SAFE Releases Preliminary Data of the Balance of Payments for the First Quarter of 2023
In the first quarter of 2023, China's current account registered a surplus of RMB 560.5 billion,including a surplus of RMB 889.0 billion under trade in goods, a deficit of RMB 321.8 billion under trade in services, a deficit of RMB 43.5billion under primary income and a surplus of RMB 36.9 billion under secondary income.In the capital and financial accounts,foreign direct investment recorded a deficit of RMB 206.1 billion, reserve assets increased by RMB 174.0 billion.
In the US dollar terms, in the first quarter of 2023, China's current account registered a surplus of USD 82.0 billion,including a surplus of USD 129.9 billion under trade in goods, a deficit of USD 47.0 billion under trade in services, a deficit of USD 6.3billion under primary income and a surplus of USD 5.4 billion under secondary income.In the capital and financial accounts, foreign direct investment recorded a deficit of USD 30.2 billion, reserve assets increased by USD 25.5 billion.
In SDR terms, in thefirstquarterof 2023, China's current account registered asurplusof SDR 61.2billion,including a surplus of SDR 97.0 billion under trade in goods, a deficit of SDR 35.1 billion under trade in services, a deficit of SDR 4.7 billion under primary income and a surplus of SDR 4.0 billion under secondary income.In the capital and financial accounts,foreign direct investment recorded a deficit of SDR 22.5 billion, reserve assets increased by SDR 19.0 billion.
China's Balance of Payments (Preliminary Data)
Unit: RMB 100 million
Item | Line No. | Q1 2023 |
1. Current account | 1 | 5605 |
Credit | 2 | 61017 |
Debit | 3 | -55411 |
1. A Goods and Services | 4 | 5672 |
Credit | 5 | 56393 |
Debit | 6 | -50721 |
1.A.a Goods | 7 | 8890 |
Credit | 8 | 50582 |
Debit | 9 | -41691 |
1.A.b Services | 10 | -3218 |
Credit | 11 | 5812 |
Debit | 12 | -9030 |
1.A.b.1 Processing services | 13 | 199 |
Credit | 14 | 212 |
Debit | 15 | -13 |
1.A.b.2 Maintenance and Repair Services | 16 | 55 |
Credit | 17 | 140 |
Debit | 18 | -85 |
1.A.b.3 Transport | 19 | -1300 |
Credit | 20 | 1526 |
Debit | 21 | -2826 |
1.A.b.4 Travel | 22 | -2969 |
Credit | 23 | 203 |
Debit | 24 | -3173 |
1.A.b.5 Construction | 25 | 123 |
Credit | 26 | 235 |
Debit | 27 | -112 |
1.A.b.6 Insurance and Pension Services | 28 | 68 |
Credit | 29 | 353 |
Debit | 30 | -285 |
1.A.b.7 Financial Services | 31 | 19 |
Credit | 32 | 80 |
Debit | 33 | -61 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -458 |
Credit | 35 | 217 |
Debit | 36 | -675 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 253 |
Credit | 38 | 1023 |
Debit | 39 | -771 |
1.A.b.10 Other Business Services | 40 | 817 |
Credit | 41 | 1770 |
Debit | 42 | -954 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -23 |
Credit | 44 | 23 |
Debit | 45 | -46 |
1.A.b.12 Government Goods and Services n.i.e | 46 | -2 |
Credit | 47 | 27 |
Debit | 48 | -30 |
1.B Primary Income | 49 | -435 |
Credit | 50 | 3838 |
Debit | 51 | -4273 |
1.C Secondary Income | 52 | 369 |
Credit | 53 | 786 |
Debit | 54 | -417 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) | 55 | -5605 |
2.1 Capital Account | 56 | 0 |
Credit | 57 | 6 |
Debit | 58 | -6 |
2.2. Financial Account (Including Net Errors and Omissions for the Quarter) | 59 | -5606 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) | 60 | -3865 |
Including: 2.2.1.1 Direct Investment | 61 | -2061 |
2.2.1.1.1 Assets | 62 | -3469 |
2.2.1.1.2 Liabilities | 63 | 1408 |
2.2.2 Reserve Assets | 64 | -1740 |
2.2.2.1 Monetary gold | 65 | -240 |
2.2.2.2 Special drawing rights | 66 | -90 |
2.2.2.3 Reserve position in the IMF | 67 | -5 |
2.2.2.4 Foreign exchange reserves | 68 | -1406 |
2.2.2.5 Other reserves | 69 | 0 |
3. Net Errors and Omissions | 70 | / |
Note: 1. The table is compiled according to BPM6.
