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2026-07-28https://www.gov.cn/yaowen/liebiao/202607/content_7076658.htm
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In June 2026, the export and import of China’s international trade in goods and services totalled RMB 5340.7 billion. Of this, the export of goods and services recorded RMB 3009.4 billion and the import recorded RMB 2331.3 billion, resulting in a surplus of RMB 678.0 billion. In terms of the major services items, the export and import of travel, transport, other business services, telecommunications, computer and information services registered RMB 177.3 billion, RMB 157.9 billion, RMB 146.7 billion and RMB 73.1 billion respectively. In the US dollar terms, in June 2026, the export and import of China’s international trade in goods and services were USD 441.6 billion and USD 342.1 billion respectively, with a surplus of USD 99.5 billion.(End) International Trade in Goods and Services of China June 2026 Item In 100 million of RMB In 100 million of USD Goods and services 6780 995 Credit 30094 4416 Debit -23313 -3421 1. Goods 8098 1188 Credit 27351 4013 Debit -19253 -2825 2. Services -1318 -193 Credit 2742 402 Debit -4060 -596 2.1Manufacturing services on physical inputs owned by others 66 10 Credit 86 13 Debit -20 -3 2.2Maintenance and repair services n.i.e 26 4 Credit 92 14 Debit -67 -10 2.3Transport -333 -49 Credit 623 91 Debit -956 -140 2.4Travel -959 -141 Credit 407 60 Debit -1366 -200 2.5Construction 89 13 Credit 144 21 Debit -54 -8 2.6Insurance and pension services -104 -15 Credit 90 13 Debit -193 -28 2.7Financial services 20 3 Credit 45 7 Debit -25 -4 2.8Charges for the use of intellectual property -253 -37 Credit 44 6 Debit -297 -44 2.9Telecommunications, computer and information services 228 33 Credit 479 70 Debit -252 -37 2.10Other business services -65 -10 Credit 701 103 Debit -766 -112 2.11Personal, cultural, and recreational services -14 -2 Credit 20 3 Debit -35 -5 2.12Government goods and services n.i.e -19 -3 Credit 11 2 Debit -30 -4 Notes: 1. The international trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: The International Trade in Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standardas that for the BOP statement. 1.Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from enterprise survey, which differ from the statistics of the customs mainly in the following aspects: first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2.Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1Manufacturing services on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3Transport: refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postal and delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 2.4Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management, as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-life insurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer and information services: refer to communications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films, radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2026-07-31/en/2026/0731/2437.html
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2026年6月，我国国际收支货物和服务贸易进出口规模53407亿元。其中，货物和服务贸易出口30094亿元，进口23313亿元，顺差6780亿元。服务贸易主要项目为：旅行服务进出口规模1773亿元，运输服务进出口规模1579亿元，其他商业服务进出口规模1467亿元，电信、计算机和信息服务进出口规模731亿元。 按美元计值，2026年6月，我国国际收支货物和服务贸易出口4416亿美元，进口3421亿美元，顺差995亿美元。（完） 中国国际收支货物和服务贸易数据 2026年6月 项目 按人民币计值 （亿元） 按美元计值 （亿美元） 货物和服务贸易差额 6780 995 贷方 30094 4416 借方 -23313 -3421 1.货物贸易差额 8098 1188 贷方 27351 4013 借方 -19253 -2825 2.服务贸易差额 -1318 -193 贷方 2742 402 借方 -4060 -596 2.1加工服务差额 66 10 贷方 86 13 借方 -20 -3 2.2维护和维修服务差额 26 4 贷方 92 14 借方 -67 -10 2.3运输差额 -333 -49 贷方 623 91 借方 -956 -140 2.4旅行差额 -959 -141 贷方 407 60 借方 -1366 -200 2.5建设差额 89 13 贷方 144 21 借方 -54 -8 2.6保险和养老金服务差额 -104 -15 贷方 90 13 借方 -193 -28 2.7金融服务差额 20 3 贷方 45 7 借方 -25 -4 2.8知识产权使用费差额 -253 -37 贷方 44 6 借方 -297 -44 2.9电信、计算机和信息服务差额 228 33 贷方 479 70 借方 -252 -37 2.10其他商业服务差额 -65 -10 贷方 701 103 借方 -766 -112 2.11个人、文化和娱乐服务差额 -14 -2 贷方 20 3 借方 -35 -5 2.12别处未提及的政府货物和服务差额 -19 -3 贷方 11 2 借方 -30 -4 注： 1. 本表所称国际收支货物和服务贸易与国际收支平衡表中的货物和服务口径一致，是指居民与非居民之间发生的交易。月度数据为初步数据，可能与国际收支平衡表中的季度数据不一致。 2. 国际收支货物和服务贸易数据按美元编制，当月人民币计值数据由美元数据按月均人民币对美元中间价折算得到。 3. 本表计数采用四舍五入原则。 指标解释： 国际收支货物和服务贸易：是指居民与非居民之间发生的货物贸易和服务贸易进出口，与国际收支平衡表的口径相同。 1．货物贸易: 指经济所有权在我国居民与非居民之间发生转移的货物进出口。贷方记录货物出口，借方记录货物进口。货物账户数据主要来源于企业调查，该数据与海关统计存在以下主要区别：一是国际收支中的货物只记录所有权发生了转移的货物（如一般贸易、进料加工贸易等贸易方式的货物），所有权未发生转移的货物（如来料加工或出料加工贸易）不纳入货物统计，而纳入服务贸易统计；二是计价方面，国际收支统计要求进出口货值均按离岸价格记录，海关出口货值为离岸价格，但进口货值为到岸价格，因此国际收支统计从海关进口货值中调出国际运保费支出，并纳入服务贸易统计；三是补充了海关未统计的转手买卖下的货物净出口数据。 2．服务贸易：包括加工服务，维护和维修服务，运输，旅行，建设，保险和养老金服务，金融服务，知识产权使用费，电信、计算机和信息服务，其他商业服务，个人、文化和娱乐服务以及别处未提及的政府服务。贷方记录我国提供的服务，即服务出口；借方记录我国接受的服务，即服务进口。 