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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in January 2023, the amount of foreign exchange settlement and sales by banks was RMB 1191.3 billion and RMB 1174.4 billion, respectively. In the US dollar terms, in January 2023, the amount of foreign exchange settlement and sales by banks was USD 175.3 billion and USD 172.8 billion, respectively. In January 2023, the amount of cross-border receipts and payments by non-banking sectors was RMB 3029.5 billion and RMB 2790.7 billion, respectively. In the US dollar terms, in January 2023, the amount of cross-border receipts and payments by non-banking sectors was USD 445.7 billion and USD 410.5 billion, respectively. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2023-02-15/en/2023/0215/2049.html
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In January 2023, the export and import of China’s international trade in services totalled RMB 459.5 billion. Of this, the export recorded RMB 177.4 billion and the import recorded RMB 282.1 billion, resulting in a deficit of RMB 104.8 billion. In terms of the major items, the export and import of transport, travel, other business services and telecommunications, computer and information services registered RMB 143.0 billion, RMB 109.1 billion, RMB 87.1 billion and RMB 56.3 billion respectively. In the US dollar terms, in January 2023, China's international trade in services registered export of USD 26.1 billion and import of USD 41.5 billion, resulting in a deficit of USD 15.4 billion. (End) International Trade in Services of China January 2023 Item In 100 million of RMB In 100 million of USD 1. Services -1048 -154 Credit 1774 261 Debit -2821 -415 1.1Manufacturing services on physical inputs owned by others 66 10 Credit 71 10 Debit -5 -1 1.2Maintenance and repair services n.i.e 17 2 Credit 44 6 Debit -27 -4 1.3Transport -419 -62 Credit 506 74 Debit -924 -136 1.4Travel -983 -145 Credit 54 8 Debit -1037 -153 1.5Construction 32 5 Credit 75 11 Debit -43 -6 1.6Insurance and pension services -40 -6 Credit 32 5 Debit -73 -11 1.7Financial services 17 2 Credit 32 5 Debit -15 -2 1.8Charges for the use of intellectual property -114 -17 Credit 36 5 Debit -150 -22 1.9Telecommunications, computerand information services 26 4 Credit 294 43 Debit -268 -39 1.10Other business services 363 53 Credit 617 91 Debit -254 -37 1.11Personal, cultural, and recreational services -8 -1 Credit 5 1 Debit -13 -2 1.12Government goods and services n.i.e -5 -1 Credit 7 1 Debit -12 -2 Notes: 1. As the Customs statistics of trade in goods for January 2022 will be disseminated together with data for February 2022 in March 2022, international trade in goods for January 2022 will be disseminated together with data for February 2022 as well. 2. The trade in services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 3. The data on international trade in services are prepared in USD, and the RMB data for thecurrent month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 4. This table employs rounded-off numbers. Definition of Indicators: 1. Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel,construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 1.1 Manufacturing services on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods isnot transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 1.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 1.3 Transport: refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postaland delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 1.4 Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 1.5 Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation,assembly, painting, pipeline construction, demolition and project management,as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 1.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-lifeinsurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 1.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 1.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 1.9 Telecommunications, computer and information services: refer tocommunications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 1.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 1.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films, radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 1.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2023-02-24/en/2023/0224/2050.html
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Selected Transactions in the Chinese Foreign Exchange Market in 2023 (in RMB) Selected Transactions in the Chinese Foreign Exchange Market in 2023 (in USD) 2024-01-26/en/2023/0224/2051.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in February 2023, the amount of foreign exchange settlement and sales by banks was RMB 1249.3 billion and RMB 1262.0 billion, respectively. During January to February 2023, the accumulative amount of foreign exchange settlement and sales by banks was RMB 2440.6 billion and RMB 2436.4 billion, respectively. In the US dollar terms, in February 2023, the amount of foreign exchange settlement and sales by banks was USD 182.9 billion and USD 184.8 billion, respectively. During January to February 2023, the accumulative amount of foreign exchange settlement and sales by banks was USD 358.2 billion and USD 357.5 billion, respectively. In February 2023, the amount of cross-border receipts and payments by non-banking sectors was RMB 3211.5 billion and RMB 3237.3 billion, respectively. During January to February 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 6241.0 billion and RMB 6028.0 billion, respectively. In the US dollar terms, in February 2023, the amount of cross-border receipts and payments by non-banking sectors was USD 470.2 billion and USD 474.0 billion, respectively. During January to February 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 915.9 billion and USD 884.6 billion, respectively. