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PhD in Management，born in November 1971 Member of the CPC State Administration of Foreign Exchange (SAFE) Leadership Group, and Deputy Administrator of the SAFE. 2025-03-26/en/2025/0326/2290.html
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As at the end of 2024, China’s external financial assets reached USD 10216.7 billion, external financial liabilities reached USD 6920.9 billion, and net external assets totaled USD 3295.8 billion. In the external financial assets, direct investment assets amounted to USD 3132.9 billion, portfolio investment assets, USD 1417.3 billion, financial derivative assets, USD 24.2 billion, other investment assets, USD 2186.7 billion, and reserves assets, USD 3455.6 billion, accounting for 31 percent, 14 percent, 0.2 percent, 21 percent and 34 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3622.4 billion, portfolio investment liabilities, USD 1939.6 billion, financial derivative liabilities, USD 30.4 billion and other investment liabilities, USD 1328.6 billion, accounting for 52 percent, 28 percent, 0.4 percent and 19 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 7834.1 billion and SDR 5306.9 billion respectively, and external net assets totaled SDR 2527.2 billion at the end of 2024. The SAFE has revised the IIP data for each quarter since 2023 according to the latest data and released it through the section of "Data and Statistics" at the official website of the SAFE. In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China's Balance of Payments Report 2024.(End) China's International Investment Position, End of 2024 Item Line No. Position in 100 million USD Position in 100 million SDR Net Position 1 32958 25272 Assets 2 102167 78341 1 Direct Investment 3 31329 24023 1.1 Equity and Investment Fund Shares 4 27373 20989 1.2 Debt Instruments 5 3956 3034 1.a Financial Sectors 6 4395 3370 1.1.a Equity and Investment Fund Shares 7 4099 3143 1.2.a Debt Instruments 8 297 227 1.b Non-financial Sectors 9 26933 20652 1.1.b Equity and Investment Fund Shares 10 23274 17846 1.2.b Debt Instruments 11 3659 2806 2 Portfolio Investment 12 14173 10868 2.1 Equity and Investment Fund Shares 13 8598 6593 2.2 Debt Securities 14 5575 4275 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 242 185 4 Other Investment 16 21867 16768 4.1 Other Equity 17 99 76 4.2 Currency and Deposits 18 5380 4126 4.3 Loans 19 8321 6380 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 306 235 4.5 Trade Credit and Advances 21 6825 5233 4.6 Others 22 936 718 5 Reserve Assets 23 34556 26497 5.1 Monetary Gold 24 1913 1467 5.2 Special Drawing Rights 25 527 404 5.3 Reserve Position in the IMF 26 98 75 5.4 Foreign Currency Reserves 27 32024 24556 5.5 Other Reserve Assets 28 -6 -4 Liabilities 29 69209 53069 1 Direct Investment 30 36224 27777 1.1 Equity and Investment Fund Shares 31 33563 25736 1.2 Debt Instruments 32 2661 2040 1.a Financial Sectors 33 2076 1592 1.1.a Equity and Investment Fund Shares 34 1880 1441 1.2.a Debt Instruments 35 196 150 1.b Non-financial Sectors 36 34149 26185 1.1.b Equity and Investment Fund Shares 37 31684 24295 1.2.b Debt Instruments 38 2465 1890 2 Portfolio Investment 39 19396 14873 2.1 Equity and Investment Fund Shares 40 11898 9123 2.2 Debt Securities 41 7498 5749 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 304 233 4 Other Investment 43 13286 10187 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 4392 3367 4.3 Loans 46 3260 2500 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 285 218 4.5 Trade Credit and Advances 48 4007 3073 4.6 Others 49 870 667 4.7 Special Drawing Rights 50 472 362 Notes:1. This table employs rounded-off numbers. 2.Net International Investment Position refers to assets minus liabilities. Positive figure refers to net assets, and negative figure refers to net liabilities. 3.The SDR denominated data is converted from the USD denominated data, using the exchange rate of SDR against USD at the end of the quarter. 4.The IIP data is revised regularly; please find the latest data in “Data and Statistics”. 2025-03-28/en/2025/0328/2293.html