2.1加工服务：又称“对他人拥有的实物投入的制造服务”，指货物的所有权没有在所有者和加工方之间发生转移，加工方仅提供加工、装配、包装等服务，并从货物所有者处收取加工服务费用。贷方记录我国居民为非居民拥有的实物提供的加工服务。借方记录我国居民接受非居民的加工服务。 2.2维护和维修服务：指居民或非居民向对方所拥有的货物和设备（如船舶、飞机及其他运输工具）提供的维修和保养工作。贷方记录我国居民向非居民提供的维护和维修服务。借方记录我国居民接受的非居民维护和维修服务。 2.3运输：指将人和物体从一地点运送至另一地点的过程以及相关辅助和附属服务，以及邮政和邮递服务。贷方记录居民向非居民提供的国际运输、邮政快递等服务。借方记录居民接受的非居民国际运输、邮政快递等服务。 2.4旅行：指旅行者在其作为非居民的经济体旅行期间消费的物品和购买的服务。贷方记录我国居民向在我国境内停留不足一年的非居民以及停留期限不限的非居民留学人员和就医人员提供的货物和服务。借方记录我国居民境外旅行、留学或就医期间购买的非居民货物和服务。 2.5建设服务：指建筑形式的固定资产的建立、翻修、维修或扩建，工程性质的土地改良、道路、桥梁和水坝等工程建筑，相关的安装、组装、油漆、管道施工、拆迁和工程管理等，以及场地准备、测量和爆破等专项服务。贷方记录我国居民在经济领土之外提供的建设服务。借方记录我国居民在我国经济领土内接受的非居民建设服务。 2.6保险和养老金服务：指各种保险服务，以及同保险交易有关的代理商的佣金。贷方记录我国居民向非居民提供的人寿保险和年金、非人寿保险、再保险、标准化担保服务以及相关辅助服务。借方记录我国居民接受非居民的人寿保险和年金、非人寿保险、再保险、标准化担保服务以及相关辅助服务。 2.7金融服务：指金融中介和辅助服务，但不包括保险和养老金服务项目所涉及的服务。贷方记录我国居民向非居民提供的金融中介和辅助服务。借方记录我国居民接受非居民的金融中介和辅助服务。 2.8知识产权使用费：指居民和非居民之间经许可使用无形的、非生产/非金融资产和专有权以及经特许安排使用已问世的原作或原型的行为。贷方记录我国居民向非居民提供的知识产权相关服务。借方记录我国居民使用的非居民知识产权服务。 2.9电信、计算机和信息服务：指居民和非居民之间的通信服务以及与计算机数据和新闻有关的服务交易，但不包括以电话、计算机和互联网为媒介交付的商业服务。贷方记录本国居民向非居民提供的电信服务、计算机服务和信息服务。借方记录本国居民接受非居民提供的电信服务、计算机服务和信息服务。 2.10其他商业服务: 指居民和非居民之间其他类型的服务，包括研发服务，专业和管理咨询服务，技术、贸易相关等服务。贷方记录我国居民向非居民提供的其他商业服务。借方记录我国居民接受的非居民其他商业服务。 2.11个人、文化娱乐服务:指居民和非居民之间与个人、文化和娱乐有关的服务交易，包括视听和相关服务（电影、收音机、电视节目和音乐录制品），其他个人、文化娱乐服务（健康、教育等）。贷方记录我国居民向非居民提供的相关服务。借方记录我国居民接受的非居民相关服务。 2.12别处未提及的政府货物和服务：指在其他货物和服务类别中未包括的政府和国际组织提供和购买的各项货物和服务。贷方记录我国居民向非居民提供的别处未涵盖的货物和服务。借方记录我国居民向非居民购买的别处未涵盖的货物和服务。 2026-07-31/safe/2026/0731/27742.html
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见附件。 各种货币对美元折算率（2026年7月31日） 2026-07-31/beijing/2026/0731/2787.html
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2026年7月30日，中国人民银行副行长、国家外汇管理局局长朱鹤新会见来访的全球基础设施合伙公司（GIP）董事长兼首席执行官柏优（Adebayo Ogunlesi）。双方就当前全球经济形势、国际金融市场发展等议题进行了交流。国家外汇管理局副局长李红燕陪同会见。 2026-07-31/safe/2026/0731/27753.html
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2026-07-31https://www.gov.cn/yaowen/liebiao/202607/content_7077129.htm
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2026-07-17https://www.gov.cn/yaowen/liebiao/202607/content_7075872.htm
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2026-07-31https://www.gov.cn/yaowen/liebiao/202607/content_7077148.htm
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Distinguished Vice Premier He Lifeng, Party Secretary Chen Jining former PBOC Governor Zhou Xiaochuan Mayor Gong Zheng, and dear guests, Good morning! It is a great pleasure to attend the Lujiazui Forum. The speech just delivered by Vice Premier He Lifeng provides important guidance for us in implementing the arrangements of the “15th Five-Year Plan” and in solidly advancing efforts to prevent risks, strengthen regulation, and promote high-quality development. We will earnestly study the guidelines and fully implement it. The “15th Five-Year Plan” proposes “enhancing capital account openness.” Capital account opening is an important component of the country’s high-standard opening-up. I would like to take this opportunity to share three observations regarding the new landscape of global capital flows and China’s capital account openness. I. Global capital flows have shown resilience amid volatility and divergence From a long-term perspective, as the international economic and financial landscape shifts, the pattern of global capital flows has continued to evolve. Since the 1980s, economic globalization and financial integration have deepened. The breadth and depth of cross-border capital flows have continued to expand. Despite multiple rounds of crises and adjustments during this period, openness and integration have remained the underlying theme of global capital flows. Since the beginning of 2020, the world has entered a period of turbulence and transformation, with increasing instability and uncertainty. In the face of a more complex economic and financial environment, more extensive geopolitical and economic-trade adjustments, and more profound industrial and technological changes, global capital flows have displayed new characteristics of “volatility, divergence, and resilience.” The first characteristic is greater volatility in capital flows. The pandemic shocks, geopolitical conflicts, and economic-trade frictions have intertwined and compounded one another. Global inflation and interest rates have shifted from the prolonged low levels to elevated levels with ongoing adjustments. Global financial conditions are changing rapidly, leading to greater volatility in international financial markets and more pronounced pro-cyclical fluctuations in capital flows. Changes in the financial structure have further amplified this volatility. Cross-border capital is increasingly being allocated through channels such as bonds, equities, and funds. Compared with traditional channels