In the third quarter of 2025, China's current account registered a surplus of RMB 1394.8 billion, including a surplus of RMB 1921.3 billion under trade in goods, a deficit of RMB 352.0 billion under trade in services, a deficit of RMB 232.4 billion under primary income and a surplus of RMB 57.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 1394.8 billion. Inward foreign direct investments (FDI) continued the net inflow.
In the first three quarters of 2025, China's current account registered a surplus of RMB 3507.4 billion, including a surplus of RMB 5201.5 billion under trade in goods, a deficit of RMB 1116.6 billion under trade in services, a deficit of RMB 684.4 billion under primary income, and a surplus of RMB 106.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the third quarter) recorded a deficit of RMB 3388.5 billion.
In the US dollar terms, in the third quarter of 2025, China's current account registered a surplus of USD 195.6 billion, including a surplus of USD 269.5 billion under trade in goods, a deficit of USD 49.4 billion under trade in services, a deficit of USD 32.6 billion under primary income and a surplus of USD 8.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 195.6 billion.
In the US dollar terms, in the first three quarters of 2025, China's current account recorded a surplus of USD 489.8 billion, including a surplus of USD 726.2 billion under trade in goods, a deficit of USD 155.8 billion under trade in services, a deficit of USD 95.5 billion under primary income, and a surplus of USD 14.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the third quarter) recorded a deficit of USD 473.3 billion.
In SDR terms, in the third quarter of 2025, China's current account registered a surplus of SDR 142.9 billion, including a surplus of SDR 196.9 billion under trade in goods, a deficit of SDR 36.1 billion under trade in services, a deficit of SDR 23.8 billion under primary income and a surplus of SDR 5.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 142.9 billion.
In SDR terms, in the first three quarters of 2025, China posted a surplus of SDR 363.9 billion under the current account, including a surplus of SDR 539.4 billion under trade in goods, a deficit of SDR 116.1 billion under trade in services, a deficit of SDR 70.5 billion under primary income and a surplus of SDR 11.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the third quarter) recorded a deficit of SDR 350.6 billion.(End)
China's Balance of Payments, Q3 2025 (Preliminary Data)
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current account | 1 | 13948 | 1956 | 1429 |
Credit | 2 | 82444 | 11565 | 8449 |
Debit | 3 | -68496 | -9609 | -7020 |
1. A Goods and Services | 4 | 15693 | 2201 | 1608 |
Credit | 5 | 74819 | 10496 | 7668 |
Debit | 6 | -59126 | -8295 | -6060 |
1.A.a Goods | 7 | 19213 | 2695 | 1969 |
Credit | 8 | 66934 | 9390 | 6860 |
Debit | 9 | -47721 | -6695 | -4891 |
1.A.b Services | 10 | -3520 | -494 | -361 |
Credit | 11 | 7885 | 1106 | 808 |
Debit | 12 | -11405 | -1600 | -1169 |
1.A.b.1 Processing services | 13 | 200 | 28 | 20 |
Credit | 14 | 254 | 36 | 26 |
Debit | 15 | -55 | -8 | -6 |
1.A.b.2 Maintenance and Repair Services | 16 | 124 | 17 | 13 |
Credit | 17 | 277 | 39 | 28 |
Debit | 18 | -153 | -21 | -16 |
