China Economy

                                    A Report 
                                          On
    People Republic Of  China ECONOMY & Its Growth


Introduction

Nowadays China is one of the world's top exporters and is attracting record amounts of foreign investment. In turn, it is investing billions of dollars abroad.

The collapse in international export markets that accompanied the global financial crisis of 2009 initially hit China hard, but its economy was among the first in the world to rebound, quickly returning to growth. In February 2011 it formally overtook Japan to become the world's second-largest economy.

As a member of the World Trade Organization, China benefits from access to foreign markets. But relations with trading partners have been strained over China's huge trade surplus and the piracy of goods. The former has led to demands for Beijing to raise the value of its currency, which would make Chinese goods more expensive for foreign buyers and possibly hold back exports.

Some Chinese fear that the rise of private enterprise and the demise of state-run industries carries heavy social costs such as unemployment and instability.

Moreover, the fast-growing economy has fuelled the demand for energy. China is the largest oil consumer after the US, and the world's biggest producer and consumer of coal. It spends billions of dollars in pursuit of foreign energy supplies. There has been a massive investment in hydro-power, including the $25bn Three Gorges Dam project.

Background

Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of there nimbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and approximately 200 million rural laborers and their dependents have relocated to urban areas to find work. One consequence of the "one child" policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the north - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2009, the global economic downturn reduced foreign demand for Chinese exports for the first time in many years, but China rebounded quickly, outperforming all other major economies in 2010 with GDP growth around 10%. The economy appears set to remain on a strong growth trajectory in 2011, lending credibility to the stimulus policies the regime rolled out during the global financial crisis. The government vowed, in the 12th Five-Year Plan adopted in March 2011, to continue reforming the economy and emphasize the need to increase domestic consumption in order to make the economy less dependent on exports for GDP growth in the future. However, China likely will make only marginal progress toward these re-balancing goals in 2011. Two economic problems China currently faces are inflation - which, late in 2010, surpassed the government's target of 3% - and local government debt, which swelled as a result of stimulus policies, and is largely off-the-books and potentially low-quality.

World ranking

Ranking for Financial Development

Ranking of FOREX Exchange

People Republic Of China Financial System


China's financial system is highly regulated and has recently begun to expand rapidly as monetary policy becomes integral to its overall economic policy. As a result, banks are becoming more important to China's economy by providing increasingly more finance to enterprises for investment, seeking deposits from the public to mop up excess liquidity, and lending money to the government.
As part of US$586 billion economic stimulus package of November 2008, the government plans to remove loan quotas and ceilings for all lenders, and increase bank credit for priority projects, including rural areas, small businesses, technology companies, iron and cement companies.


Banking System


CITIC) was previously a financial organization that smoothed the inflow of foreign funds, but is now a full bank, allowing to compete for foreign investment funds with the Bank of China. The China Construction Bank lends funds for capital construction projects from the state budget, and finally the Agricultural Bank of China functions as a lending and deposit taking institution for the agricultural sector.
The Major Banking Institution in China
• People's Bank of China 
• Bank of China 
• China Development Bank 
• China Construction Bank
• Agricultural Bank of China
• China's central bank


1. People’s Bank of China


The People's Bank of China (PBC or PBOC) is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China. The People’s Bank of China has the most financial assets of any single public finance institution ever.
The top management of the PBC is composed of the governor and a certain number of deputy governors. The governor of the PBC is appointed into or removed from office by the President of the People's Republic of China. The candidate for the governor of the PBC is nominated by the Premier of the State Council and approved by the National People's Congress.


                                              Controlling Bodies


Ministry of Finance


The Ministry of Finance of the People's Republic of China is the national executive agency of the Central People's Government which administers macroeconomic policies and the national annual budget. It also handles fiscal policy, economic regulations and government expenditure for the state.
The ministry also records and publishes annual macroeconomic data on China's economy. This includes information such as previous economic growth rates in China, central government debt and borrowing and many other indicators regarding the Chinese economy.
The Ministry of Finance's remit is smaller than its counterparts in many other states. Macroeconomic management is primarily handled by the National Development and Reform Commission (NDRC). State-owned industries are the responsibility of the State-owned Assets Supervision and Administration Commission, and there are separate regulators for banking, insurance and securities. It also does not handle regulation of the money markets or interest rates. These, together with other aspects of monetary policy, are governed by the People's Bank of China (PBC), China's central bank. The Ministry, NDRC and PBC are equal in status, with their political heads all sitting on the State Council.

Latest Economy Data of People Republic of China
GDP (purchasing power parity): $10.09 trillion (2010 est.)
country comparison to the world: 3
$9.144 trillion (2009 est.)
$8.374 trillion (2008 est.)
note: data are in 2010 US dollars


GDP (official exchange rate):  $5.878 trillion


note: because China's exchange rate is determine by fiat, rather than by market forces, the official exchange rate measure of GDP is not an accurate measure of China's output; GDP at the official exchange rate substantially understates the actual level of China's output vis-a-vis the rest of the world; in China's situation, GDP at purchasing power parity provides the best measure for comparing output across countries (2010 est.)


GDP - real growth rate: 10.3% (2010 est.); country comparison to the world: 6
9.2% (2009 est.)
9.6% (2008 est.)
GDP - per capita (PPP): $7,600 (2010 est.)
country comparison to the world: 125
$6,900 (2009 est.)
$6,400 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:

1.   Agriculture: 10.2%
2.   Industry: 46.9%
3.    Services: 43% (2010 est.)

Labor force: 815.3 million (2010 est.)
country comparison to the world: 1
Labor force - by occupation:

1. Agriculture: 38.1%
2. Industry: 27.8%
3. Services: 34.1% (2008 est.)

Unemployment rate:  4.3% (September 2009 est.)
country comparison to the world: 39
4.2% (December 2008 est.)
note: official data for urban areas only; including migrants may boost total unemployment to 9%; substantial unemployment and underemployment in rural areas




note: 21.5 million rural population live below the official "absolute poverty" line (approximately $90 per year); an additional 35.5 million rural population live above that level but below the official "low income" line (approximately $125 per year) (2007)
Household income or consumption by percentage share:

