SAFE Releases Preliminary Data of the Balance of Payments for the Third Quarter and First Three Quarters of 2023

2023-11-06 08:36:50 · SAFE

In the third quarter of 2023, China's current account registered a surplus of RMB 453.3 billion, including a surplus of RMB 1165.8 billion under trade in goods, a deficit of RMB 478.6 billion under trade in services, a deficit of RMB 250.7 billion under primary income, and a surplus of RMB 16.8 billion under secondary income. In the capital and financial accounts, direct investment assets increased by RMB 392.4 billion and liabilities decreased by RMB 84.7 billion, reserve assets decreased by RMB 273.8 billion.

In the first three quarters of 2023, China's current account registered a surplus of RMB 1461.8 billion, including a surplus of RMB 3201.2 billion under trade in goods, a deficit of RMB 1187.6 billion under trade in services, a deficit of RMB 627.5 billion under primary income, and a surplus of RMB 75.7 billion under secondary income. In the capital and financial accounts, direct investment assets increased by RMB 1007.6 billion and liabilities increased by RMB 102.3 billion, reserve assets increased by RMB 14.1 billion.

In the US dollar terms, in the third quarter of 2023, China's current account recorded a surplus of USD 62.6 billion, including a surplus of USD 160.9 billion under trade in goods, a deficit of USD 66.0 billion under trade in services, a deficit of USD 34.6 billion under primary income, and a surplus of USD 2.3 billion under secondary income. In the capital and financial accounts, direct investment assets increased by USD 54.0 billion and liabilities decreased by USD 11.8 billion, reserve assets decreased by USD 38.2 billion.

In the US dollar terms, in first three quarters of 2023, China's current account recorded a surplus of USD 208.9 billion, including a surplus of USD 454.2 billion under trade in goods, a deficit of USD 168.2 billion under trade in services, a deficit of USD 87.8 billion under primary income, and a surplus of USD 10.8 billion under secondary income. In the capital and financial accounts, direct investment assets increased by USD 142.9 billion and liabilities increased by USD 15.5 billion, reserve assets increased by USD 3.5 billion.

In SDR terms, in the third quarter of 2023, China posted a surplus of SDR 46.9 billion under the current account, including a surplus of SDR 120.8 billion under trade in goods, a deficit of SDR 49.6 billion under trade in services. In the capital and financial accounts, direct investment assets increased by SDR 40.7 billion and liabilities decreased by SDR 8.8 billion, reserve assets decreased by SDR 28.2 billion.

In SDR terms, in first three quarters of 2023, China posted a surplus of SDR 155.9 billion under the current account, including a surplus of SDR 339.5 billion under trade in goods, a deficit of SDR 125.8 billion under trade in services. In the capital and financial accounts, direct investment assets increased by SDR 107.0 billion and liabilities increased by SDR 11.6 billion, reserve assets increased by SDR 2.9 billion.

China's Balance of Payments (Preliminary Data)

Unit:RMB 100 million

Item	Line No.	2023Q3	2023First Three Quarters
1. Current account	1	4533	14618
Credit	2	69706	196630
Debit	3	-65173	-182012
1. A Goods and Services	4	6872	20136
Credit	5	64225	181279
Debit	6	-57354	-161143
1.A.a Goods	7	11658	32012
Credit	8	58708	164518
Debit	9	-47050	-132506
1.A.b Services	10	-4786	-11876
Credit	11	5517	16761
Debit	12	-10303	-28637
1.A.b.1 Processing services	13	215	622
Credit	14	232	665
Debit	15	-17	-43
1.A.b.2 Maintenance and Repair Services	16	94	210
Credit	17	201	506
Debit	18	-107	-296
1.A.b.3 Transport	19	-1569	-4460
Credit	20	1586	4592
Debit	21	-3154	-9052
1.A.b.4 Travel	22	-3545	-9175
Credit	23	269	705
Debit	24	-3813	-9880
1.A.b.5 Construction	25	50	325
Credit	26	221	732
Debit	27	-171	-408
1.A.b.6 Insurance and Pension Services	28	-269	-481
Credit	29	37	444
Debit	30	-306	-925
1.A.b.7 Financial Services	31	1	37
Credit	32	69	233
Debit	33	-68	-196
1.A.b.8 Charges for the Use of Intellectual Property	34	-626	-1663
Credit	35	167	605
Debit	36	-793	-2268
1.A.b.9 Telecommunications, Computer, and Information Services	37	375	922
Credit	38	1010	3044
Debit	39	-635	-2122
1.A.b.10 Other Business Services	40	602	2013
Credit	41	1679	5090
Debit	42	-1078	-3077
1.A.b.11 Personal, Cultural, and Recreational Services	43	-53	-116
Credit	44	23	71
Debit	45	-76	-186
1.A.b.12 Government Goods and Services n.i.e	46	-62	-109
Credit	47	22	75
Debit	48	-84	-185
1.B Primary Income	49	-2507	-6275
Credit	50	4929	13383
Debit	51	-7436	-19658
1.C Secondary Income	52	168	757
Credit	53	551	1968
Debit	54	-383	-1211
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter)	55	-4533	-13290
2.1 Capital Account	56	-10	-16
Credit	57	2	10
Debit	58	-12	-26
2.2. Financial Account (Including Net Errors and Omissions for the Quarter)	59	-4522	-13274
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter)	60	-7261	-13133
Including: 2.2.1.1 Direct Investment	61	-4771	-9052
2.2.1.1.1 Assets	62	-3924	-10076
2.2.1.1.2 Liabilities	63	-847	1023
2.2.2 Reserve Assets	64	2738	-141
2.2.2.1 Monetary gold	65	-350	-792
2.2.2.2 Special drawing rights	66	-16	-81
2.2.2.3 Reserve position in the IMF	67	7	89
2.2.2.4 Foreign exchange reserves	68	3097	642
2.2.2.5 Other reserves	69	0	0
3. Net Errors and Omissions	70	/	-1328

