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In October 2024, the export and import of China’s international trade in goods and services totalled RMB 4323.4 billion, up 6 percent over the same time last year. Of this, the export of goods recorded RMB 2146.2 billion and the import recorded RMB 1607.1 billion, resulting in a surplus of RMB 539.1 billion. The export of services recorded RMB 234.2 billion and the import recorded RMB 335.9 billion, resulting in a deficit of RMB 101.7 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 167.5 billion, RMB 165.7 billion, RMB 92.6 billion and RMB 63.5 billion respectively. In the US dollar terms, in October 2024, the export and import of China’s international trade in goods and services were USD 335.0 billion and USD 273.4 billion respectively, with a surplus of USD 61.6 billion.(End) International Trade in Goods and Services of China October 2024 Item In 100 million of RMB In 100 million of USD Goods and services 4374 616 Credit 23804 3350 Debit -19430 -2734 1. Goods 5391 759 Credit 21462 3020 Debit -16071 -2262 2. Services -1017 -143 Credit 2342 330 Debit -3359 -473 2.1Manufacturing services on physical inputs owned by others 71 10 Credit 78 11 Debit -6 -1 2.2Maintenance and repair services n.i.e 36 5 Credit 74 10 Debit -38 -5 2.3Transport -201 -28 Credit 737 104 Debit -938 -132 2.4Travel -1091 -154 Credit 283 40 Debit -1374 -193 2.5Construction 41 6 Credit 80 11 Debit -39 -6 2.6Insurance and pension services -51 -7 Credit 12 2 Debit -63 -9 2.7Financial services -5 -1 Credit 22 3 Debit -27 -4 2.8Charges for the use of intellectual property -205 -29 Credit 34 5 Debit -239 -34 2.9Telecommunications, computer and information services 179 25 Credit 407 57 Debit -228 -32 2.10Other business services 242 34 Credit 584 82 Debit -342 -48 2.11Personal, cultural, and recreational services -4 -1 Credit 24 3 Debit -28 -4 2.12Government goods and services n.i.e -28 -4 Credit 8 1 Debit -36 -5 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: 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. 2024-11-29/en/2024/1124/2256.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in November 2024, the amount of foreign exchange settlement and sales by banks was RMB 1465.8 billion and RMB 1440.9 billion, respectively. During January to November 2024, the accumulative amount of foreign exchange settlement and sales by banks was RMB 14917.7 billion and RMB 15627.7 billion, respectively. In the US dollar terms, in November 2024, the amount of foreign exchange settlement and sales by banks was USD 204.4 billion and USD 200.9 billion, respectively. During January to November 2024, the accumulative amount of foreign exchange settlement and sales by banks was USD 2097.0 billion and USD 2196.6 billion, respectively. In November 2024, the amount of cross-border receipts and payments by non-banking sectors was RMB 4254.7 billion and RMB 4394.5 billion, respectively. During January to November 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 45971.5 billion and RMB 45859.8 billion, respectively. In the US dollar terms, in November 2024, the amount of cross-border receipts and payments by non-banking sectors was USD 593.2 billion and USD 612.7 billion, respectively. During January to November 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 6462.0 billion and USD 6445.9 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. 2024-12-16/en/2024/1216/2258.html
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China's External Portfolio Investment Assets at the End of June 2024 2024-11-29/en/2024/1129/2255.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 for November 2023. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on the relevant issues. Q: Could you brief us on the changes in China’s foreign exchange receipts and payments for November 2023? A: In November, China’s foreign exchange market remained stable and continued to show signs of improvement, with generally balanced cross-border capital flows. The foreign-related receipts and payments by non-banking sectors, including enterprises and individuals, are in equilibrium, fostering an overall trend of balanced cross-border capital flows. Amid the RMB appreciation, some enterprises exhibited a rational trading pattern by purchasing foreign exchange at lower exchange rates. In the overall, foreign exchange market expectations and transactions remained in a stable and orderly manner. Major channels of cross-border capital flows witnessed heightened stability, with a noteworthy rise in foreign investments directed to the Chinese bond market. Under the current account, the net inflow of cross-border capital in China’s trade in goods remained roughly flat. Expenditures related to cross-border travel and other service trade and profit repatriation by foreign-invested enterprises gradually declined from the seasonal peaks observed in July and August, indicating a shift towards increased stability. Under the capital account, specifically under securities investments, there was an overall recovery in the net inflow of foreign capital. Notably, foreign investors are increasingly and consistently showing a preference for allocating funds to RMB-denominated bonds. Over