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Party Secretary Yin Li, Mayor Yin Yong, Managing Director Kristalina Georgieva, General Manager Agustín Carstens, Ladies and gentlemen, Good afternoon! Let me begin by extending my congratulations to the Beijing Financial Street on its great development achievement over the past 30 years. Under the leadership of the CPC Central Committee and the State Council, and with the vigorous support of the CPC Beijing Municipal Committee and the Beijing Municipal Government, the Financial Street has blazed a trail with Chinese characteristics and played a key role in China’s economic and social development over the past three decades. Today, I would like to take this opportunity to share with you some of my observations on issues related to monetary policy. First, China’s monetary policy has provided significant support to the real economy. This year, the Chinese economy is faced with some challenges and downward pressure due to COVID-19 and some external shocks, and we have re-calibrated monetary policy in a timely fashion so as to provide greater support to the real economy. According to the deployment of the CPC Central Committee and the State Council, we have made use of a host of policy instruments and cut the required reserve ratio (RRR) by 25bps. The drop in loan prime rate (LPR) has translated into lower financing costs for the real economy, and broad money M2, social financing and new RMB loans have all maintained pretty robust growth. Measured by economic performance, China’s macroeconomic policy has proven to be well-calibrated. We have kept the economy stable, preserved price stability at home despite surging inflationary pressure worldwide, and maintained a fine balance between internal and external equilibrium. China’s GDP grew by 3.9 percent year on year (YoY) in Q3. The CPI increased by 2.1 percent YoY in October and its annual growth rate has stayed at around 2 percent over the past five years. Since the beginning of the year, the RMB has seen some depreciation against the US dollar but of a smaller scale compared with other major currencies. The value and purchasing power of RMB has been basically stable. Second, while providing significant support to the real economy, the PBOC has not substantially expanded its balance sheet. As of end-September 2022, the PBOC’s balance sheet was around $6 trillion (RMB40 trillion). Its size has stayed relatively stable over the past five years with an average growth rate of 2.6 percent. In recent years, we have used RRR cuts to provide medium and long-term liquidity. As we know, commercial banks have to put aside a certain amount of deposits at the central bank as required reserves. Cutting the RRR thus increases commercial banks’ excess reserves and allows them to lend more. As lower RRRs lead to higher money multipliers, we have managed to support more credit creation in the absence of significant balance sheet expansion. Since 2018, the PBOC has cut the RRR 13 times and brought the average RRR down to around 8% from its previous level of 15% and released a total of $1.5 trillion equivalent (RMB 10.8 trillion) long-term liquidity. In the meantime, the PBOC’s balance sheet has stabilized at around $5.5-6 trillion equivalent (RMB38 trillion to RMB40 trillion). Yet outstanding M2 has increased to over $35 trillion equivalent (RMB260 trillion) from less than $25 trillion equivalent (RMB170 trillion) at end-2017, which is a telling evidence of substantive monetary support for the real economy. Raising the RRR has played a key role in keeping the RMB value stable and inflation subdued for quite some time in the past. So cutting the RRR this time around has the effect of releasing some of the “frozen-up” liquidity in the past. Since the beginning of this century, China had experienced foreign reserves increasing for quite many years, and the PBOC’s balance sheet continued to grow. We had thus to constantly “freeze up” the increasing RMB liquidity associated with the continuously accumulating foreign reserves through raising the RRR and other sterilization operations. During this period, the size of PBOC’s balance sheet had grown much larger than those of our peers in the major advanced economies. In recent years however, we have by contrast, made many proactive decisions and preemptive adjustments on liquidity supply through a host of measures ranging from RRR cuts, open market operations, to structural monetary policy instruments. It is a far cry from the previous situation when liquidity supply by the PBOC was mainly a passive consequence