In the first quarter of 2025, China's current account registered a surplus of RMB 1188.5 billion, including a surplus of RMB 1705.3 billion under trade in goods, a deficit of RMB 425.8 billion under trade in services, a deficit of RMB 110.4 billion under primary income and a surplus of RMB 19.4 billion under secondary income.The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 1188.5 billion. Inward foreign direct investments (FDI) continued the net inflow.
In the US dollar terms, in the first quarter of 2025, China's current account registered a surplus of USD 165.6 billion, including a surplus of USD 237.6 billion under trade in goods, a deficit of USD 59.3 billion under trade in services, a deficit of USD 15.4 billion under primary income and a surplus of USD 2.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 165.6 billion.
In SDR terms, in the first quarter of 2025, China's current account registered a surplus of SDR 126.2 billion, including a surplus of SDR 181.0 billion under trade in goods, a deficit of SDR 45.2 billion under trade in services, a deficit of SDR 11.7 billion under primary income and a surplus of SDR 2.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 126.2 billion. (End)
China's Balance of Payments, Q1 2025 (Preliminary Data)
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current account | 1 | 11885 | 1656 | 1262 |
Credit | 2 | 72020 | 10036 | 7644 |
Debit | 3 | -60135 | -8380 | -6382 |
1. A Goods and Services | 4 | 12794 | 1783 | 1358 |
Credit | 5 | 66455 | 9261 | 7053 |
Debit | 6 | -53661 | -7478 | -5695 |
1.A.a Goods | 7 | 17053 | 2376 | 1810 |
Credit | 8 | 59267 | 8259 | 6290 |
Debit | 9 | -42214 | -5883 | -4480 |
1.A.b Services | 10 | -4258 | -593 | -452 |
Credit | 11 | 7189 | 1002 | 763 |
Debit | 12 | -11447 | -1595 | -1215 |
1.A.b.1 Processing services | 13 | 187 | 26 | 20 |
Credit | 14 | 210 | 29 | 22 |
Debit | 15 | -23 | -3 | -2 |
1.A.b.2 Maintenance and Repair Services | 16 | 108 | 15 | 12 |
Credit | 17 | 225 | 31 | 24 |
Debit | 18 | -117 | -16 | -12 |
1.A.b.3 Transport | 19 | -791 | -110 | -84 |
Credit | 20 | 2090 | 291 | 222 |
Debit | 21 | -2880 | -401 | -306 |
1.A.b.4 Travel | 22 | -4267 | -595 | -454 |
Credit | 23 | 797 | 111 | 85 |
Debit | 24 | -5064 | -706 | -538 |
1.A.b.5 Construction | 25 | 105 | 15 | 11 |
Credit | 26 | 268 | 37 | 28 |
Debit | 27 | -163 | -23 | -17 |
1.A.b.6 Insurance and Pension Services | 28 | -329 | -46 | -35 |
Credit | 29 | 67 | 9 | 7 |
Debit | 30 | -396 | -55 | -42 |
1.A.b.7 Financial Services | 31 | 15 | 2 | 2 |
Credit | 32 | 82 | 11 | 9 |
Debit | 33 | -67 | -9 | -7 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -570 | -80 | -60 |
Credit | 35 | 189 | 26 | 20 |
Debit | 36 | -760 | -106 | -81 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 419 | 58 | 44 |
Credit | 38 | 1196 | 167 | 127 |
Debit | 39 | -776 | -108 | -82 |
1.A.b.10 Other Business Services | 40 | 910 | 127 | 97 |
Credit | 41 | 1991 | 277 | 211 |
Debit | 42 | -1082 | -151 | -115 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -32 | -4 | -3 |
Credit | 44 | 47 | 7 | 5 |
Debit | 45 | -78 | -11 | -8 |
1.A.b.12 Government Goods and Services n.i.e | 46 | -14 | -2 | -2 |
Credit | 47 | 26 | 4 | 3 |
Debit | 48 | -40 | -6 | -4 |
1.B Primary Income | 49 | -1104 | -154 | -117 |
Credit | 50 | 4946 | 689 | 525 |
Debit | 51 | -6050 | -843 | -642 |
1.C Secondary Income | 52 | 194 | 27 | 21 |
Credit | 53 | 619 | 86 | 66 |
Debit | 54 | -425 | -59 | -45 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) | 55 | -11885 | -1656 | -1262 |
2.1 Capital Account | 56 | -5 | -1 | -1 |
Credit | 57 | 2 | 0 | 0 |
Debit | 58 | -7 | -1 | -1 |
2.2. Financial Account (Including Net Errors and Omissions for the Quarter) | 59 | -11879 | -1655 | -1261 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) | 60 | -14114 | -1966 | -1499 |
Including: 2.2.1.1 Direct Investment | 61 | -2417 | -337 | -258 |
2.2.1.1.1 Assets | 62 | -3468 | -483 | -368 |
2.2.1.1.1.1 Equity and investment fund shares | 63 | -2309 | -322 | -245 |
2.2.1.1.1.2 Debt instruments | 64 | -1159 | -162 | -123 |
2.2.1.1.2 Liabilities | 65 | 1052 | 147 | 110 |
2.2.1.1.2.1 Equity and investment fund shares | 66 | 1535 | 214 | 162 |
2.2.1.1.2.2 Debt instruments | 67 | -484 | -67 | -52 |
2.2.2 Reserve Assets | 68 | 2234 | 311 | 238 |
2.2.2.1 Monetary gold | 69 | 0 | 0 | 0 |
2.2.2.2 Special drawing rights | 70 | -86 | -12 | -9 |
2.2.2.3 Reserve position in the IMF | 71 | -25 | -4 | -3 |
2.2.2.4 Foreign exchange reserves | 72 | 2345 | 327 | 250 |
2.2.2.5 Other reserves | 73 | 0 | 0 | 0 |
3. Net Errors and Omissions | 74 | / | / | / |
Note:1. The table is compiled according to BPM6.
2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balances, unless marked with "Credit" or "Debit".
3.The RMB denominated BOP statement is converted from the USD denominated BOP statement for the quarter using the period average central parity rate of RMB against USD. The SDR denominated quarterly BOP statement is converted from the USD denominated BOP statement for the quarter using the period average exchange rate of SDR against USD.
4.Since net errors and omissions are included, the amount of the capital and financial accounts is the opposite number of the difference in the current account.
5. According to preliminary statistics, in the first quarter of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 19.1 billion (RMB 136.9 billion).
6.This table employs rounded-off numbers.
