-
In December 2022, the export and import of China’s international trade in goods and services totalled RMB 4238.2 billion, down 6 percent over the same time last year. Of this, the export of goods recorded RMB 2051.1 billion and the import recorded RMB 1648.9 billion, resulting in a surplus of RMB 402.2 billion. The export of services recorded RMB 230.8 billion and the import recorded RMB 307.3 billion, resulting in a deficit of RMB 76.5 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 165.1 billion, RMB 107.9 billion, RMB 98.6 billion and RMB 56.9 billion respectively. In the US dollar terms, in December 2022, the export and import of China’s international trade in goods and services were USD 326.8 billion and USD 280.1 billion respectively, with a surplus of USD 46.6 billion.(End) International Trade in Goods and Services of China December 2022 Item In 100 million of RMB In 100 million of USD Goods and services 3257 466 Credit 22819 3268 Debit -19562 -2801 1. Goods 4022 576 Credit 20511 2937 Debit -16489 -2361 2. Services -765 -110 Credit 2308 331 Debit -3073 -440 2.1Manufacturing services on physical inputs owned by others 102 15 Credit 107 15 Debit -5 -1 2.2Maintenance and repair services n.i.e 29 4 Credit 62 9 Debit -32 -5 2.3Transport -358 -51 Credit 647 93 Debit -1005 -144 2.4Travel -874 -125 Credit 56 8 Debit -930 -133 2.5Construction 87 12 Credit 132 19 Debit -45 -6 2.6Insurance and pension services -9 -1 Credit 83 12 Debit -93 -13 2.7Financial services 14 2 Credit 37 5 Debit -24 -3 2.8Charges for the use of intellectual property -183 -26 Credit 122 17 Debit -305 -44 2.9Telecommunications, computerand information services 129 18 Credit 349 50 Debit -220 -32 2.10Other business services 306 44 Credit 692 99 Debit -387 -55 2.11Personal, cultural, and recreational services -12 -2 Credit 11 2 Debit -24 -3 2.12Government goods and services n.i.e 5 1 Credit 9 1 Debit -5 -1 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. 2023-01-19/en/2023/0119/2044.html
-
In the third quarter of 2022, China's current account registered a surplus of RMB 984.2 billion, and the capital and financial accounts recorded a deficit of RMB 1020.1 billion. The financial account (excluding reserve assets) recorded a deficit of RMB 762.9 billion, and reserve assets increased by RMB 256.4 billion. In the first three quarters of 2022, China's current account registered a surplus of RMB 2061.9 billion, and the capital and financial accounts recorded a deficit of RMB 1794.7 billion. The financial account (excluding reserve assets) recorded a deficit of RMB 1410.3 billion, and reserve assets rose by RMB 382.3 billion. In SDR terms, in the third quarter of 2022, China posted a surplus of SDR 110.2 billion under the current account, and a deficit of SDR 114.2 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a deficit of SDR 85.5 billion, and reserves assets increased by SDR 28.7 billion. In SDR terms, in first three quarters of 2022, China posted a surplus of SDR 231.5 billion under the current account, and a deficit of SDR 202.0 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a deficit of SDR 158.9 billion, and an increase of SDR 42.9 billion under reserves assets. In the US dollar terms, in the third quarter of 2022, China's current account recorded a surplus of USD 144.3 billion, including a surplus of USD 200.7 billion under trade in goods, a deficit of USD 29.2 billion under trade in services, a deficit of USD 33.9 billion under primary income, and a surplus of USD 6.6 billion under secondary income. The capital and financial accounts recorded a deficit of USD 149.0 billion, including a surplus of USD 111 million under the capital account, a deficit of USD 111.6 billion under the financial account (excluding reserve assets), and an increase of USD 37.3 billion under reserves assets. In the US dollar terms, in the first three quarters of 2022, China's current account recorded a surplus of USD 310.7 billion, including a surplus of USD 521.5 billion under trade in goods, a deficit of USD 65.5 billion under trade in services, a deficit of USD 162.9 billion under primary income, and a surplus of USD 17.7 billion under secondary income. The capital and financial accounts recorded a deficit of USD 270.2 billion, including a deficit of USD 322 million under the capital account, a deficit of USD 212.3 billion under the financial account (excluding