of accumulation in foreign reserves. The independence of monetary policy has increased noticeably. Third, another feature of China’s monetary policy is its combination of aggregate and structural considerations. Our sound monetary policy not only includes aggregate support, but also has structural characteristics. We have leveraged structural monetary policy tools to enhance the financial support for agriculture, small and medium enterprises (SMEs), the private companies and other structural weak links on the supply side. As a result, finance has now become more accessible, available and affordable. As of end-September 2022, nearly 54 million SMEs have gained access to inclusive loans, four times that of end-2017, with outstanding loans hitting $3.5 trillion equivalent (RMB23 trillion). The weighted average interest rate on new inclusive loans issued in September was 4.7 %, down by 180bps compared with the same period of 2017. Different structural monetary policy tools can be either long-term or ad-hoc. Central bank relending and re-discounts in support of the agrarian sector and SMEs, which you are all quite familiar with and have an outstanding value of $360 billion equivalent (RMB 2.5 trillion), are typical examples of long-term tools. The typical ad-hoc tools that we put in place in recent years, however, include the special-purpose relending facilities in support of scientific and technological innovation, transportation and logistics, equipment upgrading, etc. With an outstanding value of $430 billion equivalent (RMB3 trillion), these ad hoc instruments have well-defined expiration dates or exit plans. When their policy goals are met, they will be phased out in an orderly manner. Last but not least, I would like to talk about the role of structural monetary policy in housing and green finance. China’s housing sector is linked to a lot of upstream and downstream industries. Therefore, its healthy development is of great significance to the overall economy. The housing market is undergoing some adjustments. Joining hands with relevant ministries and local governments, we have tailored policy solutions to local specificities. Such tools include cutting mortgage rates and down payment ratios, with an aim of supporting real housing needs. In some previous incidents, some troubled developers were unable to complete pre-sold housing projects on time. In response, we’ve issued $30 billion equivalent (RMB200 billion) worth of special loans to ensure their timely completion, and have put in place structural policy tools to encourage active participation by commercial banks. Meanwhile, we’ve also expanded support for bond issuance by private firms, including private housing developers, through credit enhancement facilities. We’ve also rolled out a carbon reduction tool to foster green development. Operating on market principles, this tool supports financial institutions’ lending to enterprises focusing on clean energy, emission reduction and carbon reduction. Tapping this tool, financial institutions need to estimate and disclose the carbon cuts financed by such loans. This will help promote the mentality of green development, and the practice of carbon accounting and disclosure. By the end of September 2022, around $35 billion equivalent (RMB240 billion) worth of carbon reduction credit facility has been used, mobilized around $60 billion equivalent (RMB400 billion) worth of carbon reduction loans, and financed carbon cuts of more than 80 million tons. Recently, we’ve included two foreign-funded banks to the list of financial institutions eligible for extending such loans. Going forward, the People’s Bank of China will continue to take Xi Jinping Thought on Socialism with Chinese Characteristics as our guide and implement the guiding principles set forth by the 20th CPC National Congress. We will continue to build a modern central banking system, implement sound monetary policy to serve the real economy, prevent financial risks and deepen financial reforms. We will also continue to support the Financial Street in developing into the national center of financial administration and in contributing even more to China’s modernization. Finally, I wish the Forum a complete success. Thank you! 2022-11-21/en/2022/1121/2020.html
