In Q3 of 2010 the current account and the capital and financial account continued to post a "twin surplus" and international reserves maintained a growing momentum. The surplus under the current account totaled USD102.3 billion, a year-on-year increase of 103 percent as calculated on a comparable basis (the same below). Specifically, according to the statistical coverage of the balance of payments, the surpluses in goods, income, and current transfers reached USD81.4 billion, USD14 billion, and USD10.8 billion, respectively, whereas the deficit in trade in services amounted to USD3.9 billion. Meanwhile, China's surplus under the capital and financial account totaled USD15.2 billion, a decrease of 65 percent year on year. In particular, the net inflows of direct investments and portfolio investments amounted to USD24.6 billion and USD14.1 billion respectively, whereas the net outflows of other investments reached USD24.5 billion. International reserves assets posted an increase of USD108 billion, a rise of 31 percent. Specifically, transactions in foreign exchange reserves assets registered an increase of USD107.3 billion (exclusive of the influence of changes in the value of non-transaction factors, such as exchange rates and prices) and the reserve position in the IMF registered an increase of USD700 million.
In the first three quarters of 2010, China's surplus under the current account totaled USD203.9 billion, an increase of 30 percent year on year; China's surplus under the capital and financial account totaled USD130.1 billion, an increase of 2 percent; and international reserves assets posted an increase of USD286 billion, an increase of 7 percent.
| Chinas Balance of Payments Statement
|
||||
| Q3 of 2010
|
||||
|
|
|
|
Unit: USD100 million
|
|
| Items
|
#
|
Balance
|
Credit
|
Debit
|
| I. Current Account
|
1
|
1,023
|
5,315
|
4,292
|
| A. Goods and Services
|
2
|
776
|
4,759
|
3,983
|
| a. Goods
|
3
|
814
|
4,307
|
3,493
|
| b. Services
|
4
|
-39
|
452
|
491
|
| 1.Transportation
|
5
|
-73
|
96
|
169
|
| 2.Travel
|
6
|
-16
|
118
|
134
|
| 3.Communication Services
|
7
|
0
|
3
|
3
|
| 4.Construction Services
|
8
|
24
|
38
|
14
|
| 5.Insurance Services
|
9
|
-36
|
6
|
42
|
| 6.Financial Services
|
10
|
-2
|
4
|
5
|
| 7.Computer and Information Services
|
11
|
18
|
25
|
7
|
| 8.Royalties and Licensing Fees
|
12
|
-29
|
2
|
30
|
| 9.Consulting Services
|
13
|
20
|
57
|
38
|
| 10.Advertising and Public Opinion Polling
|
14
|
2
|
7
|
5
|
| 11.Audio-visual and Related Services
|
15
|
0
|
0
|
1
|
| 12. Other Business Services
|
16
|
54
|
95
|
41
|
| 13. Government Services, n.i.e.
|
17
|
0
|
2
|
2
|
| B. Income
|
18
|
140
|
433
|
293
|
| 1.Compensation of Employees
|
19
|
33
|
37
|
4
|
| 2.Investment Income
|
20
|
107
|
396
|
289
|
| C. Current Transfers
|
21
|
108
|
123
|
15
|
| 1.General Government
|
22
|
-1
|
0
|
1
|
| 2.Other Sectors
|
23
|
108
|
123
|
14
|
| II. Capital and Financial Account
|
24
|
152
|
2,717
|
2,565
|
| A. Capital Account
|
25
|
9
|
9
|
0
|
| B. Financial Account
|
26
|
143
|
2,708
|
2,565
|
| 1. Direct Investment
|
27
|
246
|
501
|
254
|
