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As at the end of September 2021, China recorded RMB 17.4877 trillion in outstanding external debt denominated in both domestic and foreign currencies(equivalent to USD 2696.5 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 8156.6 billion (equivalentto USD 1257.7 billion), accounting for 47 percent; while the outstanding short-term external debt was RMB 9331.1 billion (equivalent to USD 1438.8 billion), taking up 53 percent,of which 39 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 2939.2 billion (equivalent to USD 453.2 billion), accounting for 17 percent;the outstanding debt of the central bank totaled RMB546.8 billion(equivalent to USD 84.3 billion), accounting for 3 percent;the outstanding debt of banks totaled RMB 7688.4 billion (equivalent to USD 1185.5 billion), accounting for 44 percent;the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6313.3 billion (equivalent to USD 973.5 billion), accounting for 36 percent. In terms of debt instruments, the balance of loans was RMB 2892.6 billion (equivalent to USD 446 billion), accounting for 17 percent;the outstanding trade credits and advances was RMB 2542.3 billion (equivalent to USD 392 billion), accounting for 14 percent;the outstanding currency and deposits was RMB 3780.9 billion (equivalent to USD 583 billion), accounting for 22 percent;the outstanding debt securities was RMB 5496.2 billion (equivalent to USD 847.5 billion), accounting for 31 percent;the Special Drawing Rights (SDR) allocation amounted to RMB 330.8 billion (equivalent to USD 51 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 1972.5 billion (equivalent to USD 304.2 billion),accounting for 11 percent;and the balance of other debt liabilities was RMB 472.4 billion (equivalent to USD 72.8 billion), accounting for 3 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 7643.5 billion (equivalent to USD 1178.6 billion), accounting for 44 percent;the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9844.2 billion (equivalent to USD 1517.9 billion), accounting for 56 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 85 percent, the Euro debt accounted for 7 percent, the HKD debt accounted for 4 percent, the JPY debt accounted for 2 percent, the SDR and other foreign currency-denominated external debt accounted for 2 percent. Since all major external debt indicators were within the internationally recognized thresholds, China’s external debt risk is undercontrol. Appendix Definitionof 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 overone 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-termexternal 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 2021 End of September 2021 End of September 2021 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 29392 4532 Short-term 913 141 Currency and deposits 0 0 Debt securities 913 141 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 28479 4391 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 24927 3844 Loans 3552 548 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 5468 843 Short-term 1785 275 Currency and deposits 983 152 Debt securities 802 124 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 3683 568 Special drawing rights (allocations) 3308 510 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 375 58 Other Depository Corporations 76884 11855 Short-term 55328 8531 Currency and deposits 36819 5677 Debt securities 3960 611 Loans 14004 2159 Trade credit and advances 0 0 Other debt liabilities 545 84 Long-term 21556 3324 Currency and deposits 0 0 Debt securities 17652 2722 Loans 3797 586 Trade credit and advances 0 0 Other debt liabilities 107 17 Other Sectors 43408 6693 Short-term 29877 4607 Currency and deposits 7 1 Debt securities 100 15 Loans 3458 533 Trade credit and advances 24978 3851 Other debt liabilities 1334 206 Long-term 13531 2086 Currency and deposits 0 0 Debt securities 6609 1019 Loans 4115 635 Trade credit and advances 445 69 Other debt liabilities 2363 364 Direct Investment: Intercompany Lending 19725 3042 Debt liabilities of direct investment enterprises to direct investors 11783 1817 Debt liabilities of direct investors to direct investment enterprises 1094 169 Debt liabilities to fellow enterprises 6848 1056 Gross External Debt Position 174877 26965 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. 2021-12-31/en/2021/1231/1913.html
