In the first quarter of 2025, China's current account registered a surplus of RMB 1187.4 billion, and the capital and financial accounts recorded a deficit of RMB 1009.4 billion.
In the US dollar terms, in the first quarter, China's current account recorded a surplus of USD 165.4 billion, including a surplus of USD 237.5 billion under trade in goods, a deficit of USD 59.3 billion under trade in services, a deficit of USD 15.5 billion under primary income and a surplus of USD 2.8 billion under secondary income. The capital and financial accounts registered a deficit of USD 140.7 billion, including a deficit of USD 73.1 million under the capital account, and a deficit of USD 140.6 billion under the financial account.
In SDR terms, in the first quarter, China posted a surplus of SDR 126.0 billion under the current account, and a deficit of SDR 106.8 billion under the capital and financial accounts.(End)
Abridged Balance of Payments, Q1 2025
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current Account | 1 | 11874 | 1654 | 1260 |
Credit | 2 | 72030 | 10037 | 7645 |
Debit | 3 | -60157 | -8383 | -6384 |
1. A Goods and Services | 4 | 12788 | 1782 | 1357 |
Credit | 5 | 66449 | 9260 | 7053 |
Debit | 6 | -53661 | -7478 | -5695 |
1.A.a Goods | 7 | 17047 | 2375 | 1809 |
Credit | 8 | 59264 | 8258 | 6290 |
Debit | 9 | -42217 | -5883 | -4480 |
1.A.b Services | 10 | -4259 | -593 | -452 |
Credit | 11 | 7185 | 1001 | 763 |
Debit | 12 | -11444 | -1595 | -1215 |
1.B Primary Income | 13 | -1111 | -155 | -118 |
Credit | 14 | 4961 | 691 | 526 |
Debit | 15 | -6072 | -846 | -644 |
1.C Secondary Income | 16 | 198 | 28 | 21 |
Credit | 17 | 621 | 86 | 66 |
Debit | 18 | -423 | -59 | -45 |
2. Capital and Financial Account | 19 | -10094 | -1407 | -1068 |
2.1 Capital Account | 20 | -5 | -1 | -1 |
Credit | 21 | 2 | 0 | 0 |
Debit | 22 | -7 | -1 | -1 |
2.2 Financial Account | 23 | -10089 | -1406 | -1068 |
Assets | 24 | -13222 | -1842 | -1400 |
Liabilities | 25 | 3133 | 437 | 333 |
2.2.1 Financial Account Excluding Reserve Assets | 26 | -12323 | -1717 | -1306 |
2.2.1.1 Direct Investment | 27 | -2430 | -338 | -259 |
Assets | 28 | -3471 | -484 | -369 |
Liabilities | 29 | 1041 | 145 | 109 |
2.2.1.2 Portfolio Investment | 30 | -4390 | -612 | -467 |
Assets | 31 | -6469 | -901 | -687 |
Liabilities | 32 | 2079 | 290 | 220 |
2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options | 33 | -534 | -74 | -57 |
Assets | 34 | -416 | -58 | -44 |
Liabilities | 35 | -118 | -16 | -12 |
2.2.1.4 Other Investment | 36 | -4969 | -693 | -523 |
Assets | 37 | -5100 | -710 | -539 |
Liabilities | 38 | 131 | 18 | 16 |
2.2.2 Reserve Assets | 39 | 2234 | 311 | 238 |
3. Net Errors and Omissions | 40 | -1780 | -248 | -192 |
Notes:
1. The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts.
2."Credit" is presented as positive value while "debit" as negative value, and the difference is the sum of the "Credit" and the "Debit". All items herein refer to difference, unless marked with "Credit" or "Debit".
3. The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters.
4. The SDR denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average exchange rate of SDR against USD.The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters.
5. In the first quarter of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 18.8 billion (RMB 134.9 billion).
6.This statement employs rounded-off numbers.
7. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE.
8. The BOP data is revised regularly; please find the latest data in “Data and Statistics”.
