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As at the end of September 2020, China recorded RMB 15.6252 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2.2944 trillion, excluding those of Hong Kong SAR China, Macao SAR China, and Taiwan Province China, the same below). With respect to the term structure, the outstanding medium- and long-term external debt was RMB 6.8019 trillion (USD 998.8 billion), accounting for 44%; while the outstanding short-term external debt was RMB 8.8233 trillion (USD 1.2956 trillion), taking up 56%, including 40% trade-related credit. In terms of institutions and sectors, the outstanding debt of government totaled RMB 2.2293 trillion (USD 327.3 billion), accounting for 14%; the outstanding debt of the central bank totaled RMB 270 billion(USD 39.7 billion), accounting for 2%; the outstanding debt of banks totaled RMB 7.3425 trillion (USD 1078.2 billion), taking up 47%; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 5.7834 trillion (USD 849.2 billion), taking up 37%; In terms of debt instruments, the outstanding of loans was RMB 3.2183 trillion (USD 472.6 billion), accounting for 21%; the outstanding of trade credit and prepayment was RMB 2.3821 trillion (USD 349.8 billion), accounting for 15%; the outstanding of currency and deposits was RMB 3.4108 trillion (USD 500.9 billion), accounting for 22%; the outstanding of debt securities was RMB 4.4352 trillion (USD 651.3 billion), accounting for 28%; the Special Drawing Rights (SDR) allocation amounted to RMB 67 billion (USD 9.8 billion), accounting for 0.5%. The outstanding debt of inter-company lending under direct investments totaled RMB 1.7422 trillion (USD 255.8 billion), accounting for 11%; and the outstanding of other debt liabilities was RMB 369.6 billion (USD 54.2 billion), accounting for 2.5%. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 6.1089 trillion (USD 897 billion), accounting for 39%; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9.5163 trillion (USD 1.3974 trillion), accounting for 61%. In the total outstanding registered external debt in foreign currencies, the USD debt accounted for 84%, the Euro debt accounted for 8%, the HKD debt accounted for 4%, the JPY debt accounted for 2%, the SDR and other foreign currency-denominated external debt accounted for 2%. China’s major external debt metrics were all within the internationally recognized thresholds, indicating that the external debt risk is controllable on the whole. Appendix Definition of terms and interpretations External debt classification by term structure. There are two methods to classify the external debt by term structure. One is on the basis of the contract term,i.e. it is classified as medium- and long-term external debt if the contract term is over one year, and classified as short-term external debt if the contract term is one year or less; the other is on the basis of the remaining term, i.e.,on the basis of the contract term 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 contract term. Trade-related credit is a broad concept. In addition to trade credit and prepayment, it also involves other kinds of credit provided for trade activities. As it is defined,trade-related credit includes trade credit and prepayment, bank trade financing, short-term notes related to trade, and so forth. In particular, trade credit and prepayment 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), 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 advance payments made by buyers(e.g., overseas importers) for goods, services, and on-going business (or business 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 2020 End of September 2020 End of September 2020 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 22293 3273 Short-term 444 65 Currency and deposits 0 0 Debt securities 444 65 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 21849 3208 Currency and deposits 0 0 Debt securities 0 0 Loans 18820 2763 Trade credit and advances 3029 445 Other debt liabilities 0 0 Currency and deposits 0 0 Central Bank 2700 397 Short-term 1856 273 Currency and deposits 906 133 Debt securities 950 140 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 844 124 Special drawing rights 670 98 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 174 26 Other Depository Corporations 73425 10782 Short-term 53474 7852 Currency and deposits 33193 4874 Debt securities 4154 610 Loans 15772 2316 Trade credit and advances 0 0 Other debt liabilities 355 52 Long-term 19951 2930 Currency and deposits 0 0 Debt securities 14287 2098 Loans 5593 822 Trade credit and advances 0 0 Other debt liabilities 71 10 Other Sectors 40412 5934 Short-term 28269 4151 Currency and deposits 9 1 Debt securities 123 18 Loans 3219 473 Trade credit and advances 23405 3437 Other debt liabilities 1513 222 Long-term 12143 1783 Currency and deposits 0 0 Debt securities 5575 819 Loans 4570 671 Trade credit and advances 417 61 Other debt liabilities 1581 232 Direct Investment: Intercompany Lending 17422 2558 Debt liabilities of direct investment enterprises to direct investors 10546 1548 Debt liabilities of direct investors to direct investment enterprises 818 120 Debt liabilities to affiliated enterprises 6058 890 Gross External Debt Position 156252 22944 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. 