reserve assets), and an increase of USD 57.7 billion under reserves assets. (End) Abridged Balance of Payments of China, Third Quarter of 2022 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 9842 1443 1102 Credit 2 71907 10527 8046 Debit 3 -62065 -9084 -6944 1. A Goods and Services 4 11721 1716 1311 Credit 5 66990 9805 7495 Debit 6 -55269 -8089 -6184 1.A.a Goods 7 13718 2007 1534 Credit 8 60586 8867 6778 Debit 9 -46869 -6860 -5244 1.A.b Services 10 -1996 -292 -223 Credit 11 6404 938 717 Debit 12 -8400 -1229 -940 1.B Primary Income 13 -2333 -339 -260 Credit 14 4019 591 450 Debit 15 -6351 -929 -710 1.C Secondary Income 16 453 66 51 Credit 17 898 131 100 Debit 18 -445 -65 -50 2. Capital and Financial Account 19 -10201 -1490 -1142 2.1 Capital Account 20 -8 -1 -1 Credit 21 3 0 0 Debit 22 -11 -2 -1 2.2 Financial Account 23 -10193 -1489 -1142 Assets 24 -5543 -805 -620 Liabilities 25 -4651 -684 -522 2.2.1 Financial Account Excluding Reserve Assets 26 -7629 -1116 -855 2.2.1.1 Direct Investment 27 -1725 -254 -194 Assets 28 -2713 -396 -303 Liabilities 29 988 141 109 2.2.1.2 Portfolio Investment 30 -6996 -1021 -782 Assets 31 -4601 -673 -514 Liabilities 32 -2395 -348 -268 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 55 9 6 Assets 34 199 30 23 Liabilities 35 -144 -21 -16 2.2.1.4 Other Investment 36 1037 150 114 Assets 37 4138 607 462 Liabilities 38 -3100 -457 -348 2.2.2 Reserve Assets 39 -2564 -373 -287 3. Net Errors and Omissions 40 359 47 40 Notes: 1.The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts. 2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balance, unless marked with "Credit" or "Debit". 3.The RMB denominated quarterly BOP data is converted from the USD denominated BOP data, using period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4.The SDR denominated quarterly BOP data is converted from the USD denominated BOP data, using period average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5.This statement employs rounded-off numbers. 6.For detailed data, please see “Data and Statistics” at the website of SAFE. 7.The BOP data is revised regularly; please find the latest data in “Data and Statistics”. Abridged China’s Balance of Payments, First Three Quarters of 2022 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 20619 3107 2315 Credit 2 197418 29881 22174 Debit 3 -176798 -26774 -19859 1. A Goods and Services 4 30211 4560 3391 Credit 5 185893 28139 20879 Debit 6 -155682 -23580 -17488 1.A.a Goods 7 34573 5215 3880 Credit 8 167209 25305 18780 Debit 9 -132637 -20090 -14900 1.A.b Services 10 -4361 -655 -489 Credit 11 18684 2834 2099 Debit 12 -23045 -3490 -2588 1.B Primary Income 13 -10761 -1629 -1207 Credit 14 9010 1361 1012 Debit 15 -19771 -2990 -2219 1.C Secondary Income 16 1169 177 131 Credit 17 2515 381 283 Debit 18 -1345 -204 -151 2. Capital and Financial Account 19 -17947 -2702 -2020 2.1 Capital Account 20 -21 -3 -2 Credit 21 11 2 1 Debit 22 -32 -5 -4 2.2 Financial Account 23 -17926 -2699 -2018 Assets 24 -16931 -2572 -1900 Liabilities 25 -996 -127 -118 2.2.1 Financial Account Excluding Reserve Assets 26 -14103 -2123 -1589 2.2.1.1 Direct Investment 27 2995 486 340 Assets 28 -7472 -1133 -840 Liabilities 29 10466 1619 1180 2.2.1.2 Portfolio Investment 30 -17249 -2606 -1940 Assets 31 -10100 -1521 -1133 Liabilities 32 -7149 -1086 -806 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -622 -96 -70 Assets 34 -139 -22 -16 Liabilities 35 -484 -73 -54 2.2.1.4 Other Investment 36 773 94 81 Assets 37 4603 681 518 Liabilities 38 -3829 -587 -437 2.2.2 Reserve Assets 39 -3823 -577 -429 3. Net Errors and Omissions 40 -2672 -405 -295 Notes: 1.The statement is compiled according to BPM6. Reserve assets are included incapital and financial accounts. 2."Credit" is presented as positive value while "debit" asnegative value, and the balance is the sum of the"Credit" and the "Debit". All items herein refer to balance,unless marked with "Credit" or "Debit". 3.The RMB denominated quarterly BOP data is converted from the USD denominatedBOP data,using period average central parity rate of RMBagainst USD. The quarterly accumulated RMB denominated BOP data is derived fromthe sum total of the RMB denominated data for the quarters. 4.The SDR denominated quarterly BOP data is converted from the USD denominatedBOP data,using period average exchange rate of SDR against USD. The quarterlyaccumulated SDR denominated BOP data is derived from the sum total of the SDRdenominated data for the quarters. 5.This statement employs rounded-off numbers. 6.For detailed data, please see “Data and Statistics” at the websiteof SAFE. 7.The BOP data is revised regularly; please find the latest data in “Data andStatistics”. 2022-12-30/en/2022/1230/2034.html