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2023-03-15/en/2023/0315/2054.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), the Chinese foreign exchange market (excluding foreign currency pairs, the same below) recorded total transactions of RMB 14.29 trillion (equivalent to USD 2.10 trillion) in January 2023. In terms of markets, the transactions volume of client market was RMB 2.62 trillion (equivalent to USD 0.39 trillion), and the transactions volume of interbank market was RMB 11.67 trillion (equivalent to USD 1.72 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 5.69 trillion (equivalent to USD 0.84 trillion), and that of the derivatives market was RMB 8.60 trillion (equivalent to USD 1.27 trillion). 2023-02-24/en/2023/0224/2052.html
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国际储备与外币流动性数据模板 Template on International Reserves and Foreign Currency Liquidity 01 02 03 04 05 06 07 08 09 10 11 12 2023-01-31/en/2021/0203/2053.html
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Time-series Data of Cross-border Receipts and Payments by Non-banking Sectors Cross-border Receipts and Payments by Non-banking Sectors in 2026(by Region) Cross-border Receipts and Payments by Non-banking Sectors in 2025(by Region) Cross-border Receipts and Payments by Non-banking Sectors in 2024(by Region) Cross-border Receipts and Payments by Non-banking Sectors in 2023(by Region) Cross-border Receipts and Payments by Non-banking Sectors in 2022(by Region) Cross-border Receipts and Payments by Non-banking Sectors in 2021(by Region) Cross-border Receipts and Payments by Non-banking Sectors in 2020(by Region) 2026-05-18/en/2019/0919/1561.html
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Distinguished Vice Premier He Lifeng, Party Secretary Yin Li, Mayor Yin Yong, and dear guests, Good afternoon! It's a great pleasure to join you at the Financial Street Forum. Just now, Vice Premier He Lifeng delivered an important speech, making arrangements for the financial system to implement the guidelines of the fourth plenary session of the 20th Communist Party of China (CPC) Central Committee. We will ensure its effective implementation. The fourth plenary session of the 20th CPC Central Committee has defined the guiding principles and main objectives for China's economic and social development during the 15th Five-Year Plan period. It has drawn a grand blueprint for the next five years, calling for greater high-standard opening-up to foster a new stage of win-win cooperation. The session emphasized that opening-up should serve as a driving force for reform and development, enabling China to share opportunities and pursue common progress with the rest of the world. To implement the guidelines of the session, I would like to share some thoughts on global economic and trade resilience and China's contribution from the perspective of advancing high-standard opening-up. In recent years, despite multiple challenges such as the pandemic, geopolitical frictions, and the resurgence of unilateralism and protectionism, global economic and trade activities have demonstrated remarkable resilience. According to World Bank data, total global trade grew at an average annual rate of 5.4 percent between 2019 and 2024, 4.6 percentage points higher than that in the previous five years. Since the beginning of this year, global trade has continued to expand at a relatively fast pace despite a complex and volatile environment. According to the latest forecast by the United Nations, global trade will exceed USD33 trillion this year, reaching a new record high. Behind this resilience lie two key driving forces—technological innovation and open cooperation. On the one hand, the new round of sci-tech revolution and industrial transformation has been further advanced, injecting fresh momentum into global economy and trade. Artificial intelligence is developing explosively, semiconductor trade is expanding rapidly, and the annual trade volume of integrated circuits has surpassed the USD1 trillion mark. Global green trade is rising swiftly. The annual trade volume of new energy products has grown from tens of billions of US dollars a decade ago to hundreds of billions in the past three years, marking an order-of-magnitude increase. The digital economy is flourishing, giving rise to new forms of trade such as cross-border e-commerce and fueling the rapid expansion of trade in services. In 2024, global exports of digital services doubled from a decade ago. On the other hand, opening-up and win-win cooperation serve as the endogenous driving forces behind the steady growth of global economic and trade activities. Practice has repeatedly proven that division of labor, cooperation and mutual benefit among nations are not only the sources of development, but also the foundation for risk resilience and an inherent feature of market economies. Although globalization has faced headwinds in recent years, multi-level economic and trade cooperation among countries and regions has become