like direct investment and bank lending, shifts in risk appetite and expectations now transmit more quickly across markets and economies. The second key characteristic is the deepening divergence in the structure of capital flows. As a new wave of technological revolution and industrial transformation gains momentum, global capital is increasingly concentrating in future-oriented industries such as artificial intelligence (AI), semiconductors, biomanufacturing, and the energy transition. Meanwhile, some traditional industries, low-growth sectors, and highly-valued assets are facing mounting repricing pressures. Divergence across countries, industries, and assets has become more pronounced. Looking ahead, the accelerating translation of new technologies into productivity gains, business model innovation, and industrial applications, coupled with the long-term impact of innovation achievements on economic growth and income distribution, will profoundly shape the future direction of global capital allocation. The third key characteristic is the notable resilience of capital flows. Despite multiple challenges, the foundations of global openness and cooperation remain solid, while the underlying incentives for cross-border resource allocation by all types of entities continue to be strong. Global foreign direct investment (FDI) reached USD1.6 trillion in 2025, recovering to its 2019 level. Cross-border securities investment also remained buoyant. In 2025, net cross-border securities inflows received by countries worldwide exceeded USD4 trillion, up 14 percent from the previous year and the highest level on record. The resilience of the global financial system has also continued to improve. Many emerging market economies, including China, have accumulated greater experience in macroeconomic regulation and macroprudential management, enhancing their capacity to withstand external shocks. II. China Brings Greater Certainty to Global Development China has consistently emphasized that the certainty of its own development is the best response to external uncertainties. We remain committed to comprehensive openness and cooperation. Through two-way cross-border capital flows, China efficiently connects its innovation ecosystem, industrial capabilities, and financial services with the global economy, enabling countries around the world to share in the benefits of development. On the one hand, global innovation capital is being deployed into China with growing momentum, shifting from sharing the cost and scale advantages of “Made in China” to jointly building the technology and industrial ecosystem of "Created in China”. In 2025, China's actual utilized foreign capital exceeded USD100 billion, with the high-tech industry accounting for about one-third. The growth rates of utilized foreign capital in the medical device and aerospace industries reached 42 percent and 23 percent, respectively. In the capital market, the “technology narrative” is also becoming increasingly clear. By the end of the first quarter of 2026, foreign investors held domestic stocks worth approximately USD600 billion, of which about USD90 billion was in the information technology sector. On the other hand, China is providing more patient capital to the world. Among the outward investments of domestic enterprises and institutions, direct investment, characterized by long investment horizons and strong operational attributes, accounts for a relatively high proportion, reaching 45 percent in 2025. China's outward investment stock has ranked among the global top three for nine consecutive years, spanning over 190 countries and regions, effectively driving the industrial development of host countries and supporting the resilience of global industrial and supply chains. In the two-way interaction between China and global capital flows, the RMB’s role as a financial link continues to expand. Cross-border RMB usage and capital account openness promote each other. The share of cross-border RMB receipts and payments under China's capital account has risen to about 60 percent. Relying on its good reputation, stable value, low financing costs, and increasingly refined payment and clearing network, RMB provides global entities with diverse currency options and risk diversification tools, and also creates more stable and predictable financial conditions for cross-border capital flows. III. Deepening the high-standard institutional opening-up of capital account In recent years, China's capital account opening-up policies have been continuously improved, effectively supporting the two-way growth and structural optimization of cross-border capital flows. By the end of 2025, domestic entities held USD8 