1.A.b.3 Transport | 19 | -930 | -131 | -95 |
Credit | 20 | 2259 | 317 | 231 |
Debit | 21 | -3189 | -447 | -327 |
1.A.b.4 Travel | 22 | -3589 | -503 | -368 |
Credit | 23 | 989 | 139 | 101 |
Debit | 24 | -4578 | -642 | -469 |
1.A.b.5 Construction | 25 | 156 | 22 | 16 |
Credit | 26 | 343 | 48 | 35 |
Debit | 27 | -187 | -26 | -19 |
1.A.b.6 Insurance and Pension Services | 28 | -206 | -29 | -21 |
Credit | 29 | 43 | 6 | 4 |
Debit | 30 | -249 | -35 | -26 |
1.A.b.7 Financial Services | 31 | -4 | -1 | 0 |
Credit | 32 | 61 | 9 | 6 |
Debit | 33 | -65 | -9 | -7 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -558 | -78 | -57 |
Credit | 35 | 328 | 46 | 34 |
Debit | 36 | -886 | -124 | -91 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 542 | 76 | 56 |
Credit | 38 | 1265 | 177 | 130 |
Debit | 39 | -723 | -101 | -74 |
1.A.b.10 Other Business Services | 40 | 855 | 120 | 88 |
Credit | 41 | 2008 | 282 | 206 |
Debit | 42 | -1154 | -162 | -118 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -65 | -9 | -7 |
Credit | 44 | 32 | 4 | 3 |
Debit | 45 | -97 | -14 | -10 |
1.A.b.12 Government Goods and Services n.i.e | 46 | -43 | -6 | -4 |
Credit | 47 | 26 | 4 | 3 |
Debit | 48 | -69 | -10 | -7 |
1.B Primary Income | 49 | -2324 | -326 | -238 |
Credit | 50 | 6625 | 929 | 679 |
Debit | 51 | -8949 | -1256 | -917 |
1.C Secondary Income | 52 | 579 | 81 | 59 |
Credit | 53 | 1000 | 140 | 103 |
Debit | 54 | -421 | -59 | -43 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) | 55 | -13948 | -1956 | -1429 |
2.1 Capital Account | 56 | 7 | 1 | 1 |
Credit | 57 | 9 | 1 | 1 |
Debit | 58 | -2 | 0 | 0 |
2.2. Financial Account (Including Net Errors and Omissions for the Quarter) | 59 | -13955 | -1957 | -1430 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) | 60 | -14795 | -2075 | -1516 |
Including: 2.2.1.1 Direct Investment | 61 | -2242 | -314 | -230 |
2.2.1.1.1 Assets | 62 | -2842 | -399 | -291 |
2.2.1.1.1.1 Equity and investment fund shares | 63 | -2867 | -402 | -294 |
2.2.1.1.1.2 Debt instruments | 64 | 25 | 3 | 2 |
2.2.1.1.2 Liabilities | 65 | 600 | 85 | 62 |
2.2.1.1.2.1 Equity and investment fund shares | 66 | 991 | 140 | 102 |
2.2.1.1.2.2 Debt instruments | 67 | -390 | -55 | -40 |
2.2.2 Reserve Assets | 68 | 839 | 118 | 86 |
2.2.2.1 Monetary gold | 69 | 0 | 0 | 0 |
2.2.2.2 Special drawing rights | 70 | -13 | -2 | -1 |
2.2.2.3 Reserve position in the IMF | 71 | 4 | 1 | 0 |
2.2.2.4 Foreign exchange reserves | 72 | 848 | 119 | 87 |
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 third quarter of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 20.9 billion (RMB 149.0 billion).
6.This table employs rounded-off numbers.
China's Balance of Payments, First Three Quarters of 2025 (Preliminary Data)
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current account | 1 | 35074 | 4898 | 3639 |
Credit | 2 | 231370 | 32296 | 23983 |
Debit | 3 | -196296 | -27399 | -20345 |
1. A Goods and Services | 4 | 40849 | 5704 | 4234 |
Credit | 5 | 211241 | 29486 | 21900 |
Debit | 6 | -170391 | -23782 | -17666 |
1.A.a Goods | 7 | 52015 | 7262 | 5394 |
Credit | 8 | 188893 | 26366 | 19582 |
Debit | 9 | -136878 | -19105 | -14188 |
1.A.b Services | 10 | -11166 | -1558 | -1161 |
Credit | 11 | 22347 | 3119 | 2318 |
Debit | 12 | -33513 | -4677 | -3478 |
