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In December 2021, China’s international trade in goods and services recorded receipts of RMB 2438.9 billion and payments of RMB 2054.2 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 384.7 billion. Specifically, trade in goods registered receipts of RMB 2176.2 billion, payments of RMB 1740.5 billion, recording a surplus of RMB 435.6 billion; trade in services recorded receipts of RMB 262.7 billion, payments of RMB 313.6 billion,resulting in a deficit of RMB 50.9 billion. In the US dollar terms, in December 2021, the receipts and payments of China's international trade in goods and services were USD 382.9 billion and USD 322.5 billion respectively, registering a surplus of USD 60.4 billion. Specifically, the receipts and payments from trade in goods were USD 341.6 billion and USD 273.2 billion respectively, resulting in a surplus of USD 68.4 billion. Trade in services registered receipts and payments of USD 41.2 billion and USD 49.2 billion respectively, recording a deficit of USD 8.0 billion.(End) International Trade in Goods and Services of China (Based on the BOP statistics) December 2021 Item In 100 million of RMB In 100 million of USD Goods and services 3847 604 Credit 24389 3829 Debit -20542 -3225 1. Goods 4356 684 Credit 21762 3416 Debit -17405 -2732 2. Services -509 -80 Credit 2627 412 Debit -3136 -492 2.1 Manufacturing services on physical inputs owned by others 81 13 Credit 86 14 Debit -5 -1 2.2 Maintenance and repair services n.i.e 29 5 Credit 58 9 Debit -29 -4 2.3 Transport 171 27 Credit 1040 163 Debit -869 -136 2.4 Travel -757 -119 Credit 67 10 Debit -823 -129 2.5 Construction 89 14 Credit 145 23 Debit -56 -9 2.6 Insurance and pension services -147 -23 Credit 21 3 Debit -169 -26 2.7 Financial services 12 2 Credit 41 6 Debit -29 -5 2.8 Charges for the use of intellectual property -368 -58 Credit 90 14 Debit -458 -72 2.9 Telecommunications, computer and information services 142 22 Credit 372 58 Debit -230 -36 2.10 Other business services 263 41 Credit 687 108 Debit -425 -67 2.11 Personal, cultural, and recreational services -17 -3 Credit 13 2 Debit -30 -5 2.12 Government goods and services n.i.e -7 -1 Credit 8 1 Debit -14 -2 Notes: 1. The trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement. 1. Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects:first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownershipis 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 isnot transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-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 postaland delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 2.4 Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5 Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation,assembly, painting, pipeline construction, demolition and project management,as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-lifeinsurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer and information services: refer tocommunications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films,radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2022-01-28/en/2022/0128/1922.html
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Selected Transactions in the Chinese Foreign Exchange Market in 2022 (in RMB) Selected Transactions in the Chinese Foreign Exchange Market in 2022 (in USD) 2023-01-19/en/2022/0225/1933.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in January 2022, the amount of foreign exchange settlement and sales by banks was RMB 1539.9 billion and RMB 1363.2 billion, respectively, with a surplus of RMB 176.6 billion. In the US dollar terms, in January 2022, the amount of foreign exchange settlement and sales by banks was USD 242.2 billion and USD 214.4 billion, respectively, with a surplus of USD 27.8 billion. In January 2022, the amount of cross-border receipts and payments by non-banking sectors was RMB 3725.1 billion and RMB 3353.9 billion, respectively, with a surplus of RMB 371.2 billion. In the US dollar terms, in January 2022, the amount of cross-border receipts and payments by non-banking sectors was USD 585.8 billion and USD 527.4 billion, respectively, with a surplus of USD 58.4 billion. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2022-02-18/en/2022/0218/1926.html