| 1.1 Abroad
|
28
|
-181
|
22
|
203
|
| 1.2 In China
|
29
|
427
|
478
|
51
|
| 2. Portfolio Investment
|
30
|
141
|
201
|
59
|
| 2.1 Assets
|
31
|
-6
|
36
|
41
|
| 2.1.1 Equity Securities
|
32
|
-3
|
25
|
28
|
| 2.1.2 Debt Securities
|
33
|
-3
|
10
|
13
|
| 2.1.2.1 Bonds and Notes
|
34
|
-3
|
10
|
13
|
| 2.1.2.2 Money Market Instruments
|
35
|
0
|
0
|
0
|
| 2.2 Liabilities
|
36
|
147
|
165
|
18
|
| 2.2.1 Equity Securities
|
37
|
154
|
158
|
3
|
| 2.2.2 Debt Securities
|
38
|
-7
|
7
|
15
|
| 2.2.2.1 Bonds and Notes
|
39
|
-7
|
7
|
15
|
| 2.2.2.2 Money Market Instruments
|
40
|
0
|
0
|
0
|
| 3. Other Investment
|
41
|
-245
|
2,006
|
2,251
|
| 3.1 Assets
|
42
|
-694
|
64
|
758
|
| 3.1.1 Trade Credits
|
43
|
-182
|
0
|
182
|
| Long-term
|
44
|
-13
|
0
|
13
|
| Short-term
|
45
|
-169
|
0
|
169
|
| 3.1.2 Loans
|
46
|
-259
|
1
|
260
|
| Long-term
|
47
|
-138
|
0
|
138
|
| Short-term
|
48
|
-122
|
1
|
122
|
| 3.1.3 Currency and Deposits
|
49
|
-270
|
46
|
316
|
| 3.1.4 Other Assets
|
50
|
17
|
17
|
0
|
| Long-term
|
51
|
0
|
0
|
0
|
| Short-term
|
52
|
17
|
17
|
0
|
| 3.2 Liabilities
|
53
|
449
|
1,942
|
1,493
|
| 3.2.1 Trade Credits
|
54
|
133
|
133
|
0
|
| Long-term
|
55
|
9
|
9
|
0
|
| Short-term
|
56
|
124
|
124
|
0
|
| 3.2.2 Loans
|
57
|
140
|
1,500
|
1,360
|
| Long-term
|
58
|
20
|
50
|
31
|
| Short-term
|
59
|
121
|
1,450
|
1,329
|
| 3.2.3 Currency and Deposits
|
60
|
177
|
303
|
127
|
| 3.2.4 Other Liabilities
|
61
|
-1
|
6
|
7
|
| Long-term
|
62
|
-1
|
0
|
1
|
| Short-term
|
63
|
0
|
6
|
6
|
| III. Reserves Assets
|
64
|
-1,080
|
0
|
1,080
|
| 3.1 Monetary Gold
|
65
|
0
|
0
|
0
|
| 3.2 Special Drawing Rights
|
66
|
0
|
0
|
0
|
| 3.3 Reserves Position in the Fund
|
67
|
-7
|
0
|
7
|
| 3.4 Foreign Exchange
|
68
|
-1,073
|
0
|
1,073
|
| 3.5 Other Claims
|
69
|
0
|
0
|
0
|
| c. Net Errors and Omissions
|
70
|
-94
|
0
|
94
|
Note:
1. This statement employs rounded-off numbers.
2. As of the third quarter of 2010, in accordance with international standards, the undistributed profits and the profits that have been distributed but not remitted shall be recorded in the Balance of Payments statement.
| Chinas Balance of Payments Statement
|
||||
| For the First three Quarters of 2010
|
||||
|
|
|
|
Unit: USD100 million
|
|
| Items
|
#
|
Balance
|
Credit
|
Debit
|
| I. Current Account
|
1
|
2,039
|
13,983
|
11,944
|
| A. Goods and Services
|
2
|
1,555
|
12,597
|
11,042
|
| a. Goods
|
3
|
1,711
|
11,370
|
9,659
|
| b. Services
|
4
|
-156
|
1,227
|
1,383
|
| 1.Transportation
|
5
|
-214
|
247
|
461
|
| 2.Travel
|
6
|
-42
|
337
|
379
|
| 3.Communication Services
|
7
|
0
|
8
|
8
|
| 4.Construction Services
|
8
|
61
|
100
|
38
|
| 5.Insurance Services
|
9
|
-101
|
13
|
114
|
| 6.Financial Services
|
10
|
1
|
8
|
7
|
| 7.Computer and Information Services
|
11
|
45
|
66
|
21
|
| 8.Royalties and Licensing Fees
|
12
|
-90
|
6
|
96
|
| 9.Consulting Services
|
13
|
53
|
159
|
106
|
| 10.Advertising and Public Opinion Polling
|
14
|
6
|
20
|
15
|
| 11.Audio-visual and Related Services
|
15
|
-2
|
1
|
3
|
| 12. Other Business Services
|
16
|
129
|
255
|
127
|
| 13. Government Services, n.i.e.