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In February 2025, the export and import of China’s international trade in goods and services totalled RMB 3686.1 billion, up 14 percent over the same time last year. Of this, the export of goods recorded RMB 1788.8 billion and the import recorded RMB 1325.0 billion, resulting in a surplus of RMB 463.8 billion. The export of services recorded RMB 227.3 billion and the import recorded RMB 345.1 billion, resulting in a deficit of RMB 117.8 billion. In terms of the major items, the export and import of travel, transport, other business services, telecommunications, computer and information services registered RMB 176.4 billion, RMB 158.3 billion, RMB 100.9 billion and RMB 62.4 billion respectively. In the US dollar terms, in February 2025, the export and import of China’s international trade in goods and services were USD 281.1 billion and USD 232.9 billion respectively, with a surplus of USD 48.2 billion.(End) International Trade in Goods and Services of China February 2025 Item In 100 million of RMB In 100 million of USD Goods and services 3459 482 Credit 20160 2811 Debit -16701 -2329 1. Goods 4638 647 Credit 17888 2494 Debit -13250 -1848 2. Services -1178 -164 Credit 2273 317 Debit -3451 -481 2.1Manufacturing services on physical inputs owned by others 62 9 Credit 68 10 Debit -7 -1 2.2Maintenance and repair services n.i.e 47 7 Credit 76 11 Debit -29 -4 2.3Transport -187 -26 Credit 698 97 Debit -885 -123 2.4Travel -1317 -184 Credit 223 31 Debit -1541 -215 2.5Construction 41 6 Credit 76 11 Debit -35 -5 2.6Insurance and pension services -34 -5 Credit 21 3 Debit -55 -8 2.7Financial services 3 0 Credit 27 4 Debit -24 -3 2.8Charges for the use of intellectual property -160 -22 Credit 59 8 Debit -219 -30 2.9Telecommunications, computer and information services 49 7 Credit 337 47 Debit -287 -40 2.10Other business services 330 46 Credit 670 93 Debit -339 -47 2.11Personal, cultural, and recreational services -15 -2 Credit 8 1 Debit -23 -3 2.12Government goods and services n.i.e 3 0 Credit 10 1 Debit -7 -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. 2025-03-28/en/2025/0328/2294.html
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In March 2025, the export and import of China’s international trade in goods and services totalled RMB 4270.4 billion, up 6 percent over the same time last year. Of this, the export of goods recorded RMB 2127.7 billion and the import recorded RMB 1524.3 billion, resulting in a surplus of RMB 603.4 billion. The export of services recorded RMB 239.3 billion and the import recorded RMB 379.1 billion, resulting in a deficit of RMB 139.8 billion. In terms of the major items, the export and import of travel, transport, other business services, telecommunications, computer and information services registered RMB 175.1 billion, RMB 162.6 billion, RMB 100.5 billion and RMB 70.0 billion respectively. In the US dollar terms, in March 2025, the export and import of China’s international trade in goods and services were USD 329.9 billion and USD 265.3 billion respectively, with a surplus of USD 64.6 billion.(End) International Trade in Goods and Services of China March 2025 Item In 100 million of RMB In 100 million of USD Goods and services 4635 646 Credit 23669 3299 Debit -19034 -2653 1. Goods 6034 841 Credit 21277 2966 Debit -15243 -2125 2. Services -1398 -195 Credit 2393 334 Debit -3791 -528 2.1Manufacturing services on physical inputs owned by others 65 9 Credit 73 10 Debit -7 -1 2.2Maintenance and repair services n.i.e 31 4 Credit 80 11 Debit -49 -7 2.3Transport -315 -44 Credit 655 91 Debit -970 -135 2.4Travel -1153 -161 Credit 299 42 Debit -1452 -202 2.5Construction 55 8 Credit 97 14 Debit -42 -6 2.6Insurance and pension services -229 -32 Credit 18 3 Debit -248 -35 2.7Financial services 11 2 Credit 32 5 Debit -21 -3 2.8Charges for the use of intellectual property -285 -40 Credit 37 5 Debit -322 -45 2.9Telecommunications, computer and information services 195 27 Credit 447 62 Debit -253 -35 2.10Other business services 246 34 Credit 625 87 Debit -380 -53 2.11Personal, cultural, and recreational services -11 -1 Credit 18 2 Debit -28 -4 2.12Government goods and services n.i.e -9 -1 Credit 9 1 Debit -18 -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: 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. 2025-04-25/en/2025/0425/2300.html
