The SAFE recently released Preliminary Data on China’s Balance of Payments Statement for the Third Quarter of 2012.
In the third quarter of 2012, the surplus under the current account totaled USD70.6 billion. Specifically, the surplus in trade in goods and current transfers reached USD102.7 billion and USD1.4 billion, respectively, whereas the deficit in trade in services and income amounted to USD29.9 billion and USD3.6 billion, respectively. Meanwhile, China’s deficit under the capital and financial account (including net errors and omissions) totaled USD71.0 billion. In particular, net inflows of direct investments amounted to USD37.2 billion. International reserve assets (exclusive of the influence of non-transaction changes in value, such as exchange rates and prices) registered a drop of USD400 million. Specifically, foreign exchange reserve assets registered an increase of USD300 million, and special drawing rights and the reserve position in the IMF experienced a drop of USD800 million.
For the first three quarters of 2012, the surplus under the current account was USD147.8 billion and the deficit under the capital and financial account was USD85.4 billion, while international reserve assets registered an increase of USD62.4 billion.
Balance of Payments1 (Preliminary Data)
Unit: USD100 million
| Item 2
|
#
|
Q3 of 2012
|
First 3 quarters, 20123
|
| I. Current Account
|
1
|
706
|
1478
|
| A. Goods and Services
|
2
|
728
|
1453
|
| a. Goods
|
3
|
1027
|
2155
|
| Credit
|
4
|
5434
|
15011
|
| Debit
|
5
|
4407
|
12856
|
| b. Services
|
6
|
-299
|
-702
|
| Credit
|
7
|
475
|
1378
|
| Debit
|
8
|
775
|
2080
|
| 1.Transportation
|
9
|
-118
|
-348
|
| Credit
|
10
|
105
|
289
|
| Debit
|
11
|
223
|
637
|
| 2.Tourism
|
12
|
-191
|
-409
|
| Credit
|
13
|
122
|
360
|
| Debit
|
14
|
313
|
769
|
| 3.Communication Services
|
15
|
-2
|
1
|
| Credit
|
16
|
4
|
13
|
| Debit
|
17
|
6
|
12
|
| 4.Construction Services
|
18
|
26
|
72
|
| Credit
|
19
|
36
|
97
|
| Debit
|
20
|
10
|
26
|
| 5.Insurance Services
|
21
|
-45
|
-129
|
| Credit
|
22
|
6
|
23
|
| Debit
|
23
|
52
|
152
|
| 6.Financial Services
|
24
|
-1
|
-2
|
| Credit
|
25
|
2
|
6
|
| Debit
|
26
|
2
|
8
|
| 7.Computer and Information Services
|
27
|
23
|
76
|
| Credit
|
28
|
35
|
105
|
| Debit
|
29
|
12
|
28
|
| 8.Royalties and Licensing Fees
|
30
|
-39
|
-123
|
| Credit
|
31
|
2
|
6
|
| Debit
|
32
|
40
|
129
|
| 9.Consulting Services
|
33
|
33
|
100
|
| Credit
|
34
|
85
|
241
|
| Debit
|
35
|
51
|
142
|
| 10.Advertising and Promotions
|
36
|
5
|
14
|
| Credit
|
37
|
12
|
34
|
| Debit
|
38
|
7
|
21
|
| 11.Movies, Audio-visual products
|
39
|
-1
|
-3
|
| Credit
|
40
|
0
|
1
|
| Debit
|
41
|
2
|
4
|
| 12.Other Business Services
|
42
|
12
|
52
|
| Credit
|
43
|
64
|
196
|
| Debit
|
44
|
52
|
144
|
| 13.Government Services, n.i.e.
|
45
|
-1
|
-1
|
| Credit
|
46
|
2
|
7
|
| Debit
|
47
|
3
|
8
|
| B. Income
|
48
|
-36
|
-19
|
| C. Current Transfers
|
49
|
14
|
44
|
| II. Capital and Financial Account2
|
50
|
-710
|
-854
|
| Of which, Direct investments
|
51
|
372
|
1272
|
| III. Reserves Assets
|
52
|
4
|
-624
|
| 3.1 Monetary Gold
|
53
|
0
|
0
|
| 3.2 Special Drawing Rights
|
54
|
5
|
4
|
| 3.3 Reserves Position in the Fund
|
55
|
3
|
11
|
| 3.4 Foreign Exchange
|
56
|
-3
|
-640
|
| 3.5 Other Claims
|
57
|
0
|
0
|
Note:
1. This statement employs rounded-off numbers.
2. Other items refer to the differences, except for those marked by "Credit" and "Debit."
3. The preliminary data for the first 3 quarters of 2012 in this statement are the sum of the total of the official data for H1 2012 and the preliminary data for Q3 of 2012.
4. The data under the capital and financial accounts in this statement are the balance between the current account balance and the amount of change in reserve assets, including net errors and omissions.