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The State Administration of Foreign Exchange (SAFE) has recently released the Balance of Payments (BOP) for the third quarter and the first three quarters of 2021 as well as the International Investment Position (IIP) as at the end of September 2021. The SAFE deputy administrator and press spokesperson Wang Chunying answered media questions on relevant issues. Q: Could you brief us on China’s BOP for the first three quarters of 2021? A: In the first three quarters, China maintained a basic balance in its international payments. The current account surplus stood at US$196.3 billion, with its ratio to Gross Domestic Product (GDP) reaching 1.5%, which continued to fall within a reasonable and balanced range. The cross-border two-way investment remained active. First, trade in goods recorded a higher surplus and trade in services registered a narrower deficit. In the first three quarters of this year, trade in goods in terms of BOP recorded a surplus US$374.2 billion, up by 15% year on year. It is mainly because the sustained recovery of China’s economy and increased international demand have led to growth in both imports and exports compared with the same period of the previous year. Trade in services registered a deficit of US$82.5 billion, down by 29% year on year. This was mainly due to a 20% decrease in the travel deficit as the repeated global pandemic continued to curb cross-border movement of people. Besides, revenue from transport services grew faster than spending, and the transport deficit shrank by 41% year on year. Second, outward investment and foreign investment in China were both robust. In the first three quarters, China’s outward direct investment remained stable at US$85.4 billion, while the foreign direct investment in China reached US$249.5 billion, reflecting overseas investors’ confidence in prospects of China’s economic development and their investment in China. Under the item of portfolio investment, China’s outward investment reached US$99.2 billion and attracted US$143.7 billion of inward investment. It showed that the two-way opening of China’s capital market has run smoothly and has met the needs of domestic and foreign investors for asset allocation. Under other investment items such as loans and deposits, China’s outward investment registered US$313.4 billion and the inward investment reached US$143 billion, both of which recorded historically high levels. In general, with the external environment becoming more complex and grim, China has done well in coordinating the prevention and control of the COVID-19 with economic and social development. China’s economy is resilient, and the fundamentals of long-term positive development remain unchanged, which will help China maintain overall stability and basic balance in the international payments. Q: What would you say about China’s IIP at the end of September 2021? A: By the end of September 2021, China’s IIP remained stable. The external financial assets increased, and reserve assets continued to rank first in the world. First, China’s total external financial assets increased. By the end of September 2021, China posted external assets of US$9.0566 trillion, up by 0.3% from the end of June; of that, assets under direct investment amounted to US$2.4685 trillion, rising by 0.3%; assets under portfolio investment were US$966.9 billion, declining by 4.6% due to changes in valuation; assets under other investments including overseas deposits and loans reached US$2.2344 trillion, increasing by 1.9%; and reserve assets reached US$3.373 trillion, up by 0.8%. Second, total external liabilities slightly decreased. By the end of September 2021, China recorded external liabilities of US$7.0314 trillion, down by 0.1% from the end of June, mainly affected by exchange rate translation and changes in valuation. Liabilities under direct investment in China amounted to US$3.4223 trillion, with an increase of 1.7%; liabilities under portfolio investment were US$2.0548 trillion, down by 2.6%; and liabilities under other investments including deposits and loans absorbed reached US$1.5439 trillion, declining by 1%. 2021-12-31/en/2021/1231/1917.