2020-12-25/en/2020/1225/1780.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in November 2020, the amount of foreign exchange settlement and sales by banks was RMB 1163.6 billion and RMB 1143.9 billion, respectively, with a surplus of RMB 19.7 billion. In the US dollar terms, the amount of foreign exchange settlement and sales by banks was USD 176.1 billion and USD 173.1 billion, respectively, with a surplus of USD 3.0 billion. During January to November 2020, the accumulative amount of foreign exchange settlement and sales by banks was RMB 12441.1 billion and RMB 11798.5 billion, respectively, with an accumulative surplus of RMB 642.5 billion. In the US dollar terms, the accumulative amount of foreign exchange settlement and sales by banks was USD 1795.6 billion and USD 1703.4 billion, respectively, with an accumulative surplus of USD 92.1 billion. In November 2020, the amount of cross-border receipts and payments by non-banking sectors was RMB 2800.9 billion and RMB 2798.6 billion, respectively, with a surplus of RMB 2.3 billion. During January to November 2020, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 26904.3 billion and RMB 26473.2 billion, respectively, with an accumulative surplus of RMB 431.1 billion. In the US dollar terms, in November 2020, the amount of cross-border receipts and payments by non-banking sectors was USD 423.9 billion and USD 423.6 billion, respectively, with a surplus of USD 0.4 billion. During January to November 2020, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 3887.4 billion and USD 3824.5 billion, respectively, with an accumulative surplus of USD 62.9 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 net position of foreign exchange settlement and foreign exchange sales could be position squared through transactions on the inter-bank foreign exchange market, and it is one of the major contributors to the country’s foreign exchange reserve fluctuation, though it is not equal to net change in foreign exchange reserves during the same period Unlike the principle of balance-of-payments statistics, which cover the transactions between residents and non-residents, foreign exchange settlement and sales by banks only cover transactions of RMB and foreign currencies between banks and customers or on banks for themselves. 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 newly signed forward contract enables corporate to lock in advance the exchange rate for the purchase or sale of a currency on a future date to manage relevant foreign exchange risk arising from RMB volatility. In general, bank will hedge its foreign exchange risk exposures arise from the newly signed forward contract in the Interbank foreign exchange market. For example, when bank has net foreign exchange long position, bank will short the equivalent amount of foreign exchange in the Interbank foreign exchange market in advance, or vice versa. Therefore, the newly signed contract amount of forward foreign exchange settlement and sales is also one of contributors to China’s foreign exchange reserve fluctuation. 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 newly signed contract amount and the outstanding amount should satisfy the equation that: the outstanding amount of forward foreign exchange settlement and sales by the end of the current period = the outstanding amount of forward foreign exchange settlement and sales at the end of the previous period + the newly signed contract amount of forward foreign exchange settlement and sales for the period - settlements of forward contracts for foreign exchange settlement and sales for the period - the unwind amount of forward foreign exchange settlement and sales for the period. 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. Bank shall hedge such risk in the foreign exchange market for risk management during deal life cycle. 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. The cross-border receipts and payments by non-banking sectors is based on cash basis, different from the accrual basis required by the Balance of Payments Statistics. The statistics merely reflects the cash flows between non-banking sectors and non-residents and does not include barter transactions or transactions with non-residents conducted by the banks themselves. Therefore, the scope of the statistics is narrower than that of the Balance of Payments Statistics. 2020-12-18/en/2020/1218/1778.html
