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In November 2023, the export and import of China’s international trade in goods and services totalled RMB 4164.5 billion, up 5 percent over the same time last year. Of this, the export of goods recorded RMB 2006.5 billion and the import recorded RMB 1648.8 billion, resulting in a surplus of RMB 357.7 billion. The export of services recorded RMB 188.9 billion and the import recorded RMB 320.4 billion, resulting in a deficit of RMB 131.5 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 158.9 billion, RMB 131.5 billion, RMB 95.4 billion and RMB 51.3 billion respectively. In the US dollar terms, in November 2023, the export and import of China’s international trade in goods and services were USD 306.9 billion and USD 275.2 billion respectively, with a surplus of USD 31.6 billion. (End) International Trade in Goods and Services of China November 2023 Item In 100 million of RMB In 100 million of USD Goods and services 2262 316 Credit 21954 3069 Debit -19692 -2752 1. Goods 3577 500 Credit 20065 2805 Debit -16488 -2305 2. Services -1315 -184 Credit 1889 264 Debit -3204 -448 2.1Manufacturing services on physical inputs owned by others 78 11 Credit 84 12 Debit -6 -1 2.2Maintenance and repair services n.i.e 17 2 Credit 57 8 Debit -40 -6 2.3Transport -508 -71 Credit 540 76 Debit -1049 -147 2.4Travel -1104 -154 Credit 106 15 Debit -1209 -169 2.5Construction 64 9 Credit 113 16 Debit -49 -7 2.6Insurance and pension services -48 -7 Credit 0 0 Debit -48 -7 2.7Financial services -3 0 Credit 19 3 Debit -22 -3 2.8Charges for the use of intellectual property -137 -19 Credit 43 6 Debit -180 -25 2.9Telecommunications, computer and information services 136 19 Credit 325 45 Debit -188 -26 2.10Other business services 212 30 Credit 583 82 Debit -371 -52 2.11Personal, cultural, and recreational services -23 -3 Credit 8 1 Debit -31 -4 2.12Government goods and services n.i.e 1 0 Credit 11 1 Debit -9 -1 Notes: 1. The international trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement. 1. Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects: first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2. Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1 Manufacturing services on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3 Transport: refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postal and delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 2.4 Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5 Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management,as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-lifeinsurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer and information services: refer tocommunications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films, radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2023-12-29/en/2023/1229/2162.html
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The State Administration of Foreign Exchange (SAFE) recently released the Balance of Payments (BOP) for the third quarter and the first three quarters of 2023 as well as the International Investment Position (IIP) at the end of September 2023. 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 2023? A: In the first three quarters of 2023, China’s BOP maintained a general equilibrium. First, the current account surplus remained within a reasonable and balanced range. In the first three quarters of 2023, the current account surplus registered USD 209 billion, with its ratio to Gross Domestic Product (GDP) reaching 1.6%, thus maintaining within a reasonable and balanced range. Specifically, trade in goods in terms of BOP recorded a surplus of USD 454.4 billion, the second-highest in the same period in history during the first three quarters of the year. The export of goods reached USD 2336.4 billion, while imports of goods recorded USD 1882 billion. Both remained at a high level during the same period in history. Trade in services continued to recover at a steady pace, and expenditure on cross-border tourism and related items increased in an orderly manner. In the first three quarters of 2023, the trade deficit in services totaled USD 168.4 billion. Among the main items, the travel deficit rose by 69% year-on-year to USD 130.3 billion. The deficit in primary income narrowed by 46% year-on-year to USD 87.7 billion, mainly due to the 42% year-on-year increase in income from various outbound investments. Second, cross-border investments were conducted in an orderly manner. In the first three quarters of 2023, the net inflow of foreign direct investment (FDI) in China under the capital account reached USD 15.5 billion. In this regard, there was a net inflow of USD 38.7 billion of direct investments in China in the form of equity investment, involving capital contributions and reinvestment of profits. Recently, China witnessed a positive trend in the net inflow of foreign direct investment. This