trillion in external assets, the stock of foreign direct investment reached USD4 trillion, and foreign investors held over USD1 trillion in domestic stocks and bonds. Currently, the connotation and denotation of China’s capital account opening-up are further expanding. This is mainly reflected in taking institutional opening-up as the direction, driven by the real business and asset allocation needs of various entities, using cross-border RMB usage as an important vehicle, and supported by full-chain management services for cross-border capital flows. Looking ahead, to promote opening-up at a higher level and with higher quality, we will adhere to market-oriented, law-based, and internationalized principles, focusing on the following “four deepenings” to continuously enhance the level of capital account opening-up. First, deepening from channel-based opening-up to institutional opening-up. Capital account opening-up is, in essence, the opening-up of the rules and systems governing cross-border capital flows. Next, we will better align with high-standard international economic and trade rules, enhance the transparency and predictability of the opening-up arrangements, and maintain cross-cycle continuity and stability of policy. The financial market is a key area of institutional opening-up. We will further improve the openness of securities issuance market, promote the alignment of securities trading market rules with international standards, advance the integration of channels, optimize institutional arrangements, and unify rules to enhance the two-way opening-up of the financial market. Second, deepening the shift from facilitating specific business operations to facilitating market entities. The focus of capital account opening-up in serving the real economy lies in better meeting the increasingly diversified cross-border capital allocation needs of business entities. In recent years, we have deepened reforms to facilitate cross-border investment and financing, significantly reduced administrative approvals, and improved business processing efficiency. Next, we will further shift from “facilitating individual business operations” to “facilitating market entities”, and from “ex-ante approval” to “in-process monitoring and ex-post verification”. Entities with sound operations and good credit will be granted greater facilitation. Policies such as the reform of foreign exchange business operations in banks and the multinational corporation cash pooling scheme are vivid examples of this approach. To date, the reform has covered all major banks handling cross-border transactions, facilitating over USD1.3 trillion worth of business for our corporate clients. Meanwhile, the cash pooling policy has benefited more than 1,100 multinational corporations and 20,000 member enterprises, streamlining cross-border receipts and payments in excess of USD2.4 trillion. Third, we are moving from foreign exchange management toward greater synergy between onshore and offshore currencies. The internationalization of the RMB has added new dimensions to capital account convertibility. We must therefore ensure better coordination between RMB and foreign currency businesses, as well as between onshore and offshore markets. In recent years, we have made notable progress in aligning cross-border policies for both domestic and foreign currencies. The bank account settlement system now supports integrated operations in RMB and foreign currencies. Most cross-border investment and financing activities are governed by a single set of rules or a unified document framework, and can be handled through a “one-stop” service at the SAFE or at commercial banks. Going forward, we will strengthen policy coherence between foreign exchange administration and RMB cross-border regulations, support the development of the offshore RMB market, enrich RMB-denominated investment and hedging products, and provide a stable institutional foundation for the further internationalization of our currency. Fourth, we are expanding our management and services from currency conversion to the entire chain of cross-border capital flows. Cross-border capital flows involve multiple links, including currency conversion, underlying transactions, payment, settlement, risk hedging, and exit arrangements. In the next phase, it is imperative that we broaden the perspective of capital account opening from the conversion stage to the entire chain of cross-border capital flows. By introducing more systematic opening-up policies, strengthening our risk prevention framework, and improving overall governance, we aim to advance openness and cooperation on the premise of safeguarding bottom-line security. The foreign