In the second quarter of 2025, China's current account registered a surplus of RMB 971.5 billion, including a surplus of RMB 1575.1 billion under trade in goods, a deficit of RMB 334.5 billion under trade in services, a deficit of RMB 297.8 billion under primary income and a surplus of RMB 28.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 971.5 billion. Inward foreign direct investments (FDI) continued the net inflow.
In the first half of 2025, China's current account registered a surplus of RMB 2158.9 billion, including a surplus of RMB 3279.8 billion under trade in goods, a deficit of RMB 760.4 billion under trade in services, a deficit of RMB 408.9 billion under primary income, and a surplus of RMB 48.5 billion under secondary income. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of RMB 1981.0 billion.
In the US dollar terms, in the second quarter of 2025, China's current account registered a surplus of USD 135.1 billion, including a surplus of USD 219.1 billion under trade in goods, a deficit of USD 46.5 billion under trade in services, a deficit of USD 41.4 billion under primary income and a surplus of USD 4.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 135.1 billion.
In the US dollar terms, in the first half of 2025, China's current account recorded a surplus of USD 300.6 billion, including a surplus of USD 456.6 billion under trade in goods, a deficit of USD 105.9 billion under trade in services, a deficit of USD 56.9 billion under primary income, and a surplus of USD 6.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of USD 275.8 billion.
In SDR terms, in the second quarter of 2025, China's current account registered a surplus of SDR 99.6 billion, including a surplus of SDR 161.5 billion under trade in goods, a deficit of SDR 34.3 billion under trade in services, a deficit of SDR 30.5 billion under primary income and a surplus of SDR 2.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 99.6 billion.
In SDR terms, in the first half of 2025, China posted a surplus of SDR 225.7 billion under the current account, including a surplus of SDR 342.5 billion under trade in goods, a deficit of SDR 79.6 billion under trade in services, a deficit of SDR 42.3 billion under primary income and a surplus of SDR 5.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of SDR 206.5 billion.(End)
China's Balance of Payments, Q2 2025 (Preliminary Data)
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current account | 1 | 9715 | 1351 | 996 |
Credit | 2 | 76684 | 10664 | 7868 |
Debit | 3 | -66968 | -9312 | -6871 |
1. A Goods and Services | 4 | 12406 | 1726 | 1272 |
Credit | 5 | 69992 | 9733 | 7181 |
Debit | 6 | -57586 | -8007 | -5909 |
1.A.a Goods | 7 | 15751 | 2191 | 1615 |
Credit | 8 | 62696 | 8718 | 6433 |
Debit | 9 | -46945 | -6528 | -4817 |
1.A.b Services | 10 | -3345 | -465 | -343 |
Credit | 11 | 7296 | 1015 | 749 |
Debit | 12 | -10642 | -1480 | -1092 |
1.A.b.1 Processing services | 13 | 174 | 24 | 18 |
Credit | 14 | 224 | 31 | 23 |
Debit | 15 | -51 | -7 | -5 |
1.A.b.2 Maintenance and Repair Services | 16 | 83 | 12 | 8 |
Credit | 17 | 235 | 33 | 24 |
Debit | 18 | -153 | -21 | -16 |
1.A.b.3 Transport | 19 | -900 | -125 | -92 |
Credit | 20 | 2095 | 291 | 215 |
Debit | 21 | -2996 | -417 | -307 |