|
17
|
-1
|
7
|
8
|
| B. Income
|
18
|
182
|
1,035
|
853
|
| 1.Compensation of Employees
|
19
|
84
|
95
|
11
|
| 2.Investment Income
|
20
|
98
|
940
|
842
|
| C. Current Transfers
|
21
|
302
|
351
|
49
|
| 1.General Government
|
22
|
-2
|
0
|
2
|
| 2.Other Sectors
|
23
|
304
|
351
|
47
|
| II. Capital and Financial Account
|
24
|
1,301
|
7,751
|
6,450
|
| A. Capital Account
|
25
|
34
|
36
|
2
|
| B. Financial Account
|
26
|
1,266
|
7,715
|
6,449
|
| 1. Direct Investment
|
27
|
865
|
1,449
|
584
|
| 1.1 Abroad
|
28
|
-375
|
52
|
427
|
| 1.2 In China
|
29
|
1,240
|
1,396
|
157
|
| 2. Portfolio Investment
|
30
|
68
|
394
|
325
|
| 2.1 Assets
|
31
|
-78
|
201
|
279
|
| 2.1.1 Equity Securities
|
32
|
-77
|
78
|
155
|
| 2.1.2 Debt Securities
|
33
|
-1
|
123
|
124
|
| 2.1.2.1 Bonds and Notes
|
34
|
10
|
98
|
88
|
| 2.1.2.2 Money Market Instruments
|
35
|
-11
|
25
|
36
|
| 2.2 Liabilities
|
36
|
146
|
193
|
46
|
| 2.2.1 Equity Securities
|
37
|
158
|
186
|
27
|
| 2.2.2 Debt Securities
|
38
|
-12
|
7
|
19
|
| 2.2.2.1 Bonds and Notes
|
39
|
-12
|
7
|
19
|
| 2.2.2.2 Money Market Instruments
|
40
|
0
|
0
|
0
|
| 3. Other Investment
|
41
|
333
|
5,873
|
5,540
|
| 3.1 Assets
|
42
|
-1,075
|
445
|
1,520
|
| 3.1.1 Trade Credits
|
43
|
-616
|
5
|
621
|
| Long-term
|
44
|
-43
|
0
|
43
|
| Short-term
|
45
|
-573
|
4
|
578
|
| 3.1.2 Loans
|
46
|
-199
|
126
|
326
|
| Long-term
|
47
|
-198
|
0
|
198
|
| Short-term
|
48
|
-2
|
126
|
128
|
| 3.1.3 Currency and Deposits
|
49
|
-360
|
213
|
573
|
| 3.1.4 Other Assets
|
50
|
100
|
101
|
0
|
| Long-term
|
51
|
0
|
0
|
0
|
| Short-term
|
52
|
100
|
101
|
0
|
| 3.2 Liabilities
|
53
|
1,409
|
5,428
|
4,020
|
| 3.2.1 Trade Credits
|
54
|
583
|
583
|
0
|
| Long-term
|
55
|
41
|
41
|
0
|
| Short-term
|
56
|
542
|
542
|
0
|
| 3.2.2 Loans
|
57
|
441
|
4,183
|
3,742
|
| Long-term
|
58
|
74
|
178
|
104
|
| Short-term
|
59
|
367
|
4,005
|
3,638
|
| 3.2.3 Currency and Deposits
|
60
|
389
|
649
|
260
|
| 3.2.4 Other Liabilities
|
61
|
-4
|
13
|
17
|
| Long-term
|
62
|
-4
|
0
|
5
|
| Short-term
|
63
|
1
|
13
|
13
|
| III. Reserves Assets
|
64
|
-2,860
|
0
|
2,860
|
| 3.1 Monetary Gold
|
65
|
0
|
0
|
0
|
| 3.2 Special Drawing Rights
|
66
|
-1
|
0
|
1
|
| 3.3 Reserves Position in the Fund
|
67
|
-17
|
0
|
17
|
| 3.4 Foreign Exchange
|
68
|
-2,843
|
0
|
2,843
|
| 3.5 Other Claims
|
69
|
0
|
0
|
0
|
| c. Net Errors and Omissions
|
70
|
-480
|
0
|
480
|
Note:
1. This statement employs rounded-off numbers.
2. The data for the first three quarters of 2010 are the sum total of the data for Q3 and for H1 of 2010.
3. As of the third quarter of 2010, in accordance with international standards, the undistributed profits and profits that have been distributed but not remitted shall be recorded in the Balance of Payments statement; the data for the previous two quarters have been adjusted accordingly.