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in December 2021, the amount of foreign exchange settlement and sales by banks was RMB 1781.5 billion and RMB 1488.7 billion, respectively, with a surplus of RMB 292.9 billion. During January to December 2021, the accumulative amount of foreign exchange settlement and sales by banks was RMB 16523.5 billion and RMB 14799.9 billion, respectively, with an accumulative surplus of RMB 1723.6 billion. In the US dollar terms, in December 2021, the amount of foreign exchange settlement and sales by banks was USD 279.7 billion and USD 233.7 billion, respectively, with a surplus of USD 46.0 billion. During January to December 2021, the accumulative amount of foreign exchange settlement and sales by banks was USD 2561.6 billion and USD 2294.0 billion, respectively, with an accumulative surplus of USD 267.6 billion. In December 2021, the amount of cross-border receipts and payments by non-banking sectors was RMB 3998.1 billion and RMB 3656.3 billion, respectively, with a surplus of RMB 341.8 billion. During January to December 2021, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 38951.0 billion and RMB 36654.5 billion, respectively, with an accumulative surplus of RMB 2296.5 billion. In the US dollar terms, in December 2021, the amount of cross-border receipts and payments by non-banking sectors was USD 627.6 billion and USD 574.0 billion, respectively, with a surplus of USD 53.7 billion. During January to December 2021, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 6039.9 billion and USD 5683.5 billion, respectively, with an accumulative surplus of USD 356.4 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 foreign exchange holders sell foreign exchange to designated foreign exchange bank, and foreign exchange sales means designated bank sells 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 designated foreign exchange bank and 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. 2022-01-21/en/2022/0119/1921.html
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The State Administration of Foreign Exchange (SAFE) has recently released data on foreign exchange settlement and sales by banks as well as cross-border receipts and payments by non-banking sectors for November 2021. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on China’s foreign exchange receipts and payments of November 2021. Q: Could you brief us on China’s foreign exchange receipts and payments of November 2021? A: China’s cross-border receipts and payments and foreign exchange market transactions remained active in November, and the foreign exchange market remained generally stable. In terms of total amount, in November, the foreign exchange settlement and sales by banks reached up to US$446.8 billion, while the foreign-related receipts and payments of non-banking sectors totaled US$1,075.2 billion, recording a month-on-month growth of 26% and 23% respectively, which continued the trend of overall growth since 2020. In terms of the balance, the foreign exchange settlement and sales by banks recorded a surplus of US$25.2 billion, higher than that in October. This was mainly accounted for by the increase of foreign exchange settlement of export earnings under trade items. The foreign-related receipts and payments of non-banking sectors also posted a surplus of US$33.1 billion, roughly at the same level as in October. By the end of November, China’s foreign exchange reserves stood at US$3.2224 trillion, which remained basically stable compared with the end of October. The foreign exchange market expectations were generally stable. According to the willingness to purchase and sell foreign exchange which reflects market expectations, in November, the sales ratio (the ratio of foreign exchanges sold by clients to banks to their foreign-related foreign exchange receipts) recorded 65%, almost the same as compared with the average monthly level from July to October. The purchase ratio (the ratio of foreign exchange bought by clients from banks to their foreign-related foreign exchange payments) reached 64%, 0.9% higher than the average monthly level from July to October. This indicated that the willingness of market entities to sell and purchase foreign exchange remained stable. The cross-border two-way investment was maintained in a reasonable and orderly manner. In November, the net inflow of foreign direct investment capital has remained at a certain scale, and the net outflow of foreign direct investment capital has registered a steady increase. The net increase in foreign holdings of domestic bonds and stocks totaled US$24.4 billion, indicating that foreign investors’ willingness to hold renminbi assets remained stable. At present, uncertainties and unstable factors in the external environment are increasing. The COVID-19 pandemic is still evolving around the world while inflation remains high in some countries and major developed economies may accelerate the adjustment of monetary policies. However, China’s economy is resilient. Its macro policies are sound and effective, and the fundamentals of China’s long-term sound economic growth have not changed. Therefore, there is still a solid foundation for the smooth operation of the foreign exchange market. 2021-12-24/en/2021/1224/1914.html