1. lowest 10%: 3.5%
2. highest 10%: 15%

note: data are for urban households only (2008)
Distribution of family income - Gini index: 41.5 (2007)
country comparison to the world: 52
40 (2001)
Investment (gross fixed): 46.2% of GDP (2010 est.)
country comparison to the world: 1
Budget: revenues: $1.227 trillion
expenditures: $1.35 trillion (2010 est.)
Taxes and other revenues: 20.9% of GDP (2010 est.)
country comparison to the world: 148
Budget surplus (+) or deficit (-): -2.1% of GDP (2010 est.)
country comparison to the world: 79
Public debt: 18.9% of GDP (2010 est.)
country comparison to the world: 112
18.8% of GDP (2009 est.) 
Inflation rate (consumer prices): 3.2% (2010 est.)
country comparison to the world: 106 ;-0.7% (2009 est.)


figures:


NOTE: The Indian Inflation rate(Consumer prices) are Shockingly four times higher than the Chinese Counter parts the latest Indian Figures are 
12% (2010 est.) ; 10.9% (2009 est.)
The Figure Below explains the Growth rate difference in between India and China. The Red line represents the India Growth Profile where as Blue graph indicates PRC GDP growth Profile.

I found this in one Blog And I think this represents very correct picture of  Growth Profile of INDIA & PR CHINA

Agriculture - products:
world leader in gross value of agricultural output; rice, wheat, potatoes, corn, peanuts, tea, millet, barley, apples, cotton, oilseed; pork; fish


Industries:
world leader in gross value of industrial output; mining and ore processing, iron, steel, aluminum, and other metals, coal; machine building; armaments; textiles and apparel; petroleum; cement; chemicals; fertilizers; consumer products, including footwear, toys, and electronics; food processing; transportation equipment, including automobiles, rail cars and locomotives, ships, and aircraft; telecommunications equipment, commercial space launch vehicles, satellites.


Industrial production growth rate: 15.7% (2010 est.); country comparison to the world: 9

World Ranking in Energy/Petroleum  Production

Electricity - production: 3.446 trillion kWh (2009 est.)

country comparison to the world: 2

Electricity - consumption: 3.438 trillion kWh (2008 est.)

country comparison to the world: 2

Oil - production: 4.273 million bbl/day (2010 est.)

country comparison to the world: 4

Oil - consumption:  9.189 million bbl/day (2010 est.)

country comparison to the world: 3

Oil - exports:  480,600 bbl/day (2009 est.)

country comparison to the world: 30

Oil - imports: 4.753 million bbl/day (2009 est.)

country comparison to the world: 3

Oil - proved reserves: 20.35 billion bbl (1 January 2011 est.)

country comparison to the world: 14

Natural gas - production:  94.41 billion cu m (2010 est.)

country comparison to the world: 8

Natural gas - consumption: 106.7 billion cu m (2010 est.)

country comparison to the world: 5

Natural gas - exports: 4.02 billion cu m (2010 est.)

country comparison to the world: 29

Natural gas - imports: 16.33 billion cu m (2010 est.)

country comparison to the world: 17

Natural gas - proved reserves: 3.03 trillion cu m (1 January 2011 est.)

country comparison to the world: 13

Current account balance:  $305.4 billion (2010 est.)country comparison to the world: 1; $297.1 billion (2009 est.)

Exports: $1.581 trillion (2010 est.)

country comparison to the world: 1

$1.204 trillion (2009 est.)

Exports - commodities:  electrical and other machinery, including data processing equipment, apparel, textiles, iron and steel, optical and medical equipment

Exports - partners:  US 18%, Hong Kong 13.8%, Japan 7.6%, South Korea 4.4%, Germany 4.3% (2010)

Imports: $1.327 trillion (2010 est.)

country comparison to the world: 3

$954.3 billion (2009 est.)

Imports - commodities: electrical and other machinery, oil and mineral fuels, optical and medical equipment, metal ores, plastics, organic chemicals

Imports - partners:  Japan 12.6%, South Korea 9.9%, US 7.3%, Germany 5.3%, Australia 4.3% (2010)

Reserves of foreign exchange and gold:  $2.876 trillion (31 December 2010 est.)

country comparison to the world: 1

$2.426 trillion (31 December 2009 est.)

major exporter of manufactures

China's Ranking of Commercial Service Export

  Conclusion:

People republic of China Annual Growth Profile Till 2011

China Persistent economical development and prolong industrial growth is due to consistent change in the Chinese Foreign and Financial Policies during the last Five decades China has evolved in Financial policies in such a way so that the whole country can work as self sustain economy. Recently china has emerged as a world’s number 1 Exporter of manufactured goods taking over Germany in fourth quarter of 2011. 

If we take a closer look over the Chinese policy it can be easily identified that framing of the financial policies was started way back in 1975 in the first economic reforms when china opened its market for the foreign supplier and buyers, the same reforms in 1975 are responsible for today growth and Lead over India of Chinese Economy. Indian economic reforms where more complex and implemented in year 1995 almost 20 year behind China.  

An Analysis on PRC claims over Arunachal Pradesh (South Tibet)

                      An Analysis on PRC claims over Arunachal Pradesh (South Tibet)

 Map of Arunachal Pradesh

Introduction

Arunachal Pradesh is located in the far northeast. Itanagar is the capital of the state. It borders the states of Assam and Nagaland to the south, and shares international borders with Burma in the east, Bhutan in the west, and the People's Republic of China in the north.

Arunachal Pradesh means "land of the dawn-lit mountains"

The majority of the territory is claimed by the People's Republic of China as part of South Tibet. The northern border of Arunachal Pradesh reflects the McMahon Line, a controversial 1914 treaty between the United Kingdom and a Tibetan government, which was never accepted by the Chinese government, and not enforced, by the Indian government until 1950.

