficit occurs when more money is being paid out than brought into a country.

Source: Xinhua