2."Credit" is presented as positive value while "debit" as negative value, and thebalanceis the sum of the "Credit" and the "Debit". All items herein refer tobalances, unless marked with "Credit" or "Debit".
3. The RMB denominated BOPstatementis converted from the USD denominated BOPstatementfor the quarter using the period averagecentral parityrate of RMB 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.This table employs rounded-off numbers.
China's Balance of Payments (Preliminary Data)
Unit:USD100 million
Item | Line No. | Q1 2023 |
1. Current account | 1 | 820 |
Credit | 2 | 8916 |
Debit | 3 | -8096 |
1. A Goods and Services | 4 | 829 |
Credit | 5 | 8240 |
Debit | 6 | -7411 |
1.A.a Goods | 7 | 1299 |
Credit | 8 | 7392 |
Debit | 9 | -6092 |
1.A.b Services | 10 | -470 |
Credit | 11 | 849 |
Debit | 12 | -1319 |
1.A.b.1 Processing services | 13 | 29 |
Credit | 14 | 31 |
Debit | 15 | -2 |
1.A.b.2 Maintenance and Repair Services | 16 | 8 |
Credit | 17 | 20 |
Debit | 18 | -12 |
1.A.b.3 Transport | 19 | -190 |
Credit | 20 | 223 |
Debit | 21 | -413 |
1.A.b.4 Travel | 22 | -434 |
Credit | 23 | 30 |
Debit | 24 | -464 |
1.A.b.5 Construction | 25 | 18 |
Credit | 26 | 34 |
Debit | 27 | -16 |
1.A.b.6 Insurance and Pension Services | 28 | 10 |
Credit | 29 | 51 |
Debit | 30 | -42 |
1.A.b.7 Financial Services | 31 | 3 |
Credit | 32 | 12 |
Debit | 33 | -9 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -67 |
Credit | 35 | 32 |
Debit | 36 | -99 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 37 |
Credit | 38 | 149 |
Debit | 39 | -113 |
1.A.b.10 Other Business Services | 40 | 120 |
Credit | 41 | 259 |
Debit | 42 | -139 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -3 |
Credit | 44 | 3 |
Debit | 45 | -7 |
1.A.b.12 Government Goods and Services n.i.e | 46 | 0 |
Credit | 47 | 4 |
Debit | 48 | -4 |
1.B Primary Income | 49 | -63 |
Credit | 50 | 561 |
Debit | 51 | -624 |
1.C Secondary Income | 52 | 54 |
Credit | 53 | 114 |
Debit | 54 | -61 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) | 55 | -820 |
2.1 Capital Account | 56 | 0 |
Credit | 57 | 1 |
Debit | 58 | -1 |
2.2. Financial Account (Including Net Errors and Omissions for the Quarter) | 59 | -820 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) | 60 | -565 |
Including: 2.2.1.1 Direct Investment | 61 | -302 |
2.2.1.1.1 Assets | 62 | -506 |
2.2.1.1.2 Liabilities | 63 | 205 |
2.2.2 Reserve Assets | 64 | -255 |
2.2.2.1 Monetary gold | 65 | -35 |
2.2.2.2 Special drawing rights | 66 | -13 |
2.2.2.3 Reserve position in the IMF | 67 | -1 |
2.2.2.4 Foreign exchange reserves | 68 | -206 |
2.2.2.5 Other reserves | 69 | 0 |
3. Net Errors and Omissions | 70 | / |
Note:1. The table is compiled according to BPM6.