Background

In 1913-1914 representatives of China, Tibet and Britain negotiated a treaty in India: the Shimla Accord. This treaty's objective was to define the borders between Inner and Outer Tibet as well as between Outer Tibet and British India. British administrator, Sir Henry McMahon, drew up the 550 miles (890 km) McMahon Line as the border between British India and Outer Tibet during the Shimla Conference. The Tibetan and British representatives at the conference agreed to the line, which ceded Tawang and other Tibetan areas to the British Empire. The Chinese representative had no problems with the border between British India and Outer Tibet, however on the issue of the border between Outer Tibet and Inner Tibet the talks broke down. Thus, the Chinese representative refused to accept the agreement and walked out. The Tibetan Government and British Government went ahead with the Shimla Agreement and declared that the benefits of other articles of this treaty would not be bestowed on China as long as it stays out of the purview. The Chinese position was that Tibet was not independent from China, so Tibet could not have independently signed treaties and per the Anglo-Chinese (1906) and Anglo-Russian (1907) conventions, any such agreement was invalid without Chinese assent.

Shimla was initially rejected by the Government of India as incompatible with the 1907 Anglo-Russian Convention. However, this agreement (Anglo-Russian Convention) was renounced by Russia and Britain jointly in 1921, thus making the Shimla Conference official However, with the collapse of Chinese power in Tibet the line had no serious challenges as Tibet had signed the convention, therefore it was forgotten to the extent that no new maps were published until 1935, when interest was revived by civil service officer Olaf Caroe. The Survey of India published a map showing the McMahon Line as the official boundary in 1937.In 1938, the British finally published the Shimla Convention as a bilateral accord two decades after the Shimla Conference; in 1938 the Survey of India published a detailed map showing Tawang as part of NEFA (North-East Frontier Agency). In 1944 Britain established administrations in the area, from Dirang Dzong in the west to Walong in the east. Tibet, however, altered its position on the McMahon Line in late 1947 when the Tibetan government wrote a note presented to the newly independent Indian Ministry of External Affairs laying claims to the Tibetan district (Tawang) south of the McMahon Line. The situation developed further as India became independent and the People's Republic of China was established in 1949. With the PRC poised to take over Tibet, India unilaterally declared the McMahon Line to be the boundary in November 1950, and forced the last remnants of Tibetan administration out of the Tawang area in 1951.The PRC has never recognized the McMahon Line, and claims Tawang on behalf of Tibetans. The 14th Dalai Lama, who led the Tibetan government from 1950 to 1959, was quoted in 2003 as saying that Tawang was "actually part of the Tibetan administration" before the Simla Accord. He clarified his position in 2008, saying that as far as Tibet was concerned "Tawang is part of India"

                 Fig: Disputed Area known as Arunachal Pradesh or China claimed South Tibet

Shimla Agreement

In 1913, the British convoked a conference at Shimla, India to discuss the issue of Tibet's status. The conference was attended by representatives of the British Empire, the newly founded Republic of China, and the Tibetan government at Lhasa. The British plenipotentiary, Sir Henry McMahon, introduced the plan of dividing Tibetan-inhabited areas into "inner Tibet" and "outer Tibet" and apply different policies. "Inner Tibet," includes Tibetan-inhabited areas in Qinghai, Gansu, Sichuan and Yunnan provinces, would be under the jurisdiction of the Chinese government. "Outer Tibet," covering approximately the same area as the modern "Tibet Autonomous Region" would enjoy autonomy. A boundary between Tibet and British India, later called the McMahon Line, was drawn on a map referred to in the treaty.

The Tibetan Indian boundary was negotiated in Shimla between representatives from British and Tibet, in the presence of the Chinese representative. During the Shimla conference a map of the Tibetan Indian border was provided as an annex to the proposed agreement.

The Schedule appended to the Accord contained further notes. For example, it was to be understood that "Tibet forms part of Chinese territory" and after the Tibetans selected a Dalai Lama, the Chinese government was to be notified and the Chinese commissioner in Lhasa would "formally communicate to His Holiness the titles consistent with his dignity, which have been conferred by the Chinese Government"; that the Tibetan government appointed all officers for "Outer Tibet", and that "Outer Tibet" was not to be represented in the Chinese Parliament or any such assembly.

Negotiations failed when China and Tibet could not agree over the Sino-Tibetan boundary. After the Chinese plenipotentiary, Ivan Chen, withdrew from the convention, the British and Tibetan plenipotentiaries attached a note denying China any privileges under the agreement and signed it as a bilateral accord. At the same time the British and Lochen Shatra signed a fresh set of trade Regulations to replace those of 1908.

The McMohan Line

The line is named after Sir Henry McMahon, foreign secretary of British India and the chief negotiator of the convention. It extends for 550 miles (890 km) from Bhutan in the west to 160 miles (260 km) east of the great bend of the Brahmaputra River in the east, largely along the crest of the Himalayas. Shimla (along with the McMahon Line) was initially rejected by the British-run Government of India as incompatible with the 1907 Anglo-Russian Convention. This convention was renounced in 1921. After Shimla, the McMahon Line was forgotten until 1935, when British civil service officer Olaf Caroe convinced the government to publish the Shimla Convention and use the McMahon Line on official maps.

The McMahon Line is regarded as the legal national border of India it is lacking only the final process of joint demarcation. The Dalai Lama's Tibetan government-in-exile also accepts the line as an official border.

Fig: 1914 McMohan Line map, The same was officially signed between Tibet and British Govts.

Chinese View over Shimla Accord

China rejects the Shimla Accord, contending that the Tibetan government was not sovereign and therefore did not have the power to conclude treaties. Chinese maps show some 56,000 square miles (150,000 km2) of the territory south of the line as part of the Tibet Autonomous Region, popularly known as South Tibet in China. Chinese forces briefly occupied this area during the Sino-Indian War of 1962-63. China does recognize a Line of Actual Control which includes a portion of the McMahon line in the eastern part of its border with India, according to a 1959 diplomatic note by Prime Minister Zhou Enlai. The Chinese claims have been varying in last five decades. These claims vary from major part of Arunachal Pradesh to Whole Arunachal Pradesh.

Detailed eight miles to the inch scaled McMahon Line map of 24–25 March 1914 is signed only by the Tibetan and British representatives. This map and McMahon Line negotiations were both done without Chinese participation, although the Chinese counter part was present during the discussion.

PRC interests in Arunachal Pradesh

The Chinese claims over Arunachal Pradesh are not very clear these claim have been varying over the last five decades.

