October 31, 2007 -- The SAFE recently released China's Balance of Payments Statement for the first half of 2007. Statistics reveal that the current account and the capital and financial account posted a "twin surplus",and international reserves increased rapidly.
In the first half of 2007, China's surplus under the current account totaled USD 162.9 billion. Specifically, according to the statistical coverage of the balance of payments, the surpluses in goods, income, and current transfers reached USD 135.7 billion, USD 12.9 billion, and USD 17.4 billion, respectively, while the deficit in services amounted to USD 3.1 billion.
Meanwhile, China's surplus under the capital and financial account totaled USD 90.2 billion. In particular, net inflows of the capital account, direct investments, and other investments reached USD 1.5 billion, USD 50.9 billion, and USD 42.6 billion respectively, while the outflows of portfolio investment totaled USD 4.8 billion.
Furthermore, China's international reserves continued to grow. At the end of June, China registered a total of USD 1,332.6 billion in foreign exchange reserves, an increase of USD 266.3 billion over the end of 2006.
In addition, the BOP Analysis Team of the SAFE released China's Balance of Payments Report for the First Half of 2007 in order to facilitate understanding of the data and analysis of China's balance of payments among all social groups.
| (First Half of 2007)
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(Unit: 1,000 US dollars)
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|
| Item
|
Line
|
Balance
|
Credit
|
Debit
|
| I. Current Account
|
1
|
162,857,962
|
656,184,959
|
493,326,998
|
| A. Goods and Services
|
2
|
132,549,018
|
603,062,616
|
470,513,597
|
| a. Goods
|
3
|
135,690,881
|
547,174,215
|
411,483,334
|
| b. Services
|
4
|
-3,141,862
|
55,888,401
|
59,030,263
|
| 1.Transportation
|
5
|
-4,843,018
|
13,554,628
|
18,397,646
|
| 2.Travel
|
6
|
3,341,977
|
17,935,000
|
14,593,023
|
| 3.Communication Services
|
7
|
125,237
|
592,293
|
467,057
|
| 4.Construction Services
|
8
|
619,002
|
1,878,559
|
1,259,557
|
| 5.Insurance Services
|
9
|
-4,336,191
|
482,745
|
4,818,936
|
| 6.Financial Services
|
10
|
-218,799
|
76,406
|
295,205
|
| 7.Computer and Information Services
|
11
|
971,409
|
1,948,049
|
976,640
|
| 8.Royalties and Licensing Fees
|
12
|
-3,833,739
|
114,902
|
3,948,641
|
| 9.Consulting Services
|
13
|
-196,482
|
4,941,825
|
5,138,307
|
| 10.Advertising and Public Opinion Polling
|
14
|
295,104
|
875,640
|
580,536
|
| 11.Audio-visual and Related Services
|
15
|
31,048
|
92,700
|
61,652
|
| 12.Other Business Services
|
16
|
4,903,403
|
13,035,673
|
8,132,270
|
| 13. Government Services, n.i.e.