even closer. The entry into force of the Regional Comprehensive Economic Partnership（RCEP）, the full completion of negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), and the official launch of the African Continental Free Trade Area (AfCFTA) are among the new milestones that continue to emerge, helping to uphold a diverse and stable international economic landscape and trading system. As the world's second-largest economy and the largest trader in goods, China has shared its development opportunities with the rest of the world and made important contributions to enhancing the resilience of global trade and upholding global economic and trade rules. First, China has played an important role in maintaining the stability of global industrial and supply chains. With the most comprehensive range of industrial sectors and the most complete supporting system in the world, China has offered strong support to the smooth functioning of the global economic cycle by providing high-quality manufactured goods and reliable supplies as well as by strengthening international cooperation along industrial and supply chains. Second, China has actively shared the opportunities presented by its super large market. By steadfastly deepening reform and expanding opening-up, China has provided not only stability on the supply side, but also vast demand on the consumption side. Over the past five years, China’s annual imports of goods and services have averaged USD3 trillion, making the country one of the world’s most important consumer markets. Third, China has continued to cultivate new growth drivers for international cooperation in emerging sectors. By accelerating the development of new quality productive forces and advancing industrial transformation, China has been deepening international cooperation in areas such as the digital economy, artificial intelligence, and new energy. In 2024, the value added of China's core digital economy industries accounted for about 10 percent of GDP, while imports and exports of digitally deliverable services exceeded USD400 billion, underscoring China’s vital role in supporting global digital trade. Fourth, China has actively participated in global governance and promoted multilateral cooperation. China has put forward the Global Governance Initiative, firmly upheld the multilateral trading system with the World Trade Organization at its core, and advocated inclusive economic globalization. Through high-quality Belt and Road cooperation, China has provided strong support for developing countries to better integrate into global value chains and the international trading system. At the same time, China has advanced deep-seated reforms and high-level opening-up in the foreign exchange sector, facilitated cross-border trade, investment and financing, and deepened the development of the foreign exchange market. These efforts have created favorable conditions for various market entities to efficiently allocate foreign exchange resources, manage exchange rate risks, and better participate in global economic and trade cooperation. In 2024, the trading volume in China's foreign exchange market increased by 37 percent compared with 2020, while the scale of external receipts and payments rose by 64 percent over 2020. In the first three quarters of this year, China’s external receipts and payments totaled USD11.6 trillion, reaching a record high for the same period. High-standard opening-up has become a strong driving force for China’s economic development. Ladies and gentlemen, General Secretary Xi Jinping has profoundly pointed out that economic globalization is an irreversible historical trend. The more challenging the times, the more we should stay true to our original aspiration for peaceful coexistence and strengthen our confidence in win–win cooperation. We will fully implement the arrangements made at the fourth plenary session of the 20th CPC Central Committee, coordinate development and security, continue to deepen reform and opening-up in the foreign exchange sector, and defend the bottom line whereby no systemic risks will occur. Our goal is to build a sound foreign exchange management system featuring "greater convenience, expanded opening-up, enhanced security, and upgraded intelligence". First, we will improve the foreign exchange policy system that rewards greater integrity with greater convenience. We will enhance the quality and coverage of banks' foreign exchange operations reforms as well as reforms regarding trade and investment facilitation. The number of enterprises now able to handle transactions directly based on instructions has increased more than fivefold compared with the end of 2020. Focusing on trade facilitation, we will soon introduce nine new policy measures, which mainly aim to expand the scope of high-level opening-up pilot programs for cross-border trade and the range of netting settlement transactions, optimize foreign exchange fund settlement for entities in new forms of trade, and ease management of reimbursable expenses in trade in services—all designed to further promote innovation and high-quality development in trade. Second, we will promote high-standard institutional opening-up in the foreign exchange sector. We will strengthen the overall planning of reforms, promote RMB internationalization and the high-quality opening-up of the capital account in a coordinated manner, and deepen the reform of foreign exchange management in key areas such as direct