improvement can be attributed to a decrease in seasonal factors influencing the distribution of profits from direct investments and a slowdown in the net outflow of funds related to the corporate debts of affiliated enterprises. In the meantime, with its persistent advantages in the hyperscale market and complete industrial system, and the systematic steps taken to facilitate high-level institutional opening up, China is poised to continue attracting a steady inflow of foreign investments in the foreseeable future. Besides, in the first three quarters of 2023, the scale of cross-border capital outflows under securities investment narrowed by 62% year on year. Notably, non-residents’ investment in Chinese bonds has turned into a net inflow since September. With the gradual improvement of the internal and external economic and financial environment, the stability of China’s cross-border capital flow will be further strengthened. In summary, the favorable conditions supporting China’s economic development outweigh the unfavorable factors. The overall trend of China's economic recovery and long-term improvement remains unchanged, which is conducive to supporting China in maintaining a basic equilibrium in its BOP. Q: What would you say about China’s IIP at the end of September 2023? A: By the end of September 2023, China’s IIP remained robust, and its reserve assets continued to rank first in the world in terms of size. First, China’s net external assets increased in size. As of the end of September 2023, China’s external assets amounted to USD 9304.6 billion and its external liabilities amounted to USD 6448.1 billion. Its net external assets (assets minus liabilities) reached USD 2856.5 billion, up by 2.9% from the end of June, maintaining stable growth. Second, the overall structure of China’s external assets and external liabilities continued to be optimized. In the catalogue of China’s external assets, China’s reserve assets reached USD 3.3 trillion, continuing to rank first in the world in terms of size. The proportion of non-reserve assets increased slightly from the end of June 2023. With respect to external liabilities, more than half are direct investments in China, totaling USD 3.3 trillion. This reflects an increase compared to the end of June 2023, indicating that China remains attractive to long-term foreign capitals. 2023-12-29/en/2023/1229/2170.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in December 2023, the amount of foreign exchange settlement and sales by banks was RMB 1434.8 billion and RMB 1465.8 billion, respectively. During January to December 2023, the accumulative amount of foreign exchange settlement and sales by banks was RMB 15533.6 billion and RMB 16057.1 billion, respectively. In the US dollar terms, in December 2023, the amount of foreign exchange settlement and sales by banks was USD 202.0 billion and USD 206.3 billion, respectively. During January to November 2023, the accumulative amount of foreign exchange settlement and sales by banks was USD 2206.2 billion and USD 2279.5 billion, respectively. In December 2023, the amount of cross-border receipts and payments by non-banking sectors was RMB 4065.2 billion and RMB 3965.1 billion, respectively. During January to December 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 43663.1 billion and RMB 44170.3 billion, respectively. In the US dollar terms, in December 2023, the amount of cross-border receipts and payments by non-banking sectors was USD 572.3 billion and USD 558.2 billion, respectively. During January to December 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 6195.5 billion and USD 6264.2 billion, respectively. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2024-01-15/en/2024/0115/2167.html
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The State Administration of Foreign Exchange (SAFE) has recently released data on China’s external debt as of the end of September 2023. SAFE’s Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on relevant issues. Q: Could you brief us on China’s external debt in the third quarter of 2023? A: In the third quarter of 2023, the scale of China’s external debt dropped slightly, and its structure remained basically stable. As of the end of September 2023, the full-scale outstanding external debt (including domestic and foreign currencies) reached USD 2382.9 billion, representing a decline of USD 50.9 billion or 2% from the end of June. With respect to currency structures, the external debt in domestic currency accounted for 45% of China’s total external debt, up by 1 percentage point from the end of June. In terms of maturity structure, the medium- and-long-term external debt accounted for 44%, basically the same as the level recorded at the end of June 2023. Q: What would you say about China’s external debt situation? A: The decline in the scale of external debt was mainly influenced by the decrease in the outstanding external debt of banks. In the third quarter of 2023, the outstanding external debt of banks fell by USD 55.1 billion, contributing 108% to the decline in outstanding external debt. China’s external debt level is expected to remain generally stable. With major developed economies nearing the conclusion of their monetary policy tightening cycles, a related gradual reduction in spillover impacts is anticipated. In summary, the favorable conditions supporting China’s economic development outweigh the unfavorable factors. The overall trend of China's economic recovery and long-term improvement remains unchanged. The foundation for maintaining a generally stable external debt scale remains strong. 