the past few months, foreign investors have steadily increased their holdings of China’s bonds, reaching a significant milestone in November with a net increase of USD 33 billion - the second-highest value recorded in history. With improvements in both the internal and external environments, China’s foreign exchange market is poised to have a stronger foundation and conditions to sustain stable operations in the future. Internally, China’s economic rebound and its fundamentals for long-term sound growth remain unchanged. This will bolster support for stable cross-border capital flows. Externally, the market anticipates that the Federal Reserve is approaching the conclusion of its interest rate hike cycle. Going forward, there might be a gradual transition to interest rate cuts, potentially resulting in an overall decline in both US dollar interest rates and exchange rates. In general, the favorable conditions supporting China’s economic development outweigh the unfavorable factors, laying a more solid foundation for the stability of the Chinese foreign exchange market. 2023-12-15/en/2023/1215/2259.html
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In 2022, China’s State Administration of Foreign Exchange (SAFE) launched high-level opening-up pilot program for cross-border trade and investment in four regions, including Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone, Nansha New Area of China (Guangdong) Pilot Free Trade Zone, Yangpu Economic Development Zone in Hainan Province, and Beilun District of Ningbo City in Zhejiang Province. Since the initiation of the pilot program, it has produced positive outcomes by effectively managing risks while fostering the development of foreign-related businesses in the pilot regions. According to the arrangements of the central financial work conference, the SAFE has made the decision to expand the pilot regions to include Shanghai City, Jiangsu Province, Guangdong Province (including Shenzhen City), Beijing City, Zhejiang Province (including Ningbo City), and Hainan Province (collectively referred to as the pilot regions) to further facilitate cross-border trade, investment, and financing. The expansion of high-level opening-up pilot program is based on a comprehensive review of the pilot experience. The effective foreign exchange facilitation policies and measures implemented in earlier pilot program will be replicated and promoted in the extended pilot regions. A total of eight policies will be implemented for the trial expansion. Specifically, five pilot policies are issued concerning the current account, including facilitating the receipts and payments of foreign exchange under the current account, supporting new types of international trade settlements, expanding the scope of netting settlement of balances in trade, exempting special foreign exchange refund from registration, and enhancing the management of payments on behalf of another party or apportionment business under trade in services. Meanwhile, three pilot policies are issued concerning the capital account, including foreign-invested enterprises being exempt from registration when reinvesting in China, the financial leasing parent company and its subsidiaries being permitted to share their external debt quotas, and foreign exchange registration for foreign debt, overseas listing, and other capital-related businesses being handled directly by banks. The SAFE bureaus in the pilot regions will further formulate and implement detailed rules and regulations to facilitate compliance in business operations for banks and enterprises. The SAFE will make continuous efforts to enhance high-quality financial services and facilitate cross-border trade, investment, and financing to promote high-quality development by high-level opening-up. Furthermore, it will continue to coordinate financial openness and security, enhance the capabilities of regulatory systems in the context of increased openness, and take a holistic approach to plan and advance the reform and opening-up while addressing potential risks. In doing so, the SAFE firmly upholds the bottom line of preventing systemic financial risks from occurring. 2023-12-15/en/2023/1215/2261.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 2024. The statistics show that China's external portfolio investment assets (excluding reserve assets) amounted to USD 1235.3 billion by the end of June 2024, including USD 730.3 billion in equity investments and USD 505.0 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 499.8 billion, USD 291.0 billion, USD 91.5 billion, USD 78.5 billion and USD 36.5 billion respectively. By the end of June 2024, other financial corporations (non-bank financial institutions), bank and non-financial sector were the main sectors holding external portfolio investment assets, with the amounts being USD 709.7 billion, USD 375.0 billion and USD 150.7 billion respectively, accounting for 57 percent, 30 percent and 12 percent of China’s total external portfolio investment assets. (End) 2024-11-29/en/2024/1129/2254.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 24.26 trillion (equivalent to USD 3.41 trillion) in October 2024. In terms of markets, the transactions volume of client market was RMB 3.57 trillion (equivalent to USD 0.50 trillion), and the transactions volume of interbank market was RMB 20.69 trillion (equivalent to USD 2.91 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 8.57 trillion (equivalent to USD 1.21 trillion), and that of the derivatives market was RMB 15.69 trillion (equivalent to USD 2.21 trillion). From January to October 2024, a total of RMB 239.43 trillion (equivalent to USD 33.68 trillion) was traded in the Chinese foreign exchange market. 2024-11-22/en/2024/1122/2253.html
