China ranks 2nd in 2007 overseas remittance income

China's overseas remittance income accumulated to US$25.7 billion, the second largest overseas remittance income received in the year 2007, according to the Immigrants and Remittance Overview 2008, delivered by the World Bank last week.

Among the total US$318 billion global overseas remittance in 2007, about US$240 billion flows into the developing countries, such as China, India, and Mexico. India tops of the received remittance from overseas, at US$27 billion, and Mexico ranks the third, at US$25 billion.

Xu Zhimei, one author of the overview, said that the overseas remittance is very important for many developing countries, not only helpful in alleviating poverty, but also a major source of foreign exchange and fundamental for economic stability in these countries.