investment, cross-border financing, and securities investment. In September, we introduced a package of policy measures on cross-border investment and financing. In the near future, we will also roll out policies on integrated RMB and foreign currency cash pooling for multinational companies and on the management of funds raised from overseas listings by domestic enterprises. Meanwhile, we will implement integrated reform and innovation in foreign exchange management within pilot free trade zones to help open up new horizons for China’s self-initiated opening-up. Third, we will enhance our capacity for foreign exchange regulation and risk management in an open economy. We will strengthen the integrated regulation of the foreign exchange market from the perspectives of macro prudential management and micro regulation, leverage artificial intelligence, big data, and other digital tools to empower smart regulation, and reinforce monitoring and early warning of cross-border capital flows. We will also improve our effectiveness in combating illegal and irregular activities, effectively guard against external shocks, and provide greater stability and certainty to support open cooperation and strengthen the resilience of global economic and trade activities. Ladies and gentlemen, As the capital of China, Beijing serves as the nation’s center for politics, culture, international exchanges, and sci-tech innovation. Over the past three years, Beijing’s total goods trade has consistently exceeded RMB3.6 trillion, while its trade in services has grown at an average annual rate of nearly 10 percent. The State Administration of Foreign Exchange will continue to support Beijing in taking the lead in piloting more pioneering foreign exchange policies, further enhancing the quality and effectiveness of policies such as pilot programs of high-level opening-up of cross-border trade and investment, as well as the Research Funding Facilitation Policy. We will intensify our support for the development of Beijing as "Four Centers" and "Two Zones", and help the city play an even more important role in promoting stable and sustainable global economic and trade development. Last but not least, I'd like to wish this year's Financial Street Forum a complete success. Thank you! 2025-10-27/en/2025/1027/2359.html
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Distinguished Vice Premier He Lifeng, Party Secretary Yin Li, Mayor Yin Yong, and dear guests, Good afternoon! It's a great pleasure to join you at the Financial Street Forum. Just now, Vice Premier He Lifeng delivered an important speech, making arrangements for the financial system to implement the guidelines of the fourth plenary session of the 20th Communist Party of China (CPC) Central Committee. We will ensure its effective implementation. The fourth plenary session of the 20th CPC Central Committee has defined the guiding principles and main objectives for China's economic and social development during the 15th Five-Year Plan period. It has drawn a grand blueprint for the next five years, calling for greater high-standard opening-up to foster a new stage of win-win cooperation. The session emphasized that opening-up should serve as a driving force for reform and development, enabling China to share opportunities and pursue common progress with the rest of the world. To implement the guidelines of the session, I would like to share some thoughts on global economic and trade resilience and China's contribution from the perspective of advancing high-standard opening-up. In recent years, despite multiple challenges such as the pandemic, geopolitical frictions, and the resurgence of unilateralism and protectionism, global economic and trade activities have demonstrated remarkable resilience. According to World Bank data, total global trade grew at an average annual rate of 5.4 percent between 2019 and 2024, 4.6 percentage points higher than that in the previous five years. Since the beginning of this year, global trade has continued to expand at a relatively fast pace despite a complex and volatile environment. According to the latest forecast by the United Nations, global trade will exceed USD33 trillion this year, reaching a new record high. Behind this resilience lie two key driving forces—technological innovation and open cooperation. On the one hand, the new round of sci-tech revolution and industrial transformation has been further advanced, injecting fresh momentum into global economy and trade. Artificial intelligence is developing explosively, semiconductor trade is expanding rapidly, and the annual trade volume of integrated circuits has surpassed the USD1 trillion mark. Global green trade is rising swiftly. The annual trade volume of new energy products has grown from tens of billions of US dollars a decade ago to hundreds of billions in the past three years, marking an order-of-magnitude increase. The digital economy is flourishing, giving rise to new forms of trade such as cross-border e-commerce and fueling the rapid expansion of trade in services. In 2024, global exports of digital services doubled from a decade ago. On the other hand, opening-up and win-win cooperation serve as the endogenous driving forces behind the steady growth of global economic and trade activities. Practice has repeatedly proven that division of labor, cooperation and mutual benefit among nations are not only the sources of development, but also the foundation for risk resilience and an