In the second quarter of 2025, China's current account registered a surplus of RMB 925.2 billion, and the capital and financial accounts recorded a deficit of RMB 984.2 billion.
In the first half of 2025, China's current account registered a surplus of RMB 2112.6 billion, and the capital and financial accounts recorded a deficit of RMB 1993.6 billion.
In the US dollar terms, in the second quarter, China's current account recorded a surplus of USD 128.7 billion, including a surplus of USD 219.1 billion under trade in goods, a deficit of USD 47.1 billion under trade in services, a deficit of USD 47.4 billion under primary income and a surplus of USD 4.1 billion under secondary income. The capital and financial accounts registered a deficit of USD 137.0 billion, including a deficit of USD 71.8 million under the capital account, and a deficit of USD 136.9 billion under the financial account.
In the US dollar terms, in the first half of 2025, China's current account recorded a surplus of USD 294.1 billion, including a surplus of USD 456.7 billion under trade in goods, a deficit of USD 106.4 billion under trade in services, a deficit of USD 62.9 billion under primary income and a surplus of USD 6.8 billion under secondary income. The capital and financial accounts recorded a deficit of USD 277.6 billion, including a deficit of USD 144.9 million under the capital account, a deficit of USD 277.5 billion under the financial account.
In SDR terms, in the second quarter, China posted a surplus of SDR 94.9 billion under the current account, and a deficit of SDR 100.8 billion under the capital and financial accounts.
In SDR terms, in the first half of 2025, China posted a surplus of SDR 220.9 billion under the current account, and a deficit of SDR 207.6 billion under the capital and financial accounts.
In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China’s Balance of Payments Report for the First Half of 2025. (End)
Abridged Balance of Payments, Q2 2025
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current Account | 1 | 9252 | 1287 | 949 |
Credit | 2 | 76896 | 10693 | 7889 |
Debit | 3 | -67644 | -9406 | -6940 |
1. A Goods and Services | 4 | 12368 | 1720 | 1268 |
Credit | 5 | 69973 | 9730 | 7179 |
Debit | 6 | -57604 | -8010 | -5911 |
1.A.a Goods | 7 | 15756 | 2191 | 1616 |
Credit | 8 | 62696 | 8718 | 6433 |
Debit | 9 | -46940 | -6527 | -4817 |
1.A.b Services | 10 | -3388 | -471 | -348 |
Credit | 11 | 7277 | 1012 | 747 |
Debit | 12 | -10664 | -1483 | -1094 |
1.B Primary Income | 13 | -3409 | -474 | -349 |
Credit | 14 | 6209 | 864 | 637 |
Debit | 15 | -9618 | -1338 | -986 |
1.C Secondary Income | 16 | 292 | 41 | 30 |
Credit | 17 | 715 | 99 | 73 |
Debit | 18 | -422 | -59 | -43 |
2. Capital and Financial Account | 19 | -9842 | -1370 | -1008 |
2.1 Capital Account | 20 | -5 | -1 | -1 |
Credit | 21 | 2 | 0 | 0 |
Debit | 22 | -7 | -1 | -1 |
2.2 Financial Account | 23 | -9837 | -1369 | -1007 |
Assets | 24 | -11567 | -1610 | -1184 |
Liabilities | 25 | 1730 | 241 | 177 |
2.2.1 Financial Account Excluding Reserve Assets | 26 | -10524 | -1465 | -1078 |
2.2.1.1 Direct Investment | 27 | -918 | -127 | -94 |
Assets | 28 | -2165 | -301 | -222 |
Liabilities | 29 | 1248 | 174 | 128 |
2.2.1.2 Portfolio Investment | 30 | -4043 | -562 | -415 |
Assets | 31 | -4644 | -646 | -477 |
Liabilities | 32 | 601 | 83 | 62 |
2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options | 33 | -648 | -90 | -67 |
Assets | 34 | -549 | -76 | -56 |
Liabilities | 35 | -100 | -14 | -10 |
2.2.1.4 Other Investment | 36 | -4915 | -685 | -502 |
Assets | 37 | -4896 | -683 | -500 |
Liabilities | 38 | -19 | -2 | -3 |
2.2.2 Reserve Assets | 39 | 687 | 96 | 70 |
3. Net Errors and Omissions | 40 | 590 | 83 | 59 |
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 BOPdata 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 second quarter of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 20.4 billion (RMB 146.5 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”.
Abridged Balance of Payments, First Half of 2025
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current Account | 1 | 21126 | 2941 | 2209 |
Credit | 2 | 148926 | 20731 | 15534 |
Debit | 3 | -127801 | -17789 | -13325 |
1. A Goods and Services | 4 | 25156 | 3502 | 2626 |
Credit | 5 | 136422 | 18990 | 14232 |
Debit | 6 | -111266 | -15488 | -11606 |
1.A.a Goods | 7 | 32803 | 4567 | 3425 |
Credit | 8 | 121960 | 16977 | 12722 |
Debit | 9 | -89157 | -12410 | -9297 |
1.A.b Services | 10 | -7646 | -1064 | -800 |
Credit | 11 | 14462 | 2013 | 1510 |
Debit | 12 | -22109 | -3078 | -2309 |
1.B Primary Income | 13 | -4520 | -629 | -467 |
Credit | 14 | 11170 | 1555 | 1163 |
Debit | 15 | -15690 | -2184 | -1630 |
1.C Secondary Income | 16 | 490 | 68 | 51 |
Credit | 17 | 1335 | 186 | 139 |
Debit | 18 | -845 | -118 | -88 |
2. Capital and Financial Account | 19 | -19936 | -2776 | -2076 |
2.1 Capital Account | 20 | -10 | -1 | -1 |
Credit | 21 | 3 | 0 | 0 |
Debit | 22 | -14 | -2 | -1 |
2.2 Financial Account | 23 | -19926 | -2775 | -2075 |
Assets | 24 | -24788 | -3452 | -2585 |
Liabilities | 25 | 4863 | 677 | 510 |
2.2.1 Financial Account Excluding Reserve Assets | 26 | -22847 | -3182 | -2384 |
2.2.1.1 Direct Investment | 27 | -3348 | -466 | -354 |
Assets | 28 | -5637 | -785 | -591 |
Liabilities | 29 | 2289 | 319 | 237 |
2.2.1.2 Portfolio Investment | 30 | -8433 | -1174 | -882 |
Assets | 31 | -11113 | -1547 | -1164 |
Liabilities | 32 | 2680 | 373 | 282 |
2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options | 33 | -1183 | -165 | -123 |
Assets | 34 | -965 | -134 | -100 |
Liabilities | 35 | -218 | -30 | -23 |
2.2.1.4 Other Investment | 36 | -9884 | -1377 | -1025 |
Assets | 37 | -9995 | -1393 | -1039 |
Liabilities | 38 | 112 | 16 | 13 |
2.2.2 Reserve Assets | 39 | 2922 | 407 | 309 |
3. Net Errors and Omissions | 40 | -1189 | -165 | -133 |
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 half of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 39.2 billion (RMB 281.4 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”.