-
As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in December 2022, the amount of foreign exchange settlement and sales by banks was RMB 1461.0 billion and RMB 1412.2 billion, respectively. During January to December 2022, the accumulative amount of foreign exchange settlement and sales by banks was RMB 17238.6 billion and RMB 16546.7 billion, respectively. In the US dollar terms, in December 2022, the amount of foreign exchange settlement and sales by banks was USD 209.2 billion and USD 202.2 billion, respectively. During January to December 2022, the accumulative amount of foreign exchange settlement and sales by banks was USD 2570.9 billion and USD 2463.5 billion, respectively. In December 2022, the amount of cross-border receipts and payments by non-banking sectors was RMB 3686.2 billion and RMB 3525.1 billion, respectively. During January to December 2022, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 41985.2 billion and RMB 41503.4 billion, respectively. In the US dollar terms, in December 2022, the amount of cross-border receipts and payments by non-banking sectors was USD 527.9 billion and USD 504.8 billion, respectively. During January to December 2022, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 6251.7 billion and USD 6175.3 billion, respectively. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2023-01-18/en/2023/0117/2039.html
-
The State Administration of Foreign Exchange (SAFE) has recently released the Balance of Payments (BOP) for the first three quarters of 2022 as well as the International Investment Position (IIP) at the end of September 2022. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on relevant issues. Q: Could you brief us on China’s BOP for the first three quarters of 2022? A: In the first three quarters of 2022, China’s BOP maintained an overall equilibrium position. First, the current account surplus stayed within a reasonable and balanced range. In the first three quarters of 2022, the current account surplus hit the highest record for the same period in history and stood at USD 310.7 billion, with its ratio to Gross Domestic Product (GDP) reaching 2.4%, which maintained within a reasonable and balanced range. To be specific, trade in goods remained resilient, and as a result, trade in goods in terms of BOP recorded a surplus of USD 521.5 billion, up by 37% year on year. Trade surplus in goods, export and import scale all reached the highest levels in history. Meanwhile, the trade deficit in services recorded USD 65.5 billion, narrowed by 23% year on year. Second, the cross-border investments were in a stable and orderly manner. In the first three quarters of 2022, foreign direct investments in China summed up to USD 161.9 billion, a figure higher than that of the same period in 2019 and 2020. China’s outward investments reached USD 113.3 billion, and the pace of investment was steady and orderly. In general, China has achieved better coordination between the epidemic prevention and control as well as economic and social development. At the same time, the package of policies to stabilize the economy continued to portray good results, and the recovery of China’s economy kept its momentum in an upward trend. It is therefore conducive to maintaining a basic balance of international payments. Q: What would you say about China’s IIP at the end of September 2022? A: At the end of September 2022, China’s IIP remained stable, and its reserve assets continued to rank first in the world. First, the net foreign assets increased. By the end of September 2022, China posted external assets of USD 8.898 trillion and external liabilities of USD 6.534 trillion. Its net foreign assets (which is assets minus liabilities) reached USD 2.364 trillion, up by 19% from the end of 2021. Second, the structure of China’s external financial assets and external liabilities remained sound. By the end of September 2022, non-reserve assets accounted for 64% of China’s external assets, an increase in proportion compared with that of 2021. Its reserve assets recorded USD 3.2 trillion, the largest in the world. Of external liabilities, the foreign direct investment in China was relatively stable and accounted for more than 50%, with a scale of USD 3.4 trillion. 2022-12-30/en/2022/1230/2037.html
