In the fourth quarter of 2025, China's current account registered a surplus of RMB 1713.7 billion, including a surplus of RMB 2104.3 billion under trade in goods, a deficit of RMB 284.5 billion under trade in services, a deficit of RMB 155.2 billion under primary income and a surplus of RMB 49.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 1713.7 billion. Inward foreign direct investments (FDI) continued the net inflow. In 2025, China's current account registered a surplus of RMB 5242.7 billion, the capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of RMB 5421.7 billion.
In the US dollar terms, in the fourth quarter of 2025, China's current account registered a surplus of USD 242.1 billion, including a surplus of USD 297.3 billion under trade in goods, a deficit of USD 40.2 billion under trade in services, a deficit of USD 22.0 billion under primary income and a surplus of USD 6.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 242.1 billion. In 2025, China's current account recorded a surplus of USD 734.9 billion, the capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of USD 760.2 billion.
In SDR terms, in the fourth quarter of 2025, China's current account registered a surplus of SDR 177.6 billion, including a surplus of SDR 218.1 billion under trade in goods, a deficit of SDR 29.5 billion under trade in services, a deficit of SDR 16.1 billion under primary income and a surplus of SDR 5.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 177.6 billion. In 2025, China posted a surplus of SDR 543.7 billion under the current account, the capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of SDR 560.9 billion. (End)
China's Balance of Payments, Q4 2025 (Preliminary Data)
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current account | 1 | 17137 | 2421 | 1776 |
Credit | 2 | 86455 | 12214 | 8961 |
Debit | 3 | -69318 | -9793 | -7185 |
1. A Goods and Services | 4 | 18197 | 2571 | 1886 |
Credit | 5 | 79132 | 11180 | 8203 |
Debit | 6 | -60935 | -8609 | -6316 |
1.A.a Goods | 7 | 21043 | 2973 | 2181 |
Credit | 8 | 70524 | 9963 | 7310 |
Debit | 9 | -49481 | -6990 | -5129 |
1.A.b Services | 10 | -2845 | -402 | -295 |
Credit | 11 | 8609 | 1216 | 892 |
Debit | 12 | -11454 | -1618 | -1187 |
1.A.b.1 Processing services | 13 | 187 | 26 | 19 |
Credit | 14 | 242 | 34 | 25 |
Debit | 15 | -56 | -8 | -6 |
1.A.b.2 Maintenance and Repair Services | 16 | 85 | 12 | 9 |
Credit | 17 | 265 | 38 | 28 |
Debit | 18 | -180 | -25 | -19 |
1.A.b.3 Transport | 19 | -930 | -131 | -96 |
Credit | 20 | 2295 | 324 | 238 |
Debit | 21 | -3225 | -456 | -334 |
1.A.b.4 Travel | 22 | -3294 | -465 | -341 |
Credit | 23 | 1200 | 169 | 124 |
Debit | 24 | -4493 | -635 | -466 |
1.A.b.5 Construction | 25 | 264 | 37 | 27 |
Credit | 26 | 439 | 62 | 46 |
Debit | 27 | -175 | -25 | -18 |
1.A.b.6 Insurance and Pension Services | 28 | -134 | -19 | -14 |
Credit | 29 | 12 | 2 | 1 |
Debit | 30 | -146 | -21 | -15 |
1.A.b.7 Financial Services | 31 | -29 | -4 | -3 |
Credit | 32 | 10 | 1 | 1 |
Debit | 33 | -40 | -6 | -4 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -525 | -74 | -54 |
Credit | 35 | 260 | 37 | 27 |
Debit | 36 | -785 | -111 | -81 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 810 | 115 | 84 |
Credit | 38 | 1530 | 216 | 159 |
Debit | 39 | -720 | -102 | -75 |
1.A.b.10 Other Business Services | 40 | 831 | 117 | 86 |
Credit | 41 | 2282 | 322 | 237 |
Debit | 42 | -1451 | -205 | -150 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -76 | -11 | -8 |
Credit | 44 | 41 | 6 | 4 |
Debit | 45 | -117 | -17 | -12 |
1.A.b.12 Government Goods and Services n.i.e | 46 | -35 | -5 | -4 |
Credit | 47 | 30 | 4 | 3 |
Debit | 48 | -65 | -9 | -7 |
1.B Primary Income | 49 | -1552 | -220 | -161 |
Credit | 50 | 6383 | 902 | 661 |
Debit | 51 | -7935 | -1121 | -822 |
1.C Secondary Income | 52 | 491 | 69 | 51 |
Credit | 53 | 939 | 133 | 97 |
Debit | 54 | -448 | -63 | -46 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) | 55 | -17137 | -2421 | -1776 |
2.1 Capital Account | 56 | -4 | -1 | 0 |
Credit | 57 | 1 | 0 | 0 |
Debit | 58 | -5 | -1 | -1 |
2.2. Financial Account (Including Net Errors and Omissions for the Quarter) | 59 | -17133 | -2420 | -1776 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) | 60 | -16732 | -2363 | -1734 |
Including: 2.2.1.1 Direct Investment | 61 | -79 | -11 | -8 |
2.2.1.1.1 Assets | 62 | -2821 | -399 | -292 |
2.2.1.1.1.1 Equity and investment fund shares | 63 | -2501 | -353 | -259 |
2.2.1.1.1.2 Debt instruments | 64 | -320 | -46 | -33 |
2.2.1.1.2 Liabilities | 65 | 2742 | 388 | 284 |
2.2.1.1.2.1 Equity and investment fund shares | 66 | 2494 | 353 | 259 |
2.2.1.1.2.2 Debt instruments | 67 | 248 | 35 | 26 |
2.2.2 Reserve Assets | 68 | -400 | -57 | -41 |
2.2.2.1 Monetary gold | 69 | 0 | 0 | 0 |
2.2.2.2 Special drawing rights | 70 | 21 | 3 | 2 |
2.2.2.3 Reserve position in the IMF | 71 | 4 | 1 | 0 |
2.2.2.4 Foreign exchange reserves | 72 | -424 | -60 | -44 |
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 fourth quarter of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 32.2 billion (RMB 228.0 billion).