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The State Administration of Foreign Exchange (SAFE) has recently released the data on external debt at the end of September 2021. The SAFE deputy administrator and press spokesperson Wang Chunying answered media questions on China’s recent external debt situations. Q: Could you brief us on China’s external debt in the third quarter of 2021? A: In the third quarter of 2021, the scale of China’s external debt was overall stable with a slight increase. By the end of September 2021, the full-scale outstanding external debt (including domestic and foreign currencies) reached US$2.6965 trillion, up by US$16.7 billion or 0.6% from the end of June 2021. The growth in external debt was mainly due to the increase in the allocation of special drawing rights (SDR) by the central bank and the increase in the holdings of domestic renminbi bonds by foreign investors. The external debt structure continued to be optimized. By the end of September 2021, the medium and long-term external debt accounted for 47%, up by 3% quarter on quarter. The increase in the proportion of medium and long-term external debt further improved the stability of the external debt structure. Q: What would you say about China’s external debt situations? A: The growth of external debt has slowed down and the risks are generally under control. China’s external debt growth slowed in the third quarter of 2021. Thanks to coordinated pandemic response and economic and social development, China has kept recovering in economy with an increase in renminbi bonds held by foreign investors. It reflects the achievements of two-way opening-up of China’s financial market as well as investors’ confidence in China’s economic prospects. The main indicators of China’s external debt are all within the internationally recognized safety line, and the risks of external debt are generally under control. The scale of external debt is expected to stay stable in the future. At present, the COVID-19 pandemic still recur around the world. Some developed economies are gradually withdrawing quantitative easing monetary policy. And the external environment is becoming more complex and severe. However, China keeps its economic resiliency and the long-term improvement of the fundamentals. It is expected that the scale of external debt will remain stable in the future. The SAFE will continue to pay close attention to changes in the size and structure of external debt to prevent cross-border financing risks by guiding external debt funds to serve the real economy in an effective manner. 2021-12-31/en/2021/1231/1919.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. Can you explain the causes for the changes in foreign exchange reserves of December 2021? What will be the future trends? A: By the end of December 2021, China’s foreign exchange reserves stood at US$3.2502 trillion, up by US$27.8 billion, or 0.86%, from the end of November. In December 2021, the foreign exchange market was generally stable with active and orderly flows of cross-border capital. The international financial market, influenced by factors like the trends of the COVID-19 pandemic and the expectations of monetary policies in major countries, saw a fall in the US dollar index and a mix in the financial asset prices of major countries. Denominated in the US dollar, China’s foreign exchange reserves rose this month due to the combined impacts of changes in asset prices and currency translation that the amount of non-US dollar currencies increased after being converted into US dollars. Under the complex and grim situation of the COVID-19 pandemic and the global economy, the international financial market is still facing many instabilities and uncertainties. However, thanks to coordinated pandemic response with economic and social development, China remains unchanged in its economic resiliency and its fundamentals for a long-term sound growth, which is conducive to overall stability of the foreign exchange reserves. 2022-01-07/en/2022/0107/1920.html