inherent feature of market economies. Although globalization has faced headwinds in recent years, multi-level economic and trade cooperation among countries and regions has become even closer. The entry into force of the Regional Comprehensive Economic Partnership（RCEP）, the full completion of negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), and the official launch of the African Continental Free Trade Area (AfCFTA) are among the new milestones that continue to emerge, helping to uphold a diverse and stable international economic landscape and trading system. As the world's second-largest economy and the largest trader in goods, China has shared its development opportunities with the rest of the world and made important contributions to enhancing the resilience of global trade and upholding global economic and trade rules. First, China has played an important role in maintaining the stability of global industrial and supply chains. With the most comprehensive range of industrial sectors and the most complete supporting system in the world, China has offered strong support to the smooth functioning of the global economic cycle by providing high-quality manufactured goods and reliable supplies as well as by strengthening international cooperation along industrial and supply chains. Second, China has actively shared the opportunities presented by its super large market. By steadfastly deepening reform and expanding opening-up, China has provided not only stability on the supply side, but also vast demand on the consumption side. Over the past five years, China’s annual imports of goods and services have averaged USD3 trillion, making the country one of the world’s most important consumer markets. Third, China has continued to cultivate new growth drivers for international cooperation in emerging sectors. By accelerating the development of new quality productive forces and advancing industrial transformation, China has been deepening international cooperation in areas such as the digital economy, artificial intelligence, and new energy. In 2024, the value added of China's core digital economy industries accounted for about 10 percent of GDP, while imports and exports of digitally deliverable services exceeded USD400 billion, underscoring China’s vital role in supporting global digital trade. Fourth, China has actively participated in global governance and promoted multilateral cooperation. China has put forward the Global Governance Initiative, firmly upheld the multilateral trading system with the World Trade Organization at its core, and advocated inclusive economic globalization. Through high-quality Belt and Road cooperation, China has provided strong support for developing countries to better integrate into global value chains and the international trading system. At the same time, China has advanced deep-seated reforms and high-level opening-up in the foreign exchange sector, facilitated cross-border trade, investment and financing, and deepened the development of the foreign exchange market. These efforts have created favorable conditions for various market entities to efficiently allocate foreign exchange resources, manage exchange rate risks, and better participate in global economic and trade cooperation. In 2024, the trading volume in China's foreign exchange market increased by 37 percent compared with 2020, while the scale of external receipts and payments rose by 64 percent over 2020. In the first three quarters of this year, China’s external receipts and payments totaled USD11.6 trillion, reaching a record high for the same period. High-standard opening-up has become a strong driving force for China’s economic development. Ladies and gentlemen, General Secretary Xi Jinping has profoundly pointed out that economic globalization is an irreversible historical trend. The more challenging the times, the more we should stay true to our original aspiration for peaceful coexistence and strengthen our confidence in win–win cooperation. We will fully implement the arrangements made at the fourth plenary session of the 20th CPC Central Committee, coordinate development and security, continue to deepen reform and opening-up in the foreign exchange sector, and defend the bottom line whereby no systemic risks will occur. Our goal is to build a sound foreign exchange management system featuring "greater convenience, expanded opening-up, enhanced security, and upgraded intelligence". First, we will improve the foreign exchange policy system that rewards greater integrity with greater convenience. We will enhance the quality and coverage of banks' foreign exchange operations reforms as well as reforms regarding trade and investment facilitation. The number of enterprises now able to handle transactions directly based on instructions has increased more than fivefold compared with the end of 2020. Focusing on trade facilitation, we will soon introduce nine new policy measures, which mainly aim to expand the scope of high-level opening-up pilot programs for cross-border trade and the range of netting settlement transactions, optimize foreign exchange fund settlement for entities in new forms of trade, and ease management of reimbursable expenses in trade in services—all designed to further promote innovation and high-quality development in trade. Second, we will promote high-standard institutional opening-up in the foreign exchange sector. We will strengthen the overall planning of reforms, promote RMB