-
The State Administration of Foreign Exchange (SAFE) has recently released the data on external debt at the end of September 2022. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on relevant issues. Q: Could you brief us on China’s external debt in the third quarter of 2022? A: In the third quarter of 2022, the scale of China’s external debt dropped and its structure remained basically stable. By the end of September 2022, the total outstanding external debt (including domestic and foreign currencies) reached USD 2.4815 trillion, representing a decrease of USD 154.5 billion or 6% from the end of June this year. To be more specific, the factor of exchange rate contributed roughly 41% to the decline in outstanding foreign debt. With respect to currency structures, the external debt in domestic currency accounted for 44% of China’s total external debt, basically the same as at the end of June 2022. In terms of maturity structure, the medium-and-long-term external debt accounted for 45%, down by 1 percentage point from the end of June 2022. Q: What would you say about current China’s external debt situations? A: The decline in the scale of China’s external debt was due to multiple factors in the domestic and international situations. Since the second quarter, under the impact of factors such as the Fed’s interest rate hike, high global inflation, and the epidemic, China’s external debt has dropped. Specifically, other than the USD 63 billion decrease in the external debt due to exchange rate translation, the external debt of loans, currencies and deposits, debt securities, trade credit and advance payments, as well as other debt liabilities decreased by USD 91.5 billion. The overall scale of China’s external debt will remain stable. Despite the turbulent external environment and its greater impact on China’s economy, it is still possible for China’s external debt to remain stable in the total amount and in an optimized structure, considering the fact that China maintains strong resilience, great potential, and great vitality in its economy and various policy measures continue to show good results. At the same time, the continuous optimization of cross-border financing policies will also better meet the financing needs of market players. In October 2022, SAFE and the PBC raised the macro-prudential parameters for cross-border financing, further expanding the borrowing capacity of domestic institutions. In November, SAFE and the PBC further facilitated fund management for overseas institutional investors to invest in China’s bond market, making China’s bond market an attractive destination for overseas institutional investors. SAFE will continue to promote the facilitation of cross-border investment and financing to serve the high-quality development of the real economy. 2022-12-30/en/2022/1230/2036.html
-
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 16.03 trillion (equivalent to USD 2.30 trillion) in December 2022. In terms of markets, the transactions volume of client market was RMB 3.06 trillion (equivalent to USD 0.44 trillion), and the transactions volume of interbank market was RMB 12.97 trillion (equivalent to USD 1.86 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 5.93 trillion (equivalent to USD 0.85 trillion), and that of the derivatives market was RMB 10.10 trillion (equivalent to USD 1.45 trillion). From January to December 2022, a total of RMB 231.44 trillion (equivalent to USD 34.50 trillion) was traded in the Chinese foreign exchange market. 2023-01-19/en/2023/0119/2043.html
-
According to the statistics of the State Administration of Foreign Exchange (SAFE), by the end of December 2022, China’s foreign exchange reserves registered USD 3.1277 trillion, up by USD 10.2 billion, or 0.33%, from the end of November. In December 2022, influenced by monetary policies and expectations of major economies, global macroeconomic data, and other factors, the US dollar index fell, and the prices of global financial assets declined in general. China’s foreign exchange reserves rose this month due to the combined effects of currency translation and asset price changes. China maintained strong resilience, great potential, and full of vitality in economy with its sound long-term economic fundamentals unchanged, which will support the overall stability of the foreign exchange reserves. 2023-01-07/en/2023/0107/2038.html