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As at the end of September 2020, China’s external financial assets reached USD 8166.6 billion, external financial liabilities reached USD 6012.8 billion, and net external assets totaled USD 2153.8 billion. In the external financial assets, direct investment assets amounted to USD 2164.3 billion, portfolio investment assets, USD 772.8 billion, financial derivative assets, USD 14.4 billion, other investment assets, USD 1934 billion, and reserve assets, USD 3281.2 billion, accounting for 27 percent, 9 percent, 0.2 percent, 24 percent and 40 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3106.8 billion, portfolio investment liabilities, USD 1506.9 billion, financial derivative liabilities, USD 11.3 billion and other investment liabilities, USD 1387.8 billion, accounting for 52 percent, 25 percent, 0.2 percent and 23 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 5801.9 billion and SDR 4271.8 billion respectively, and external net assets totaled SDR 1530.2 billion at the end of September 2020. (End) China's International Investment Position, End of September 2020 Item Line No. Position in 100 million USD Position in 100 million SDR Net Position 1 21,538 15,302 Assets 2 81,666 58,019 1 Direct Investment 3 21,643 15,376 1.1 Equity and Investment Fund Shares 4 18,337 13,028 1.2 Debt Instruments 5 3,306 2,348 1.a Financial Sectors 6 2,901 2,061 1.1.a Equity and Investment Fund Shares 7 2,809 1,996 1.2.a Debt Instruments 8 92 65 1.b Non-financial Sectors 9 18,742 13,315 1.1.b Equity and Investment Fund Shares 10 15,528 11,032 1.2.b Debt Instruments 11 3,214 2,283 2 Portfolio Investment 12 7,728 5,490 2.1 Equity and Investment Fund Shares 13 4,814 3,420 2.2 Debt Securities 14 2,913 2,070 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 144 102 4 Other Investment 16 19,340 13,740 4.1 Other Equity 17 88 63 4.2 Currency and Deposits 18 4,818 3,423 4.3 Loans 19 8,033 5,707 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 177 126 4.5 Trade Credit and Advances 21 5,602 3,980 4.6 Others 22 621 441 5 Reserve Assets 23 32,812 23,311 5.1 Monetary Gold 24 1,182 840 5.2 Special Drawing Rights 25 112 79 5.3 Reserve Position in the IMF 26 97 69 5.4 Foreign Exchange Reserves 27 31,426 22,326 5.5 Other Reserve Assets 28 -4 -3 Liabilities 29 60,128 42,718 1 Direct Investment 30 31,068 22,072 1.1 Equity and Investment Fund Shares 31 28,369 20,154 1.2 Debt Instruments 32 2,699 1,918 1.a Financial Sectors 33 1,667 1,184 1.1.a Equity and Investment Fund Shares 34 1,492 1,060 1.2.a Debt Instruments 35 175 124 1.b Non-financial Sectors 36 29,401 20,888 1.1.b Equity and Investment Fund Shares 37 26,877 19,094 1.2.b Debt Instruments 38 2,524 1,793 2 Portfolio Investment 39 15,069 10,706 2.1 Equity and Investment Fund Shares 40 8,924 6,340 2.2 Debt Securities 41 6,146 4,366 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 113 80 4 Other Investment 43 13,878 9,859 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 5,021 3,567 4.3 Loans 46 4,787 3,401 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 154 110 4.5 Trade Credit and Advances 48 3,498 2,485 4.6 Others 49 318 226 4.7 Special Drawing Rights 50 98 70 Notes:1. This table employs rounded-off numbers. 2. Net International Investment Position refers to assets minus liabilities. Positive figure refers to net assets, and negative figure refers to net liabilities. 3.The SDR denominated data is converted from the USD denominated data, using the exchange rate of SDR against USD at the end of the quarter. 4. The IIP data is revised regularly; please find the latest data in “Data and Statistics”. 2020-12-25/en/2020/1225/1782.html
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China's External Portfolio Investment Assets (by Country or Region) at the End of June 2020 2020-11-27/en/2020/1127/1775.html