internationalization and the high-quality opening-up of the capital account in a coordinated manner, and deepen the reform of foreign exchange management in key areas such as direct investment, cross-border financing, and securities investment. In September, we introduced a package of policy measures on cross-border investment and financing. In the near future, we will also roll out policies on integrated RMB and foreign currency cash pooling for multinational companies and on the management of funds raised from overseas listings by domestic enterprises. Meanwhile, we will implement integrated reform and innovation in foreign exchange management within pilot free trade zones to help open up new horizons for China’s self-initiated opening-up. Third, we will enhance our capacity for foreign exchange regulation and risk management in an open economy. We will strengthen the integrated regulation of the foreign exchange market from the perspectives of macro prudential management and micro regulation, leverage artificial intelligence, big data, and other digital tools to empower smart regulation, and reinforce monitoring and early warning of cross-border capital flows. We will also improve our effectiveness in combating illegal and irregular activities, effectively guard against external shocks, and provide greater stability and certainty to support open cooperation and strengthen the resilience of global economic and trade activities. Ladies and gentlemen, As the capital of China, Beijing serves as the nation’s center for politics, culture, international exchanges, and sci-tech innovation. Over the past three years, Beijing’s total goods trade has consistently exceeded RMB3.6 trillion, while its trade in services has grown at an average annual rate of nearly 10 percent. The State Administration of Foreign Exchange will continue to support Beijing in taking the lead in piloting more pioneering foreign exchange policies, further enhancing the quality and effectiveness of policies such as pilot programs of high-level opening-up of cross-border trade and investment, as well as the Research Funding Facilitation Policy. We will intensify our support for the development of Beijing as "Four Centers" and "Two Zones", and help the city play an even more important role in promoting stable and sustainable global economic and trade development. Last but not least, I'd like to wish this year's Financial Street Forum a complete success. Thank you! 2025-10-27/en/2025/1027/2360.html
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In January 2026, the export and import of China’s international trade in goods and services totalled RMB 4662.5 billion. Of this, the export of goods and services recorded RMB 2621.1 billion and the import recorded RMB 2041.5 billion, resulting in a surplus of RMB 579.6 billion. In terms of the major items, the export and import of travel, transport, other business services, telecommunications, computer and information services registered RMB 211.9 billion, RMB 182.9 billion, RMB 115.2 billion and RMB 69.0 billion respectively. In the US dollar terms, in January 2026, the export and import of China’s international trade in goods and services were USD 374.4 billion and USD 291.6 billion respectively, with a surplus of USD 82.8 billion.(End) International Trade in Goods and Services of China January 2026 Item In 100 million of RMB In 100 million of USD Goods and services 5796 828 Credit 26211 3744 Debit -20415 -2916 1. Goods 7031 1004 Credit 23466 3352 Debit -16435 -2347 2. Services -1235 -176 Credit 2745 392 Debit -3980 -568 2.1Manufacturing services on physical inputs owned by others 53 8 Credit 74 11 Debit -21 -3 2.2Maintenance and repair services n.i.e 51 7 Credit 99 14 Debit -48 -7 2.3Transport -393 -56 Credit 718 103 Debit -1111 -159 2.4Travel -1428 -204 Credit 346 49 Debit -1773 -253 2.5Construction 81 12 Credit 129 18 Debit -48 -7 2.6Insurance and pension services -52 -7 Credit 34 5 Debit -86 -12 2.7Financial services -6 -1 Credit 3 0 Debit -9 -1 2.8Charges for the use of intellectual property -166 -24 Credit 71 10 Debit -237 -34 2.9Telecommunications, computer and information services 182 26 Credit 436 62 Debit -254 -36 2.10Other business services 461 66 Credit 807 115 Debit -345 -49 2.11Personal, cultural, and recreational services -8 -1 Credit 18 3 Debit -26 -4 2.12Government goods and services n.i.e -12 -2 Credit 10 1 Debit -22 -3 Notes: 1. The international trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: The International Trade in Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standardas that for the BOP statement. 1.Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from enterprise survey, which differ from the statistics of the customs mainly in the following aspects: first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2.Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1Manufacturing services on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3Transport: refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postal and delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 2.4Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management, as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-life insurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer and information services: refer to communications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films, radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2026-02-28/en/2026/0228/2395.html