6.This table employs rounded-off numbers.
China's Balance of Payments, 2025 (Preliminary Data)
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current account | 1 | 52427 | 7349 | 5437 |
Credit | 2 | 317830 | 44511 | 32945 |
Debit | 3 | -265403 | -37162 | -27508 |
1. A Goods and Services | 4 | 59046 | 8275 | 6120 |
Credit | 5 | 290373 | 40665 | 30102 |
Debit | 6 | -231327 | -32391 | -23982 |
1.A.a Goods | 7 | 73055 | 10234 | 7575 |
Credit | 8 | 259414 | 36329 | 26892 |
Debit | 9 | -186359 | -26095 | -19317 |
1.A.b Services | 10 | -14009 | -1960 | -1455 |
Credit | 11 | 30959 | 4336 | 3210 |
Debit | 12 | -44968 | -6296 | -4665 |
1.A.b.1 Processing services | 13 | 747 | 105 | 77 |
Credit | 14 | 931 | 130 | 96 |
Debit | 15 | -184 | -26 | -19 |
1.A.b.2 Maintenance and Repair Services | 16 | 401 | 56 | 42 |
Credit | 17 | 1003 | 141 | 104 |
Debit | 18 | -603 | -84 | -62 |
1.A.b.3 Transport | 19 | -3570 | -500 | -370 |
Credit | 20 | 8739 | 1224 | 906 |
Debit | 21 | -12309 | -1723 | -1276 |
1.A.b.4 Travel | 22 | -14203 | -1988 | -1476 |
Credit | 23 | 3938 | 552 | 408 |
Debit | 24 | -18140 | -2540 | -1884 |
1.A.b.5 Construction | 25 | 633 | 89 | 66 |
Credit | 26 | 1321 | 185 | 137 |
Debit | 27 | -688 | -96 | -71 |
1.A.b.6 Insurance and Pension Services | 28 | -890 | -124 | -92 |
Credit | 29 | 168 | 23 | 17 |
Debit | 30 | -1058 | -148 | -110 |
1.A.b.7 Financial Services | 31 | -18 | -3 | -2 |
Credit | 32 | 232 | 32 | 24 |
Debit | 33 | -251 | -35 | -26 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -2398 | -335 | -248 |
Credit | 35 | 933 | 131 | 97 |
Debit | 36 | -3331 | -466 | -345 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 2262 | 317 | 234 |
Credit | 38 | 5230 | 733 | 542 |
Debit | 39 | -2967 | -415 | -308 |
1.A.b.10 Other Business Services | 40 | 3372 | 472 | 350 |
Credit | 41 | 8201 | 1149 | 851 |
Debit | 42 | -4829 | -676 | -501 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -227 | -32 | -23 |
Credit | 44 | 154 | 22 | 16 |
Debit | 45 | -381 | -53 | -39 |
1.A.b.12 Government Goods and Services n.i.e | 46 | -118 | -17 | -12 |
Credit | 47 | 109 | 15 | 11 |
Debit | 48 | -227 | -32 | -24 |
1.B Primary Income | 49 | -8179 | -1145 | -844 |
Credit | 50 | 24183 | 3386 | 2504 |
Debit | 51 | -32362 | -4531 | -3348 |
1.C Secondary Income | 52 | 1561 | 219 | 161 |
Credit | 53 | 3275 | 459 | 339 |
Debit | 54 | -1714 | -240 | -178 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Fourth Quarter) | 55 | -54217 | -7602 | -5609 |
2.1 Capital Account | 56 | -11 | -1 | -1 |
Credit | 57 | 10 | 1 | 1 |
Debit | 58 | -21 | -3 | -2 |
2.2. Financial Account (Including Net Errors and Omissions for the Fourth Quarter) | 59 | -54206 | -7600 | -5608 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Fourth Quarter) | 60 | -57567 | -8068 | -5962 |
Including: 2.2.1.1 Direct Investment | 61 | -5874 | -820 | -612 |
2.2.1.1.1 Assets | 62 | -11313 | -1584 | -1176 |
2.2.1.1.1.1 Equity and investment fund shares | 63 | -9706 | -1359 | -1006 |
2.2.1.1.1.2 Debt instruments | 64 | -1607 | -225 | -170 |
2.2.1.1.2 Liabilities | 65 | 5440 | 765 | 564 |
2.2.1.1.2.1 Equity and investment fund shares | 66 | 6105 | 857 | 634 |
2.2.1.1.2.2 Debt instruments | 67 | -666 | -92 | -70 |
2.2.2 Reserve Assets | 68 | 3361 | 468 | 353 |
2.2.2.1 Monetary gold | 69 | 0 | 0 | 0 |
2.2.2.2 Special drawing rights | 70 | -225 | -31 | -23 |
2.2.2.3 Reserve position in the IMF | 71 | -102 | -14 | -11 |
2.2.2.4 Foreign exchange reserves | 72 | 3688 | 513 | 388 |
2.2.2.5 Other reserves | 73 | 0 | 0 | 0 |
3. Net Errors and Omissions | 74 | 1789 | 253 | 173 |
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 2025 is the sum of the official amounts of the BOP for 2025Q1, 2025Q2, 2025Q3 and the preliminary amount for 2025Q4.
5.According to preliminary statistics, in 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 92.4 billion (RMB 658.9 billion).
6.This table employs rounded-off numbers.