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In order to improve the norms of conduct in the foreign exchange market, the State Administration of Foreign Exchange (SAFE) recently issued the Guidelines on Code of Conduct for the Foreign Exchange Market (Huifa No. 34 [2021], hereinafter referred to as the Guidelines), with the aim of promoting honest, fair, orderly and efficient operation of the foreign exchange market. The main contents of the Guidelines are as follows. First, it applies to the interbank market and the over-the-counter (OTC) market. Second, the subjects of this regulation are defined as all parties involved in the foreign exchange market, including institutions engaging in foreign exchange transactions, China Foreign Exchange Trade System, Shanghai Clearing House, and the money brokers. Third, the Guidelines focus on regulating the transaction behavior of the foreign exchange market, and the core content is transaction management and information management. Fourth, a one-year transition period will be set up for banks and other financial institutions when customers conduct OTC foreign exchange transactions. The Guidelines will take effect on January 1, 2022. (End) 2021-12-03/en/2021/1231/1911.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 22.19 trillion (equivalent to USD 3.47 trillion) in November 2021. In terms of markets, the transactions volume of clientmarket was RMB 3.16 trillion(equivalent to USD 0.49 trillion), and the transactions volume of interbankmarket was RMB 19.02 trillion(equivalent to USD 2.97 trillion). Interms of products, the cumulative transactions volume of the spot market wasRMB 7.72 trillion (equivalent to USD 1.21 trillion), and that of the derivatives market was RMB 14.47 trillion (equivalent to USD 2.26 trillion). From January to November 2021, a total of RMB 213.67 trillion (equivalent to USD 33.08 trillion) was traded in the Chinese foreign exchangemarket. 2021-12-31/en/2021/1231/1912.html
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In June 2022, the export and import of China’s international trade in goods and services totalled RMB 4098.4 billion, up 9 percent over the same time last year. Of this, the export of goods recorded RMB 2030.2 billion and the import recorded RMB 1578.1 billion, resulting in a surplus of RMB 452.1 billion. The export of services recorded RMB 218.7 billion and the import recorded RMB 271.4 billion, resulting in a deficit of RMB 52.7 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 188.3 billion, RMB 84.7 billion, RMB 62.3 billion and RMB 54.5 billion respectively. In the US dollar terms, in June 2022, the export and import of China’s international trade in goods and services were USD 335.7 billion and USD 276.1 billion respectively, with a surplus of USD 59.6 billion.(End) International Trade in Goods and Services of China June 2022 Item In 100 million of RMB In 100 million of USD Goods and services 3994 596 Credit 22489 3357 Debit -18495 -2761 1. Goods 4521 675 Credit 20302 3031 Debit -15781 -2356 2. Services -527 -79 Credit 2187 326 Debit -2714 -405 2.1Manufacturing services on physical inputs owned by others 79 12 Credit 84 13 Debit -5 -1 2.2Maintenance and repair services n.i.e 18 3 Credit 46 7 Debit -28 -4 2.3Transport -109 -16 Credit 887 132 Debit -996 -149 2.4Travel -510 -76 Credit 56 8 Debit -567 -85 2.5Construction 55 8 Credit 97 14 Debit -42 -6 2.6Insurance and pension services -153 -23 Credit 23 3 Debit -176 -26 2.7Financial services 21 3 Credit 43 6 Debit -22 -3 2.8Charges for the use of intellectual property -223 -33 Credit 64 10 Debit -287 -43 2.9Telecommunications, computer and information services 120 18 Credit 333 50 Debit -213 -32 2.10Other business services 203 30 Credit 525 78 Debit -322 -48 2.11Personal, cultural, and recreational services -7 -1 Credit 9 1 Debit -15 -2 2.12Government goods and services n.i.e -23 -3 Credit 19 3 Debit -42 -6 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. 2022-07-29/en/2022/0729/1977.html
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In the second quarter of 2022, China's current account registered a surplus of RMB 531.6 billion, including a surplus of RMB 1164.1 billion under trade in goods, a deficit of RMB 139.9 billion under trade in services, a deficit of RMB 528.6 billion under primary income, and a surplus of RMB 36.0 billion under secondary income. In the capital and financial accounts, foreign direct investments recorded a surplus of RMB 97.5 billion, and reserve assets decreased by RMB 123.9 billion. In the first half of 2022, China's current account registered a surplus of RMB 1096.0 billion, including a surplus of RMB 2084.5 billion under trade in goods, a deficit of RMB 245.7 billion under trade in services, a deficit of RMB 811.9 billion under primary income, and a surplus