exchange market plays a critical role in risk hedging and liquidity management. In recent years, trading volume in China’s foreign exchange market has repeatedly hit record highs. Looking ahead, we will encourage greater foreign participation, support innovation in RMB foreign exchange derivatives, improve services for corporate exchange rate risk management, and enhance both the vitality and resilience of the market. In sum, capital account convertibility is a systemic undertaking that involves multiple objectives, interdependent links, and various constraints. It requires coordinated efforts from all parties, pooled wisdom, and a balanced approach to development and security, with systematic planning and phased implementation. In the near term, we will act on Vice Premier He’s directives and take more concrete steps to facilitate cross-border investment and financing. First, building on the nine facilitation measures introduced last year, we will roll out a new package of incremental policies to create synergies between existing and new instruments. Second, we will comprehensively reform the policy framework for cross-border FDI to better serve global enterprises seeking to invest and operate in China. Third, we will provide stronger support for domestic entities in their global resource allocation. Following this year’s optimization of rules for overseas listings and lending by domestic firms, we will proactively address market demands by further simplifying the administrative requirements for outward direct investment (ODI) and external debt, refining policies on foreign currency loans and cross-border equity incentives, and granting investment quotas to a new batch of qualified domestic institutional investors (QDII). Shanghai serves as both a forerunner and a testing ground for high-level financial opening-up. This year, the pilot program for high-level trade opening-up in Shanghai has already accounted for one quarter of the city’s current account foreign exchange receipts and payments. The corporate foreign exchange hedging ratio in Shanghai has risen to 38 percent. Policy dividends continue to be unleashed in areas like easier external debt access for tech-innovative firms, green bond frameworks, and cross-border financial service platforms. The reform of foreign exchange business operations in banks has cumulatively facilitated over USD200 billion worth of transactions for enterprises in Shanghai. In the next stage, we will follow Vice Premier He’s guidance by supporting Shanghai in piloting more flexible foreign exchange settlement in trade, implementing pilot schemes to facilitate overseas investment using cross-border reinsurance income, and expanding the application of centralized cash pooling and management for multinationals. These efforts are designed to enhance the effectiveness of institutional innovation and provide stronger support for developing Shanghai as an international financial center. Ladies and gentlemen, dear friends, In a world full of uncertainties, openness and cooperation remain the most important anchor of certainty. We will stay committed to high-level opening-up and build a foreign exchange system that is more convenient, more open, safer, and smarter—to better serve China’s high-quality development and to help sustain the steady growth of an open world economy. To conclude, I wish this forum a great success. Thank you! 2026-06-17/en/2026/0617/2439.html
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Distinguished Vice Premier He Lifeng, Party Secretary Chen Jining former PBOC Governor Zhou Xiaochuan Mayor Gong Zheng, and dear guests, Good morning! It is a great pleasure to attend the Lujiazui Forum. The speech just delivered by Vice Premier He Lifeng provides important guidance for us in implementing the arrangements of the “15th Five-Year Plan” and in solidly advancing efforts to prevent risks, strengthen regulation, and promote high-quality development. We will earnestly study the guidelines and fully implement it. The “15th Five-Year Plan” proposes “enhancing capital account openness.” Capital account opening is an important component of the country’s high-standard opening-up. I would like to take this opportunity to share three observations regarding the new landscape of global capital flows and China’s capital account openness. I. Global capital flows have shown resilience amid volatility and divergence From a long-term perspective, as the international economic and financial landscape shifts, the pattern of global capital flows has continued to evolve. Since the 1980s, economic globalization and financial integration have deepened. The breadth and depth of cross-border capital flows have continued to