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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
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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
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in November 2023, the amount of foreign exchange settlement and sales by banks was RMB 1241.2 billion and RMB 1417.3 billion, respectively. During January to November 2023, the accumulative amount of foreign exchange settlement and sales by banks was RMB 14098.8 billion and RMB 14591.3 billion, respectively. In the US dollar terms, in November 2023, the amount of foreign exchange settlement and sales by banks was USD 173.5 billion and USD 198.1 billion, respectively. During January to November 2023, the accumulative amount of foreign exchange settlement and sales by banks was USD 2004.2 billion and USD 2073.1 billion, respectively. In November 2023, the amount of cross-border receipts and payments by non-banking sectors was RMB 4006.3 billion and RMB 4015.2 billion, respectively. During January to November 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 39597.9 billion and RMB 40205.2 billion, respectively. In the US dollar terms, in November 2023, the amount of cross-border receipts and payments by non-banking sectors was USD 560.0 billion and USD 561.2 billion, respectively. During January to November 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 5623.3 billion and USD 5706.0 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. 2023-12-15/en/2023/1215/2155.html
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As at the end of September 2023, China’s external financial assets reached USD 9304.6 billion, external financial liabilities reached USD 6448.1 billion, and net external assets totaled USD 2856.5 billion. In the external financial assets, direct investment assets amounted to USD 2878.9 billion, portfolio investment assets, USD 1075.9 billion, financial derivative assets, USD 22.5 billion, other investment assets, USD 2018.9 billion, and reserves assets, USD 3308.5 billion, accounting for 31 percent, 12 percent, 0.2 percent, 22 percent and 36 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3345.0 billion, portfolio investment liabilities, USD 1673.6 billion, financial derivative liabilities, USD 21.6 billion and other investment liabilities, USD 1407.8 billion, accounting for 52 percent, 26 percent, 0.3 percent and 22 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 7075.8 billion and SDR 4903.6 billion respectively, and external net assets totaled SDR 2172.3 billion at the end of September 2023.（End） China's International Investment Position, End of September 2023 Item Line No. Position in 100 million USD Position in 100 millionSDR Net Position 1 28565 21723 Assets 2 93046 70758 1 Direct Investment 3 28789 21893 1.1 Equity and Investment Fund Shares 4 24579 18692 1.2 Debt Instruments 5 4209 3201 1.a Financial Sectors 6 3935 2992 1.1.a Equity and Investment Fund Shares 7 3695 2810 1.2.a Debt Instruments 8 240 182 1.b Non-financial Sectors 9 24854 18901 1.1.b Equity and Investment Fund Shares 10 20885 15882 1.2.b Debt Instruments 11 3970 3019 2 Portfolio Investment 12 10759 8182 2.1 Equity and Investment Fund Shares 13 6099 4638 2.2 Debt Securities 14 4660 3544 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 225 171 4 Other Investment 16 20189 15353 4.1 Other Equity 17 99 75 4.2 Currency and Deposits 18 4651 3537 4.3 Loans 19 8088 6151 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 278 211 4.5 Trade Credit and Advances 21 6292 4785 4.6 Others 22 781 594 5 Reserve Assets 23 33085 25160 5.1 Monetary Gold 24 1318 1002 5.2 Special Drawing Rights 25 523 398 5.3 Reserve Position in the IMF 26 96 73 5.4 Foreign Currency Reserves 27 31151 23689 5.5 Other Reserve Assets 28 -3 -2 Liabilities 29 64481 49036 1 Direct Investment 30 33450 25438 1.1 Equity and Investment Fund Shares 31 30397 23116 1.2 Debt Instruments 32 3053 2322 1.a Financial Sectors 33 1864 1417 1.1.a Equity and Investment Fund Shares 34 1668 1268 1.2.a Debt Instruments 35 196 149 1.b Non-financial Sectors 36 31587 24021 1.1.b Equity and Investment Fund Shares 37 28729 21848 1.2.b Debt Instruments 38 2858 2173 2 Portfolio Investment 39 16736 12728 2.1 Equity and Investment Fund Shares 40 10736 8164 2.2 Debt Securities 41 6000 4563 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 216 164 4 Other Investment 43 14078 10706 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 5104 3882 4.3 Loans 46 3722 2830 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 265 201 4.5 Trade Credit and Advances 48 3797 2887 4.6 Others 49 714 543 4.7 Special Drawing Rights 50 476 362 Notes:1. This table employs rounded-off numbers. 2.Net International Investment Position refers to assets minus liabilities.Positive figure refers to netassets, and negative figure refers to netliabilities. 3.The SDR denominated data is converted from the USD denominated data, using the exchange rate of SDR againstUSD at the end of the quarter. 4.The IIP data is revised regularly; please findthe latest data in “Data and Statistics”. 2023-12-29/en/2023/1229/2160.html