1.A.b.4 Travel | 22 | -3050 | -424 | -313 |
Credit | 23 | 952 | 132 | 98 |
Debit | 24 | -4002 | -556 | -411 |
1.A.b.5 Construction | 25 | 126 | 18 | 13 |
Credit | 26 | 288 | 40 | 30 |
Debit | 27 | -162 | -23 | -17 |
1.A.b.6 Insurance and Pension Services | 28 | -220 | -31 | -23 |
Credit | 29 | 46 | 6 | 5 |
Debit | 30 | -266 | -37 | -27 |
1.A.b.7 Financial Services | 31 | 0 | 0 | 0 |
Credit | 32 | 79 | 11 | 8 |
Debit | 33 | -79 | -11 | -8 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -747 | -104 | -77 |
Credit | 35 | 155 | 22 | 16 |
Debit | 36 | -901 | -125 | -92 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 492 | 68 | 51 |
Credit | 38 | 1238 | 172 | 127 |
Debit | 39 | -746 | -104 | -77 |
1.A.b.10 Other Business Services | 40 | 778 | 108 | 80 |
Credit | 41 | 1923 | 267 | 197 |
Debit | 42 | -1145 | -159 | -118 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -55 | -8 | -6 |
Credit | 44 | 34 | 5 | 4 |
Debit | 45 | -89 | -12 | -9 |
1.A.b.12 Government Goods and Services n.i.e | 46 | -26 | -4 | -3 |
Credit | 47 | 27 | 4 | 3 |
Debit | 48 | -53 | -7 | -5 |
1.B Primary Income | 49 | -2978 | -414 | -305 |
Credit | 50 | 5982 | 832 | 613 |
Debit | 51 | -8959 | -1246 | -919 |
1.C Secondary Income | 52 | 287 | 40 | 29 |
Credit | 53 | 710 | 99 | 73 |
Debit | 54 | -423 | -59 | -43 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) | 55 | -9715 | -1351 | -996 |
2.1 Capital Account | 56 | -5 | -1 | -1 |
Credit | 57 | 2 | 0 | 0 |
Debit | 58 | -7 | -1 | -1 |
2.2. Financial Account (Including Net Errors and Omissions for the Quarter) | 59 | -9710 | -1351 | -996 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) | 60 | -10398 | -1446 | -1066 |
Including: 2.2.1.1 Direct Investment | 61 | -1502 | -209 | -154 |
2.2.1.1.1 Assets | 62 | -2127 | -296 | -218 |
2.2.1.1.1.1 Equity and investment fund shares | 63 | -1948 | -271 | -200 |
2.2.1.1.1.2 Debt instruments | 64 | -179 | -25 | -18 |
2.2.1.1.2 Liabilities | 65 | 624 | 87 | 64 |
2.2.1.1.2.1 Equity and investment fund shares | 66 | 675 | 94 | 69 |
2.2.1.1.2.2 Debt instruments | 67 | -51 | -7 | -5 |
2.2.2 Reserve Assets | 68 | 687 | 96 | 70 |
2.2.2.1 Monetary gold | 69 | 0 | 0 | 0 |
2.2.2.2 Special drawing rights | 70 | -147 | -20 | -15 |
2.2.2.3 Reserve position in the IMF | 71 | -85 | -12 | -9 |
2.2.2.4 Foreign exchange reserves | 72 | 919 | 128 | 94 |
2.2.2.5 Other reserves | 73 | 0 | 0 | 0 |
3. Net Errors and Omissions | 74 | / | / | / |
Note:1. The table is compiled according to BPM6.
2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balances, unless marked with "Credit" or "Debit".
3.The RMB denominated BOP statement is converted from the USD denominated BOP statement for the quarter using the period average central parity rate of RMB against USD. The SDR denominated quarterly BOP statement is converted from the USD denominated BOP statement for the quarter using the period average exchange rate of SDR against USD.
4.Since net errors and omissions are included, the amount of the capital and financial accounts is the opposite number of the difference in the current account.
5.According to preliminary statistics, in the second quarter of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 20.4 billion (RMB 146.4 billion).
6.This table employs rounded-off numbers.