Arunachal Pradesh geographically difficult region so far the economical advantages are concerned the area only contain the untapped potential of Hydro-electric power, currently some 27 project had started in Arunachal by many Indian Companies in collaboration with Arunachal Pradesh government. the estimates says that the potential of more than 27000 MW hydro-electricity is available with the state. The region in neither rich state in terms of minerals nor it contains any untapped potential of oil or natural gases.

During the 1962 war china occupied most of Arunachal Pradesh (North-East Fortier Agency). The same occupied area was returned back to India after the ceasefire and withdrawal of Chinese forces from the area.

Latest trend of PRC foreign policies

Currently the PRC territorial claims and policies are more based on the requirements to sustain the economic growth of nation rather than to revive old claims of the disputed territories such as Arunachal Pradesh.

The People's Republic of China (PRC) ranks as the world's second largest economy after the United States. It has been the world's fastest-growing major economy, with consistent growth rates of around 10% over the past 30 years. China is also the largest exporter and second largest importer of goods in the world. The country's per capita GDP (PPP) was $7,544 (International Monetary Fund, 94th in the world) in 2010. Since the Area such as Arunachal Pradesh are not as economically lucrative and welcoming as South China Sea and Its Island, the PRC claims for these areas are not so intense. The claims are extension of the Chinese claims over Tibet Autonomous Region since these claims are based on the claims of old Tibetan government for the area of TAWANG and other part of Arunachal Pradesh.

The difficult terrain, poor transport infrastructure and difficulty to access the internal and remotely located area make these Chinese claims weaker. these weaker claims are followed by dearth of economical Interest and returns. Arunachal had been part of India for more than 110 year by now which also abolish the Chinese interests over Arunachal. Although if the PRC claims over Arunachal were so intense the withdrawal of the Chinese forces after the occupation of major parts of Arunachal had not been taken place immediately after 1962 Military campaign.

Conclusion

With all these points above it may be concluded that the claims of Arunachal Pradesh by China are not as serious as they have been exaggerated for past five decades. Today PRC is more interested in the area which can support it growing economy instead of being liabilities against its development. Moreover the Chinese Claims on Arunachal Pradesh may be taken as a point to create pressure on our (Indian) government.

Spratly and Paracel Islands in South China Sea

Spratly and Paracel Islands Claims in South China Sea

In 1939 the Japanese military government announced its decision to take possession of the Spratlys. France protested on 04 April 1939 when Japan announced it had placed the Spratlys "under its jurisdiction." In 1941 Japan forcibly took over the islands as part of its World War II strategy. During the War, France defended the Spratlys from Japanese military forces. In 1949 Vietnam "inherited" from France all former French rights over the Paracel Islands and the Spratlys Islands. Vietnam emphasizes "actual exercise of sovereignty over mere geographic contiguity" as a basic ground for its claim. In the 1951 "San Francisco Peace Treaty" Japan relinquished all titles and claims to the Paracel Islands and the Spratlys Islands. From 1956 to 1963, Vietnamese naval troops built "sovereignty steles" in the Spratlys.The most proactive claimant in the region is China. In 1909 it seized some islands in Xisha (the Paracels). In 1946 it seized Itu Aba (in the Spratlys) and Phu Lan Island (in the Paracels). In 1950's China seized additional Hoang Sa (Paracels) islands, which it forcibly repeated in 1974. Vietnam claims that these acts were unlawful and that the United States in 1974 conspired with China for the take-over of the Paracels. In January 1974, Chinese military units seized islands in the Paracels occupied by South Vietnamese armed forces, and Beijing claimed sovereignty over the Spratlys. Following their conquest of South Vietnam in the spring of 1975, units of the People's Army of Vietnam (PAVN) nevertheless moved to occupy the Spratly Islands previously held by the Saigon regime. In 1978 Vietnam and the Philippines agreed to negotiate but failed to settle their conflicting claims to the Spratly Islands. Foreign Minister Thach, during a late-1982 visit to Indonesia, took a conciliatory position in discussing Vietnam's and Indonesia's competing claims to the Natuna Islands, and in 1984 Hanoi made a similar gesture to Malaysia in order to help resolve their conflicting claims over Amboyna Cay. In a 1988 incident, possibly related to Cambodia because it potentially strengthened China's position at a future bargaining table, the ongoing dispute between China and Vietnam over sovereignty to the Spratly Islands erupted into an unprecedented exchange of hostilities. The situation was reduced to an exchange of accusations following the armed encounter. Vietnam's repeated calls for China to settle the dispute diplomatically won rare support for Vietnam from the international community, but elicited little response from Beijing. A conciliatory mood developed on both sides of the Sino- Vietnamese border in 1989, partly because Vietnam's proposal to withdraw completely from Cambodia responded to a basic Chinese condition for improved relations. Mischief Reef is part of the Spratly Islands. Mischief Reef was discovered by Henry Spratly in 1791 and named by the German Sailor Heribert Mischief, one of his crew. China has sent naval vessels into the area and has constructed crude buildings on some of the islands. Beijing maintains that the shacks are there solely to serve Chinese fishing boats. Manila describes the buildings as "military-type" structures. According to reconnaissance photos by the Philippine Air Force, these structures do not look like fishermen's sanctuaries. They seem to have radar systems which are not normally associated with the protection of fishermen. Itu Aba Island is used by Taiwan, ROC fishermen as a rest stop. Itu Aba Island is located at the northwest end of the northern part of the Spratly Archipelago near the Cheng Ho Reefs (Tizard Bank). In 1938 the Indochina Meteorological Service set up a weather station on Itu-Aba island which remained under French control from 1938 to 1941. When World War II erupted in 1941 Japan took control of said weather station.

