200 million Chinese will migrate from villages to cities and find employment in industry — to a large extent in export-oriented industry sectors — and in services. This means that over the next 10 years, every month one to two million Chinese on average will give up their low-paid, low-productivity jobs in agriculture and take up betterpaid and more productive work in other sectors. The monetary policy must take into account the impact that this process is going to have on the Chinese economy and on economies of other countries. As opposed to trade and capital, the flow of people within EU Member States was stable. The annual net migration to EU-15 remained at a level of less than 5 people per 1000 inhabitants over the past 40 years. Approximately 9% of EU population was born in other countries, whilst in the USA this figure was 12% and ca. 20% in Canada and Australia. However, following the EU enlargement, where 10 new members joined the structures, our part of the world has also seen an increase in migration, which is shown in Table 3 below. In some cases, a significant part of the domestic work force took up employment in other countries. The estimates show that, for example, ca. 5% of Lithuanians took up employment in countries that opened their labour markets for the new EU Member States following 1 May 2004. Table 3.
This has made fiscal policy predictable and sustainable over time as well as making it possible to keep public debt low. Indeed, thanks to a significant increase in copper revenues, this has dropped to a historically low level in recent years and gross central government debt is currently running at around 6% of GDP. All these factors have contributed to financial stability. Prudential regulation has been another key pillar of financial stability. It was completely redesigned after the severe financial crisis of the 1980s. The lessons of this crisis were learned and then incorporated into banking law and, although this has since been subject to updates and modernization, it has maintained the hallmark strictness it acquired in this period. Some of the recommendations put forward in the light of the recent crisis have, in fact, been part of Chilean regulation for some time.