expand. Despite multiple rounds of crises and adjustments during this period, openness and integration have remained the underlying theme of global capital flows. Since the beginning of 2020, the world has entered a period of turbulence and transformation, with increasing instability and uncertainty. In the face of a more complex economic and financial environment, more extensive geopolitical and economic-trade adjustments, and more profound industrial and technological changes, global capital flows have displayed new characteristics of “volatility, divergence, and resilience.” The first characteristic is greater volatility in capital flows. The pandemic shocks, geopolitical conflicts, and economic-trade frictions have intertwined and compounded one another. Global inflation and interest rates have shifted from the prolonged low levels to elevated levels with ongoing adjustments. Global financial conditions are changing rapidly, leading to greater volatility in international financial markets and more pronounced pro-cyclical fluctuations in capital flows. Changes in the financial structure have further amplified this volatility. Cross-border capital is increasingly being allocated through channels such as bonds, equities, and funds. Compared with traditional channels like direct investment and bank lending, shifts in risk appetite and expectations now transmit more quickly across markets and economies. The second key characteristic is the deepening divergence in the structure of capital flows. As a new wave of technological revolution and industrial transformation gains momentum, global capital is increasingly concentrating in future-oriented industries such as artificial intelligence (AI), semiconductors, biomanufacturing, and the energy transition. Meanwhile, some traditional industries, low-growth sectors, and highly-valued assets are facing mounting repricing pressures. Divergence across countries, industries, and assets has become more pronounced. Looking ahead, the accelerating translation of new technologies into productivity gains, business model innovation, and industrial applications, coupled with the long-term impact of innovation achievements on economic growth and income distribution, will profoundly shape the future direction of global capital allocation. The third key characteristic is the notable resilience of capital flows. Despite multiple challenges, the foundations of global openness and cooperation remain solid, while the underlying incentives for cross-border resource allocation by all types of entities continue to be strong. Global foreign direct investment (FDI) reached USD1.6 trillion in 2025, recovering to its 2019 level. Cross-border securities investment also remained buoyant. In 2025, net cross-border securities inflows received by countries worldwide exceeded USD4 trillion, up 14 percent from the previous year and the highest level on record. The resilience of the global financial system has also continued to improve. Many emerging market economies, including China, have accumulated greater experience in macroeconomic regulation and macroprudential management, enhancing their capacity to withstand external shocks. II. China Brings Greater Certainty to Global Development China has consistently emphasized that the certainty of its own development is the best response to external uncertainties. We remain committed to comprehensive openness and cooperation. Through two-way cross-border capital flows, China efficiently connects its innovation ecosystem, industrial capabilities, and financial services with the global economy, enabling countries around the world to share in the benefits of development. On the one hand, global innovation capital is being deployed into China with growing momentum, shifting from sharing the cost and scale advantages of “Made in China” to jointly building the technology and industrial ecosystem of "Created in China”. In 2025, China's actual utilized foreign capital exceeded USD100 billion, with the high-tech industry accounting for about one-third. The growth rates of utilized foreign capital in the medical device and aerospace industries reached 42 percent and 23 percent, respectively. In the capital market, the “technology narrative” is also becoming increasingly clear. By the end of the first quarter of 2026, foreign investors held domestic stocks worth approximately USD600 billion, of which about USD90 billion was in the information technology sector. On the other hand, China is providing more patient capital to the world. Among the outward investments of domestic enterprises and institutions, direct investment, characterized by long investment horizons and strong operational attributes, accounts