of RMB 69.2 billion under secondary income. In the capital and financial accounts, foreign direct investments recorded a surplus of RMB 477.6 billion, and reserve assets increased by RMB 125.9 billion. In the US dollar terms, in the second quarter of 2022, China's current account recorded a surplus of USD 80.2 billion, including a surplus of USD 175.7 billion under trade in goods, a deficit of USD 21.1 billion under trade in services, a deficit of USD 79.8 billion under primary income, and a surplus of USD 5.4 billion under secondary income. In the capital and financial accounts, foreign direct investments recorded a surplus of USD 15.0 billion, and reserve assets decreased by USD 19.0 billion. In the US dollar terms, in the first half of 2022, China's current account recorded a surplus of USD 169.1 billion, including a surplus of USD 320.7 billion under trade in goods, a deficit of USD 37.8 billion under trade in services, a deficit of USD 124.4 billion under primary income, and a surplus of USD 10.7 billion under secondary income. In the capital and financial accounts, foreign direct investments recorded a surplus of USD 74.9 billion, and reserve assets increased by USD 20.4 billion. In SDR terms, in the second quarter of 2022, China posted a surplus of SDR 59.6 billion under the current account, including a surplus of SDR 130.5 billion under trade in goods, a deficit of SDR 15.7 billion under trade in services. In the capital and financial accounts, foreign direct investments recorded a surplus of SDR 11.0 billion, and reserve assets decreased by SDR 14.0 billion. In SDR terms, in first half of 2022, China posted a surplus of SDR 123.4 billion under the current account, including a surplus of SDR 234.5 billion under trade in goods, a deficit of SDR 27.6 billion under trade in services. In the capital and financial accounts, foreign direct investments recorded a surplus of SDR 54.0 billion, and reserve assets increased by SDR14.2 billion. (End) China's Balance of Payments (Preliminary Data) Unit:RMB 100 million Item Line No. 2022 Q2 2022 H1 1. Current account 1 5316 10960 Credit 2 64662 125490 Debit 3 -59346 -114530 1. A Goods and Services 4 10242 18388 Credit 5 61618 118862 Debit 6 -51376 -100474 1.A.a Goods 7 11641 20845 Credit 8 55604 106591 Debit 9 -43963 -85746 1.A.b Services 10 -1399 -2457 Credit 11 6014 12271 Debit 12 -7412 -14729 1.A.b.1 Processing services 13 220 424 Credit 14 233 451 Debit 15 -13 -27 1.A.b.2 Maintenance and Repair Services 16 62 116 Credit 17 126 242 Debit 18 -65 -126 1.A.b.3 Transport 19 -333 -150 Credit 20 2508 5172 Debit 21 -2841 -5322 1.A.b.4 Travel 22 -1483 -3353 Credit 23 145 292 Debit 24 -1628 -3644 1.A.b.5 Construction 25 123 183 Credit 26 234 431 Debit 27 -112 -249 1.A.b.6 Insurance and Pension Services 28 -326 -579 Credit 29 42 136 Debit 30 -368 -715 1.A.b.7 Financial Services 31 18 34 Credit 32 83 158 Debit 33 -65 -124 1.A.b.8 Charges for the Use of Intellectual Property 34 -543 -1034 Credit 35 201 405 Debit 36 -744 -1439 1.A.b.9 Telecommunications, Computer, and Information Services 37 301 589 Credit 38 931 1869 Debit 39 -631 -1280 1.A.b.10 Other Business Services 40 635 1399 Credit 41 1451 3006 Debit 42 -816 -1607 1.A.b.11 Personal, Cultural, and Recreational Services 43 -13 -25 Credit 44 24 46 Debit 45 -37 -70 1.A.b.12 Government Goods and Services n.i.e 46 -58 -62 Credit 47 36 64 Debit 48 -94 -126 1.B Primary Income 49 -5286 -8119 Credit 50 2265 5021 Debit 51 -7551 -13141 1.C Secondary Income 52 360 692 Credit 53 779 1606 Debit 54 -419 -914 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -5316 -10979 2.1 Capital Account 56 2 -13 Credit 57 4 8 Debit 58 -2 -21 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -5319 -10965 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -6558 -9707 Including: 2.2.1.1 Direct Investment 61 975 4776 2.2.1.1.1 Assets 62 -2154 -4822 2.2.1.1.2 Liabilities 63 3129 9598 2.2.2 Reserve Assets 64 1239 -1259 2.2.2.1 Monetary gold 65 0 0 2.2.2.2 Special drawing rights 66 78 72 2.2.2.3 Reserve position in the IMF 67 33 47 2.2.2.4 Foreign exchange reserves 68 1128 -1378 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / 18 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. 4.The preliminary amount for the first half of 2022 is the sum of the official amounts of the BOP for 2022Q1 and the preliminary amount for 2022Q2. 