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In January 2022, the export and import of China’s international trade in services totalled RMB 501.4 billion, up 37 percent over the same time last year. Of this, the export recorded RMB 230.0 billion and the import recorded RMB 271.3 billion, resulting in a deficit of RMB 41.3 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 194.8 billion, RMB 89.2 billion, RMB 83.6 billion and RMB 54.7 billion respectively. In the US dollar terms, in January 2022, China's international trade in services registered export of USD 36.2 billion and import of USD 42.7 billion, resulting in a deficit of USD 6.5 billion. (End) International Trade in Services of China January 2022 Item In 100 million of RMB In 100 million of USD 1. Services -413 -65 Credit 2300 362 Debit -2713 -427 1.1Manufacturing services on physical inputs owned by others 69 11 Credit 75 12 Debit -5 -1 1.2Maintenance and repair services n.i.e 21 3 Credit 42 7 Debit -21 -3 1.3Transport 33 5 Credit 990 156 Debit -957 -151 1.4Travel -720 -113 Credit 58 9 Debit -778 -122 1.5Construction -6 -1 Credit 68 11 Debit -74 -12 1.6Insurance and pension services -122 -19 Credit 20 3 Debit -142 -22 1.7Financial services 6 1 Credit 24 4 Debit -18 -3 1.8Charges for the use of intellectual property -137 -22 Credit 63 10 Debit -200 -31 1.9Telecommunications, computer and information services 144 23 Credit 346 54 Debit -201 -32 1.10Other business services 306 48 Credit 599 94 Debit -293 -46 1.11Personal, cultural, and recreational services -5 -1 Credit 7 1 Debit -12 -2 1.12Government goods and services n.i.e -3 0 Credit 8 1 Debit -11 -2 Notes: 1. As the Customs statistics of trade in goods for January 2022 will be disseminated together with data for February 2022 in March 2022, international trade in goods for January 2022 will be disseminated together with data for February2022 as well. 2. The trade in 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. 3. The data on international trade in 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. 4. This table employs rounded-off numbers. Definition of Indicators: 1. 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. 1.1 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 isnot transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 1.2 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. 1.3 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 postaland 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. 1.4 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. 1.5 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. 1.6 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. 1.7 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. 1.8 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. 1.9 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. 1.10 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. 1.11 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. 1.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2022-02-25/en/2022/0225/1932.html
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The State Administration of Foreign Exchange (SAFE) has recently released the preliminary data on the balance of payments for the fourth quarter and the whole year of 2021. Wang Chunying, SAFE Deputy Administrator and Press Spokesperson, answered media questions on relevant issues. Q: What are the characteristics of China’s balance of payments of 2021? A: The preliminary data shows that, China maintained a basic balance in its international payments in 2021, with a current account surplus of US$315.7 billion, accounting for 1.8% of the GDP for the year. China’s balance of payments continued to stay within a reasonable range of equilibrium. Its net inflows of direct investment grew significantly, and two-way flows of cross-border capital flourished. First, trade in goods continued to post a surplus. In 2021, as the global economic recovery remained on track, both exports and imports of China maintained steady growth. The exports and imports of goods in terms of international payments registered US$3.2 trillion and US$2.7 trillion respectively, posting a surplus of US$554.5 billion, up by 8% from the year 2020. Second, trade deficit in services narrowed. In 2021, the trade deficit in services recorded US$97.7 billion, decreasing by 33% year on year. Travel, the use of intellectual property and transport were the main deficit items. Of this, the travel deficit was US$99.3 billion, down by 15%, mainly due to the COVID-19 pandemic’s continued impact on cross-border tourism and studying abroad. Both revenue and expenditure on the use of intellectual property grew rapidly, with a deficit of US$35.2 billion, an increase of 20%, reflecting China’s deepening international cooperation in the field of intellectual property. The deficit in transport declined 60% to US$15.1 billion, mainly because transport revenue grew faster than expenditure on the whole. Third, the surplus of direct investment increased significantly. In 2021, the net inflow of direct investment had been doubled to US$204.8 billion, comparing with that of 2020, among which the net inflow of inward direct investment was US$332.3 billion, up by 56%, reflecting that China’s sound economic development prospects had attraction to the long-term foreign capital. China’s outward direct investment saw a net outflow of US$127.5 billion, up by 16%, indicating that overseas asset allocation by domestic entities was stable and orderly. Looking ahead into the future, despite external instabilities and uncertainties, China’s economic resilience remained strong with great potential and sound long-term fundamentals, which will be helpful for China’s international payments to remain generally balanced. 2022-02-11/en/2022/0211/1928.html