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In October 2022, the export and import of China’s international trade in goods and services totalled RMB 3847.0 billion, up 5 percent over the same time last year. Of this, the export of goods recorded RMB 1919.0 billion and the import recorded RMB 1510.2 billion, resulting in a surplus of RMB 408.8 billion. The export of services recorded RMB 180.6 billion and the import recorded RMB 237.3 billion, resulting in a deficit of RMB 56.7 billion. In terms of the major items, the export and import of transport, other business services, travel and telecommunications, computer and information services registered RMB 159.9 billion, RMB 74.4 billion, RMB 65.8 billion and RMB 47.2 billion respectively. In the US dollar terms, in October 2022, the export and import of China’s international trade in goods and services were USD 294.5 billion and USD 245.1 billion respectively, with a surplus of USD 49.4 billion. (End) International Trade in Goods and Services of China October 2022 Item In 100 million of RMB In 100 million of USD Goods and services 3521 494 Credit 20996 2945 Debit -17475 -2451 1. Goods 4088 573 Credit 19190 2692 Debit -15102 -2118 2. Services -567 -79 Credit 1806 253 Debit -2373 -333 2.1Manufacturing services on physical inputs owned by others 76 11 Credit 80 11 Debit -4 -1 2.2Maintenance and repair services n.i.e 14 2 Credit 45 6 Debit -31 -4 2.3Transport -266 -37 Credit 667 94 Debit -933 -131 2.4Travel -539 -76 Credit 60 8 Debit -599 -84 2.5Construction 29 4 Credit 64 9 Debit -36 -5 2.6Insurance and pension services -65 -9 Credit 12 2 Debit -77 -11 2.7Financial services 11 2 Credit 30 4 Debit -19 -3 2.8Charges for the use of intellectual property -171 -24 Credit 45 6 Debit -216 -30 2.9Telecommunications, computer and information services 92 13 Credit 282 40 Debit -190 -27 2.10Other business services 265 37 Credit 505 71 Debit -240 -34 2.11Personal, cultural, and recreational services -9 -1 Credit 7 1 Debit -16 -2 2.12Government goods and services n.i.e -3 0 Credit 9 1 Debit -12 -2 Notes: 1. The 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: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as 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 the customs statistics of imports and exports, but 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. 2.1 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 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. 2.2 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. 2.3 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 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. 2.4 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. 2.5 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. 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-lifeinsurance, 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 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. 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. 2022-11-25/en/2022/1125/2018.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in November 2022, the amount of foreign exchange settlement and sales by banks was RMB 1330.4 billion and RMB 1375.4 billion, respectively. During January to November 2022, the accumulative amount of foreign exchange settlement and sales by banks was RMB 15777.6 billion and RMB 15134.4 billion, respectively. In the US dollar terms, in November 2022, the amount of foreign exchange settlement and sales by banks was USD 185.7 billion and USD 192.0 billion, respectively. During January to November 2022, the accumulative amount of foreign exchange settlement and sales by banks was USD 2361.6 billion and USD 2261.3 billion, respectively. In November 2022, the amount of cross-border receipts and payments by non-banking sectors was RMB 3635.3 billion and RMB 3704.1 billion, respectively. During January to November 2022, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 38299.1 billion and RMB 37978.3 billion, respectively. In the US dollar terms, in November 2022, the amount of cross-border receipts and payments by non-banking sectors was USD 507.5 billion and USD 517.1 billion, respectively. During January to November 2022, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 5723.8 billion and USD 5670.5 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. 2022-12-15/en/2022/1215/2023.html
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China's External Portfolio Investment Assets at the End of June 2022 2022-11-25/en/2022/1125/2016.html