On 08 June 1956 Taiwan sent troops to occupy Thai Binh Island (Itu Aba - Peace Island), the largest island in the Spratlys. Vietnam claims that "as late as December 1973, The northwestern part of the Tizard Bank consists of Itu Aba in the west, Center Cay in the center, and on the east side Sand Cay, all claimed by Taiwan since 1955. Since the end of World War Two, the ROC navy has guarded the island for over fifty years; they have a major responsibility to ensure the security of the South China Sea. A Taiwan, ROC garrison is stationed on Itu Aba on a permanent basis, making the building of roads and military installations an important task. The Kalayaan Islands, as Filipinos call some of the Spratlys, lie in a shallow section of the South China Sea west of the Philippine archipelago. Kalayaan is a rich fishing area that had been identified as a potential source of petroleum deposits. Tomas Cloma, a Manila lawyer, visited the islands in 1956, claimed them for himself, named them Kalayaan (Freedomland), then asked the Philippine government to make them a protectorate. Vietnam brands as erroneous the Philippine theory that the Spratly Islands were "res nullius" when Tomas Cloma "pretended to 'discover' the Vietnamese Truong Sa islands in 1956". Manila regularly tried to extract from the United States a declaration that it would defend the Philippines' claim to the Kalayaans as part of the Mutual Defense Treaty between the Republic of the Philippines and the United States of America, but the United States just as regularly refused so to interpret that treaty. The Philippine government first put forth informal claims to Kalayaan in the mid-1950s. Philippine troops were sent to three of the islands in the Kalayaans in 1968, taking advantage of the war situation in the Republic of Vietnam. In 1974, the Philippine government declared that it had garrisoned five of the islands. In 1978 Marcos made formal claims by declaring that fifty-seven of the islands were part of Palawan Province by virtue of their presence on the continental margin of the archipelago. The Philippine military continued to garrison marines on several islands. Layang Layang (Swallow's Reef, although there are no swallows present) is a small reef in the Spratly Islands, and is currently operated and managed by the government of Malaysia. Swallow Reef is the only reef in Swallow Atoll, which is exposed to the sea. The island is long and narrow, stretching from the northeast to the southwest. It is small in area, around 0.1 square kilometers. The amazing fact about Swallow Reef is that this tiny, exposed islet was practically man-made! It was built by the Malaysian government, which collected sand and connected two isolated reefs by filling the channel between them. The Malaysian government opted to build an airstrip, dive resort and military installation on this reef since in 1983. Seventy soldiers live on this island and the dive resort is open to any visiting scuba divers. Swallow Reef is fast hecoming another of Malaysia's premier dive destination. The Spratly Islands dispute eased since the 1990s. This was due, in part, to China's rising economic stature and the interdependency it, in turn, fostered amongst Asian nations. China knows that any crisis in the South China Sea could severely restrict the commercial shipping traffic that is vital to their continued prosperity. Another contributor to the relative calm is fact that proven oil reserves in the area are disappointingly low. 

Occupation of Islands in SOUTH CHINA sea figure includes Claimed Islands of China,Taiwan,Vietnam,Malaysia

Territorial claims in the Spratly and Paracel Islands

Country	Claim
Brunei	Does not occupy any of the islands, but claims part of the South China Seas nearest to it as part of its continental shelf and Exclusive Economic Zone (EEZ). The boundary lines are drawn perpendicularly from 2 outermost points on the Brunei coastline. In 1984, Brunei declared an EEZ that includes Louisa Reef.
China	Refers to the Spratly Islands as the Nansha islands, and claims all of the islands and most of the South China Sea for historical reasons. These claims are not marked by coordinates or otherwise clearly defined. China also claims the Paracel Islands (referred to as the Xisha Islands), and includes them as part of its Hainan Island province. Chinese claims are based on a number of historical events, including the naval expeditions to the Spratly Islands by the Han Dynasty in 110 AD and the Ming Dynasty from 1403-1433 AD. Chinese fishermen and merchants have worked the region over time, and China is using archaeological evidence to bolster its claims of sovereignty.  In the 19th and early 20th century, China asserted claims to the Spratly and Paracel islands. During World War II, the islands were claimed by the Japanese. In 1947, China produced a map with 9 undefined dotted lines, and claimed all of the islands within those lines. A 1992 Chinese law restated its claims in the region. China has occupied 8 of those islands to enforce its claims. In 1974, China seized the Paracel Islands from Vietnam.
Indonesia	Not a claimant to any of the Spratly Islands. However, Chinese and Taiwanese claims in the South China Sea may extend into Indonesia's EEZ and continental shelf, including Indonesia's Natuna gas field.
Malaysia	Its Spratly claims are based upon the continental shelf principle, and have clearly defined coordinates. Malaysia has occupied 3 islands that it considers to be within its continental shelf. Malaysia has tried to build up one atoll by bringing soil from the mainland and has built a hotel.
Philippines	Its Spratly claims have clearly defined coordinates, based both upon the proximity principle as well as on the explorations of a Philippine explorer in 1956. In 1971, the Philippines officially claimed 8 islands that it refers to as the Kalayaan, partly on the basis of this exploration, arguing that the islands: 1) were not part of the Spratly Islands; and 2) had not belonged to anyone and were open to being claimed. In 1972, they were designated as part of Palawan Province, and have been occupied.
Taiwan	Taiwan's claims are similar to those of China, and are based upon the same principles. As with China, Taiwan's claims are also not clearly defined. Occupies Pratas Island in the Spratlys.
Vietnam	Vietnamese claims are based on history and the continental shelf principle. Vietnam claims the entire Spratly Islands (Truong Sa in Vietnamese) as an offshore district of the province of Khanh Hoa. Vietnamese claims also cover an extensive area of the South China Sea, although they are not clearly defined. In addition, Vietnam claims the Paracel Islands (the Hoang Sa in Vietnamese), although they were seized by the Chinese in 1974. The Vietnamese have followed the Chinese example of using archaeological evidence to bolster sovereignty claims. In the 1930's, France claimed the Spratly and Paracel Islands on behalf of its then-colony Vietnam. Vietnam has since occupied 20 of the Spratly Islands to enforce its claims.