5.This table employs rounded-off numbers. China's Balance of Payments (Preliminary Data) Unit: USD 100 million Item Line No. 2022 Q2 2022 H1 1. Current account 1 802 1691 Credit 2 9774 19356 Debit 3 -8972 -17665 1. A Goods and Services 4 1546 2829 Credit 5 9316 18333 Debit 6 -7770 -15504 1.A.a Goods 7 1757 3207 Credit 8 8406 16437 Debit 9 -6649 -13230 1.A.b Services 10 -211 -378 Credit 11 910 1896 Debit 12 -1121 -2274 1.A.b.1 Processing services 13 33 65 Credit 14 35 70 Debit 15 -2 -4 1.A.b.2 Maintenance and Repair Services 16 9 18 Credit 17 19 37 Debit 18 -10 -19 1.A.b.3 Transport 19 -50 -22 Credit 20 379 799 Debit 21 -430 -821 1.A.b.4 Travel 22 -224 -519 Credit 23 22 45 Debit 24 -246 -564 1.A.b.5 Construction 25 19 28 Credit 26 36 67 Debit 27 -17 -39 1.A.b.6 Insurance and Pension Services 28 -49 -89 Credit 29 6 21 Debit 30 -56 -110 1.A.b.7 Financial Services 31 3 5 Credit 32 12 24 Debit 33 -10 -19 1.A.b.8 Charges for the Use of Intellectual Property 34 -82 -159 Credit 35 31 63 Debit 36 -113 -222 1.A.b.9 Telecommunications, Computer, and Information Services 37 45 91 Credit 38 141 289 Debit 39 -95 -198 1.A.b.10 Other Business Services 40 96 217 Credit 41 220 464 Debit 42 -123 -248 1.A.b.11 Personal, Cultural, and Recreational Services 43 -2 -4 Credit 44 4 7 Debit 45 -6 -11 1.A.b.12 Government Goods and Services n.i.e 46 -9 -9 Credit 47 5 10 Debit 48 -14 -19 1.B Primary Income 49 -798 -1244 Credit 50 341 775 Debit 51 -1139 -2019 1.C Secondary Income 52 54 107 Credit 53 118 248 Debit 54 -63 -141 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -802 -1695 2.1 Capital Account 56 0 -2 Credit 57 1 1 Debit 58 0 -3 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -803 -1693 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -993 -1489 Including: 2.2.1.1 Direct Investment 61 150 749 2.2.1.1.1 Assets 62 -327 -747 2.2.1.1.2 Liabilities 63 477 1496 2.2.2 Reserve Assets 64 190 -204 2.2.2.1 Monetary gold 65 0 0 2.2.2.2 Special drawing rights 66 12 11 2.2.2.3 Reserve position in the IMF 67 5 7 2.2.2.4 Foreign exchange reserves 68 173 -222 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / 4 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 preliminary amount for the first half of 2022 is the sum of the official amounts of the BOP for 2022Q1 and the preliminary amount for 2022Q2. 4.This table employs rounded-off numbers. China's Balance of Payments (Preliminary Data) Unit:SDR 100 million Item Line No. 2022 Q2 2022 H1 1. Current account 1 596 1234 Credit 2 7254 14129 Debit 3 -6658 -12895 1. A Goods and Services 4 1148 2069 Credit 5 6913 13383 Debit 6 -5765 -11314 1.A.a Goods 7 1305 2345 Credit 8 6238 12001 Debit 9 -4933 -9656 1.A.b Services 10 -157 -276 Credit 11 675 1382 Debit 12 -832 -1659 1.A.b.1 Processing services 13 25 48 Credit 14 26 51 Debit 15 -2 -3 1.A.b.2 Maintenance and Repair Services 16 7 13 Credit 17 14 27 Debit 18 -7 -14 1.A.b.3 Transport 19 -37 -17 Credit 20 281 582 Debit 21 -319 -599 1.A.b.4 Travel 22 -167 -378 Credit 23 16 33 Debit 24 -183 -410 1.A.b.5 Construction 25 14 21 Credit 26 26 49 Debit 27 -13 -28 1.A.b.6 Insurance and Pension Services 28 -37 -65 Credit 29 5 15 Debit 30 -41 -81 1.A.b.7 Financial Services 31 2 4 Credit 32 9 18 Debit 33 -7 -14 1.A.b.8 Charges for the Use of Intellectual Property 34 -61 -116 Credit 35 23 46 Debit 36 -84 -162 1.A.b.9 Telecommunications, Computer, and Information Services 37 34 66 Credit 38 105 211 Debit 39 -71 -144 1.A.b.10 Other Business Services 40 71 158 Credit 41 163 338 Debit 42 -92 -181 1.A.b.11 Personal, Cultural, and Recreational Services 43 -1 -3 Credit 44 3 5 Debit 45 -4 -8 1.A.b.12 Government Goods and Services n.i.e 46 -6 -7 Credit 47 4 7 Debit 48 -11 -14 1.B Primary Income 49 -593 -913 Credit 50 253 565 Debit 51 -846 -1478 1.C Secondary Income 52 40 78 Credit 53 87 181 Debit 54 -47 -103 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -596 -1238 2.1 Capital Account 56 0 -2 Credit 57 0 1 Debit 58 0 -2 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -596 -1236 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -736 -1094 Including: 2.2.1.1 Direct Investment 61 110 540 2.2.1.1.1 Assets 62 -242 -544 2.2.1.1.2 Liabilities 63 353 1084 2.2.2 Reserve Assets 64 140 -142 2.2.2.1 Monetary gold 65 0 0 2.2.2.2 Special drawing rights 66 9 8 2.2.2.3 Reserve position in the IMF 67 4 5 2.2.2.4 Foreign exchange reserves 68 127 -156 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / 4 Notes: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 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.The preliminary amount for the first half of 2022 is the sum of the official amounts of the BOP for 2022Q1 and the preliminary amount for 2022Q2. 5.This table employs rounded-off numbers. 2022-08-05/en/2022/0805/1978.html