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FILE： Annual Report of the State Administration of Foreign Exchange (2022) 2023-12-29/en/2020/1221/2257.html
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The branches of the State Administration of Foreign Exchange (“SAFE”) in all provinces, autonomous regions, municipalities directly under the Central Government, and cities under separate state planning; and all national Chinese-funded banks: In order to thoroughly implement the decisions and deployment made by the CPC Central Committee and the State Council, further facilitate cross-border trade and investment, and effectively enhance the role of foreign exchange administration in serving the real economy, the SAFE has decided to further deepen the reforms of foreign exchange administration, facilitate market entities to handle cross-border trade and investment businesses in compliance with regulations, and promote high-quality development through high-level opening-up. The relevant matters concerned are hereby notified as follows: I. Facilitation of foreign exchange receipts and payments for trade i. Optimizing foreign exchange administration on market procurement trade. When a market entity engaged in market procurement trade that commissions a third party for export declaration handles foreign exchange collection in its name, it shall meet the following conditions: 1. The market entity engaged in market procurement trade has registered on the online platform for market procurement trade established by the local government. The online platform for market procurement trade shall be able to collect information throughout the transaction and export processes and provide detailed export data corresponding to enterprises and individual industrial and commercial households. 2. The bank that handles the foreign exchange collection for the market entity shall connect its system with the online platform for market procurement trade or adopt other necessary technical means such as logging into the webpage of the online platform for market procurement trade to identify the customer’s identity, verify the authenticity of the transaction background, and prevent the reuse of transaction information. ii. Relaxing requirements for the netting settlement of balances in processing trade. When a bank handles the settlement of funds for an enterprise’s counterparty foreign exchange collection and payment for imported materials processing trade, i.e., the netting settlement in export payment and payment for imported materials and parts, the bank shall ensure that the following conditions are met: 1. The enterprise shall purchase materials and parts from an overseas counterparty for processing, and then sell the finished products to the same overseas counterparty. 2. Before the enterprise carries out the foreign exchange collection and payment deduction for the imported materials processing trade, it shall present relevant materials to the bank for explanation, and the bank shall add the “enterprise for counterparty foreign exchange collection and payment deduction on imported materials processing trade” label in the entity identification function of the foreign exchange monitoring system for trade in goods. 3. The enterprises shall reasonably schedule the netting cycle and settle accounts receivable and payable in a timely manner. In principle, netting settlements shall be made no less than once per quarter. The banks shall review the authenticity and reasonableness of businesses in accordance with the principles of business development, handle the foreign exchange collection and payment deduction in imported materials processing trade for enterprises identified as “enterprises for counterparty foreign exchange collection and payment deduction in imported materials processing trade”, and process the declaration of actual receipt and payment data and restored data as required (see Annex 1 for declaration requirements). iii. Improving the collection and payment of cross-border trade funds under entrusted agents. If an agent is unable to handle the collection and payment of foreign exchange for trade in goods due to bankruptcy, frozen bank accounts or other situations, the bank can handle the collection and payment of foreign exchange for trade in goods prudently for the entrusting party after confirming the authenticity and reasonableness of the receipts and payments in accordance with the business development principle, and mark “non-customs declarant + foreign exchange receipt and payment for the entrusting party + XXX (name of the agent)” in the remarks of the foreign-related receipts and payments declaration transaction. iv. Facilitating