for a relatively high proportion, reaching 45 percent in 2025. China's outward investment stock has ranked among the global top three for nine consecutive years, spanning over 190 countries and regions, effectively driving the industrial development of host countries and supporting the resilience of global industrial and supply chains. In the two-way interaction between China and global capital flows, the RMB’s role as a financial link continues to expand. Cross-border RMB usage and capital account openness promote each other. The share of cross-border RMB receipts and payments under China's capital account has risen to about 60 percent. Relying on its good reputation, stable value, low financing costs, and increasingly refined payment and clearing network, RMB provides global entities with diverse currency options and risk diversification tools, and also creates more stable and predictable financial conditions for cross-border capital flows. III. Deepening the high-standard institutional opening-up of capital account In recent years, China's capital account opening-up policies have been continuously improved, effectively supporting the two-way growth and structural optimization of cross-border capital flows. By the end of 2025, domestic entities held USD8 trillion in external assets, the stock of foreign direct investment reached USD4 trillion, and foreign investors held over USD1 trillion in domestic stocks and bonds. Currently, the connotation and denotation of China’s capital account opening-up are further expanding. This is mainly reflected in taking institutional opening-up as the direction, driven by the real business and asset allocation needs of various entities, using cross-border RMB usage as an important vehicle, and supported by full-chain management services for cross-border capital flows. Looking ahead, to promote opening-up at a higher level and with higher quality, we will adhere to market-oriented, law-based, and internationalized principles, focusing on the following “four deepenings” to continuously enhance the level of capital account opening-up. First, deepening from channel-based opening-up to institutional opening-up. Capital account opening-up is, in essence, the opening-up of the rules and systems governing cross-border capital flows. Next, we will better align with high-standard international economic and trade rules, enhance the transparency and predictability of the opening-up arrangements, and maintain cross-cycle continuity and stability of policy. The financial market is a key area of institutional opening-up. We will further improve the openness of securities issuance market, promote the alignment of securities trading market rules with international standards, advance the integration of channels, optimize institutional arrangements, and unify rules to enhance the two-way opening-up of the financial market. Second, deepening the shift from facilitating specific business operations to facilitating market entities. The focus of capital account opening-up in serving the real economy lies in better meeting the increasingly diversified cross-border capital allocation needs of business entities. In recent years, we have deepened reforms to facilitate cross-border investment and financing, significantly reduced administrative approvals, and improved business processing efficiency. Next, we will further shift from “facilitating individual business operations” to “facilitating market entities”, and from “ex-ante approval” to “in-process monitoring and ex-post verification”. Entities with sound operations and good credit will be granted greater facilitation. Policies such as the reform of foreign exchange business operations in banks and the multinational corporation cash pooling scheme are vivid examples of this approach. To date, the reform has covered all major banks handling cross-border transactions, facilitating over USD1.3 trillion worth of business for our corporate clients. Meanwhile, the cash pooling policy has benefited more than 1,100 multinational corporations and 20,000 member enterprises, streamlining cross-border receipts and payments in excess of USD2.4 trillion. Third, we are moving from foreign exchange management toward greater synergy between onshore and offshore currencies. The internationalization of the RMB has added new dimensions to capital account convertibility. We must therefore ensure better coordination between RMB and foreign currency businesses, as well as between onshore and offshore markets. In recent years, we have made notable progress in aligning cross-border policies for both domestic and foreign currencies. The bank account settlement system now supports integrated operations