SAFE Releases Preliminary Data of the Balance of Payments for the Second Quarter and the First Half of 2023
In the second quarter of 2023, China's current account registered a surplus of RMB 455.4 billion, including a surplus of RMB 1146.5 billion under trade in goods, a deficit of RMB 385.7 billion under trade in services, a deficit of RMB 327.3 billion under primary income, and a surplus of RMB 21.9 billion under secondary income. In the capital and financial accounts, direct investment assets increased by RMB 274.1 billion and liabilities increased by RMB 33.2 billion, reserve assets increased by RMB 113.9 billion.
In the first half of 2023, China's current account registered a surplus of RMB 1012.9 billion, including a surplus of RMB 2035.6 billion under trade in goods, a deficit of RMB 708.4 billion under trade in services, a deficit of RMB 373.0 billion under primary income, and a surplus of RMB 58.9 billion under secondary income. In the capital and financial accounts, direct investment assets increased by RMB 615.6 billion and liabilities increased by RMB 174.0 billion, reserve assets increased by RMB 288.0 billion.
In the US dollar terms, in the second quarter of 2023, China's current account recorded a surplus of USD 65.3 billion, including a surplus of USD 163.3 billion under trade in goods, a deficit of USD 55.0 billion under trade in services, a deficit of USD 46.2 billion under primary income, and a surplus of USD 3.1 billion under secondary income. In the capital and financial accounts, direct investment assets increased by USD 39.0 billion and liabilities increased by USD 4.9 billion, reserve assets increased by USD 16.3 billion.
In the US dollar terms, in the first half of 2023, China's current account recorded a surplus of USD 146.8 billion, including a surplus of USD 293.3 billion under trade in goods, a deficit of USD 102.1 billion under trade in services, a deficit of USD 52.8 billion under primary income, and a surplus of USD 8.5 billion under secondary income. In the capital and financial accounts, direct investment assets increased by USD 88.9 billion and liabilities increased by USD 25.4 billion, reserve assets increased by USD 41.7 billion.
In SDR terms, in the second quarter of 2023, China posted a surplus of SDR 48.6 billion under the current account, including a surplus of SDR 121.8 billion under trade in goods, a deficit of SDR 41.0 billion under trade in services. In the capital and financial accounts, direct investment assets increased by SDR 29.1 billion and liabilities increased by SDR 3.6 billion, reserve assets increased by SDR 12.1 billion.
In SDR terms, in first half of 2023, China posted a surplus of SDR 109.4 billion under the current account, including a surplus of SDR 218.8 billion under trade in goods, a deficit of SDR 76.2 billion under trade in services. In the capital and financial accounts, direct investment assets increased by SDR 66.3 billion and liabilities increased by SDR 19.0 billion, reserve assets increased by SDR 31.1 billion.
China's Balance of Payments (Preliminary Data)
Unit: RMB 100 million
Item | Line No. | 2023 Q2 | 2023 H1 |
1. Current account | 1 | 4554 | 10129 |
Credit | 2 | 65948 | 126945 |
Debit | 3 | -61394 | -116815 |
1. A Goods and Services | 4 | 7609 | 13271 |
Credit | 5 | 60671 | 117054 |
Debit | 6 | -53063 | -103782 |
1.A.a Goods | 7 | 11465 | 20356 |
Credit | 8 | 55230 | 105811 |
Debit | 9 | -43764 | -85455 |
1.A.b Services | 10 | -3857 | -7084 |
Credit | 11 | 5442 | 11243 |
Debit | 12 | -9298 | -18327 |
1.A.b.1 Processing services | 13 | 208 | 407 |
Credit | 14 | 220 | 432 |
Debit | 15 | -13 | -26 |
1.A.b.2 Maintenance and Repair Services | 16 | 61 | 116 |
Credit | 17 | 164 | 304 |
Debit | 18 | -103 | -189 |
1.A.b.3 Transport | 19 | -1577 | -2883 |
Credit | 20 | 1481 | 3007 |
Debit | 21 | -3058 | -5891 |
1.A.b.4 Travel | 22 | -2657 | -5629 |
Credit | 23 | 244 | 436 |
Debit | 24 | -2902 | -6066 |
1.A.b.5 Construction | 25 | 152 | 275 |
Credit | 26 | 276 | 512 |
Debit | 27 | -124 | -236 |
1.A.b.6 Insurance and Pension Services | 28 | -284 | -216 |
Credit | 29 | 51 | 404 |
Debit | 30 | -335 | -620 |
1.A.b.7 Financial Services | 31 | 17 | 36 |
Credit | 32 | 84 | 164 |
Debit | 33 | -67 | -128 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -580 | -1038 |
Credit | 35 | 221 | 438 |
Debit | 36 | -801 | -1476 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 303 | 555 |
Credit | 38 | 1010 | 2033 |