the settlement of foreign exchange funds for commercial leasing business of domestic institutions. When a domestic institution (hereinafter referred to as the “lessee”) uses its foreign exchange income to pay rent in foreign currency for domestically rented commercial items (including aircraft, ships, and large equipment) to a domestic leasing company (hereinafter referred to as the “lessor”), it shall meet the following conditions: 1. The lessee has a stable source of foreign exchange income in a certain scale; the lessee’s annual rent payment in foreign currency shall in principle be no less than the equivalent of US$100 million, and the expenditure needs shall be reasonable; the lessee has been included on the list of high-quality enterprises in the facilitation of foreign exchange receipts and payments for trade. 2. More than 50% of the lessor’s funds for purchasing the leased property come from its debt in foreign currency, or the lessor has rented the leased property from abroad and needs to pay rent in foreign currency for the leased property. In principle, the foreign currency rental income collected by the lessor shall not be used for foreign exchange settlement (except for the payment of domestic taxes, cancellation, or liquidation), but it can be used to pay oversea rent, pay foreign currency debts, make payments for items rented overseas, or pay other foreign exchange expenses in compliance with the regulations of the SAFE. The banks shall follow the principles of business development and handle foreign currency rent transfer business for domestically rented commercial items after reviewing the authenticity and reasonableness of the business. The lessee shall fill in the commercial lease contract number in the Domestic Remittance Application or other transaction remarks columns and indicate “Payment of Rent in Foreign Currency”; the lessor shall fill in the commercial lease contract number in the transaction remarks column of the Domestic Income Declaration and indicate “Collection of Rent in Foreign Currency.” II. Expansion of facilitation policies for capital accounts v. Promoting the policy on pilots for the facilitation of cross-border financing across China. Technology-based small and medium-sized enterprises (SMEs) shall be included as business entities in the pilot for the facilitation of cross-border financing to further support the technological innovation of SMEs. Qualified high-tech, professional, refined, specific, novel, and technology-based SMEs within the jurisdictions of Tianjin, Shanghai, Jiangsu, Shandong (including Qingdao), Hubei, Guangdong (including Shenzhen), Sichuan, Shaanxi, Beijing, Chongqing, Zhejiang (including Ningbo), Anhui, Hunan and Hainan can independently borrow foreign debts within the equivalent limit of US$10 million. Qualified high-tech, professional, refined, specific, novel and technology-based SMEs in other regions can independently borrow foreign debts up to an equivalent amount of US$5 million (see Annex 2 for implementation details). vi. Relaxing restrictions on the scale of upfront expenses for overseas direct investment (ODI). The restriction that the cumulative remittance of upfront expenses for the overseas direct investment by domestic enterprises shall not exceed the equivalent of US$3 million shall be lifted, while the cumulative remittance shall not exceed 15% of the total proposed investment by China. vii. Facilitating the payment and use of equity transfer funds and funds raised from overseas listings under the category of domestic reinvestment made by foreign direct investment (FDI). The asset realization accounts under the capital account shall be changed into settlement accounts under the capital account (see Annex 3 for the relevant account consolidation plan). Domestic equity transferors (including institutions and individuals) can, when receiving equity transfer consideration funds paid in foreign currency by domestic entities and foreign exchange funds raised by domestic enterprises from overseas listings, directly remit the funds to the settlement accounts under the capital account. The funds in the settlement accounts under the capital account can be settled and used independently. Domestic equity transferors can, when receiving equity transfer consideration funds paid by foreign-invested enterprises with funds in RMB obtained from foreign exchange settlement (i.e. from direct foreign exchange settlement income or RMB funds in the account to be paid for foreign exchange settlement), directly transfer the funds to the RMB accounts of the domestic equity transferors. III. Optimization of foreign exchange administration under the capital account viii. Improving the management of negative lists on the use of capital account revenues. Non-financial enterprises shall follow the principles of authenticity and self-use in the use of their capital funds, foreign exchange income under foreign debts and RMB funds obtained from their foreign exchange settlements, and shall not directly or indirectly use such funds for expenditures prohibited by Chinese laws and regulations; unless otherwise expressly specified, such funds shall not be used directly or indirectly for portfolio investments