-
Master of Science and Master of Public Administration, born in January 1972 Member of the CPC State Administration of Foreign Exchange (SAFE) Leadership Group, and Deputy Administrator of the SAFE. 2023-12-09/en/2023/0112/2035.html
-
In the third quarter of 2023, China's current account registered a surplus of RMB 454.2 billion, and the capital and financial accounts recorded a deficit of RMB 451.9 billion. In first three quarters of 2023, China's current account registered a surplus of RMB 1462.8 billion, and the capital and financial accounts recorded a deficit of RMB 1327.6 billion. In SDR terms, in the third quarter of 2023, China posted a surplus of SDR 47.0 billion under the current account, and a deficit of SDR 46.8 billion under the capital and financial accounts. In SDR terms, in first three quarters of 2023, China posted a surplus of SDR 156.1 billion under the current account, and a deficit of SDR 141.4 billion under the capital and financial accounts. In the US dollar terms, in the third quarter of 2023, China's current account recorded a surplus of USD 62.8 billion, including a surplus of USD 161.1 billion under trade in goods, a deficit of USD 66.2 billion under trade in services, a deficit of USD 34.4 billion under primary income, and a surplus of USD 2.3 billion under secondary income. The capital and financial accounts recorded a deficit of USD 62.3 billion, including a deficit of USD 141 million under the capital account, a deficit of USD 100.4 billion under the financial account (excluding reserve assets), and a decrease of USD 38.2 billion under reserves assets. In the US dollar terms, in first three quarters of 2023, China's current account recorded a surplus of USD 209.0 billion, including a surplus of USD 454.4 billion under trade in goods, a deficit of USD 168.4 billion under trade in services, a deficit of USD 87.7 billion under primary income, and a surplus of USD 10.8 billion under secondary income. The capital and financial accounts recorded a deficit of USD 189.0 billion, including a deficit of USD 218 million under the capital account, a deficit of USD 185.3 billion under the financial account (excluding reserve assets), and an increase of USD 3.5 billion under reserves assets.(End) Abridged Balanceof Payments of China, Third Quarter of 2023 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 4542 628 470 Credit 2 69689 9616 7220 Debit 3 -65147 -8989 -6750 1. A Goods and Services 4 6871 949 712 Credit 5 64217 8861 6653 Debit 6 -57347 -7912 -5942 1.A.a Goods 7 11673 1611 1209 Credit 8 58702 8100 6082 Debit 9 -47029 -6489 -4873 1.A.b Services 10 -4802 -662 -498 Credit 11 5516 761 571 Debit 12 -10318 -1424 -1069 1.B Primary Income 13 -2498 -344 -259 Credit 14 4930 681 511 Debit 15 -7428 -1025 -770 1.C Secondary Income 16 170 23 18 Credit 17 542 75 56 Debit 18 -373 -51 -39 2. Capital and Financial Account 19 -4519 -623 -468 2.1 Capital Account 20 -10 -1 -1 Credit 21 2 0 0 Debit 22 -12 -2 -1 2.2 Financial Account 23 -4509 -622 -467 Assets 24 -1194 -161 -125 Liabilities 25 -3315 -461 -342 2.2.1 Financial Account Excluding Reserve Assets 26 -7247 -1004 -749 2.2.1.1 Direct Investment 27 -4718 -651 -489 Assets 28 -3873 -533 -401 Liabilities 29 -846 -118 -87 2.2.1.2 Portfolio Investment 30 -2652 -365 -275 Assets 31 -1007 -138 -104 Liabilities 32 -1646 -226 -170 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -323 -44 -33 Assets 34 -239 -33 -25 Liabilities 35 -84 -11 -9 2.2.1.4 Other Investment 36 447 56 48 Assets 37 1187 161 123 Liabilities 38 -740 -106 -76 2.2.2 Reserve Assets 39 2738 382 282 3. Net Errors and Omissions 40 -23 -4 -2 Notes: 1.The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts. 2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balance, unless marked with "Credit" or "Debit". 3.The RMB denominated quarterly BOP data is converted from the USD denominated BOP data, using period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4.The SDR denominated quarterly BOP data is converted from the USD denominated BOP data, using period average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5.This statement employs rounded-off numbers. 