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
|
|