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As at the end of 2024, China recorded RMB 17.3947 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2419.8 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 7642.0 billion (equivalent to USD 1063.1 billion), accounting for 44 percent; while the outstanding short-term external debt was RMB 9752.7 billion (equivalent to USD 1356.7 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 2924.7 billion (equivalent to USD 406.9 billion), accounting for 17percent; the outstanding debt of the central bank totaled RMB 785.4 billion (equivalent to USD 109.2 billion), accounting for 5 percent; the outstanding debt of banks totaled RMB 7342.3 billion (equivalent to USD 1021.4 billion), accounting for 42 percent; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6342.3 billion (equivalent to USD 882.3 billion), accounting for 36 percent. In terms of debt instruments, the balance of loans was RMB 2420.3 billion (equivalent to USD 336.7 billion), accounting for 14 percent; the outstanding trade credits and advances was RMB 2880.4 billion (equivalent to USD 400.7 billion), accounting for 17 percent; the outstanding currency and deposits was RMB 3124.0 billion (equivalent to USD 434.6 billion), accounting for 18 percent; the outstanding debt securities was RMB 6010.4 billion (equivalent to USD 836.1 billion), accounting for 34 percent; the Special Drawing Rights (SDR) allocation amounted to RMB 339.4 billion (equivalent to USD 47.2billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 1764.6 billion (equivalent to USD 245.5 billion), accounting for 10 percent; and the balance of other debt liabilities was RMB 855.6 billion (equivalent to USD 119.0 billion), accounting for 5 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 8713.6 billion (equivalent to USD 1212.2 billion), accounting for 50 percent; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 8681.1 billion (equivalent to USD 1207.6 billion), accounting for 50 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 80 percent, the Euro debt accounted for 8 percent, the JPY debt accounted for 5 percent, the HKD debt accounted for 4 percent，the SDR and other foreign currency-denominated external debt accounted for 3 percent. As at the end of 2024，the liability ratio was 12.8 percent, the debt ratio was 63.8 percent, the debt servicing ratio was 6.5 percent, and the ratio of short-term external debt toforeign exchange reserves was 42.4 percent. China's major external debt indicators were all within the internationally recognized thresholds, indicating that the external debt risk is controllable. Appendix Definitionof terms and interpretations External debt classificationby maturity structure. There are two methods to classify the external debt by maturity structure. Oneis 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. Liability ratio refers to the ratio of outstanding external debt as of the end of the year to the GDP for the year. Debt ratio refers to the ratio of the outstanding external debt as of the end of the year to the export revenue from trade in goods and services for the year. Debt servicing ratio refers to the ratio of the repayment of the principal and payment of interest on external debt for the year (the sum of the repayment of the principal and payment of interest on medium- and long-term external debt and the payment of the interest of short-term external debt) to the export revenue from trade in goods and services for the year. The internationally recognized thresholds for external debt risk indicators - liability ratio, debt ratio, debt servicing ratio and ratio of short-term external debt to foreign exchange reserves are 20 percent,100 percent, 20 percent and 100 percent respectively. Annexed table：China’s Gross External Debt Position by Sector, End of 2024 End of 2024 End of 2024 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 29247 4069 Short-term 1149 160 Currency and deposits 0 0 Debt securities 1149 160 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 28098 3909 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 24290 3379 Loans 3808 530 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 7854 1092 Short-term 2796 389 Currency and deposits 1396 194 Debt securities 1400 195 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 5058 703 Special drawing rights (allocations) 3394 472 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 1663 231 Other Depository Corporations 73423 10214 Short-term 57154 7951 Currency and deposits 29835 4150 Debt securities 13071 1818 Loans 13470 1874 Trade credit and advances 0 0 Other debt liabilities 779 109 Long-term 16269 2263 Currency and deposits 0 0 Debt securities 12808 1782 Loans 3381 470 Trade credit and advances 0 0 Other debt liabilities 80 11 Other Sectors 45777 6368 Short-term 32772 4559 Currency and deposits 10 1 Debt securities 207 29 Loans 1079 150 Trade credit and advances 28300 3937 Other debt liabilities 3177 442 Long-term 13005 1809 Currency and deposits 0 0 Debt securities 7179 999 Loans 2466 343 Trade credit and advances 504 70 Other debt liabilities 2856 397 Direct Investment: Intercompany Lending 17646 2455 Debt liabilities of direct investment enterprises to direct investors 9228 1284 Debt liabilities of direct investors to direct investment enterprises 1531 213 Debt liabilities to fellow enterprises 6887 958 Gross External Debt Position 173947 24198 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. 2025-03-28/en/2025/0328/2297.html
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In the fourth quarter of 2024, China's current account registered a surplus of RMB 1171.9 billion, and the capital and financial accounts recorded a deficit of RMB 1339.4 billion. In 2024, China's current account registered a surplus of RMB 3021.3 billion, and the capital and financial accounts recorded a deficit of RMB 3093.2 billion. In the US dollar terms, in the fourth quarter, China's current account recorded a surplus of USD 163.8 billion, including a surplus of USD 249.8 billion under trade in goods, a deficit of USD 47.4 billion under trade in services, a deficit of USD 43.3 billion under primary income and a surplus of USD 4.7 billion under secondary income. The capital and financial accounts registered a deficit of USD 187.3 billion, including a surplus of USD 47.6 million under the capital account, and a deficit of USD 187.4 billion under the financial account. In the US dollar terms, in 2024, China's current account recorded a surplus of USD 423.9 billion, including a surplus of USD 768.0 billion under trade in goods, a deficit of USD 229.0 billion under trade in services, a deficit of USD 130.0 billion under primary income and a surplus of USD 15.0 billion under secondary income. The capital and financial accounts recorded a deficit of USD 434.0 billion, including a deficit of USD 109.1 million under the capital account, a deficit of USD 433.9 billion under the financial account. In SDR terms, in the fourth quarter, China posted a surplus of SDR 123.9 billion under the current account, and a deficit of SDR 141.5 billion under the capital and financial accounts. In SDR terms, in 2024, China posted a surplus of SDR 318.8 billion under the current account, and a deficit of SDR 326.2 billion under the capital and financial accounts. The SAFE has revised the BOP data for each quarter since 2023 according to the latest data, which can be found in the section of "Data and Statistics" at the official website of the SAFE. In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China’s Balance of Payments