6.For detailed data, please see “Data and Statistics” at the website of SAFE. 7.The BOP data is revised regularly; please find the latest data in “Data and Statistics”. Abridged China’s Balance of Payments, First Three Quarters of 2023 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 14628 2090 1561 Credit 2 196614 27926 20880 Debit 3 -181987 -25836 -19320 1. A Goods and Services 4 20135 2859 2137 Credit 5 181271 25749 19252 Debit 6 -161136 -22889 -17115 1.A.a Goods 7 32027 4544 3397 Credit 8 164512 23364 17469 Debit 9 -132484 -18820 -14072 1.A.b Services 10 -11892 -1684 -1260 Credit 11 16760 2385 1783 Debit 12 -28652 -4069 -3043 1.B Primary Income 13 -6266 -877 -657 Credit 14 13384 1898 1419 Debit 15 -19650 -2776 -2077 1.C Secondary Income 16 758 108 81 Credit 17 1959 279 209 Debit 18 -1201 -171 -128 2. Capital and Financial Account 19 -13276 -1890 -1414 2.1 Capital Account 20 -16 -2 -2 Credit 21 10 1 1 Debit 22 -26 -4 -3 2.2 Financial Account 23 -13261 -1888 -1412 Assets 24 -10469 -1499 -1125 Liabilities 25 -2792 -389 -287 2.2.1 Financial Account Excluding Reserve Assets 26 -13119 -1853 -1383 2.2.1.1 Direct Investment 27 -9000 -1267 -949 Assets 28 -10024 -1422 -1064 Liabilities 29 1024 155 116 2.2.1.2 Portfolio Investment 30 -6873 -987 -739 Assets 31 -4595 -662 -495 Liabilities 32 -2278 -325 -244 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -510 -70 -53 Assets 34 -415 -58 -43 Liabilities 35 -96 -13 -10 2.2.1.4 Other Investment 36 3264 471 357 Assets 37 4706 678 507 Liabilities 38 -1443 -207 -150 2.2.2 Reserve Assets 39 -141 -35 -29 3. Net Errors and Omissions 40 -1351 -200 -147 Notes: 1.The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts. 2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balance, unless marked with "Credit" or "Debit". 3.The RMB denominated quarterly BOP data is converted from the USD denominated BOP data,using period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4.The SDR denominated quarterly BOP data is converted from the USD denominated BOP data,using period average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5.This statement employs rounded-off numbers. 6.For detailed data, please see “Data and Statistics” at the website of SAFE. 7.The BOP data is revised regularly; please find the latest data in “Data and Statistics”. 2023-12-29/en/2023/1229/2161.html
-
As at the end of September 2023, China recorded RMB 17.104 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2382.9 billion, excluding those of Hong Kong SAR, Macao SAR, and Taiwan Province of China, the same below). In terms of maturity structure, the outstanding medium- and long-term external debt was RMB 7549.8 billion (equivalent to USD 1051.8 billion), accounting for 44 percent; while the outstanding short-term external debt was RMB 9554.2 billion (equivalent to USD 1331.1 billion), taking up 56 percent, of which 36 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 2811.2 billion (equivalent to USD 391.7 billion), accounting for 16 percent; the outstanding debt of the central bank totaled RMB 789.7 billion (equivalent to USD 110 billion), accounting for 5 percent; the outstanding debt of banks totaled RMB 7116.7 billion (equivalent to USD 991.5 billion), accounting for 42 percent; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6386.4 billion (equivalent to USD 889.7 billion), accounting for 37 percent. In terms of debt instruments, the balance of loans was RMB 2761.2 billion (equivalent to USD 384.7 billion), accounting for 16 percent; the outstanding trade credit and prepayment was RMB 2725.5 billion (equivalent to USD 379.7 billion), accounting for 16 percent; the outstanding currency and deposits was RMB 3647.4 billion (equivalent to USD 508.1 billion), accounting for 22 percent; the outstanding debt securities was RMB 4799.1 billion (equivalent to USD 668.6 billion), accounting for 28 percent; the Special Drawing Rights (SDR) allocation amounted to RMB 341.7 billion (equivalent to USD 47.6 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 2104.2 billion (equivalent to USD 293.2 billion), accounting for 12 percent; and the balance of other debt liabilities was RMB 724.9 billion (equivalent to USD 101 billion), accounting for 4 percent. With respect to currency structures, the outstanding external debt in domesticcurrency totaled RMB 7696.9 billion (equivalent to USD 1072.3 billion), accounting for 45 