China's Balance of Payments, First Half of 2025 (Preliminary Data)
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current account | 1 | 21589 | 3006 | 2257 |
Credit | 2 | 148714 | 20701 | 15512 |
Debit | 3 | -127125 | -17695 | -13256 |
1. A Goods and Services | 4 | 25194 | 3507 | 2629 |
Credit | 5 | 136441 | 18993 | 14234 |
Debit | 6 | -111248 | -15485 | -11605 |
1.A.a Goods | 7 | 32798 | 4566 | 3425 |
Credit | 8 | 121960 | 16977 | 12722 |
Debit | 9 | -89162 | -12411 | -9297 |
1.A.b Services | 10 | -7604 | -1059 | -796 |
Credit | 11 | 14482 | 2016 | 1512 |
Debit | 12 | -22086 | -3074 | -2307 |
1.A.b.1 Processing services | 13 | 361 | 50 | 38 |
Credit | 14 | 435 | 61 | 45 |
Debit | 15 | -74 | -10 | -8 |
1.A.b.2 Maintenance and Repair Services | 16 | 191 | 27 | 20 |
Credit | 17 | 461 | 64 | 48 |
Debit | 18 | -269 | -38 | -28 |
1.A.b.3 Transport | 19 | -1687 | -235 | -176 |
Credit | 20 | 4185 | 583 | 437 |
Debit | 21 | -5872 | -817 | -613 |
1.A.b.4 Travel | 22 | -7319 | -1019 | -767 |
Credit | 23 | 1749 | 243 | 182 |
Debit | 24 | -9068 | -1262 | -949 |
1.A.b.5 Construction | 25 | 229 | 32 | 24 |
Credit | 26 | 554 | 77 | 58 |
Debit | 27 | -325 | -45 | -34 |
1.A.b.6 Insurance and Pension Services | 28 | -550 | -77 | -57 |
Credit | 29 | 112 | 16 | 12 |
Debit | 30 | -662 | -92 | -69 |
1.A.b.7 Financial Services | 31 | 15 | 2 | 2 |
Credit | 32 | 161 | 22 | 17 |
Debit | 33 | -146 | -20 | -15 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -1317 | -183 | -137 |
Credit | 35 | 344 | 48 | 36 |
Debit | 36 | -1661 | -231 | -173 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 912 | 127 | 95 |
Credit | 38 | 2434 | 339 | 254 |
Debit | 39 | -1522 | -212 | -159 |
1.A.b.10 Other Business Services | 40 | 1688 | 235 | 177 |
Credit | 41 | 3914 | 545 | 409 |
Debit | 42 | -2226 | -310 | -232 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -87 | -12 | -9 |
Credit | 44 | 81 | 11 | 8 |
Debit | 45 | -168 | -23 | -17 |
1.A.b.12 Government Goods and Services n.i.e | 46 | -40 | -6 | -4 |
Credit | 47 | 53 | 7 | 6 |
Debit | 48 | -93 | -13 | -10 |
1.B Primary Income | 49 | -4089 | -569 | -423 |
Credit | 50 | 10942 | 1523 | 1140 |
Debit | 51 | -15031 | -2092 | -1563 |
1.C Secondary Income | 52 | 485 | 67 | 50 |
Credit | 53 | 1331 | 185 | 139 |
Debit | 54 | -846 | -118 | -88 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Second Quarter) | 55 | -19810 | -2758 | -2065 |
2.1 Capital Account | 56 | -10 | -1 | -1 |
Credit | 57 | 3 | 0 | 0 |
Debit | 58 | -14 | -2 | -1 |
2.2. Financial Account (Including Net Errors and Omissions for the Second Quarter) | 59 | -19799 | -2757 | -2063 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Second Quarter) | 60 | -22721 | -3163 | -2372 |
Including: 2.2.1.1 Direct Investment | 61 | -3932 | -547 | -413 |
2.2.1.1.1 Assets | 62 | -5598 | -779 | -587 |
2.2.1.1.1.1 Equity and investment fund shares | 63 | -4260 | -593 | -445 |
2.2.1.1.1.2 Debt instruments | 64 | -1338 | -186 | -142 |
2.2.1.1.2 Liabilities | 65 | 1665 | 232 | 174 |
2.2.1.1.2.1 Equity and investment fund shares | 66 | 2208 | 308 | 231 |
2.2.1.1.2.2 Debt instruments | 67 | -543 | -76 | -58 |
2.2.2 Reserve Assets | 68 | 2922 | 407 | 309 |
2.2.2.1 Monetary gold | 69 | 0 | 0 | 0 |
2.2.2.2 Special drawing rights | 70 | -233 | -32 | -24 |
2.2.2.3 Reserve position in the IMF | 71 | -110 | -15 | -11 |
2.2.2.4 Foreign exchange reserves | 72 | 3264 | 454 | 344 |
2.2.2.5 Other reserves | 73 | 0 | 0 | 0 |
3. Net Errors and Omissions | 74 | -1780 | -248 | -192 |
Note:1. The table is compiled according to BPM6.
2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balances, unless marked with "Credit" or "Debit".
3.The RMB denominated BOP statement is converted from the USD denominated BOP statement for the quarter using the period average central parity rate of RMB against USD. The SDR denominated quarterly BOP statement is converted from the USD denominated BOP statement for the quarter using the period average exchange rate of SDR against USD.
4.The preliminary amount for the first half of 2025 is the sum of the official amounts of the BOP for 2025Q1 and the preliminary amount for 2025Q2.
5.According to preliminary statistics, in the first half of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 39.2 billion (RMB 281.3 billion).
6.This table employs rounded-off numbers.