EEZ = Exclusive Economic Zone

Claim in Brief:

Country	South China Sea	Spratly Islands	Paracel Islands	Gulf of Thailand
Brunei	UNCLOS	no formal claim	no	n/a
Cambodia	(n/a)	n/a	n/a	UNCLOS
China	all*	all	all	n/a
Indonesia	UNCLOS	no	no	n/a
Malaysia	UNCLOS	3 islands	no	UNCLOS
Philippines	significant portions	8 islands	no	n/a
Taiwan	all*	all	all	n/a
Thailand	n/a	n/a	n/a	UNCLOS
Vietnam	all*	all	all	UNCLOS
UNCLOS = UN Convention on the Law Of the Sea
n/a = not applicable
*excluding buffer zone along littoral states (calculations for buffer unknown)

Country

Claim

Brunei

Does not occupy any of the islands, but claims part of the South China Seas nearest to it as part of its continental shelf and Exclusive Economic Zone (EEZ). The boundary lines are drawn perpendicularly from 2 outermost points on the Brunei coastline. In 1984, Brunei declared an EEZ that includes Louisa Reef.

China

Refers to the Spratly Islands as the Nansha islands, and claims all of the islands and most of the South China Sea for historical reasons. These claims are not marked by coordinates or otherwise clearly defined. China also claims the Paracel Islands (referred to as the Xisha Islands), and includes them as part of its Hainan Island province.

Chinese claims are based on a number of historical events, including the naval expeditions to the Spratly Islands by the Han Dynasty in 110 AD and the Ming Dynasty from 1403-1433 AD. Chinese fishermen and merchants have worked the region over time, and China is using archaeological evidence to bolster its claims of sovereignty. 

In the 19^th and early 20^th century, China asserted claims to the Spratly and Paracel islands. During World War II, the islands were claimed by the Japanese. In 1947, China produced a map with 9 undefined dotted lines, and claimed all of the islands within those lines. A 1992 Chinese law restated its claims in the region.

China has occupied 8 of those islands to enforce its claims. In 1974, China seized the Paracel Islands from Vietnam. 

Indonesia

Not a claimant to any of the Spratly Islands. However, Chinese and Taiwanese claims in the South China Sea may extend into Indonesia's EEZ and continental shelf, including Indonesia's Natuna gas field.

Malaysia

Its Spratly claims are based upon the continental shelf principle, and have clearly defined coordinates. Malaysia has occupied 3 islands that it considers to be within its continental shelf. Malaysia has tried to build up one atoll by bringing soil from the mainland and has built a hotel.

Philippines

Its Spratly claims have clearly defined coordinates, based both upon the proximity principle as well as on the explorations of a Philippine explorer in 1956. In 1971, the Philippines officially claimed 8 islands that it refers to as the Kalayaan, partly on the basis of this exploration, arguing that the islands: 1) were not part of the Spratly Islands; and 2) had not belonged to anyone and were open to being claimed. In 1972, they were designated as part of Palawan Province, and have been occupied. 

Taiwan

Taiwan's claims are similar to those of China, and are based upon the same principles. As with China, Taiwan's claims are also not clearly defined. Occupies Pratas Island in the Spratlys.

Vietnam

Vietnamese claims are based on history and the continental shelf principle. Vietnam claims the entire Spratly Islands (Truong Sa in Vietnamese) as an offshore district of the province of Khanh Hoa. Vietnamese claims also cover an extensive area of the South China Sea, although they are not clearly defined. In addition, Vietnam claims the Paracel Islands (the Hoang Sa in Vietnamese), although they were seized by the Chinese in 1974.

The Vietnamese have followed the Chinese example of using archaeological evidence to bolster sovereignty claims. In the 1930's, France claimed the Spratly and Paracel Islands on behalf of its then-colony Vietnam. Vietnam has since occupied 20 of the Spratly Islands to enforce its claims. 

Country

South China Sea

Spratly Islands

Paracel Islands

Gulf of Thailand

Brunei

UNCLOS

no formal claim

no

n/a

Cambodia

(n/a)

n/a

n/a

UNCLOS

China

all*

all

all

n/a

Indonesia

UNCLOS

no

no

n/a

Malaysia

UNCLOS

3 islands

no

UNCLOS

Philippines

significant portions

8 islands

no

n/a

Taiwan

all*

all

all

n/a

Thailand

n/a

n/a

n/a

UNCLOS

Vietnam

all*

all

all

UNCLOS

UNCLOS = UN Convention on the Law Of the Sea

n/a = not applicable

*excluding buffer zone along littoral states (calculations for buffer unknown)

Figure presents the claims of countries in south china sea

Table 2

Military Clashes in the South China Sea from 1970-2011*

Date	Countries	Military Action
1974	China, Vietnam	Chinese seized the Paracel Islands from Vietnam, with 18 of its troops killed in clashes on one of the islands.
1988	China, Vietnam	Chinese and Vietnamese navies clashed at Johnson Reef in the Spratly Islands. Several Vietnamese boats were sunk and over 70 sailors killed.
1992	China, Vietnam	Vietnam accused China of landing troops on Da Luc Reef. China seized almost 20 Vietnamese cargo ships transporting goods from Hong Kong from June - September.
1994	China, Vietnam	China and Vietnam had naval confrontations within Vietnam's internationally recognized territorial waters over Vietnam's Tu Chinh oil exploration blocks 133, 134, and 135. Chinese claim the area as part of their Wan' Bei-21 (WAB-21) block.
1995	China, Philippines	China occupied Philippine-claimed Mischief Reef. Philippine military evicted the Chinese in March and destroyed Chinese markers.
1995	Taiwan, Vietnam	Taiwanese artillery fired on a Vietnamese supply ship.
1996	China, Philippines	In January, Chinese vessels engaged in a 90-minute gun battle with a Philippine navy gunboat near Capones Island.
1997	China, Philippines	The Philippine navy ordered a Chinese speedboat and two fishing boats to leave Scarborough Shoal in April; the Philippine navy later removed Chinese markers and raised its flag. China sent three warships to survey Philippine-occupied Panata and Kota Islands
1998	Philippines, Vietnam	In January, Vietnamese soldiers fired on a Philippine fishing boat near Tennent (Pigeon) Reef.
1999	China, Philippines	In May, a Chinese fishing boat was sunk in a collision with Philippine warship. In July, another Chinese fishing boat was sunk in a collision with a Philippine warship.
1999	China, Philippines	In May, Chinese warships were accused of harassing a Philippine navy vessel after it ran aground near the Spratly Islands.
1999	Philippines, Vietnam	In October, Vietnamese troops fired upon a Philippine air force plane on reconnaissance in the Spratly Islands.
1999	Malaysia, Philippines	In October, Philippine defense sources reported that 2 Malaysian fighter planes and 2 Philippine air force surveillance planes nearly engaged over a Malaysian-occupied reef in the Spratly Islands. The Malaysian Defense Ministry stated that it was not a stand-off.