percent; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9407.1 billion (equivalent to USD 1310.6 billion), accounting for 55 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 84 percent, the Euro debt accounted for 7 percent, the HKD debt accounted for 4percent, the JPY debt accounted for 2 percent, the SDR and other foreign currency-denominated external debt accounted for 3 percent. Since all major external debt indicators were within the internationally recognized thresholds, China’s external debt risk is under control. Appendix Definition of terms and interpretations External debt classification by maturity structure. There are two methods to classify the external debt by maturity structure. One is on the basis of the contractual maturity, i.e. it is classified as medium- and long-term external debt if the contractual maturity is over one year, and classified as short-term external debt if the contractual maturity is one year or less;the other is on the basis of the remaining maturity, i.e., on the basis of the contractual maturity classification method above, the medium- and long-term external debt due within one year is classified as short-term external debt. In this news release, external debt is divided into medium- and long-term external debt and short-term external debt based on the contractual maturity. Trade-related credit is a broad concept. In addition to trade credit and advances, it also involves other kinds of credit provided for trade activities. According to its definition,trade-related credit includes trade credit and advances, bank trade financing, trade related bills, and so forth. In particular, trade credit and advances refer to external liability arising from directly extending credit between the seller and buyer of goods transactions,specifically transactions between residents in the Chinese Mainland and overseas non-residents (including non-residents in Hong Kong SAR, Macao SAR,and Taiwan Province of China), i.e., the debt incurred due to the difference between the time of payment and the time of the goods ownership transfer, which include credit directly provided by the supplier (e.g., the overseas exporter) for goods and services, and prepayments made by buyers (e.g., overseas importers) for goods, services, and work that is in progress (or work to be undertaken). Bank trade financing refers to trade related loans that offered by a third party (e.g., banks) to exporters or importers, for instance, loans extended by foreign financial institutions or export credit agencies to buyers. Annexed table：China’s Gross External Debt Position by Sector, End of September 2023 End of September 2023 End of September 2023 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 28113 3917 Short-term 1484 207 Currency and deposits 0 0 Debt securities 1484 207 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 26628 3710 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 22735 3167 Loans 3894 542 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 7897 1100 Short-term 2606 363 Currency and deposits 1606 224 Debt securities 1000 139 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 5291 737 Special drawing rights (allocations) 3417 476 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 1873 261 Other Depository Corporations 71167 9915 Short-term 56149 7822 Currency and deposits 34855 4856 Debt securities 5029 701 Loans 15802 2201 Trade credit and advances 0 0 Other debt liabilities 463 65 Long-term 15018 2092 Currency and deposits 0 0 Debt securities 11563 1611 Loans 3367 469 Trade credit and advances 0 0 Other debt liabilities 88 12 Other Sectors 42822 5966 Short-term 30362 4230 Currency and deposits 13 2 Debt securities 115 16 Loans 1397 195 Trade credit and advances 26778 3731 Other debt liabilities 2059 287 Long-term 12460 1736 Currency and deposits 0 0 Debt securities 6066 845 Loans 3153 439 Trade credit and advances 477 66 Other debt liabilities 2764 385 Direct Investment: Intercompany Lending 21042 2932 Debt liabilities of direct investment enterprises to direct investors 11661 1625 Debt liabilities of direct investors to direct investment enterprises 1236 172 Debt liabilities to fellow enterprises 8146 1135 Gross External Debt Position 171040 23829 Notes: 1. The short-term and long-term herein are broken down by contractual (original) maturity. 2. The data in this table have been rounded off. 2023-12-29/en/2023/1228/2157.html