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SAFE News
  • Index number:
    000014453-2019-0244
  • Dispatch date:
    2009-04-24
  • Publish organization:
    State Administration of Foreign Exchange
  • Exchange Reference number:
  • Name:
    China's Balance of Payments Maintained a Twin Surplus in 2008
China's Balance of Payments Maintained a Twin Surplus in 2008

The SAFE recently released China's Balance of Payments Statement for the year 2008. The statistics reveal that the current account and the capital and financial account posted a "twin surplus" in 2008, and international reserves maintained a growing momentum.
In 2008, China's surplus under the current account totaled USD 426.1 billion, an increase of 15% year on year. Specifically, according to the statistical coverage of the balance of payments, the surpluses in goods, income, and current transfers reached USD 360.7 billion, USD 31.4 billion, and USD 45.8 billion, respectively, whereas the deficit in services amounted to USD 11.8 billion.
Meanwhile, China's surplus under the capital and financial account totaled USD 19 billion in 2008, a decrease of 74% year on year. In particular, the net inflows of direct investments and portfolio investments amounted to USD 94.3 billion and USD 42.7 billion respectively, whereas the net outflows of other investments reached USD 121.1 billion.
Furthermore, China's international reserves continued to grow. At the end of 2008, China registered a total of USD 1.946 trillion in foreign exchange reserves, an increase of USD 417.8 billion over that at the end of 2007.
In addition, the BOP Analysis Team of the SAFE released China's Balance of Payments Report for the year 2008 in order to facilitate understanding of the data and analysis of China's balance of payments among all groups in the society.

 Balance of Payments *

2008

 US dollars (thousands)