2023-12-29/en/2023/1229/2169.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 20.54 trillion (equivalent to USD 2.89 trillion) in December 2023. In terms of markets, the transactions volume of client market was RMB 3.36 trillion (equivalent to USD 0.47 trillion), and the transactions volume of interbank market was RMB 17.18 trillion (equivalent to USD 2.42 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 7.07 trillion (equivalent to USD 1.00 trillion), and that of the derivatives market was RMB 13.47 trillion (equivalent to USD 1.90 trillion). From January to December 2023, a total of RMB 252.58 trillion (equivalent to USD 35.85 trillion) was traded in the Chinese foreign exchange market. 2024-01-26/en/2024/0126/2172.html
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According to the statistics by the State Administration of Foreign Exchange (SAFE), by the end of December 2023, China’s foreign exchange reserves registered USD 3238 billion, up by USD 66.2 billion or 2.1%, from the end of November. In December 2023, the US dollar index fell, and global financial asset prices witnessed a widespread increase, driven by factors including monetary policies and expectations in major economies. 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 continuous recovery, marked by solid progress in high-quality development, which will provide support for the general stability of China’s foreign exchange reserves. 2024-01-07/en/2024/0107/2168.html
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FILE： Annual Report of the State Administration of Foreign Exchange (2021) 2022-12-26/en/2020/1221/2163.html
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In August 2024, the export and import of China’s international trade in goods and services totalled RMB 4180.0 billion, up 4 percent over the same time last year. Of this, the export of goods recorded RMB 2069.3 billion and the import recorded RMB 1496.8 billion, resulting in a surplus of RMB 572.4 billion. The export of services recorded RMB 230.8 billion and the import recorded RMB 383.0 billion, resulting in a deficit of RMB 152.2 billion. In terms of the major items, the export and import of travel, transport, other business services, telecommunications, computer and information services registered RMB 193.0 billion, RMB 182.2 billion, RMB 94.9 billion and RMB 60.1 billion respectively. In the US dollar terms, in August 2024, the export and import of China’s international trade in goods and services were USD 322.4 billion and USD 263.5 billion respectively, with a surplus of USD 58.9 billion.(End) International Trade in Goods and Services of China August 2024 Item In 100 million of RMB In 100 million of USD Goods and services 4203 589 Credit 23001 3224 Debit -18799 -2635 1. Goods 5724 802 Credit 20693 2901 Debit -14968 -2098 2. Services -1522 -213 Credit 2308 324 Debit -3830 -537 2.1Manufacturing services on physical inputs owned by others 66 9 Credit 74 10 Debit -8 -1 2.2Maintenance and repair services n.i.e 26 4 Credit 68 9 Debit -42 -6 2.3Transport -194 -27 Credit 814 114 Debit -1008 -141 2.4Travel -1434 -201 Credit 248 35 Debit -1682 -236 2.5Construction 31 4 Credit 80 11 Debit -49 -7 2.6Insurance and pension services -59 -8 Credit 18 3 Debit -77 -11 2.7Financial services 4 0 Credit 23 3 Debit -20 -3 2.8Charges for the use of intellectual property -238 -33 Credit 41 6 Debit -279 -39 2.9Telecommunications, computer and information services 90 13 Credit 345 48 Debit -256 -36 2.10Other business services 214 30 Credit 582 82 Debit -367 -52 2.11Personal, cultural, and recreational services -20 -3 Credit 8 1 Debit -27 -4 2.12Government goods and services n.i.e -9 -1 Credit 7 1 Debit -16 -2 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. 2024-09-27/en/2024/0927/2233.html