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As at the end of September 2023, China's banking sector recorded external financial assets of USD 1475.0 billion, external liabilities of USD 1296.4 billion, and net external assets of USD 178.6 billion, including net RMB liabilities of USD 269.3 billion and net foreign currency assets of USD 447.9 billion. Among the external financial assets of the banking sector, by instrument, deposits and loans were USD 927.1 billion, bonds investment, USD 336.5 billion, and other assets including equity, USD 211.4 billion, accounting for 63 percent, 23 percent and 14 percent of the sector's total external financial assets respectively. By currency, RMB assets were USD 324.6 billion, USD assets were USD 853.1 billion, and other currency assets were USD 297.3 billion, accounting for 22 percent, 58 percent and 20 percent respectively. By counterpart sector, the amount invested in the overseas banking sector was USD 757.4 billion, accounting for 51 percent; the amount invested in the overseas non-banking sector was USD 717.6 billion, accounting for 49 percent. Among the external liabilities of the banking sector, by instrument, deposits and loans were USD 735.2 billion, bonds investment, USD 221.7 billion, and other liabilities including equity, USD 339.5 billion, accounting for 57 percent, 17 percent and 26 percent of the sector's total external liabilities respectively. By currency, RMB liabilities were USD 593.9 billion, USD liabilities, USD 434.5 billion, and other currency liabilities, USD 268.1 billion, accounting for 46 percent, 34 percent and 21 percent respectively. By counterpart sector, USD 538.2 billion was from overseas banking sector, accounting for 42 percent; while USD 758.2 billion was from overseas non-banking sector, accounting for 58 percent. (End) 2023-12-28/en/2023/1228/2158.html
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According to the statistics by the State Administration of Foreign Exchange (SAFE), by the end of November 2023, China's foreign exchange reserves totaled USD 3171.8 billion, up by USD 70.6 billion or 2.28%, from the end of October. In November 2023, the US dollar index fell, and global financial asset prices witnessed a widespread increase, driven by factors including global macroeconomic data in major economies, and monetary policy expectations. The combined effect of currency translation and changes in asset prices and other factors led to an increase in foreign exchange reserves. China's economy exhibits a solid and continuous recovery, great resilience, enormous potential, and vast room for maneuver, with its economic fundamentals that will sustain long-term growth remain unchanged, which will continue to support the general stability of China’s foreign exchange reserves. 2023-12-07/en/2023/1207/2153.html
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External Financial Assets and Liabilities of China's Banking Sector（As of September 30, 2023） 2023-12-28/en/2023/1228/2159.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 22.90 trillion (equivalent to USD 3.20 trillion) in November 2023. In terms of markets, the transactions volume of client market was RMB 3.25 trillion (equivalent to USD 0.45 trillion), and the transactions volume of interbank market was RMB 19.64 trillion (equivalent to USD 2.75 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 6.51 trillion (equivalent to USD 0.91 trillion), and that of the derivatives market was RMB 16.38 trillion (equivalent to USD 2.29 trillion). From January to November 2023, a total of RMB 232.04 trillion (equivalent to USD 32.96 trillion) was traded in the Chinese foreign exchange market. 2023-12-22/en/2023/1222/2156.html
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Bachelor of Engineering, born in March 1968 Alternate Member of the 20th CPC Central Committee, Member of the CPC PBC Committee, and Deputy Governor of the PBC; Secretary of the CPC State Administration of Foreign Exchange (SAFE) Leadership Group, and Administrator of the SAFE. 2023-12-09/en/2023/1209/2151.html
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In February 2024, the export and import of China’s international trade in goods and services totalled RMB 3230.8 billion. Of this, the export of goods recorded RMB 1456.9 billion and the import recorded RMB 1259.2 billion, resulting in a surplus of RMB 197.7 billion. The export of services recorded RMB 194.7 billion and the import recorded RMB 320.0 billion, resulting in a deficit of RMB 125.4 billion. In terms of the major items, the export and import of travel, transport, other business services, telecommunications, computer and information services registered RMB 142.5 billion, RMB 136.4 billion, RMB 90.9 billion and RMB 60.8 billion respectively. In the US dollar terms, in February 2024, the export and import of China’s international trade in goods and services were USD 232.5 billion and USD 222.3 billion respectively, with a surplus of USD 10.2 billion.(End) International Trade in Goods and Services of China February 2024 Item In 100 million of RMB In 100 million of USD Goods and services 724 102 Credit 16516 2325 Debit -15792 -2223 1. Goods 1977 278 Credit 14569 2051 Debit -12592 -1772 2. Services -1254 -176 Credit 1947 274 Debit -3200 -450 2.1Manufacturing services on physical inputs owned by others 62 9 Credit 67 9 Debit -5 -1 2.2Maintenance and repair services n.i.e 27 4 Credit 53 7 Debit -26 -4 2.3Transport -365 -51 Credit 499 70 Debit -864 -122 2.4Travel -1239 -174 Credit 93 13 Debit -1332 -188 2.5Construction 85 12 Credit 130 18 Debit -45 -6 2.6Insurance and pension services -23 -3 Credit 32 4 Debit -54 -8 2.7Financial services -3 0 Credit 18 3 Debit -22 -3 2.8Charges for the use of intellectual property -104 -15 Credit 114 16 Debit -217 -31 2.9Telecommunications, computerand information services 58 8 Credit 333 47 Debit -275 -39 2.10Other business services 270 38 Credit 590 83 Debit -320 -45 2.11Personal, cultural, and recreational services -12 -2 Credit 7 1 Debit -19 -3 2.12Government goods and services n.i.e -10 -1 Credit 11 1 Debit -21 -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. 2024-03-29/en/2024/0329/2190.html