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The State Administration of Foreign Exchange (SAFE) has recently disseminated the data on banks' foreign exchange settlements and sales as well as banks' foreign-related receipts and payments for customers for October 2020. The SAFE deputy administrator and press spokesperson Wang Chunying answered media questions on foreign exchange receipts and payments for October 2020. Q: Could you brief us on the changes in China’s foreign exchange receipts and payments for October 2020? A: In October, China’s foreign exchange market remained stable and market expectations were rational on the whole. Banks’ foreign exchange settlements and sales registered a surplus of US$13 billion. A rational trading pattern was formed, that is, customers settle foreign exchange when the renminbi exchange rate goes up and purchase foreign exchange when the rate goes down. Foreign exchange expectations stayed stable. Enterprises, individuals and other non-banking sectors registered net inflows of cross-border capital of US$25.1 billion. Foreign exchange reserves remained generally stable with a balance of US$3.1280 trillion. Going forward, China’s economy will shift from fast growth to high-quality development. A new development pattern, featured as domination by domestic cycle and mutual promotion between domestic and international cycle, is expected to take shape at a faster pace. The two-way opening-up of financial market will be advanced steadily. All this will be conducive to maintaining the reasonable and balanced flows of China’s cross-border capital. 2020-11-20/en/2020/1120/1776.html
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Q: The State Administration of Foreign Exchange (SAFE) has just released the latest data on China's foreign exchange reserves. Could you explain why China's foreign exchange reserves changed in November 2020? What would you say about the future trends? A: By the end of November 2020, China's foreign exchange reserves amounted to US$3.1785 trillion, up by US$50.5 billion or 1.61% month on month. In November, China’s foreign exchange market remained robust, market expectations stayed stable and cross-border capital flows maintained a general equilibrium. On global financial markets, due to the COVID-19 pandemic, developments of vaccines and monetary and fiscal policy expectations in the major countries, the US Dollar Index tumbled, the non-dollar currencies took an upswing and asset prices of major countries, like share and bond prices, climbed. Under the combined impact of exchange rate conversion and asset price changes, China's foreign exchange reserves increased in November. Currently, with the COVID-19 pandemic still wreaking havoc across the world and increasing destabilizing and uncertain factors facing the world economy, global financial markets are faced with much more risks and challenges. Going forward, it is expected that China’s foreign exchange market will remain stable while continuing two-way fluctuations. 2020-12-07/en/2020/1207/1777.html
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According to the statisticsof the State Administration of Foreign Exchange (SAFE), the Chinese foreignexchange market (excluding foreign currency pairs, the same below) recorded totaltransactions of RMB 22.64 trillion (equivalent to USD 3.46 trillion) in December 2020. In terms of markets, thetransactions volume of client market was RMB 3.71 trillion (equivalent to USD 0.57 trillion), and the transactionsvolume of interbank market was RMB 18.94 trillion (equivalent to USD 2.89 trillion). In terms ofproducts, the cumulative transactions volume of the spot market was RMB 10.53 trillion (equivalent to USD1.61 trillion), and that of thederivatives market was RMB 12.11 trillion (equivalent to USD 1.85 trillion). From January to December 2020, a total of RMB 206.38 trillion (equivalent to USD 29.99 trillion) was traded in the Chinese foreign exchangemarket. 2021-01-29/en/2020/1225/1783.html
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Recently, the State Administration of Foreign Exchange (SAFE) releases data on China's external portfolio investment assets (by country/region) at the end of June 2020. The statistics show that China's external portfolio investment assets (excluding reserve assets) amounted to USD 700.6 billion by the end of June 2020, including USD 410.6 billion in equity investments and USD 290 billion in bond investments. The top 5 recipients of Chinese investments were Hong Kong SAR, the US, Cayman Islands, the British Virgin Islands and the UK, with the amount being USD 265.2 billion, USD 168.9 billion, USD 65.9 billion, USD 56.4 billion and USD 17.4 billion respectively. (End) 2020-11-27/en/2020/1127/1774.html
