Original title: China’s current account surplus in the first three quarters was US$196.3 billion and the balance of payments remained basically balanced. Source: Chinanews.com
China News Service, Beijing, December 31 (Reporter Xia Bin) China’s State Administration of Foreign Exchange (hereinafter referred to as the “Foreign Exchange Administration”) released data on the 31st, showing that in the first three quarters of this year, China’s current account surplus was US$196.3 billion, of which trade in goods The surplus was 374.2 billion U.S. dollars, the service trade deficit was 82.5 billion U.S. dollars; the capital and financial account deficit was 104.4 billion U.S. dollars.
Wang Chunying, deputy director of the State Administration of Foreign Exchange and spokesman, said that in the first three quarters, China’s balance of payments remained basically balanced. Among them, the ratio of current account surplus to GDP is 1.5%, which continues to be within a reasonable equilibrium range; cross-border two-way investment remains active.
Wang Chunying pointed out that in the first three quarters, the surplus in goods trade in terms of balance of payments increased by 15% year-on-year, mainly due to the continuous recovery of China’s economy and the increase in international demand, which led to both year-on-year growth in imports and exports. The trade deficit in services was US$82.5 billion, a year-on-year decrease of 29%, mainly due to the repeated global epidemics, which continued to curb the flow of cross-border personnel, and the travel deficit narrowed by 20% year-on-year; the growth rate of transportation service revenue was faster than expenditure, and the transportation deficit narrowed year-on-year 41 %.
She also mentioned that in the first three quarters, China’s foreign direct investment remained stable at US$85.4 billion; foreign direct investment in China was US$249.5 billion, reflecting the confidence of foreign investors in China’s economic development prospects and investment in China. Under the securities investment, China’s foreign investment of US$99.2 billion and the absorption of US$143.7 billion in investment in China reflect the smooth flow of two-way opening of China’s capital market and effectively meet the asset allocation needs of domestic and foreign investors.
In addition, China’s foreign investment of US$313.4 billion under deposits and loans and other investments, and US$143 billion of investment in China, were both high levels in the same period in history.
“On the whole, the current external environment is becoming more complex and severe. However, China is coordinating and promoting epidemic prevention and control and economic and social development. The domestic economy is resilient and the long-term positive fundamentals have not changed. This will help China’s balance of payments maintain overall stability and Basically balanced pattern.” Wang Chunying said. (Finish)
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