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Q: The State Administration of Foreign Exchange (SAFE) has just released the latest data regarding China’s foreign exchange reserves. Could you explain the causes for the changes in China’s foreign exchange reserves of January 2022? Also, what will be the future trends? A: By the end of January 2022, China’s foreign exchange reserves stood at US$3.2216 trillion, down by 0.88% or US$28.5 billion from the end of 2021. In January 2022, China’s foreign exchange market has maintained stable operation, with domestic supply and demand for foreign exchange remaining basically balanced. In the international financial market, affected by factors such as monetary policy expectations in major economies, geopolitics and macroeconomic data, the US dollar index has increased and the global financial asset prices have generally fallen. The volume of China’s foreign exchange reserves, dominated in the US dollar, declined this month due to the combined impacts of currency translation and assets price change. With the continuous spreading of the COVID-19 pandemic and mounting external uncertainties, the international financial market becomes highly volatile. However, China still unswervingly promotes high-quality development and adheres to the general principle of seeking progress while maintaining stability. As a result, China’s economic resilience remained strong with great potential and sound long-term fundamentals, which will offer strong support for the overall stability of China’s foreign exchange reserves. 2022-02-07/en/2022/0207/1927.html
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According to the statistics of the State Administrationof Foreign Exchange (SAFE), the Chinese foreign exchange market (excludingforeign currency pairs, the same below) recorded total transactions of RMB 24.11 trillion (equivalent to USD 3.79 trillion) in December 2021. In terms of markets, the transactions volume of clientmarket was RMB 3.65 trillion(equivalent to USD 0.57 trillion), and the transactions volume of interbankmarket was RMB 20.47 trillion(equivalent to USD 3.21 trillion). Interms of products, the cumulative transactions volume of the spot market wasRMB 8.45 trillion (equivalent to USD 1.33 trillion), and that of the derivatives market was RMB 15.67 trillion (equivalent to USD 2.46 trillion). From January to December 2021, a total of RMB 237.79 trillion (equivalent to USD 36.87 trillion) was traded in the Chinese foreign exchangemarket. 2022-01-28/en/2022/0128/1923.html
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According to the statistics of the State Administrationof Foreign Exchange (SAFE), the Chinese foreign exchange market (excludingforeign currency pairs, the same below) recorded total transactions of RMB 19.45 trillion (equivalent to USD 3.06 trillion) in January 2022. In terms of markets, the transactions volume of clientmarket was RMB 3.32 trillion(equivalent to USD 0.52 trillion), and the transactions volume of interbankmarket was RMB 16.13 trillion(equivalent to USD 2.54 trillion). Interms of products, the cumulative transactions volume of the spot market wasRMB 6.52 trillion (equivalent to USD 1.03 trillion), and that of the derivatives market was RMB 12.93 trillion (equivalent to USD 2.03 trillion). 2022-02-25/en/2022/0225/1934.html
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In November 2022, the export and import of China’s international trade in goods and services totalled RMB 3980.4 billion, down 3 percent over the same time last year. Of this, the export of goods recorded RMB 1942.5 billion and the import recorded RMB 1591.4 billion, resulting in a surplus of RMB 351.1 billion. The export of services recorded RMB 189.0 billion and the import recorded RMB 257.5 billion, resulting in a deficit of RMB 68.5 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 168.8 billion, RMB 88.9 billion, RMB 68.1 billion and RMB 50.4 billion respectively. In the US dollar terms, in November 2022, the export and import of China’s international trade in goods and services were USD 297.6 billion and USD 258.1 billion respectively, with a surplus of USD 39.5 billion.