1.A.b.1 Processing services | 13 | 561 | 78 | 58 |
Credit | 14 | 689 | 96 | 71 |
Debit | 15 | -128 | -18 | -13 |
1.A.b.2 Maintenance and Repair Services | 16 | 315 | 44 | 33 |
Credit | 17 | 738 | 103 | 76 |
Debit | 18 | -422 | -59 | -44 |
1.A.b.3 Transport | 19 | -2641 | -369 | -274 |
Credit | 20 | 6443 | 899 | 668 |
Debit | 21 | -9085 | -1268 | -942 |
1.A.b.4 Travel | 22 | -10908 | -1522 | -1135 |
Credit | 23 | 2738 | 382 | 284 |
Debit | 24 | -13646 | -1905 | -1418 |
1.A.b.5 Construction | 25 | 370 | 52 | 38 |
Credit | 26 | 882 | 123 | 91 |
Debit | 27 | -512 | -71 | -53 |
1.A.b.6 Insurance and Pension Services | 28 | -756 | -106 | -78 |
Credit | 29 | 155 | 22 | 16 |
Debit | 30 | -911 | -127 | -95 |
1.A.b.7 Financial Services | 31 | 11 | 2 | 1 |
Credit | 32 | 222 | 31 | 23 |
Debit | 33 | -211 | -29 | -22 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -1872 | -261 | -194 |
Credit | 35 | 673 | 94 | 70 |
Debit | 36 | -2545 | -355 | -264 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 1452 | 203 | 150 |
Credit | 38 | 3700 | 516 | 384 |
Debit | 39 | -2247 | -314 | -233 |
1.A.b.10 Other Business Services | 40 | 2537 | 354 | 264 |
Credit | 41 | 5916 | 826 | 614 |
Debit | 42 | -3378 | -472 | -350 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -151 | -21 | -16 |
Credit | 44 | 113 | 16 | 12 |
Debit | 45 | -264 | -37 | -27 |
1.A.b.12 Government Goods and Services n.i.e | 46 | -83 | -12 | -9 |
Credit | 47 | 79 | 11 | 8 |
Debit | 48 | -162 | -23 | -17 |
1.B Primary Income | 49 | -6844 | -955 | -705 |
Credit | 50 | 17794 | 2484 | 1842 |
Debit | 51 | -24639 | -3440 | -2547 |
1.C Secondary Income | 52 | 1069 | 149 | 110 |
Credit | 53 | 2335 | 326 | 242 |
Debit | 54 | -1266 | -177 | -131 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Third Quarter) | 55 | -33885 | -4733 | -3506 |
2.1 Capital Account | 56 | -3 | 0 | 0 |
Credit | 57 | 12 | 2 | 1 |
Debit | 58 | -15 | -2 | -2 |
2.2. Financial Account (Including Net Errors and Omissions for the Third Quarter) | 59 | -33881 | -4732 | -3505 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Third Quarter) | 60 | -37642 | -5257 | -3900 |
Including: 2.2.1.1 Direct Investment | 61 | -5589 | -780 | -583 |
2.2.1.1.1 Assets | 62 | -8479 | -1184 | -882 |
2.2.1.1.1.1 Equity and investment fund shares | 63 | -7192 | -1004 | -746 |
2.2.1.1.1.2 Debt instruments | 64 | -1287 | -179 | -137 |
2.2.1.1.2 Liabilities | 65 | 2889 | 404 | 299 |
2.2.1.1.2.1 Equity and investment fund shares | 66 | 3812 | 532 | 396 |
2.2.1.1.2.2 Debt instruments | 67 | -922 | -129 | -97 |
2.2.2 Reserve Assets | 68 | 3761 | 524 | 395 |
2.2.2.1 Monetary gold | 69 | 0 | 0 | 0 |
2.2.2.2 Special drawing rights | 70 | -246 | -34 | -26 |
2.2.2.3 Reserve position in the IMF | 71 | -106 | -15 | -11 |
2.2.2.4 Foreign exchange reserves | 72 | 4113 | 573 | 431 |
2.2.2.5 Other reserves | 73 | 0 | 0 | 0 |
3. Net Errors and Omissions | 74 | -1189 | -165 | -133 |
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 three quarters of 2025 is the sum of the official amounts of the BOP for 2025Q1, 2025Q2 and the preliminary amount for 2025Q3.
5.According to preliminary statistics, in the first three quarters of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 60.1 billion (RMB 430.4 billion).
6.This table employs rounded-off numbers.