 Items

 Line

 Balance

 Credit

Debit

 I. Current Account

1

426,107,395

1,725,893,261

1,299,785,866

  A. Goods and Services

2

348,870,456

1,581,713,188

1,232,842,732

   a. Goods

3

360,682,094

1,434,601,241

1,073,919,146

   b. Services

4

-11,811,638

147,111,948

158,923,586

   1.Transportation

5

-11,911,179

38,417,556

50,328,735

   2.Travel

6

4,686,000

40,843,000

36,157,000

   3.Communication Services

7

59,585

1,569,663

1,510,079

   4.Construction Services

8

5,965,493

10,328,506

4,363,013

   5.Insurance Services

9

-11,360,128

1,382,716

12,742,844

   6.Financial Services

10

-250,884

314,731

565,615

   7.Computer and Information Services

11

3,086,931

6,252,062

3,165,131

   8.Royalties and Licensing Fees

12

-9,748,930

570,536

10,319,466

   9.Consulting Services

13

4,605,315

18,140,866

13,535,551

  10.Advertising and Public Opinion Polling

14

261,668

2,202,324

1,940,656

  11.Audio-visual and Related Services

15

163,322

417,943

254,622

  12. Other Business Services

16

2,885,059

26,005,857

23,120,798

  13. Government Services, n.i.e.

17

-253,890

666,187

920,076

   B. Income

18

31,437,960

91,614,872

60,176,912

   1.Compensation of Employees

19

6,400,156

9,136,547

2,736,391

   2.Investment Income

20

25,037,804

82,478,325

57,440,521

   C. Current Transfers

21

45,798,979

52,565,201

6,766,222

    1.General Government

22

-181,611

49,205

230,816

    2. Other Sectors

23

45,980,590

52,515,996

6,535,406

 II. Capital and Financial Account

24

18,964,877

769,876,094

750,911,218

   A. Capital Account

25

3,051,448

3,319,886

268,439

   B. Financial Account

26

15,913,429

766,556,208

750,642,779

   1. Direct Investment

27

94,320,092

163,053,964

68,733,872

    1.1 Abroad

28

-53,470,972

2,175,785

55,646,757

    1.2 In China

29

147,791,064

160,878,179

13,087,115

   2. Portfolio Investment

30

42,660,063

67,708,045

25,047,982

    2.1 Assets

31

32,749,936

57,672,404

24,922,468

     2.1.1 Equity Securities

32

-1,117,368

3,844,800

4,962,168

     2.1.2 Debt Securities

33

33,867,304

53,827,604

19,960,300

     2.1.2.1 Bonds and Notes

34

37,563,103

53,827,604

16,264,501

     2.1.2.2 Money Market Instruments

35

-3,695,799

0

3,695,799

    2.2 Liabilities

36

9,910,127

10,035,641

125,514

     2.2.1 Equity Securities

37

8,721,011

8,721,011

0

     2.2.2 Debt Securities

38

1,189,116

1,314,630

125,514

      2.2.2.1 Bonds and Notes

39

1,189,116

1,314,630

125,514

      2.2.2.2 Money Market Instruments

40

0

0

0

    3. Other Investment

41

-121,066,726

535,794,199

656,860,925

     3.1 Assets

42

-106,074,263

32,563,248

138,637,510

      3.1.1 Trade Credits

43

5,866,953

5,866,953

0

 Long-term

44

410,687

410,687

0

 Short-term

45

5,456,266

5,456,266

0

      3.1.2 Loans

46

-18,501,123

478,305

18,979,428

 Long-term

47

-6,569,000

0

6,569,000

 Short-term

48

-11,932,123

478,305

12,410,428

      3.1.3 Currency and Deposits

49

-33,528,165

17,715,954

51,244,120

      3.1.4 Other Assets

50

-59,911,928

8,502,035

68,413,963

 Long-term

51

0

0

0

 Short-term

52

-59,911,928

8,502,035

68,413,963

    3.2 Liabilities

53

-14,992,463

503,230,952

518,223,415

     3.2.1 Trade Credits

54

-19,049,071

0

19,049,071

 Long-term

55

-1,333,435

0

1,333,435

 Short-term

56

-17,715,636

0

17,715,636

     3.2.2 Loans

57

3,620,979

442,835,925

439,214,946

 Long-term

58

6,724,078

20,129,387

13,405,309

 Short-term

59

-3,103,099

422,706,538

425,809,637

     3.2.3 Currency and Deposits

60

2,702,297

59,226,206

56,523,909

     3.2.4 Other Liabilities

61

-2,266,668

1,168,821

3,435,489

 Long-term

62

-2,236,180

34,976

2,271,156

 Short-term

63

-30,488

1,133,845

1,164,333

 III. Reserves Assets

64

-418,978,429

0

418,978,429

   3.1 Monetary Gold

65

0

0

0

   3.2 Special Drawing Rights

66

-7,114

0

7,114

   3.3 Reserves Position in the Fund

67

-1,190,315

0

1,190,315

   3.4 Foreign Exchange

68

-417,781,000

0

417,781,000

   3.5 Other Claims

69

0

0

0

 IV. Net Errors and Omissions

70

-26,093,843

0

26,093,843





*  This BOP statement employs rounded-off numbers.

124

 

The SAFE recently released China's Balance of Payments Statement for the year 2008. The statistics reveal that the current account and the capital and financial account posted a "twin surplus" in 2008, and international reserves maintained a growing momentum.
In 2008, China's surplus under the current account totaled USD 426.1 billion, an increase of 15% year on year. Specifically, according to the statistical coverage of the balance of payments, the surpluses in goods, income, and current transfers reached USD 360.7 billion, USD 31.4 billion, and USD 45.8 billion, respectively, whereas the deficit in services amounted to USD 11.8 billion.
Meanwhile, China's surplus under the capital and financial account totaled USD 19 billion in 2008, a decrease of 74% year on year. In particular, the net inflows of direct investments and portfolio investments amounted to USD 94.3 billion and USD 42.7 billion respectively, whereas the net outflows of other investments reached USD 121.1 billion.
Furthermore, China's international reserves continued to grow. At the end of 2008, China registered a total of USD 1.946 trillion in foreign exchange reserves, an increase of USD 417.8 billion over that at the end of 2007.
In addition, the BOP Analysis Team of the SAFE released China's Balance of Payments Report for the year 2008 in order to facilitate understanding of the data and analysis of China's balance of payments among all groups in the society.

 Balance of Payments *

2008

 US dollars (thousands)