Table 3

Disputes over Drilling and Exploration in the South China Sea

Date	Countries	Disputes
1992	China, Vietnam	In May, China signed a contract with U.S. firm Crestone to explore for oil near the Spratly Islands in an area that Vietnam says is located on its continental shelf, over 600 miles south of China's Hainan Island. In September, Vietnam accused China of drilling for oil in Vietnamese waters in the Gulf of Tonkin.
1993	China, Vietnam	In May, Vietnam accused a Chinese seismic survey ship of interfering with British Petroleum's exploration work in Vietnamese waters. The Chinese ship left Vietnamese block 06 following the appearance of 2 Vietnamese naval ships.
1993	China, Vietnam	In December, Vietnam demanded that Crestone cancel offshore oil development in nearby waters.
1994	China, Vietnam	Crestone joined with a Chinese partner to explore China's Wan' Bei-21 (WAB-21 block. Vietnam protested that the exploration was in Vietnamese waters in their blocks 133, 134, and 135. China offered to split Wan' Bei production with Vietnam, as long as China retained all sovereignty.
1994	China, Vietnam	In August, Vietnamese gunboats forced a Chinese exploration ship to leave an oilfield in a region claimed by the Vietnamese.
1996	China, Vietnam	In April, Vietnam leased exploration blocks to U.S. firm Conoco, and ruled out cooperation with U.S. oil firms that signed Chinese exploration contracts in disputed waters. Vietnamese blocks 133 and 134 cover half the zone leased to Crestone by China. China protested, and reaffirmed a national law claiming the South China Sea as its own in May.
1997	China, Vietnam	In March, Vietnamese issued a protest after the Chinese Kantan-3 oil rig drills near Spratly Islands in March. The drilling occurred offshore Da Nang, in an area Vietnam calls Block 113. The block is located 64 nautical miles off Chan May cape in Vietnam, and 71 nautical miles off China's Hainan Island. The diplomatic protests were followed by the departure of the Chinese rig.
1997	China, Vietnam	In December, Vietnamese protested after the Exploration Ship No. 8 and two supply ships entered the Wan' Bei exploration block. All 3 vessels were escorted away by the Vietnamese navy.
1998	China, Vietnam	In September, Vietnamese protested after a Chinese report stated that Crestone and China were continuing their survey of the Spratly Islands and the Tu Chinh region (Wan' Bei in Chinese).  (The dispute over this area was resolved by an agreement between China and Vietnam concluded in December 2000.)
2003	Malaysia, Brunei	In May 2003, a patrol boat from Brunei acted to prevent TotalFinaElf from undertaking exploration activities in an area offshore from Northern Borneo disputed by the two countries.
2011	China ,Vietnam	Confrontation between a Vietnamese oil and gas survey vessel and Chinese patrol boats took place some six hundred kilometers south of Hainan island.

  Table 4

Oil and Gas in the South China Sea Region

Country		Proven Oil Reserves (Billion Barrels)		Proven Gas Reserves (Trillion Cubic Feet)		Oil Production (Thousand Barrels/Day)		Gas Production (Billion Cubic Feet/Day)
Brunei		1.1		13.8		203.5		366
Cambodia		0		0		0		0
China		16		80		3,684.4		1,960
Indonesia		4.37		93.9		892.5		2,613
Malaysia		4.0		83.0		750.8		2,218
Philippines		0.14		3.5		15.2		88
Singapore		0		0		0		0
Taiwan		<0.01		.22		1.0		28
Thailand		0.5		11.7		186.9		858
Vietnam		0.6		6.8		344.6		162
Total		26.7		279.1		6,078.9		8,293
*All data is for the entire country. Note: Neither the Spratlys nor the Paracels have proven reserves. Proved oil and natural gas reserves are as of 1/01/2008.  Oil production is a 2006 average. Oil supply includes crude oil, natural gas plant liquids, and other liquids. Natural gas production is a 2006 projection.

Table 5

Oil and Gas in the South China Sea - Comparison with other Regions

Region Name	Proven Oil Reserves (Billion Barrels)	Proven Gas Reserves (Trillion Cubic Feet)	Oil Production (Million Barrels/Day)	Gas Production (Trillion Cubic Feet/Year)
Caspian Sea Region	17.2-32.8	232	1.6	4.5
North Sea Region	16.8	178.7	6.4	9.4
Persian Gulf	674.0	1,923.0	19.3	8.0
South China Sea	Est. 7.0	Est. 150.3	2.2	3.2

**NOTE:  Current Situation of Oil reserve in South China Sea

            One Chinese estimate suggests potential oil resources are as high as 213 billion barrels of oil (bbl). A 1993/1994 estimate by the U.S. Geological Survey estimated the sum total of discovered reserves and undiscovered resources in the offshore basins of the SCS at 28 billion bbl.  Another  moderate Chinese estimates suggested that potential oil resources (not proved reserves) of the Spratly and Paracel Islands could be as high as 105 billion bbl. Due to the lack of exploratory drilling, there are no proven oil reserve estimates for the Spratly or Paracel Island. Which is widely accepted that South China Sea and surrounding areas are rich in oil deposits has led to speculation that the Spratly Islands could be an untapped oil-bearing province.

Chinese Controlled OIL Blocks in south china Sea

Date

Countries 

Military Action

1974

China, Vietnam

Chinese seized the Paracel Islands from Vietnam, with 18 of its troops killed in clashes on one of the islands.

1988

China, Vietnam

Chinese and Vietnamese navies clashed at Johnson Reef in the Spratly Islands. Several Vietnamese boats were sunk and over 70 sailors killed.

1992

China, Vietnam

Vietnam accused China of landing troops on Da Luc Reef. China seized almost 20 Vietnamese cargo ships transporting goods from Hong Kong from June - September.