Debit | 39 | -707 | -1478 |
1.A.b.10 Other Business Services | 40 | 587 | 1404 |
Credit | 41 | 1640 | 3410 |
Debit | 42 | -1053 | -2006 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -41 | -64 |
Credit | 44 | 24 | 47 |
Debit | 45 | -65 | -111 |
1.A.b.12 Government Goods and Services n.i.e | 46 | -45 | -47 |
Credit | 47 | 26 | 53 |
Debit | 48 | -71 | -100 |
1.B Primary Income | 49 | -3273 | -3730 |
Credit | 50 | 4645 | 8474 |
Debit | 51 | -7918 | -12205 |
1.C Secondary Income | 52 | 219 | 589 |
Credit | 53 | 632 | 1417 |
Debit | 54 | -413 | -828 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) | 55 | -4554 | -9776 |
2.1 Capital Account | 56 | -6 | -5 |
Credit | 57 | 2 | 8 |
Debit | 58 | -8 | -14 |
2.2. Financial Account (Including Net Errors and Omissions for the Quarter) | 59 | -4549 | -9771 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) | 60 | -3409 | -6891 |
Including: 2.2.1.1 Direct Investment | 61 | -2409 | -4416 |
2.2.1.1.1 Assets | 62 | -2741 | -6156 |
2.2.1.1.2 Liabilities | 63 | 332 | 1740 |
2.2.2 Reserve Assets | 64 | -1139 | -2880 |
2.2.2.1 Monetary gold | 65 | -201 | -441 |
2.2.2.2 Special drawing rights | 66 | 25 | -65 |
2.2.2.3 Reserve position in the IMF | 67 | 87 | 82 |
2.2.2.4 Foreign exchange reserves | 68 | -1049 | -2455 |
2.2.2.5 Other reserves | 69 | 0 | 0 |
3. Net Errors and Omissions | 70 | / | -354 |
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 here in 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.The preliminary amount for the first half of 2023 is the sum of the official amounts of the BOP for 2023Q1 and the preliminary amount for 2023Q2.
5.This table employs rounded-off numbers.
China's Balance of Payments (Preliminary Data)
Unit:USD100 million
Item | Line No. | 2023 Q2 | 2023 H1 |
1. Current account | 1 | 653 | 1468 |
Credit | 2 | 9400 | 18312 |
Debit | 3 | -8747 | -16844 |
1. A Goods and Services | 4 | 1084 | 1911 |
Credit | 5 | 8649 | 16887 |
Debit | 6 | -7565 | -14976 |
1.A.a Goods | 7 | 1633 | 2933 |
Credit | 8 | 7873 | 15264 |
Debit | 9 | -6240 | -12332 |
1.A.b Services | 10 | -550 | -1021 |
Credit | 11 | 776 | 1623 |
Debit | 12 | -1325 | -2644 |
1.A.b.1 Processing services | 13 | 30 | 59 |
Credit | 14 | 31 | 62 |
Debit | 15 | -2 | -4 |
1.A.b.2 Maintenance and Repair Services | 16 | 9 | 17 |
Credit | 17 | 23 | 44 |
Debit | 18 | -15 | -27 |
1.A.b.3 Transport | 19 | -225 | -416 |
Credit | 20 | 211 | 434 |
Debit | 21 | -436 | -850 |
1.A.b.4 Travel | 22 | -379 | -814 |
Credit | 23 | 35 | 63 |
Debit | 24 | -414 | -876 |
1.A.b.5 Construction | 25 | 22 | 40 |
Credit | 26 | 39 | 74 |
Debit | 27 | -18 | -34 |
1.A.b.6 Insurance and Pension Services | 28 | -40 | -30 |
Credit | 29 | 7 | 59 |
Debit | 30 | -47 | -89 |
1.A.b.7 Financial Services | 31 | 2 | 5 |
Credit | 32 | 12 | 24 |
Debit | 33 | -10 | -18 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -83 | -149 |
Credit | 35 | 32 | 63 |
Debit | 36 | -114 | -213 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 43 | 80 |
Credit | 38 | 144 | 293 |
Debit | 39 | -101 | -213 |
1.A.b.10 Other Business Services | 40 | 84 | 203 |
Credit | 41 | 234 | 493 |
Debit | 42 | -150 | -289 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -6 | -9 |
Credit | 44 | 3 | 7 |
Debit | 45 | -9 | -16 |
1.A.b.12 Government Goods and Services n.i.e | 46 | -6 | -7 |
Credit | 47 | 4 | 8 |
Debit | 48 | -10 | -14 |
1.B Primary Income | 49 | -462 | -528 |
Credit | 50 | 661 | 1221 |
Debit | 51 | -1123 | -1749 |
1.C Secondary Income | 52 | 31 | 85 |
Credit | 53 | 90 | 204 |
Debit | 54 | -59 | -119 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) | 55 | -653 | -1416 |
2.1 Capital Account | 56 | -1 | -1 |
Credit | 57 | 0 | 1 |
Debit | 58 | -1 | -2 |
2.2. Financial Account (Including Net Errors and Omissions for the Quarter) | 59 | -652 | -1415 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) | 60 | -490 | -998 |
Including: 2.2.1.1 Direct Investment | 61 | -341 | -635 |
2.2.1.1.1 Assets | 62 | -390 | -889 |
2.2.1.1.2 Liabilities | 63 | 49 | 254 |
2.2.2 Reserve Assets | 64 | -163 | -417 |
2.2.2.1 Monetary gold | 65 | -29 | -64 |
2.2.2.2 Special drawing rights | 66 | 4 | -10 |
2.2.2.3 Reserve position in the IMF | 67 | 12 | 11 |
2.2.2.4 Foreign exchange reserves | 68 | -150 | -356 |
2.2.2.5 Other reserves | 69 | 0 | 0 |
3. Net Errors and Omissions | 70 | / | -52 |
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 here in refer tobalances, unless marked with "Credit" or "Debit".