 Items

 Line

 Balance

 Credit

Debit

 I. Current Account

1

426,107,395

1,725,893,261

1,299,785,866

  A. Goods and Services

2

348,870,456

1,581,713,188

1,232,842,732

   a. Goods

3

360,682,094

1,434,601,241

1,073,919,146

   b. Services

4

-11,811,638

147,111,948

158,923,586

   1.Transportation

5

-11,911,179

38,417,556

50,328,735

   2.Travel

6

4,686,000

40,843,000

36,157,000

   3.Communication Services

7

59,585

1,569,663

1,510,079

   4.Construction Services

8

5,965,493

10,328,506

4,363,013

   5.Insurance Services

9

-11,360,128

1,382,716

12,742,844

   6.Financial Services

10

-250,884

314,731

565,615

   7.Computer and Information Services

11

3,086,931

6,252,062

3,165,131

   8.Royalties and Licensing Fees

12

-9,748,930

570,536

10,319,466

   9.Consulting Services

13

4,605,315

18,140,866

13,535,551

  10.Advertising and Public Opinion Polling

14

261,668

2,202,324

1,940,656

  11.Audio-visual and Related Services

15

163,322

417,943

254,622

  12. Other Business Services

16

2,885,059

26,005,857

23,120,798

  13. Government Services, n.i.e.

17

-253,890

666,187

920,076

   B. Income

18

31,437,960

91,614,872

60,176,912

   1.Compensation of Employees

19

6,400,156

9,136,547

2,736,391

   2.Investment Income

20

25,037,804

82,478,325

57,440,521

   C. Current Transfers

21

45,798,979

52,565,201

6,766,222

    1.General Government

22

-181,611

49,205

230,816

    2. Other Sectors

23

45,980,590

52,515,996

6,535,406

 II. Capital and Financial Account

24

18,964,877

769,876,094

750,911,218

   A. Capital Account

25

3,051,448

3,319,886

268,439

   B. Financial Account

26

15,913,429

766,556,208

750,642,779

   1. Direct Investment

27

94,320,092

163,053,964

68,733,872

    1.1 Abroad

28

-53,470,972

2,175,785

55,646,757

    1.2 In China

29

147,791,064

160,878,179

13,087,115

   2. Portfolio Investment

30

42,660,063

67,708,045

25,047,982

    2.1 Assets

31

32,749,936

57,672,404

24,922,468

     2.1.1 Equity Securities

32

-1,117,368

3,844,800

4,962,168

     2.1.2 Debt Securities

33

33,867,304

53,827,604

19,960,300

     2.1.2.1 Bonds and Notes

34

37,563,103

53,827,604

16,264,501

     2.1.2.2 Money Market Instruments

35

-3,695,799

0

3,695,799

    2.2 Liabilities

36

9,910,127

10,035,641

125,514

     2.2.1 Equity Securities

37

8,721,011

8,721,011

0

     2.2.2 Debt Securities

38

1,189,116

1,314,630

125,514

      2.2.2.1 Bonds and Notes

39

1,189,116

1,314,630

125,514

      2.2.2.2 Money Market Instruments

40

0

0

0

    3. Other Investment

41

-121,066,726

535,794,199

656,860,925

     3.1 Assets

42

-106,074,263

32,563,248

138,637,510

      3.1.1 Trade Credits

43

5,866,953

5,866,953

0

 Long-term

44

410,687

410,687

0

 Short-term

45

5,456,266

5,456,266

0

      3.1.2 Loans

46

-18,501,123

478,305

18,979,428

 Long-term

47

-6,569,000

0

6,569,000

 Short-term

48

-11,932,123

478,305

12,410,428

      3.1.3 Currency and Deposits

49

-33,528,165

17,715,954

51,244,120

      3.1.4 Other Assets

50

-59,911,928

8,502,035

68,413,963

 Long-term

51

0

0

0

 Short-term

52

-59,911,928

8,502,035

68,413,963

    3.2 Liabilities

53

-14,992,463

503,230,952

518,223,415

     3.2.1 Trade Credits

54

-19,049,071

0

19,049,071

 Long-term

55

-1,333,435

0

1,333,435

 Short-term

56

-17,715,636

0

17,715,636

     3.2.2 Loans

57

3,620,979

442,835,925

439,214,946

 Long-term

58

6,724,078

20,129,387

13,405,309

 Short-term

59

-3,103,099

422,706,538

425,809,637

     3.2.3 Currency and Deposits

60

2,702,297

59,226,206

56,523,909

     3.2.4 Other Liabilities

61

-2,266,668

1,168,821

3,435,489

 Long-term

62

-2,236,180

34,976

2,271,156

 Short-term

63

-30,488

1,133,845

1,164,333

 III. Reserves Assets

64

-418,978,429

0

418,978,429

   3.1 Monetary Gold

65

0

0

0

   3.2 Special Drawing Rights

66

-7,114

0

7,114

   3.3 Reserves Position in the Fund

67

-1,190,315

0

1,190,315

   3.4 Foreign Exchange

68

-417,781,000

0

417,781,000

   3.5 Other Claims

69

0

0

0

 IV. Net Errors and Omissions

70

-26,093,843

0

26,093,843





*  This BOP statement employs rounded-off numbers.

124

 





The English translation may only be used as a reference. In case a different interpretation of the translated information contained in this website arises, the original Chinese shall prevail.

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