Recently, the SAFE released Preliminary Data on China's Balance of Payments Statement for the First Quarter of 2010. This is the first time that the Chinese government has released quarterly data on the balance of payments (BOP). In Q1 of 2010 the current account and the capital and financial account posted a "twin surplus" and international reserves maintained a growing momentum.  

In Q1 of 2010, China's surplus under the current account totaled USD40.9 billion, a decrease of 48 percent year on year.  Specifically, according to the statistical coverage of the balance of payments, the surpluses in goods, income, and current transfers reached USD29.4 billion, USD21.3 billion, and USD8.3 billion, respectively, whereas the deficit in trade in services amounted to USD18 billion.

Meanwhile, China's surplus under the capital and financial account (including net errors and omissions) totaled USD55 billion in Q1 of 2010. Specifically, net inflows of foreign exchange by foreign direct investments amounted to USD17.5 billion.

China's international reserves assets posted a change of USD96 billion, a rise of 46 percent year on year as calculated on a comparable basis. Specifically, transactions in foreign exchange reserve assets registered a change of USD95.9 billion (exclusive of the influence by non-transaction value-change factors such as exchange rates and prices), and special drawing rights posted an increase of USD100 million.

The release of quarterly data on the BOP is of great significance to enhance the statistical transparency of the BOP and to reflect in a more time manner Chinas state of foreign-related economic development.

Balance of Payments¹ (Preliminary Data)

Q1 of 2010

Unit: 100 million US dollars  

Notes:

1. This statement employs rounded-off numbers.

2. The data under the capital and financial accounts in this statement is the balance between Current Account Balance and the amount of change in reserve assets.