(End) International Trade in Goods and Services of China November 2022 Item In 100 million of RMB In 100 million of USD Goods and services 2826 395 Credit 21315 2976 Debit -18489 -2581 1. Goods 3511 490 Credit 19425 2712 Debit -15914 -2222 2. Services -685 -96 Credit 1890 264 Debit -2575 -360 2.1 Manufacturing services on physical inputs owned by others 76 11 Credit 80 11 Debit -4 -1 2.2 Maintenance and repair services n.i.e 28 4 Credit 56 8 Debit -29 -4 2.3 Transport -334 -47 Credit 677 94 Debit -1011 -141 2.4 Travel -561 -78 Credit 60 8 Debit -621 -87 2.5 Construction 52 7 Credit 88 12 Debit -36 -5 2.6 Insurance and pension services -60 -8 Credit 10 1 Debit -70 -10 2.7 Financial services 9 1 Credit 28 4 Debit -20 -3 2.8 Charges for the use of intellectual property -164 -23 Credit 39 5 Debit -203 -28 2.9 Telecommunications, computer and information services 63 9 Credit 284 40 Debit -220 -31 2.10 Other business services 223 31 Credit 556 78 Debit -333 -46 2.11 Personal, cultural, and recreational services -13 -2 Credit 4 1 Debit -18 -3 2.12 Government goods and services n.i.e -3 0 Credit 7 1 Debit -11 -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. 2022-12-30/en/2022/1230/2033.html
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SAFE Releases China's External Debt Data atthe end of September 2022 As at the end of September 2022, China recorded RMB 17.618 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2481.5 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 7993.8 billion (equivalent to USD 1125.9 billion), accounting for 45percent; while the outstanding short-term external debt was RMB 9624.4 billion (equivalent to USD 1355.6 billion), taking up 55 percent,of which 38 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 3025.6 billion (equivalent to USD 426.1 billion), accounting for 17 percent;the outstanding debt of the central bank totaled RMB555.1 billion(equivalent to USD 78.2 billion), accounting for 3 percent;the outstanding debt of banks totaled RMB 7443.6 billion (equivalent to USD 1048.4 billion), accounting for42 percent;the outstanding debt of other sectors (includinginter-company lending under direct investments) totaled RMB 6593.9 billion (equivalent to USD 928.8 billion), accounting for 38 percent. In terms of debt instruments, the balance of loans was RMB 2773.1 billion (equivalent to USD 390.6 billion), accounting for 16 percent;the outstanding trade credit and prepayment was RMB 2677.3 billion (equivalent to USD 377.1 billion), accounting for 15 percent;the outstanding currency and deposits was RMB 3965.8 billion (equivalent to USD 558.6 billion), accounting for23percent;the outstanding debt securities was RMB 5171 billion (equivalent to USD 728.3 billion), accounting for 29 percent;the Special Drawing Rights (SDR) allocation amounted to RMB 329 billion(equivalent to USD 46.3 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 2178.9 billion(equivalent to USD 306.9 billion), accounting for 12percent;and the balance of other debt liabilities was RMB 523 billion (equivalent to USD 73.7 billion), accounting for 3 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 7804.3 billion (equivalent to USD 1099.2 billion), accounting for 44 percent;the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9813.9 billion (equivalent to USD 1382.3 billion), accounting for 56 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 86 percent, the Euro debt accounted for 6 percent, theHKD debt accounted for 4 percent, the JPY debt accounted for 1 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-relatedcredit 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 2022 End of September 2022 End of September 2022 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 30256 4261 Short-term 1388 196 Currency and deposits 0 0 Debt securities 1388 196 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 28867 4066 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 25093 3534 Loans 3774 532 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 5551 782 Short-term 2046 288 Currency and deposits 1248 176 Debt securities 798 112 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 3504 494 Special drawing rights (allocations) 3290 463 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 214 30 Other Depository Corporations 74436 10484 Short-term 56890 8013 Currency and deposits 38397 5408 Debt securities 3909 551 Loans 14074 1982 Trade credit and advances 0 0 Other debt liabilities 510 72 Long-term 17546 2471 Currency and deposits 0 0 Debt securities 13655 1923 Loans 3811 537 Trade credit and advances 0 0 Other debt liabilities 80 11 Other Sectors 44150 6218 Short-term 30426 4285 Currency and deposits 13 2 Debt securities 146 21 Loans 2226 313 Trade credit and advances 26305 3705 Other debt liabilities 1736 245 Long-term 13724 1933 Currency and deposits 0 0 Debt securities 6721 947 Loans 3846 542 Trade credit and advances 469 66 Other debt liabilities 2688 379 Direct Investment: Intercompany Lending 21789 3069 Debt liabilities of direct investment enterprises to direct investors 12492 1759 Debt liabilities of direct investors to direct investment enterprises 1400 197 Debt liabilities to fellow enterprises 7898 1112 Gross External Debt Position 176182 24815 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. 2022-12-30/en/2022/1230/2031.html