Report 2024. (End) Abridged Balance of Payments, Q4 2024 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 11719 1638 1239 Credit 2 81231 11349 8587 Debit 3 -69512 -9712 -7348 1. A Goods and Services 4 14486 2024 1531 Credit 5 74708 10438 7897 Debit 6 -60222 -8415 -6366 1.A.a Goods 7 17883 2498 1891 Credit 8 67020 9364 7085 Debit 9 -49137 -6866 -5194 1.A.b Services 10 -3397 -474 -359 Credit 11 7689 1074 813 Debit 12 -11085 -1548 -1172 1.B Primary Income 13 -3102 -433 -328 Credit 14 5778 807 611 Debit 15 -8880 -1240 -939 1.C Secondary Income 16 335 47 35 Credit 17 745 104 79 Debit 18 -410 -57 -43 2. Capital and Financial Account 19 -13394 -1873 -1415 2.1 Capital Account 20 3 0 0 Credit 21 6 1 1 Debit 22 -3 0 0 2.2 Financial Account 23 -13397 -1874 -1415 Assets 24 -8456 -1178 -895 Liabilities 25 -4941 -695 -520 2.2.1 Financial Account Excluding Reserve Assets 26 -15570 -2177 -1645 2.2.1.1 Direct Investment 27 345 48 37 Assets 28 -2096 -293 -222 Liabilities 29 2441 341 258 2.2.1.2 Portfolio Investment 30 -10693 -1495 -1130 Assets 31 -5836 -815 -617 Liabilities 32 -4857 -680 -513 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -120 -17 -13 Assets 34 -10 -1 -1 Liabilities 35 -110 -15 -12 2.2.1.4 Other Investment 36 -5102 -713 -540 Assets 37 -2687 -373 -285 Liabilities 38 -2414 -340 -254 2.2.2 Reserve Assets 39 2173 304 230 3. Net Errors and Omissions 40 1675 235 176 Notes: 1. The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts. 2."Credit" is presented as positive value while "debit" as negative value, and the difference is the sum of the "Credit" and the"Debit". All items herein refer to difference, unless marked with "Credit" or "Debit". 3. The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4. The SDR denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average exchange rate of SDR against USD.The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5. In the fourth quarter of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 30.7 billion (RMB 220.1 billion). 6.This statement employs rounded-off numbers. 7. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE. 8. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. Abridged Balance of Payments, 2024 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 30213 4239 3188 Credit 2 294853 41401 31186 Debit 3 -264640 -37162 -27998 1. A Goods and Services 4 38414 5390 4057 Credit 5 270126 37930 28570 Debit 6 -231712 -32540 -24513 1.A.a Goods 7 54718 7680 5783 Credit 8 242778 34090 25678 Debit 9 -188061 -26410 -19895 1.A.b Services 10 -16304 -2290 -1725 Credit 11 27347 3840 2893 Debit 12 -43651 -6130 -4618 1.B Primary Income 13 -9269 -1300 -983 Credit 14 22025 3093 2330 Debit 15 -31294 -4393 -3312 1.C Secondary Income 16 1068 150 113 Credit 17 2702 379 286 Debit 18 -1634 -229 -173 2. Capital and Financial Account 19 -30932 -4340 -3262 2.1 Capital Account 20 -8 -1 -1 Credit 21 14 2 1 Debit 22 -22 -3 -2 2.2 Financial Account 23 -30924 -4339 -3261 Assets 24 -30031 -4215 -3175 Liabilities 25 -893 -124 -87 2.2.1 Financial Account Excluding Reserve Assets 26 -35371 -4962 -3733 2.2.1.1 Direct Investment 27 -10928 -1537 -1159 Assets 28 -12259 -1722 -1299 Liabilities 29 1330 186 140 2.2.1.2 Portfolio Investment 30 -13401 -1876 -1416 Assets 31 -15270 -2142 -1617 Liabilities 32 1869 266 200 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -364 -51 -39 Assets 34 -201 -28 -22 Liabilities 35 -164 -23 -18 2.2.1.4 Other Investment 36 -10678 -1498 -1119 Assets 37 -6749 -945 -709 Liabilities 38 -3929 -552 -410 2.2.2 Reserve Assets 39 4447 623 472 3. Net Errors and Omissions 40 719 101 75 Notes: 1. The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts. 2."Credit" is presented as positive value while "debit" as negative value, and the difference is the sum of the "Credit" and the "Debit". All items herein refer to difference, unless marked with"Credit" or "Debit". 3. The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4. The SDR denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5.In 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 90.9 billion (RMB 648.0 billion). 6.This statement employs rounded-off numbers. 7. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE. 8. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. 2025-03-28/en/2025/0328/2295.html