3. The preliminary amount for the first half of 2023is the sum of the official amounts of the BOP for 2023Q1 and the preliminary amount for 2023Q2.
4.This table employs rounded-off numbers.
China's Balance of Payments (Preliminary Data)
Unit: SDR 100 million
Item | Line No. | 2023 Q2 | 2023 H1 |
1. Current account | 1 | 486 | 1094 |
Credit | 2 | 7009 | 13662 |
Debit | 3 | -6523 | -12567 |
1. A Goods and Services | 4 | 808 | 1426 |
Credit | 5 | 6449 | 12599 |
Debit | 6 | -5640 | -11173 |
1.A.a Goods | 7 | 1218 | 2188 |
Credit | 8 | 5870 | 11388 |
Debit | 9 | -4652 | -9200 |
1.A.b Services | 10 | -410 | -762 |
Credit | 11 | 578 | 1211 |
Debit | 12 | -988 | -1973 |
1.A.b.1 Processing services | 13 | 22 | 44 |
Credit | 14 | 23 | 47 |
Debit | 15 | -1 | -3 |
1.A.b.2 Maintenance and Repair Services | 16 | 7 | 12 |
Credit | 17 | 17 | 33 |
Debit | 18 | -11 | -20 |
1.A.b.3 Transport | 19 | -168 | -310 |
Credit | 20 | 157 | 324 |
Debit | 21 | -325 | -634 |
1.A.b.4 Travel | 22 | -283 | -607 |
Credit | 23 | 26 | 47 |
Debit | 24 | -309 | -654 |
1.A.b.5 Construction | 25 | 16 | 30 |
Credit | 26 | 29 | 55 |
Debit | 27 | -13 | -25 |
1.A.b.6 Insurance and Pension Services | 28 | -30 | -23 |
Credit | 29 | 5 | 44 |
Debit | 30 | -35 | -66 |
1.A.b.7 Financial Services | 31 | 2 | 4 |
Credit | 32 | 9 | 18 |
Debit | 33 | -7 | -14 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -62 | -112 |
Credit | 35 | 24 | 47 |
Debit | 36 | -85 | -159 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 32 | 60 |
Credit | 38 | 107 | 219 |
Debit | 39 | -75 | -159 |
1.A.b.10 Other Business Services | 40 | 62 | 152 |
Credit | 41 | 174 | 367 |
Debit | 42 | -112 | -216 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -4 | -7 |
Credit | 44 | 3 | 5 |
Debit | 45 | -7 | -12 |
1.A.b.12 Government Goods and Services n.i.e | 46 | -5 | -5 |
Credit | 47 | 3 | 6 |
Debit | 48 | -7 | -11 |
1.B Primary Income | 49 | -345 | -395 |
Credit | 50 | 493 | 911 |
Debit | 51 | -839 | -1306 |
1.C Secondary Income | 52 | 23 | 63 |
Credit | 53 | 67 | 153 |
Debit | 54 | -44 | -89 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) | 55 | -486 | -1056 |
2.1 Capital Account | 56 | -1 | -1 |
Credit | 57 | 0 | 1 |
Debit | 58 | -1 | -1 |
2.2. Financial Account (Including Net Errors and Omissions for the Quarter) | 59 | -485 | -1055 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) | 60 | -364 | -744 |
Including: 2.2.1.1 Direct Investment | 61 | -255 | -474 |
2.2.1.1.1 Assets | 62 | -291 | -663 |
2.2.1.1.2 Liabilities | 63 | 36 | 190 |
2.2.2 Reserve Assets | 64 | -121 | -311 |
2.2.2.1 Monetary gold | 65 | -21 | -47 |
2.2.2.2 Special drawing rights | 66 | 3 | -7 |
2.2.2.3 Reserve position in the IMF | 67 | 9 | 9 |
2.2.2.4 Foreign exchange reserves | 68 | -112 | -265 |
2.2.2.5 Other reserves | 69 | 0 | 0 |
3. Net Errors and Omissions | 70 | / | -39 |
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 here in 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. The preliminary amount for the first half of 2023is the sum of the official amounts of the BOP for 2023Q1 and the preliminary amount for 2023Q2.
5. This table employs rounded-off numbers.
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