Home » China’s Balance of Payments Shows Basic Balance in First Three Quarters of 2023

China’s Balance of Payments Shows Basic Balance in First Three Quarters of 2023

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China’s State Administration of Foreign Exchange has released preliminary data on China’s balance of payments for the third quarter and the first three quarters of the year. According to Wang Chunying, deputy director and spokesperson of the State Administration of Foreign Exchange, China’s international balance of payments maintained a basic balance during this period.

The data revealed that China’s current account surplus for the first three quarters of 2023 was US$208.9 billion, accounting for 1.6% of the gross domestic product (GDP) in the same period. This figure falls within a reasonable and balanced range, demonstrating that China’s international balance of payments remains stable.

In terms of goods trade, China recorded a surplus of US$454.2 billion for the first three quarters, which is a relatively high level compared to historical records for the same period. Export of goods trade reached US$2,336.5 billion, while imports stood at US$1,882.3 billion. China’s foreign trade has been operating smoothly throughout the year, with the scale of import and export expanding each quarter and contributing to the maintenance of a reasonable surplus in the current account.

Additionally, the service trade balance has shown steady recovery. Wang Chunying highlighted a service trade deficit of US$168.2 billion for the first three quarters, with travel and transportation as the main deficit items. The travel deficit amounted to US$130.3 billion, attributed to the gradual recovery of cross-border travel, although expenditures and income remain lower than pre-pandemic levels. The transportation deficit reached US$63.3 billion, mainly due to the shifting supply and demand structure in the international transportation market.

Despite the complex and challenging external environment, China’s economy continues to rebound and improve. Wang Chunying emphasized the steady progress of high-quality development and the accumulation of positive factors that support the basic balance of China’s international balance of payments.

See also  Foreign Exchange Bureau: As of the end of March, my country's full-scale external debt balance of US$2,710.2 billion foreign debt risks was generally controllable

Overall, the preliminary data released by China’s State Administration of Foreign Exchange highlights the resilience and stability of China’s international balance of payments for the third quarter and the first three quarters of 2023, indicating a positive trajectory for the country’s economic recovery.

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