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In the first quarter of 2025, China's current account registered a surplus of RMB 1188.5 billion, including a surplus of RMB 1705.3 billion under trade in goods, a deficit of RMB 425.8 billion under trade in services, a deficit of RMB 110.4 billion under primary income and a surplus of RMB 19.4 billion under secondary income.The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 1188.5 billion. Inward foreign direct investments (FDI) continued the net inflow. In the US dollar terms, in the first quarter of 2025, China's current account registered a surplus of USD 165.6 billion, including a surplus of USD 237.6 billion under trade in goods, a deficit of USD 59.3 billion under trade in services, a deficit of USD 15.4 billion under primary income and a surplus of USD 2.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 165.6 billion. In SDR terms, in the first quarter of 2025, China's current account registered a surplus of SDR 126.2 billion, including a surplus of SDR 181.0 billion under trade in goods, a deficit of SDR 45.2 billion under trade in services, a deficit of SDR 11.7 billion under primary income and a surplus of SDR 2.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 126.2 billion. (End) China's Balance of Payments, Q1 2025 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 11885 1656 1262 Credit 2 72020 10036 7644 Debit 3 -60135 -8380 -6382 1. A Goods and Services 4 12794 1783 1358 Credit 5 66455 9261 7053 Debit 6 -53661 -7478 -5695 1.A.a Goods 7 17053 2376 1810 Credit 8 59267 8259 6290 Debit 9 -42214 -5883 -4480 1.A.b Services 10 -4258 -593 -452 Credit 11 7189 1002 763 Debit 12 -11447 -1595 -1215 1.A.b.1 Processing services 13 187 26 20 Credit 14 210 29 22 Debit 15 -23 -3 -2 1.A.b.2 Maintenance and Repair Services 16 108 15 12 Credit 17 225 31 24 Debit 18 -117 -16 -12 1.A.b.3 Transport 19 -791 -110 -84 Credit 20 2090 291 222 Debit 21 -2880 -401 -306 1.A.b.4 Travel 22 -4267 -595 -454 Credit 23 797 111 85 Debit 24 -5064 -706 -538 1.A.b.5 Construction 25 105 15 11 Credit 26 268 37 28 Debit 27 -163 -23 -17 1.A.b.6 Insurance and Pension Services 28 -329 -46 -35 Credit 29 67 9 7 Debit 30 -396 -55 -42 1.A.b.7 Financial Services 31 15 2 2 Credit 32 82 11 9 Debit 33 -67 -9 -7 1.A.b.8 Charges for the Use of Intellectual Property 34 -570 -80 -60 Credit 35 189 26 20 Debit 36 -760 -106 -81 1.A.b.9 Telecommunications, Computer, and Information Services 37 419 58 44 Credit 38 1196 167 127 Debit 39 -776 -108 -82 1.A.b.10 Other Business Services 40 910 127 97 Credit 41 1991 277 211 Debit 42 -1082 -151 -115 1.A.b.11 Personal, Cultural, and Recreational Services 43 -32 -4 -3 Credit 44 47 7 5 Debit 45 -78 -11 -8 1.A.b.12 Government Goods and Services n.i.e 46 -14 -2 -2 Credit 47 26 4 3 Debit 48 -40 -6 -4 1.B Primary Income 49 -1104 -154 -117 Credit 50 4946 689 525 Debit 51 -6050 -843 -642 1.C Secondary Income 52 194 27 21 Credit 53 619 86 66 Debit 54 -425 -59 -45 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -11885 -1656 -1262 2.1 Capital Account 56 -5 -1 -1 Credit 57 2 0 0 Debit 58 -7 -1 -1 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -11879 -1655 -1261 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -14114 -1966 -1499 Including: 2.2.1.1 Direct Investment 61 -2417 -337 -258 2.2.1.1.1 Assets 62 -3468 -483 -368 2.2.1.1.1.1 Equity and investment fund shares 63 -2309 -322 -245 2.2.1.1.1.2 Debt instruments 64 -1159 -162 -123 2.2.1.1.2 Liabilities 65 1052 147 110 2.2.1.1.2.1 Equity and investment fund shares 66 1535 214 162 2.2.1.1.2.2 Debt instruments 67 -484 -67 -52 2.2.2 Reserve Assets 68 2234 311 238 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 -86 -12 -9 2.2.2.3 Reserve position in the IMF 71 -25 -4 -3 2.2.2.4 Foreign exchange reserves 72 2345 327 250 2.2.2.5 Other reserves 73 0 0 0 3. Net Errors and Omissions 74 / / / 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 herein 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. 