|
17
|
-814
|
359,980
|
360,794
|
| B. Income
|
18
|
12,904,373
|
34,083,181
|
21,178,808
|
| 1.Compensation of Employees
|
19
|
1,716,895
|
2,972,999
|
1,256,105
|
| 2.Investment Income
|
20
|
11,187,478
|
31,110,182
|
19,922,704
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| C. Current Transfers
|
21
|
17,404,571
|
19,039,163
|
1,634,592
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| 1.General Government
|
22
|
-83,230
|
21,191
|
104,421
|
| 2.Other Sectors
|
23
|
17,487,801
|
19,017,972
|
1,530,171
|
| II. Capital and Financial Account
|
24
|
90,164,499
|
446,812,821
|
356,648,322
|
| A. Capital Account
|
25
|
1,464,582
|
1,563,893
|
99,311
|
| B. Financial Account
|
26
|
88,699,916
|
445,248,928
|
356,549,011
|
| 1. Direct Investment
|
27
|
50,919,043
|
63,314,553
|
12,395,510
|
| 1.1 Abroad
|
28
|
-7,414,240
|
585,653
|
7,999,892
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| 1.2 Domestic
|
29
|
58,333,282
|
62,728,900
|
4,395,618
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| 2. Portfolio Investment
|
30
|
-4,825,693
|
17,686,641
|
22,512,334
|
| 2.1 Assets
|
31
|
-15,077,372
|
7,434,962
|
22,512,334
|
| 2.1.1 Equity Securities
|
32
|
-5,034,000
|
927,000
|
5,961,000
|
| 2.1.2 Debt Securities
|
33
|
-10,043,372
|
6,507,962
|
16,551,334
|
| 2.1.2.1 Bonds and Notes
|
34
|
-8,175,372
|
6,507,962
|
14,683,334
|
| 2.1.2.2 Money Market Instruments
|
35
|
-1,868,000
|
0
|
1,868,000
|
| 2.2 Liabilities
|
36
|
10,251,678
|
10,251,678
|
0
|
| 2.2.1 Equity Securities
|
37
|
10,251,678
|
10,251,678
|
0
|
| 2.2.2 Debt Securities
|
38
|
0
|
0
|
0
|
| 2.2.2.1 Bonds and Notes
|
39
|
0
|
0
|
0
|
| 2.2.2.2 Money Market Instruments
|
40
|
0
|
0
|
0
|
| 3. Other Investment
|
41
|
42,606,567
|
364,247,734
|
321,641,167
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| 3.1 Assets
|
42
|
17,149,666
|
31,767,204
|
14,617,538
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| 3.1.1 Trade Credits
|
43
|
-5,915,000
|
0
|
5,915,000
|
| Long-term
|
44
|
-414,050
|
0
|
414,050
|
| Short-term
|
45
|
-5,500,950
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0
|
5,500,950
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| 3.1.2 Loans
|
46
|
12,235,115
|
14,539,086
|
2,303,972
|
| Long-term
|
47
|
-1,041,000
|
0
|
1,041,000
|
| Short-term
|
48
|
13,276,115
|
14,539,086
|
1,262,972
|
| 3.1.3 Currency and Deposits
|
49
|
9,227,109
|
13,212,830
|
3,985,722
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| 3.1.4 Other Assets
|
50
|
1,602,443
|
4,015,287
|
2,412,844
|
| Long-term
|
51
|
0
|
0
|
0
|
| Short-term
|
52
|
1,602,443
|
4,015,287
|
2,412,844
|
| 3.2 Liabilities
|
53
|
25,456,901
|
332,480,530
|
307,023,629
|
| 3.2.1 Trade Credits
|
54
|
7,132,000
|
7,132,000
|
0
|
| Long-term
|
55
|
499,240
|
499,240
|
0
|
| Short-term
|
56
|
6,632,760
|
6,632,760
|
0
|
| 3.2.2 Loans
|
57
|
10,192,989
|
279,836,819
|
269,643,829
|
| Long-term
|
58
|
2,381,266
|
10,091,536
|
7,710,271
|
| Short-term
|
59
|
7,811,724
|
269,745,283
|
261,933,559
|
| 3.2.3 Currency and Deposits
|
60
|
8,247,446
|
44,741,749
|
36,494,304
|
| 3.2.4 Other Liabilities
|
61
|
-115,534
|
769,962
|
885,496
|
| Long-term
|
62
|
278,404
|
309,958
|
31,554
|
| Short-term
|
63
|
-393,938
|
460,004
|
853,942
|
| III. Reserves Assets
|
64
|
-266,097,901
|
219,340
|
266,317,242
|
| 3.1 Monetary Gold
|
65
|
0
|
0
|
0
|
| 3.2 Special Drawing Rights
|
66
|
-36,242
|
0
|
36,242
|
| 3.3 Reserves Position in the Fund
|
67
|
219,340
|
219,340
|
0
|
| 3.4 Foreign Exchange
|
68
|
-266,281,000
|
0
|
266,281,000
|
| 3.5 Other Claims
|
69
|
0
|
0
|
0
|
| IV. Net Errors and Omissions
|
70
|
13,075,441
|
13,075,441
|
0
|
* This BOP statement employs rounded-off numbers.