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In the second quarter of 2024, China's current account registered a surplus of RMB 387.6 billion, and the capital and financial accounts recorded a deficit of RMB 343.8 billion. In the first half of 2024, China's current account registered a surplus of RMB 669.0 billion, and the capital and financial accounts recorded a deficit of RMB 878.8 billion. In the US dollar terms, in the second quarter, China's current account recorded a surplus of USD 54.5 billion, including a surplus of USD 167.1 billion under trade in goods, a deficit of USD 61.7 billion under trade in services, a deficit of USD 53.5 billion under primary income and a surplus of USD 2.7 billion under secondary income. The capital and financial accounts registered a deficit of USD 48.4 billion, including a deficit of USD 93.8 million under the capital account, and a deficit of USD 48.3 billion under the financial account. In the US dollar terms, in the first half of 2024, China's current account recorded a surplus of USD 93.7 billion, including a surplus of USD 288.4 billion under trade in goods, a deficit of USD 123.0 billion under trade in services, a deficit of USD 77.8 billion under primary income and a surplus of USD 6.1billion under secondary income. The capital and financial accounts recorded a deficit of USD 122.8 billion, including a deficit of USD 114.8 million under the capital account, a deficit of USD 122.7 billion under the financial account. In SDR terms, in the second quarter, China posted a surplus of SDR 41.3 billion under the current account, and a deficit of SDR 36.6 billion under the capital and financial accounts. In SDR terms, in the first half of 2024, China posted a surplus of SDR 70.7 billion under the current account, and a deficit of SDR 92.6 billion under the capital and financial accounts. In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China’s Balance of Payments Report for the First Half of 2024.(End) Abridged Balance of Payments, Q2 2024 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 3876 545 413 Credit 2 71230 10022 7589 Debit 3 -67354 -9476 -7177 1. A Goods and Services 4 7491 1054 798 Credit 5 65131 9164 6940 Debit 6 -57640 -8110 -6142 1.A.a Goods 7 11879 1671 1265 Credit 8 58883 8285 6274 Debit 9 -47005 -6614 -5009 1.A.b Services 10 -4388 -617 -468 Credit 11 6247 879 666 Debit 12 -10635 -1496 -1133 1.B Primary Income 13 -3805 -535 -405 Credit 14 5508 775 587 Debit 15 -9313 -1310 -992 1.C Secondary Income 16 190 27 20 Credit 17 592 83 63 Debit 18 -401 -56 -43 2. Capital and Financial Account 19 -3438 -484 -366 2.1 Capital Account 20 -7 -1 -1 Credit 21 1 0 0 Debit 22 -8 -1 -1 2.2 Financial Account 23 -3432 -483 -366 Assets 24 -5372 -756 -572 Liabilities 25 1940 273 206 2.2.1 Financial Account Excluding Reserve Assets 26 -6838 -962 -729 2.2.1.1 Direct Investment 27 -6099 -858 -650 Assets 28 -5043 -710 -537 Liabilities 29 -1056 -149 -113 2.2.1.2 Portfolio Investment 30 -440 -62 -47 Assets 31 -3062 -431 -326 Liabilities 32 2622 369 279 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -449 -63 -48 Assets 34 -294 -41 -31 Liabilities 35 -155 -22 -17 2.2.1.4 Other Investment 36 151 21 16 Assets 37 -379 -53 -40 Liabilities 38 529 74 56 2.2.2 Reserve Assets 39 3406 479 363 3. Net Errors and Omissions 40 -438 -62 -47 Notes: 1. The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts. 2. "Credit" is presented as positive value while "debit" as negative value, and the difference is the sum of the "Credit" and the "Debit". All items herein refer to difference, unless marked with "Credit" or "Debit". 3. The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4. The SDR denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5. In the second quarter of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 19.7 billion (RMB 139.8 billion). 6. This statement employs rounded-off numbers. 7. For detailed data, please see the section of “Data and Statistics”at the website of the SAFE. 8. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. Abridged Balance of Payments, First Half of 2024 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 6690 937 707 Credit 2 135853 19013 14350 Debit 3 -129163 -18076 -13643 1. A Goods and Services 4 11805 1654 1249 Credit 5 125586 17575 13264 Debit 6 -113781 -15921 -12015 1.A.a Goods 7 20593 2884 2177 Credit 8 112866 15796 11921 Debit 9 -92272 -12912 -9744 1.A.b Services 10 -8788 -1230 -928 Credit 11 12720 1779 1343 Debit 12 -21508 -3009 -2271 1.B Primary Income 13 -5553 -778 -588 Credit 14 9016 1263 954 Debit 15 -14568 -2041 -1542 1.C Secondary Income 16 437 61 46 Credit 17 1251 175 132 Debit 18 -814 -114 -86 2. Capital and Financial Account 19 -8788 -1228 -926 2.1 Capital Account 20 -8 -1 -1 Credit 21 5 1 1 Debit 22 -13 -2 -1 2.2 Financial Account 23 -8780 -1227 -925 Assets 24 -15352 -2144 -1616 Liabilities 25 6572 917 691 2.2.1 Financial Account Excluding Reserve Assets 26 -9069 -1272 -962 2.2.1.1 Direct Investment 27 -8090 -1135 -858 Assets 28 -7768 -1089 -822 Liabilities 29 -322 -47 -36 2.2.1.2 Portfolio Investment 30 -1992 -278 -209 Assets 31 -6928 -969 -731 Liabilities 32 4936 691 522 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -362 -51 -39 Assets 34 -399 -56 -42 Liabilities 35 37 5 4 2.2.1.4 Other Investment 36 1375 192 145 Assets 37 -546 -76 -57 Liabilities 38 1921 268 201 2.2.2 Reserve Assets 39 289 45 37 3. Net Errors and Omissions 40 2099 291 219 Notes: 1. The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts. 2. "Credit" is presented as positive value while "debit" as negative value, and the difference is the sum of the "Credit" and the "Debit". All items herein refer to difference, unless marked with "Credit" or "Debit". 