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The State Administration of Foreign Exchange (SAFE) has recently released data on foreign exchange settlement and sales by banks as well as cross-border receipts and payments by non-banking sectors in October 2022. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on China’s foreign exchange receipts and payments of October 2022. Q: Could you brief us on China’s foreign exchange receipts and payments in October 2022? A: China’s cross-border capital flow remained within a reasonable range in October. Trade in goods, foreign direct investment and other projects continued to play a fundamental role in stabilizing capital inflows. In October, cross-border funds related to the current account showed a certain scale of net inflow, up by 43% year-on-year. Specifically, trade in goods in terms of foreign-related receipts and payments saw a net inflow of USD 32.9 billion, a year-on-year increase of 19%. Besides, foreign direct investment capital maintained a net inflow. To be more specific, foreign investment in China’s bond market continued to recover, which reflected the resilience of China’s foreign-related economic development. It showed that foreign investors’ willingness to invest in China and allocate RMB assets in the long term remained generally stable. At the end of the year, it is usually a period of time when Chinese export enterprises collect payments and foreign investment companies plan out their investment intensively, and as a result, the related cross-border capital inflows tend to increase, which helps further strengthen the support for the foreign exchange market. In the future, the external environment will remain complex and volatile. With the development of economy and the evolution of inflation dynamics, there will be adjustments and changes in the monetary policies of major developed economies and their spillover effects on the world. Recently, the US dollar exchange rate has declined somewhat. China maintained strong resilience, great potential, and large room for maneuver in its economy. As China has continued to further optimize the epidemic prevention and control measures, the recovery of the Chinese economy will continue to consolidate. In the meantime, the structure of China’s international balance of payments has become more stable, the resilience of the foreign exchange market has been significantly enhanced through reform and opening-up, the macro-prudential adjustment tools have continued to improve, and the foundation and conditions for resisting external shocks have become more solid. As a result, China’s cross-border capital flow and foreign exchange market are expected to continue the steady and orderly development. 2022-11-15/en/2022/1115/2021.html
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Recently, the State Administration of Foreign Exchange (SAFE) releases data on China's external portfolio investment assets by country/region and by sector of resident holder at the end of June 2022. The statistics show that China's external portfolio investment assets(excluding reserve assets) amounted to USD 1019.6 billion by the end of June 2022, including USD 646.8 billion in equity investments and USD 372.8 billion in bond investments. The top 5 recipients of Chinese investments were Hong Kong SAR, the United States, Cayman Islands, the British Virgin Islands and the United Kingdom, with the amounts being USD 444.1 billion, USD 197.9 billion, USD 118.7 billion, USD 70.5 billion and USD 27.2 billion respectively. By the end of June 2022, non-financial sector, other financial corporations (non-bank financial institutions) and banks were the main sectors holding external portfolio investment assets, with the amounts being USD 371.5 billion, USD 371.1 billion and USD 277.0 billion respectively, accounting for 36 percent, 36 percent and 27 percent of China’s total external portfolio investment assets. (End) 2022-11-25/en/2022/1125/2017.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 15.34 trillion (equivalent to USD 2.15 trillion) in October 2022. In terms of markets, the transactions volume of client market was RMB 2.59 trillion (equivalent to USD 0.36 trillion), and the transactions volume of interbank market was RMB 12.75 trillion (equivalent to USD 1.79 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 6.01 trillion (equivalent to USD 0.84 trillion), and that of the derivatives market was RMB 9.33 trillion (equivalent to USD 1.31 trillion). From January to October 2022, a total of RMB 195.61 trillion (equivalent to USD 29.44 trillion) was traded in the Chinese foreign exchange market. 2022-11-25/en/2022/1125/2019.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), by the end of October 2022, China’s foreign exchange reserves stood at USD 3.0524 trillion, up by USD 23.5 billion, or 0.77%, from the end of September. In October 2022, influenced by the monetary policy expectations, macroeconomic data, and other factors of major countries, the US dollar index fell slightly and the financial asset prices in the world were mixed. China’s foreign exchange reserves rose this month due to the combined effects of currency translation and asset price changes. The fundamentals of China's economy－strong resilience, ample potential, wide room for maneuver and long-term improvement－will not change, which will support the overall stability of the foreign exchange reserves. 2022-11-07/en/2022/1107/2014.html