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In April 2021, China’s international trade in goods and services recorded receipts of RMB 1827.6 billion and payments of RMB 1607.6 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 220.1 billion. Specifically, trade in goods registered receipts of RMB 1656.7 billion, payments of RMB 1401.8 billion, recording a surplus of RMB 254.8 billion; trade in services recorded receipts of RMB 171 billion, payments of RMB 205.7 billion, resulting in a deficit of RMB 34.8 billion. In the US dollar terms, in April 2021, China's BOP-based receipts and payments of international trade in goods and services were USD 280.3 billion and USD 246.5 billion respectively, registering a surplus of USD 33.7 billion. Specifically, the receipts and payments from trade in goods were USD 254.1 billion and USD 215 billion respectively, resulting in a surplus of USD 39.1 billion. Trade in services registered receipts and payments of USD 26.2 billion and USD 31.6 billion respectively, recording a deficit of USD 5.3 billion. (End) International Trade in Goods and Services of China (Based on the BOP statistics) April 2021 Item In 100 million of RMB In 100 million of USD Goods and services 2201 337 Credit 18276 2803 Debit -16076 -2465 1. Goods 2548 391 Credit 16567 2541 Debit -14018 -2150 2. Services -348 -53 Credit 1710 262 Debit -2057 -316 2.1Manufacturing services on physical inputs owned by others 71 11 Credit 74 11 Debit -3 0 2.2Maintenance and repair services n.i.e 20 3 Credit 39 6 Debit -19 -3 2.3Transport -115 -18 Credit 531 81 Debit -646 -99 2.4Travel -433 -66 Credit 67 10 Debit -500 -77 2.5Construction 7 1 Credit 66 10 Debit -59 -9 2.6Insurance and pension services -64 -10 Credit 30 5 Debit -94 -14 2.7Financial services 15 2 Credit 30 5 Debit -15 -2 2.8Charges for the use of intellectual property -85 -13 Credit 112 17 Debit -197 -30 2.9Telecommunications, computer and information services 113 17 Credit 310 48 Debit -197 -30 2.10Other business services 147 22 Credit 429 66 Debit -282 -43 2.11Personal, cultural, and recreational services -9 -1 Credit 10 2 Debit -19 -3 2.12Government goods and services n.i.e -14 -2 Credit 11 2 Debit -25 -4 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-life insurance, 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 to communications 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. 2021-05-28/en/2021/0528/1831.html
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In May 2021, China’s international trade in goods and services recorded receipts of RMB 1733 billion and payments of RMB 1562.8 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 170.1 billion. Specifically, trade in goods registered receipts of RMB 1590.7 billion, payments of RMB 1355 billion, recording a surplus of RMB 235.7 billion; trade in services recorded receipts of RMB 142.3 billion, payments of RMB 207.9 billion, resulting in a deficit of RMB 65.6 billion. In the US dollar terms, in May 2021, China's BOP-based receipts and payments of international trade in goods and services were USD 269.4 billion and USD 243 billion respectively, registering a surplus of USD 26.5 billion. Specifically, the receipts and payments from trade in goods were USD 247.3 billion and USD 210.7 billion respectively, resulting in a surplus of USD 36.6 billion. Trade in services registered receipts and payments of USD 22.1 billion and USD 32.3 billion respectively, recording a deficit of USD 10.2 billion. (End) International Trade in Goods and Services of China (Based on the BOP statistics) May 2021 Item In 100 million of RMB In 100 million of USD Goods and services 1701 265 Credit 17330 2694 Debit -15628 -2430 1. Goods 2357 366 Credit 15907 2473 Debit -13550 -2107 2. Services -656 -102 Credit 1423 221 Debit -2079 -323 2.1Manufacturing services on physical inputs owned by others 67 10 Credit 71 11 Debit -4 -1 2.2Maintenance and repair services n.i.e 16 2 Credit 33 5 Debit -17 -3 2.3Transport -103 -16 Credit 523 81 Debit -625 -97 2.4Travel -453 -70 Credit 68 11 Debit -521 -81 2.5Construction 20 3 Credit 63 10 Debit -43 -7 2.6Insurance and pension services -61 -10 Credit 19 3 Debit -80 -13 2.7Financial services -9 -1 Credit 12 2 Debit -20 -3 2.8Charges for the use of intellectual property -244 -38 Credit 19 3 Debit -263 -41 2.9Telecommunications, computer and information services 1 0 Credit 212 33 Debit -211 -33 2.10Other business services 118 18 Credit 392 61 Debit -274 -43 2.11Personal, cultural, and recreational services -13 -2 Credit 4 1 Debit -16 -3 2.12Government goods and services n.i.e 4 1 Credit 7 1 Debit -3 0 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-life insurance, 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 to communications 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. 2021-06-24/en/2021/0624/1833.html