3. The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4. The SDR denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5.In the first half of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 40.7 billion (RMB 291.0 billion). 6. This statement employs rounded-offnumbers. 7. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE. 8. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. 2024-09-30/en/2024/0930/2239.html
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As at the end of June 2024, China recorded RMB 18.1399 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2545.3 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 7967.7 billion (equivalent to USD 1118.0 billion), accounting for 44 percent; while the outstanding short-term external debt was RMB 10172.2 billion (equivalent to USD 1427.3 billion), taking up 56 percent, of which 32 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 3009.1 billion (equivalent to USD 422.2 billion), accounting for 17 percent; the outstanding debt of the central bank totaled RMB 906.1 billion (equivalent to USD 127.1 billion), accounting for 5 percent; the outstanding debt of banks totaled RMB 7973.4 billion (equivalent to USD 1118.8 billion), accounting for 44 percent; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6251.3 billion (equivalent to USD 877.2 billion), accounting for 34 percent. In terms of debt instruments, the balance of loans was RMB 2753.2 billion (equivalent to USD 386.3 billion), accounting for 15 percent; the outstanding trade credits and advances was RMB 2706.0 billion (equivalent to USD 379.7 billion), accounting for 15 percent; the outstanding currency and deposits was RMB 3425.0 billion (equivalent to USD 480.6 billion), accounting for 19 percent; the outstanding debt securities was RMB 5979.8 billion (equivalent to USD 839.1 billion), accounting for 33 percent; the Special Drawing Rights (SDR) allocation amounted to RMB 339.4 billion (equivalent to USD 47.6 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 1901.6 billion (equivalent to USD 266.8 billion), accounting for 10 percent; and the balance of other debt liabilities was RMB 1034.9 billion (equivalent to USD 145.2 billion), accounting for 6 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 8863.2 billion (equivalent to USD 1243.6 billion), accounting for 49 percent; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9276.7 billion (equivalent to USD 1301.7 billion), accounting for 51 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 81 percent, the Euro debt accounted for 7 percent, the JPY debt accounted for 5 percent, the HKD debt accounted for 4 percent，the SDR and other foreign currency-denominated external debt accounted for 3 percent. Since all major external debt indicators were with in the internationally recognized thresholds, China’sexternal 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 June 2024 End of June 2024 End of June 2024 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 30091 4222 Short-term 1592 223 Currency and deposits 0 0 Debt securities 1592 223 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 28499 3999 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 24665 3461 Loans 3834 538 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 9061 1271 Short-term 2831 397 Currency and deposits 1427 200 Debt securities 1404 197 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 6230 874 Special drawing rights (allocations) 3394 476 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 2836 398 Other Depository Corporations 79734 11188 Short-term 61901 8686 Currency and deposits 32814 4604 Debt securities 10437 1465 Loans 17198 2413 Trade credit and advances 0 0 Other debt liabilities 1452 204 Long-term 17834 2502 Currency and deposits 0 0 Debt securities 14972 2101 Loans 2777 390 Trade credit and advances 0 0 Other debt liabilities 85 12 Other Sectors 43497 6103 Short-term 31002 4350 Currency and deposits 9 1 Debt securities 193 27 Loans 1065 149 Trade credit and advances 26587 3731 Other debt liabilities 3148 442 Long-term 12495 1753 Currency and deposits 0 0 Debt securities 6535 917 Loans 2658 373 Trade credit and advances 474 66 Other debt liabilities 2828 397 Direct Investment: Intercompany Lending 19016 2668 Debt liabilities of direct investment enterprises to direct investors 10299 1445 Debt liabilities of direct investors to direct investment enterprises 1383 194 Debt liabilities to fellow enterprises 7334 1029 Gross External Debt Position 181399 25453 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. 2024-09-30/en/2024/0930/2237.html