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.Since net errors and omissions are included, the amount of the capital and financial accounts is the opposite number of the difference in the current account. 5. According to preliminary statistics, in the first quarter of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 19.1 billion (RMB 136.9 billion). 6.This table employs rounded-off numbers. 2025-05-09/en/2025/0509/2302.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in April 2025, the amount of foreign exchange settlement and sales by banks was RMB 1540.8 billion and RMB 1571.5 billion, respectively. During January to April 2025, the accumulative amount of foreign exchange settlement and sales by banks was RMB 5337.3 billion and RMB 5781.5 billion, respectively. In the US dollar terms, in April 2025, the amount of foreign exchange settlement and sales by banks was USD 213.9 billion and USD 218.2 billion, respectively. During January to April 2025, the accumulative amount of foreign exchange settlement and sales by banks was USD 742.9 billion and USD 804.8 billion, respectively. In April 2025, the amount of cross-border receipts and payments by non-banking sectors was RMB 5064.4 billion and RMB 4940.2 billion, respectively. During January to April 2025, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 18606.2 billion and RMB 18111.4 billion, respectively. In the US dollar terms, in April 2025, the amount of cross-border receipts and payments by non-banking sectors was USD 703.1 billion and USD 685.8 billion, respectively. During January to April 2025, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 2590.2 billion and USD 2521.2 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. 2025-05-19/en/2025/0519/2303.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in March 2025, the amount of foreign exchange settlement and sales by banks was RMB 1360.1 billion and RMB 1374.2 billion, respectively. During January to March 2025, the accumulative amount of foreign exchange settlement and sales by banks was RMB 3796.5 billion and RMB 4210.0 billion, respectively. In the US dollar terms, in March 2025, the amount of foreign exchange settlement and sales by banks was USD 189.6 billion and USD 191.6 billion, respectively. During January to March 2025, the accumulative amount of foreign exchange settlement and sales by banks was USD 529.0 billion and USD 586.6 billion, respectively. In March 2025, the amount of cross-border receipts and payments by non-banking sectors was RMB 4964.3 billion and RMB 4611.4 billion, respectively. During January to March 2025, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 13541.8 billion and RMB 13171.3 billion, respectively. In the US dollar terms, in March 2025, the amount of cross-border receipts and payments by non-banking sectors was USD 692.0 billion and USD 642.8 billion, respectively. During January to March 2025, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 1887.1 billion and USD 1835.4 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. 2025-04-22/en/2025/0422/2299.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 21.90 trillion (equivalent to USD 3.05 trillion) in February 2025. In terms of markets, the transactions volume of client market was RMB 3.08 trillion (equivalent to USD 0.43 trillion), and the transactions volume of interbank market was RMB 18.82 trillion (equivalent to USD 2.62 trillion).In terms of products, the cumulative transactions volume of the spot market was RMB 7.71 trillion (equivalent to USD 1.08 trillion), and that of the derivatives market was RMB 14.19 trillion (equivalent to USD 1.98 trillion). From January to February 2025, a total of RMB 44.25 trillion (equivalent to USD 6.16 trillion) was traded in the Chinese foreign exchange market. 2025-03-28/en/2025/0328/2296.html