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In the second quarter of 2023, China's current account registered a surplus of RMB 455.4 billion, including a surplus of RMB 1146.5 billion under trade in goods, a deficit of RMB 385.7 billion under trade in services, a deficit of RMB 327.3 billion under primary income, and a surplus of RMB 21.9 billion under secondary income. In the capital and financial accounts, direct investment assets increased by RMB 274.1 billion and liabilities increased by RMB 33.2 billion, reserve assets increased by RMB 113.9 billion. In the first half of 2023, China's current account registered a surplus of RMB 1012.9 billion, including a surplus of RMB 2035.6 billion under trade in goods, a deficit of RMB 708.4 billion under trade in services, a deficit of RMB 373.0 billion under primary income, and a surplus of RMB 58.9 billion under secondary income. In the capital and financial accounts, direct investment assets increased by RMB 615.6 billion and liabilities increased by RMB 174.0 billion, reserve assets increased by RMB 288.0 billion. In the US dollar terms, in the second quarter of 2023, China's current account recorded a surplus of USD 65.3 billion, including a surplus of USD 163.3 billion under trade in goods, a deficit of USD 55.0 billion under trade in services, a deficit of USD 46.2 billion under primary income, and a surplus of USD 3.1 billion under secondary income. In the capital and financial accounts, direct investment assets increased by USD 39.0 billion and liabilities increased by USD 4.9 billion, reserve assets increased by USD 16.3 billion. In the US dollar terms, in the first half of 2023, China's current account recorded a surplus of USD 146.8 billion, including a surplus of USD 293.3 billion under trade in goods, a deficit of USD 102.1 billion under trade in services, a deficit of USD 52.8 billion under primary income, and a surplus of USD 8.5 billion under secondary income. In the capital and financial accounts, direct investment assets increased by USD 88.9 billion and liabilities increased by USD 25.4 billion, reserve assets increased by USD 41.7 billion. In SDR terms, in the second quarter of 2023, China posted a surplus of SDR 48.6 billion under the current account, including a surplus of SDR 121.8 billion under trade in goods, a deficit of SDR 41.0 billion under trade in services. In the capital and financial accounts, direct investment assets increased by SDR 29.1 billion and liabilities increased by SDR 3.6 billion, reserve assets increased by SDR 12.1 billion. In SDR terms, in first half of 2023, China posted a surplus of SDR 109.4 billion under the current account, including a surplus of SDR 218.8 billion under trade in goods, a deficit of SDR 76.2 billion under trade in services. In the capital and financial accounts, direct investment assets increased by SDR 66.3 billion and liabilities increased by SDR 19.0 billion, reserve assets increased by SDR 31.1 billion. (End) China's Balance of Payments (Preliminary Data) Unit: RMB 100 million Item Line No. 2023 Q2 2023 H1 1. Current account 1 4554 10129 Credit 2 65948 126945 Debit 3 -61394 -116815 1. A Goods and Services 4 7609 13271 Credit 5 60671 117054 Debit 6 -53063 -103782 1.A.a Goods 7 11465 20356 Credit 8 55230 105811 Debit 9 -43764 -85455 1.A.b Services 10 -3857 -7084 Credit 11 5442 11243 Debit 12 -9298 -18327 1.A.b.1 Processing services 13 208 407 Credit 14 220 432 Debit 15 -13 -26 1.A.b.2 Maintenance and Repair Services 16 61 116 Credit 17 164 304 Debit 18 -103 -189 1.A.b.3 Transport 19 -1577 -2883 Credit 20 1481 3007 Debit 21 -3058 -5891 1.A.b.4 Travel 22 -2657 -5629 Credit 23 244 436 Debit 24 -2902 -6066 1.A.b.5 Construction 25 152 275 Credit 26 276 512 Debit 27 -124 -236 1.A.b.6 Insurance and Pension Services 28 -284 -216 Credit 29 51 404 Debit 30 -335 -620 1.A.b.7 Financial Services 31 17 36 Credit 32 84 164 Debit 33 -67 -128 1.A.b.8 Charges for the Use of Intellectual Property 34 -580 -1038 Credit 35 221 438 Debit 36 -801 -1476 1.A.b.9 Telecommunications, Computer, and Information Services 37 303 555 Credit 38 1010 