1994

China, Vietnam

China and Vietnam had naval confrontations within Vietnam's internationally recognized territorial waters over Vietnam's Tu Chinh oil exploration blocks 133, 134, and 135. Chinese claim the area as part of their Wan' Bei-21 (WAB-21) block. 

1995

China, Philippines

China occupied Philippine-claimed Mischief Reef. Philippine military evicted the Chinese in March and destroyed Chinese markers.

1995

Taiwan, Vietnam

Taiwanese artillery fired on a Vietnamese supply ship.

1996

China, Philippines

In January, Chinese vessels engaged in a 90-minute gun battle with a Philippine navy gunboat near Capones Island.

1997

China, Philippines 

The Philippine navy ordered a Chinese speedboat and two fishing boats to leave Scarborough Shoal in April; the Philippine navy later removed Chinese markers and raised its flag. China sent three warships to survey Philippine-occupied Panata and Kota Islands

1998

Philippines, Vietnam

In January, Vietnamese soldiers fired on a Philippine fishing boat near Tennent (Pigeon) Reef.

1999

China, Philippines

In May, a Chinese fishing boat was sunk in a collision with Philippine warship. In July, another Chinese fishing boat was sunk in a collision with a Philippine warship.

1999

China, Philippines

In May, Chinese warships were accused of harassing a Philippine navy vessel after it ran aground near the Spratly Islands.

1999

Philippines, Vietnam

In October, Vietnamese troops fired upon a Philippine air force plane on reconnaissance in the Spratly Islands.

1999

Malaysia, Philippines 

In October, Philippine defense sources reported that 2 Malaysian fighter planes and 2 Philippine air force surveillance planes nearly engaged over a Malaysian-occupied reef in the Spratly Islands. The Malaysian Defense Ministry stated that it was not a stand-off.

Date

Countries 

Disputes

1992

China, Vietnam

In May, China signed a contract with U.S. firm Crestone to explore for oil near the Spratly Islands in an area that Vietnam says is located on its continental shelf, over 600 miles south of China's Hainan Island. In September, Vietnam accused China of drilling for oil in Vietnamese waters in the Gulf of Tonkin.

1993

China, Vietnam

In May, Vietnam accused a Chinese seismic survey ship of interfering with British Petroleum's exploration work in Vietnamese waters. The Chinese ship left Vietnamese block 06 following the appearance of 2 Vietnamese naval ships.

1993

China, Vietnam

In December, Vietnam demanded that Crestone cancel offshore oil development in nearby waters.

1994

China, Vietnam

Crestone joined with a Chinese partner to explore China's Wan' Bei-21 (WAB-21 block. Vietnam protested that the exploration was in Vietnamese waters in their blocks 133, 134, and 135. China offered to split Wan' Bei production with Vietnam, as long as China retained all sovereignty.

1994

China, Vietnam

In August, Vietnamese gunboats forced a Chinese exploration ship to leave an oilfield in a region claimed by the Vietnamese.

1996

China, Vietnam

In April, Vietnam leased exploration blocks to U.S. firm Conoco, and ruled out cooperation with U.S. oil firms that signed Chinese exploration contracts in disputed waters. Vietnamese blocks 133 and 134 cover half the zone leased to Crestone by China. China protested, and reaffirmed a national law claiming the South China Sea as its own in May.

1997

China, Vietnam

In March, Vietnamese issued a protest after the Chinese Kantan-3 oil rig drills near Spratly Islands in March. The drilling occurred offshore Da Nang, in an area Vietnam calls Block 113. The block is located 64 nautical miles off Chan May cape in Vietnam, and 71 nautical miles off China's Hainan Island. The diplomatic protests were followed by the departure of the Chinese rig.

1997

China, Vietnam

In December, Vietnamese protested after the Exploration Ship No. 8 and two supply ships entered the Wan' Bei exploration block. All 3 vessels were escorted away by the Vietnamese navy.

1998

China, Vietnam

In September, Vietnamese protested after a Chinese report stated that Crestone and China were continuing their survey of the Spratly Islands and the Tu Chinh region (Wan' Bei in Chinese).  (The dispute over this area was resolved by an agreement between China and Vietnam concluded in December 2000.)

2003

Malaysia, Brunei

In May 2003, a patrol boat from Brunei acted to prevent TotalFinaElf from undertaking exploration activities in an area offshore from Northern Borneo disputed by the two countries.

2011

China ,Vietnam

Confrontation between a Vietnamese oil and gas survey vessel and Chinese patrol boats took place some six hundred kilometers south of Hainan island.

Country

Proven Oil Reserves (Billion Barrels) 

Proven Gas Reserves (Trillion Cubic Feet)

Oil Production (Thousand Barrels/Day) 

Gas Production (Billion Cubic Feet/Day) 

Brunei

1.1

 13.8

203.5

366

Cambodia

0

0

0

0

China

16

80

3,684.4

1,960

Indonesia

4.37

93.9

892.5

2,613

Malaysia

4.0

83.0

750.8

2,218

Philippines

0.14

3.5

15.2

88

Singapore

0

0

0

0

Taiwan

<0.01

.22

1.0

28

Thailand

0.5

11.7

186.9

858

Vietnam

0.6

6.8

344.6

162

Total

26.7

279.1

6,078.9

8,293

*All data is for the entire country.

Note: Neither the Spratlys nor the Paracels have proven reserves. Proved oil and natural gas reserves are as of 1/01/2008.  Oil production is a 2006 average. Oil supply includes crude oil, natural gas plant liquids, and other liquids. Natural gas production is a 2006 projection.

Region Name

Proven Oil Reserves (Billion Barrels) 

Proven Gas Reserves (Trillion Cubic Feet)

Oil Production (Million Barrels/Day) 

Gas Production (Trillion Cubic Feet/Year) 

Caspian Sea Region

17.2-32.8

232

1.6

4.5

North Sea Region

16.8

178.7

6.4

9.4

Persian Gulf

674.0

1,923.0

19.3

8.0

South China Sea

Est. 7.0

Est. 150.3

2.2

3.2