in RMB and foreign currencies. Most cross-border investment and financing activities are governed by a single set of rules or a unified document framework, and can be handled through a “one-stop” service at the SAFE or at commercial banks. Going forward, we will strengthen policy coherence between foreign exchange administration and RMB cross-border regulations, support the development of the offshore RMB market, enrich RMB-denominated investment and hedging products, and provide a stable institutional foundation for the further internationalization of our currency. Fourth, we are expanding our management and services from currency conversion to the entire chain of cross-border capital flows. Cross-border capital flows involve multiple links, including currency conversion, underlying transactions, payment, settlement, risk hedging, and exit arrangements. In the next phase, it is imperative that we broaden the perspective of capital account opening from the conversion stage to the entire chain of cross-border capital flows. By introducing more systematic opening-up policies, strengthening our risk prevention framework, and improving overall governance, we aim to advance openness and cooperation on the premise of safeguarding bottom-line security. The foreign exchange market plays a critical role in risk hedging and liquidity management. In recent years, trading volume in China’s foreign exchange market has repeatedly hit record highs. Looking ahead, we will encourage greater foreign participation, support innovation in RMB foreign exchange derivatives, improve services for corporate exchange rate risk management, and enhance both the vitality and resilience of the market. In sum, capital account convertibility is a systemic undertaking that involves multiple objectives, interdependent links, and various constraints. It requires coordinated efforts from all parties, pooled wisdom, and a balanced approach to development and security, with systematic planning and phased implementation. In the near term, we will act on Vice Premier He’s directives and take more concrete steps to facilitate cross-border investment and financing. First, building on the nine facilitation measures introduced last year, we will roll out a new package of incremental policies to create synergies between existing and new instruments. Second, we will comprehensively reform the policy framework for cross-border FDI to better serve global enterprises seeking to invest and operate in China. Third, we will provide stronger support for domestic entities in their global resource allocation. Following this year’s optimization of rules for overseas listings and lending by domestic firms, we will proactively address market demands by further simplifying the administrative requirements for outward direct investment (ODI) and external debt, refining policies on foreign currency loans and cross-border equity incentives, and granting investment quotas to a new batch of qualified domestic institutional investors (QDII). Shanghai serves as both a forerunner and a testing ground for high-level financial opening-up. This year, the pilot program for high-level trade opening-up in Shanghai has already accounted for one quarter of the city’s current account foreign exchange receipts and payments. The corporate foreign exchange hedging ratio in Shanghai has risen to 38 percent. Policy dividends continue to be unleashed in areas like easier external debt access for tech-innovative firms, green bond frameworks, and cross-border financial service platforms. The reform of foreign exchange business operations in banks has cumulatively facilitated over USD200 billion worth of transactions for enterprises in Shanghai. In the next stage, we will follow Vice Premier He’s guidance by supporting Shanghai in piloting more flexible foreign exchange settlement in trade, implementing pilot schemes to facilitate overseas investment using cross-border reinsurance income, and expanding the application of centralized cash pooling and management for multinationals. These efforts are designed to enhance the effectiveness of institutional innovation and provide stronger support for developing Shanghai as an international financial center. Ladies and gentlemen, dear friends, In a world full of uncertainties, openness and cooperation remain the most important anchor of certainty. We will stay committed to high-level opening-up and build a foreign exchange system that is more convenient, more open, safer, and smarter—to better serve China’s high-quality development and to help sustain the steady growth of an open world economy. To conclude, I wish this forum a great success. Thank you! 2026-06-17/en/2026/0617/2440.html