2033 Debit 39 -707 -1478 1.A.b.10 Other Business Services 40 587 1404 Credit 41 1640 3410 Debit 42 -1053 -2006 1.A.b.11 Personal, Cultural, and Recreational Services 43 -41 -64 Credit 44 24 47 Debit 45 -65 -111 1.A.b.12 Government Goods and Services n.i.e 46 -45 -47 Credit 47 26 53 Debit 48 -71 -100 1.B Primary Income 49 -3273 -3730 Credit 50 4645 8474 Debit 51 -7918 -12205 1.C Secondary Income 52 219 589 Credit 53 632 1417 Debit 54 -413 -828 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -4554 -9776 2.1 Capital Account 56 -6 -5 Credit 57 2 8 Debit 58 -8 -14 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -4549 -9771 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -3409 -6891 Including: 2.2.1.1 Direct Investment 61 -2409 -4416 2.2.1.1.1 Assets 62 -2741 -6156 2.2.1.1.2 Liabilities 63 332 1740 2.2.2 Reserve Assets 64 -1139 -2880 2.2.2.1 Monetary gold 65 -201 -441 2.2.2.2 Special drawing rights 66 25 -65 2.2.2.3 Reserve position in the IMF 67 87 82 2.2.2.4 Foreign exchange reserves 68 -1049 -2455 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -354 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 here in 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. 4.The preliminary amount for the first half of 2023 is the sum of the official amounts of the BOP for 2023Q1 and the preliminary amount for 2023Q2. 5.This table employs rounded-off numbers. China's Balance of Payments (Preliminary Data) Unit: USD 100 million Item Line No. 2023 Q2 2023 H1 1. Current account 1 653 1468 Credit 2 9400 18312 Debit 3 -8747 -16844 1. A Goods and Services 4 1084 1911 Credit 5 8649 16887 Debit 6 -7565 -14976 1.A.a Goods 7 1633 2933 Credit 8 7873 15264 Debit 9 -6240 -12332 1.A.b Services 10 -550 -1021 Credit 11 776 1623 Debit 12 -1325 -2644 1.A.b.1 Processing services 13 30 59 Credit 14 31 62 Debit 15 -2 -4 1.A.b.2 Maintenance and Repair Services 16 9 17 Credit 17 23 44 Debit 18 -15 -27 1.A.b.3 Transport 19 -225 -416 Credit 20 211 434 Debit 21 -436 -850 1.A.b.4 Travel 22 -379 -814 Credit 23 35 63 Debit 24 -414 -876 1.A.b.5 Construction 25 22 40 Credit 26 39 74 Debit 27 -18 -34 1.A.b.6 Insurance and Pension Services 28 -40 -30 Credit 29 7 59 Debit 30 -47 -89 1.A.b.7 Financial Services 31 2 5 Credit 32 12 24 Debit 33 -10 -18 1.A.b.8 Charges for the Use of Intellectual Property 34 -83 -149 Credit 35 32 63 Debit 36 -114 -213 1.A.b.9 Telecommunications, Computer, and Information Services 37 43 80 Credit 38 144 293 Debit 39 -101 -213 1.A.b.10 Other Business Services 40 84 203 Credit 41 234 493 Debit 42 -150 -289 1.A.b.11 Personal, Cultural, and Recreational Services 43 -6 -9 Credit 44 3 7 Debit 45 -9 -16 1.A.b.12 Government Goods and Services n.i.e 46 -6 -7 Credit 47 4 8 Debit 48 -10 -14 1.B Primary Income 49 -462 -528 Credit 50 661 1221 Debit 51 -1123 -1749 1.C Secondary Income 52 31 85 Credit 53 90 204 Debit 54 -59 -119 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -653 -1416 2.1 Capital Account 56 -1 -1 Credit 57 0 1 Debit 58 -1 -2 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -652 -1415 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -490 -998 Including: 2.2.1.1 Direct Investment 61 -341 -635 2.2.1.1.1 Assets 62 -390 -889 2.2.1.1.2 Liabilities 63 49 254 2.2.2 Reserve Assets 64 -163 -417 2.2.2.1 Monetary gold 65 -29 -64 2.2.2.2 Special drawing rights 66 4 -10 2.2.2.3 Reserve position in the IMF 67 12 11 2.2.2.4 Foreign exchange reserves 68 -150 -356 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -52 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 here in refer to balances, unless marked with "Credit" or "Debit". 3. The preliminary amount for the first half of 2023 is the sum of the official amounts of the BOP for 2023Q1 and the preliminary amount for 2023Q2. 4.This table employs rounded-off numbers. China's Balance of Payments (Preliminary Data) Unit: SDR 100 million Item Line No. 2023 Q2 2023 H1 1. Current account 1 486 1094 Credit 2 7009 13662 Debit 3 -6523 -12567 1. A Goods and Services 4 808 1426 Credit 5 6449 12599 Debit 6 -5640 -11173 1.A.a Goods 7 1218 2188 Credit 8 5870 11388 Debit 9 -4652 -9200 1.A.b Services 10 -410 -762 Credit 11 578 1211 Debit 12 -988 -1973 1.A.b.1 Processing services 13 22 44 Credit 14 23 47 Debit 15 -1 -3 1.A.b.2 Maintenance and Repair Services 16 7 12 Credit 17 17 33 Debit 18 -11 -20 1.A.b.3 Transport 19 -168 -310 Credit 20 157 324 Debit 21 -325 -634 1.A.b.4 Travel 22 -283 -607 Credit 23 26 47 Debit 24 -309 -654 1.A.b.5 Construction 25 16 30 Credit 26 29 55 Debit 27 -13 -25 1.A.b.6 Insurance and Pension Services 28 -30 -23 Credit 29 5 44 Debit 30 -35 -66 1.A.b.7 