2."Credit" is presented as positive value while "debit" as negative value, and thebalanceis the sum of the "Credit" and the "Debit". All items herein refer tobalances, unless marked with "Credit" or "Debit".
3.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.
4.This table employs rounded-off numbers.
China's Balance of Payments (Preliminary Data)
Unit: SDR 100 million
Item | Line No. | Q1 2023 |
1. Current account | 1 | 612 |
Credit | 2 | 6655 |
Debit | 3 | -6044 |
1. A Goods and Services | 4 | 619 |
Credit | 5 | 6151 |
Debit | 6 | -5532 |
1.A.a Goods | 7 | 970 |
Credit | 8 | 5517 |
Debit | 9 | -4548 |
1.A.b Services | 10 | -351 |
Credit | 11 | 634 |
Debit | 12 | -985 |
1.A.b.1 Processing services | 13 | 22 |
Credit | 14 | 23 |
Debit | 15 | -1 |
1.A.b.2 Maintenance and Repair Services | 16 | 6 |
Credit | 17 | 15 |
Debit | 18 | -9 |
1.A.b.3 Transport | 19 | -142 |
Credit | 20 | 167 |
Debit | 21 | -308 |
1.A.b.4 Travel | 22 | -324 |
Credit | 23 | 22 |
Debit | 24 | -346 |
1.A.b.5 Construction | 25 | 13 |
Credit | 26 | 26 |
Debit | 27 | -12 |
1.A.b.6 Insurance and Pension Services | 28 | 7 |
Credit | 29 | 38 |
Debit | 30 | -31 |
1.A.b.7 Financial Services | 31 | 2 |
Credit | 32 | 9 |
Debit | 33 | -7 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -50 |
Credit | 35 | 24 |
Debit | 36 | -74 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 28 |
Credit | 38 | 112 |
Debit | 39 | -84 |
1.A.b.10 Other Business Services | 40 | 89 |
Credit | 41 | 193 |
Debit | 42 | -104 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -2 |
Credit | 44 | 3 |
Debit | 45 | -5 |
1.A.b.12 Government Goods and Services n.i.e | 46 | 0 |
Credit | 47 | 3 |
Debit | 48 | -3 |
1.B Primary Income | 49 | -47 |
Credit | 50 | 419 |
Debit | 51 | -466 |
1.C Secondary Income | 52 | 40 |
Credit | 53 | 86 |
Debit | 54 | -45 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) | 55 | -612 |
2.1 Capital Account | 56 | 0 |
Credit | 57 | 1 |
Debit | 58 | -1 |
2.2. Financial Account (Including Net Errors and Omissions for the Quarter) | 59 | -612 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) | 60 | -422 |
Including: 2.2.1.1 Direct Investment | 61 | -225 |
2.2.1.1.1 Assets | 62 | -378 |
2.2.1.1.2 Liabilities | 63 | 153 |
2.2.2 Reserve Assets | 64 | -190 |
2.2.2.1 Monetary gold | 65 | -26 |
2.2.2.2 Special drawing rights | 66 | -10 |
2.2.2.3 Reserve position in the IMF | 67 | -1 |
2.2.2.4 Foreign exchange reserves | 68 | -153 |
2.2.2.5 Other reserves | 69 | 0 |
3. Net Errors and Omissions | 70 | / |
Notes:1. The table is compiled according to BPM6.
2."Credit" is presented as positive value while "debit" as negative value, and thebalanceis the sum of the "Credit" and the "Debit". All items herein refer tobalances, unless marked with "Credit" or "Debit".
3.The SDR denominated quarterly BOPstatementis converted from the USD denominated BOPstatementfor 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.This table employs rounded-off numbers.
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