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SAFE News
  • Index number:
    000014453-2019-0239
  • Dispatch date:
    2009-10-15
  • Publish organization:
    State Administration of Foreign Exchange
  • Exchange Reference number:
  • Name:
    China's Balance of Payments Surplus Registers a Modest Decline in the First Half of 2009
China's Balance of Payments Surplus Registers a Modest Decline in the First Half of 2009

The SAFE recently released China's Balance of Payments Statement for the first half of 2009. The statistics reveal that the current account and the capital and financial account continued to post a "twin surplus," but the scale of the surplus has begun to decline modestly.
In the first half of 2009, China's surplus under the current account totaled USD 134.5 billion, a decrease of 30% year on year. Specifically, according to the statistical coverage of the balance of payments, the surpluses in goods, income, and current transfers reached USD 119 billion, USD 16.9 billion, and USD 15.2 billion, respectively, whereas the deficit in services amounted to USD 16.7 billion.
Meanwhile, China's surplus under the capital and financial account totaled USD 61 billion, a drop of 15% year on year. In particular, the net inflows of direct investments and portfolio investments amounted to USD 15.6 billion and USD 20.2 billion respectively, whereas the net inflows of other investments reached USD 23.9 billion.
Furthermore, China's international reserves continued to grow. At the end of June 2009, China registered a total of USD 2,131.6 billion in foreign exchange reserves, an increase of USD 185.6 billion over that at the end of 2008.
For the purpose of enhancing the timeliness of the release of the data in the balance of payments statement, the SAFE released preliminary data on China's Balance of Payments Statement for the first half of 2009 on August 20. The data now available are subject to revision.
In addition, the BOP Analysis Team of the SAFE released China's Balance of Payments Report for the First Half of 2009 in order to facilitate an understanding among all social groups of the data and analysis of China's balance of payments.

 

 Balance of Payments *

 

 First Half of 2009

 US dollars (thousand)

 Items

 Line

 Balance

 Credit

Debit

 I. Current Account

1

134,459,941

643,376,735

508,916,794

  A. Goods and Services

2

102,319,724

576,190,644

473,870,920

   a. Goods

3

118,976,618

521,262,315

402,285,697

   b. Services

4

-16,656,894

54,928,329

71,585,222

   1.Transportation

5

-9,148,812

10,632,325

19,781,137

   2.Travel

6

-2,846,806

18,246,000

21,092,806

   3.Communications Services

7

63,967

546,892

482,926

   4.Construction Services

8

1,288,000

3,677,880

2,389,879

   5.Insurance Services

9

-4,248,751

602,657

4,851,408

   6.Financial Services

10

-26,701

158,530

185,231

   7.Computer and Information Services

11

1,579,353

2,876,007

1,296,653

   8.Royalties and Licensing Fees

12

-4,435,022

181,204

4,616,226

   9.Consulting Services

13

2,291,165

8,253,302

5,962,137

  10.Advertising and Public Opinion Polling

14

152,221

1,103,585

951,364

  11.Audio-visual and Related Services

15

-104,943

38,736

143,678

  12. Other Business Services

16

-1,300,352

8,186,771

9,487,123

  13. Government Services, n.i.e.

17

79,789

424,439

344,650

   B. Income

18

16,936,295

47,143,272

30,206,978

   1.Employee Compensation

19

2,662,501

3,775,455

1,112,954

   2.Investment Income

20

14,273,794

43,367,817

29,094,024

   C. Current Transfers

21

15,203,922

20,042,819

4,838,897

    1.General Government

22

-128,280

23,852

152,132

    2. Other Sectors

23

15,332,202

20,018,967

4,686,765

 II. Capital and Financial Account

24

60,994,554

342,306,167

281,311,613

   A. Capital Account

25

1,348,333

1,448,015

99,683

   B. Financial Account

26

59,646,222

340,858,152

281,211,930

   1. Direct Investment

27

15,561,165

49,222,658

33,661,493

    1.1 Overseas

28

-13,306,810

1,177,898

14,484,708

    1.2 Domestic

29

28,867,975

48,044,760

19,176,784

   2. Portfolio Investment

30

20,184,651

42,542,136

22,357,485

    2.1 Assets

31

7,731,758

30,025,343

22,293,585

     2.1.1 Equity Securities

32

-850,658

7,277,860

8,128,517

     2.1.2 Debt Securities

33

8,582,415

22,747,483

14,165,068

     2.1.2.1 Bonds and Notes

34

3,546,925

17,709,179

14,162,254

     2.1.2.2 Money Market Instruments

35

5,035,490

5,038,304

2,814

    2.2 Liabilities

36

12,452,893

12,516,793

63,900

     2.2.1 Equity Securities

37

12,453,094

12,516,120

63,026

     2.2.2 Debt Securities

38

-201

673

873

      2.2.2.1 Bonds and Notes

39

0

0

0

      2.2.2.2 Money Market Instruments

40

-201

673

873

    3. Other Investment

41

23,900,406

249,093,358

225,192,952

     3.1 Assets

42

29,117,407

70,167,876

41,050,468

      3.1.1 Trade Credits

43

-16,307,365

0

16,307,365

 Long-term

44

-1,141,516

0

1,141,516

 Short-term

45

-15,165,849

0

15,165,849

      3.1.2 Loans

46

6,437,006

26,814,013

20,377,007

 Long-term

47

-20,214,000

0

20,214,000

 Short-term

48

26,651,006

26,814,013

163,007

      3.1.3 Currency and Deposits

49

28,968,413

33,278,498

4,310,085

      3.1.4 Other Assets

50

10,019,353

10,075,364

56,011

 Long-term

51

0

0

0

 Short-term

52

10,019,353

10,075,364

56,011

    3.2 Liabilities

53

-5,217,001

178,925,483

184,142,484

     3.2.1 Trade Credits

54

-6,670,160

0

6,670,160

 Long-term

55

-466,911

0

466,911

 Short-term

56

-6,203,249

0

6,203,249

     3.2.2 Loans

57

-6,083,623

151,047,587

157,131,210

 Long-term

58

-8,387,786

5,196,860

13,584,646

 Short-term

59

2,304,163

145,850,727

143,546,564

     3.2.3 Currency and Deposits

60

4,955,296

24,508,180

19,552,884

     3.2.4 Other Liabilities

61

2,581,486

3,369,716

788,230

 Long-term

62

-120,472

0

120,472

 Short-term

63

2,701,957

3,369,716

667,758

 III. Reserves Assets

64

-185,941,174

0

185,941,174

   3.1 Monetary Gold

65

0

0

0

   3.2 Special Drawing Rights

66

-28,637

0

28,637

   3.3 Reserves Position in the Fund

67

-336,537

0

336,537

   3.4 Foreign Exchange

68

-185,576,000

0

185,576,000

   3.5 Other Claims

69

0

0

0

 IV. Net Errors and Omissions

70

-9,513,322

0

9,513,322





* This BOP statement employs rounded-off numbers.

 





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