Financial Services 31 2 4 Credit 32 9 18 Debit 33 -7 -14 1.A.b.8 Charges for the Use of Intellectual Property 34 -62 -112 Credit 35 24 47 Debit 36 -85 -159 1.A.b.9 Telecommunications, Computer, and Information Services 37 32 60 Credit 38 107 219 Debit 39 -75 -159 1.A.b.10 Other Business Services 40 62 152 Credit 41 174 367 Debit 42 -112 -216 1.A.b.11 Personal, Cultural, and Recreational Services 43 -4 -7 Credit 44 3 5 Debit 45 -7 -12 1.A.b.12 Government Goods and Services n.i.e 46 -5 -5 Credit 47 3 6 Debit 48 -7 -11 1.B Primary Income 49 -345 -395 Credit 50 493 911 Debit 51 -839 -1306 1.C Secondary Income 52 23 63 Credit 53 67 153 Debit 54 -44 -89 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -486 -1056 2.1 Capital Account 56 -1 -1 Credit 57 0 1 Debit 58 -1 -1 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -485 -1055 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -364 -744 Including: 2.2.1.1 Direct Investment 61 -255 -474 2.2.1.1.1 Assets 62 -291 -663 2.2.1.1.2 Liabilities 63 36 190 2.2.2 Reserve Assets 64 -121 -311 2.2.2.1 Monetary gold 65 -21 -47 2.2.2.2 Special drawing rights 66 3 -7 2.2.2.3 Reserve position in the IMF 67 9 9 2.2.2.4 Foreign exchange reserves 68 -112 -265 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -39 Notes: 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 here in refer to balances, unless marked with "Credit" or "Debit". 3. 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. The preliminary amount for the first half of 2023 is the sum of the official amounts of the BOP for 2023Q1 and the preliminary amount for 2023Q2. 5. This table employs rounded-off numbers. 2023-08-04/en/2023/0804/2107.html
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In July 2023, the export and import of China’s international trade in goods and services totalled RMB 3771.0 billion. Of this, the export of goods recorded RMB 1828.7 billion and the import recorded RMB 1443.2 billion, resulting in a surplus of RMB 385.5 billion. The export of services recorded RMB 183.8 billion and the import recorded RMB 315.3 billion, resulting in a deficit of RMB 131.5 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 149.3 billion, RMB 117.1 billion, RMB 92.7 billion and RMB 54.2 billion respectively. In the US dollar terms, in July 2023, the export and import of China’s international trade in goods and services were USD 281.0 billion and USD 245.5 billion respectively, with a surplus of USD 35.5 billion. (End) International Trade in Goods and Services of China July 2023 Item In 100 million of RMB In 100 million of USD Goods and services 2540 355 Credit 20125 2810 Debit -17585 -2455 1. Goods 3855 538 Credit 18287 2553 Debit -14432 -2015 2. Services -1315 -184 Credit 1838 257 Debit -3153 -440 2.1Manufacturing services on physical inputs owned by others 77 11 Credit 83 12 Debit -5 -1 2.2Maintenance and repair services n.i.e 35 5 Credit 68 9 Debit -33 -5 2.3Transport -465 -65 Credit 514 72 Debit -979 -137 2.4Travel -998 -139 Credit 87 12 Debit -1085 -151 2.5Construction 7 1 Credit 73 10 Debit -66 -9 2.6Insurance and pension services -46 -6 Credit 25 3 Debit -71 -10 2.7Financial services 0 0 Credit 24 3 Debit -23 -3 2.8Charges for the use of intellectual property -228 -32 Credit 48 7 Debit -276 -39 2.9Telecommunications, computer and information services 120 17 Credit 331 46 Debit -211 -30 2.10Other business services 217 30 Credit 572 80 Debit -355 -50 2.11Personal, cultural, and recreational services -19 -3 Credit 7 1 Debit -27 -4 2.12Government goods and services n.i.e -15 -2 Credit 8 1 Debit -23 -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 standard as 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 the customs statistics of imports and exports, but 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 tradeand 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 inservices; 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. 2.1 Manufacturing services on physical owned by others: processoronly 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. 2.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residentsor 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. 2.3 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 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. 2.4 Travel: refers to goods consumed andservices 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. 2.5 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. 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, andvice 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. 2023-08-25/en/2023/0825/2109.html