or other investment and wealth management (except for wealth management products and structured deposits with a risk rating of not higher than Level 2); such funds shall not be used to issue loans to non-affiliated enterprises (except for the scenarios expressly permitted in the business scope and the following four areas -- the Lin-gang Special Area of Shanghai China Pilot Free Trade Zone, Guangzhou, Nansha New Area of the China (Guangdong) Pilot Free Trade Zone, the Yangpu Economic Development Zone of the China (Hainan) Free Trade Port, and the Beilun District of Ningbo in Zhejiang Province).; and such funds shall not be used for purchase of residential properties that are not for self-use (except for enterprises engaged in real estate development or real estate leasing operations). ix. Canceling the approval requirement for opening foreign debt accounts in other regions. Non-financial enterprises with reasonable needs are allowed to open foreign debt accounts at banks in regions outside the jurisdictions of the foreign exchange administration branches where those enterprises were registered. Banks are encouraged to include more high-quality enterprises in the pilot initiatives for the facilitation of capital account income payments. Efforts shall be made to further diversify cross-border investment and financing products and exchange rate risk management products based on the actual needs of enterprises, and optimize business processes. Efforts shall be made to ensure that due diligence of clients is properly done in accordance with the principle of business development. Technological means shall be leveraged to enhance post-hoc monitoring, and more accessible and efficient cross-border fund settlement services for authentic and compliant cross-border investment and financing shall be provided. And any abnormal or suspicious cases shall be reported in a timely manner. All branches shall strengthen in-process and post-hoc supervision, verification, and inspection of the above-mentioned businesses, and guide banks and enterprises to conduct business in compliance with relevant regulations. This Notice shall be implemented from the date of issuance (Item vii shall be implemented from June 3, 2024). If any previous regulations are inconsistent with this Notice, this Notice shall prevail. (i.e. See Annex 4 for specific revised provisions). After receiving this Notice, all provincial (municipal) branches of the SAFE shall promptly forward it to prefecture (city)-level branches, urban commercial banks, rural commercial banks, foreign-funded banks, and rural cooperative banks within their respective jurisdictions. Annexes: 1. Declaration Requirements for the Netting Settlement of Balances in Processing Trade 2. Detailed Implementation Rules for the Facilitation of Cross-border Financing 3. Plan for the Settlement Account Consolidation of Capital Accounts 4. Selected Provisions in Four Normative Documents on Foreign Exchange Administration as Amended by the State Administration of Foreign Exchange (SAFE) The State Administration of Foreign Exchange December 4, 2023 2023-12-08/en/2023/1208/2262.html
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In November 2024, the export and import of China’s international trade in goods and services totalled RMB 4279.2 billion, up 3 percent over the same time last year. Of this, the export of goods recorded RMB 2150.9 billion and the import recorded RMB 1566.3 billion, resulting in a surplus of RMB 584.6 billion. The export of services recorded RMB 236.2 billion and the import recorded RMB 325.8 billion, resulting in a deficit of RMB 89.5 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 171.4 billion, RMB 155.8 billion, RMB 100.6 billion and RMB 61.0 billion respectively. In the US dollar terms, in November 2024, the export and import of China’s international trade in goods and services were USD 332.8 billion and USD 263.8 billion respectively, with a surplus of USD 69.0 billion.(End) International Trade in Goods and Services of China November 2024 Item In 100 million of RMB In 100 million of USD Goods and services 4951 690 Credit 23871 3328 Debit -18921 -2638 1. Goods 5846 815 Credit 21509 2999 Debit -15663 -2184 2. Services -895 -125 Credit 2362 329 Debit -3258 -454 2.1Manufacturing services on physical inputs owned by others 63 9 Credit 70 10 Debit -7 -1 2.2Maintenance and repair services n.i.e 29 4 Credit 73 10 Debit -44 -6 2.3Transport -223 -31 Credit 745 104 Debit -968 -135 2.4Travel -1021 -142 Credit 269 37 Debit -1289 -180 2.5Construction 68 10 Credit 110 15 Debit -42 -6 2.6Insurance and pension services -52 -7 Credit 5 1 Debit -57 -8 2.7Financial services -4 0 Credit 22 3 Debit -25 -4 2.8Charges for the use of intellectual property -167 -23 Credit 26 4 Debit -193 -27 2.9Telecommunications, computer and information services 152 21 Credit 381 53 Debit -229 -32 2.10Other business services 286 40 Credit 646 90 Debit -360 -50 2.11Personal, cultural, and recreational services -27 -4 Credit 7 1 Debit -34 -5 2.12Government goods and services n.i.e 0 0 Credit 8 1 Debit -9 -1 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: 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. 2024-12-27/en/2024/1227/2270.html