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.The preliminary amount for the first three quarters of 2023 is the sum of the official amounts of the BOP for 2023H1 and the preliminary amount for 2023Q3.

5.This table employs rounded-off numbers.

China's Balance of Payments (Preliminary Data)

Unit:USD100 million

Item	Line No.	2023Q3	2023First Three Quarters
1. Current account	1	626	2089
Credit	2	9619	27928
Debit	3	-8992	-25839
1. A Goods and Services	4	949	2859
Credit	5	8862	25750
Debit	6	-7913	-22890
1.A.a Goods	7	1609	4542
Credit	8	8101	23365
Debit	9	-6492	-18823
1.A.b Services	10	-660	-1682
Credit	11	762	2385
Debit	12	-1422	-4067
1.A.b.1 Processing services	13	30	88
Credit	14	32	94
Debit	15	-2	-6
1.A.b.2 Maintenance and Repair Services	16	13	30
Credit	17	28	72
Debit	18	-15	-42
1.A.b.3 Transport	19	-216	-633
Credit	20	219	653
Debit	21	-435	-1286
1.A.b.4 Travel	22	-489	-1303
Credit	23	37	100
Debit	24	-526	-1403
1.A.b.5 Construction	25	7	46
Credit	26	30	104
Debit	27	-24	-58
1.A.b.6 Insurance and Pension Services	28	-37	-67
Credit	29	5	64
Debit	30	-42	-131
1.A.b.7 Financial Services	31	0	5
Credit	32	10	33
Debit	33	-9	-28
1.A.b.8 Charges for the Use of Intellectual Property	34	-86	-236
Credit	35	23	86
Debit	36	-110	-322
1.A.b.9 Telecommunications, Computer, and Information Services	37	52	131
Credit	38	139	433
Debit	39	-88	-302
1.A.b.10 Other Business Services	40	83	288
Credit	41	232	725
Debit	42	-149	-437
1.A.b.11 Personal, Cultural, and Recreational Services	43	-7	-16
Credit	44	3	10
Debit	45	-11	-26
1.A.b.12 Government Goods and Services n.i.e	46	-9	-15
Credit	47	3	11
Debit	48	-12	-26
1.B Primary Income	49	-346	-878
Credit	50	680	1898
Debit	51	-1026	-2777
1.C Secondary Income	52	23	108
Credit	53	76	280
Debit	54	-53	-172
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter)	55	-626	-1894
2.1 Capital Account	56	-1	-2
Credit	57	0	1
Debit	58	-2	-4
2.2. Financial Account (Including Net Errors and Omissions for the Quarter)	59	-625	-1891
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter)	60	-1007	-1856
Including: 2.2.1.1 Direct Investment	61	-658	-1274
2.2.1.1.1 Assets	62	-540	-1429
2.2.1.1.2 Liabilities	63	-118	155
2.2.2 Reserve Assets	64	382	-35
2.2.2.1 Monetary gold	65	-48	-112
2.2.2.2 Special drawing rights	66	-2	-12
2.2.2.3 Reserve position in the IMF	67	1	13
2.2.2.4 Foreign exchange reserves	68	432	76
2.2.2.5 Other reserves	69	0	0
3. Net Errors and Omissions	70	/	-195

Note:1. The table is compiled according to BPM6.

2."Credit" is presented as positive value while "debit" asnegative value, and thebalanceis the sum of the "Credit" and the "Debit". All items herein refer tobalances, unless marked with "Credit" or "Debit".

3. The preliminary amount for the first three quarters of 2023is the sum of the official amounts of the BOP for 2023H1 and the preliminary amount for 2023Q3.

4.This table employs rounded-off numbers.

China's Balance of Payments (Preliminary Data)

Unit:SDR 100 million

Item	Line No.	2023Q3	2023First Three Quarters
1. Current account	1	469	1559
Credit	2	7222	20882
Debit	3	-6753	-19322
1. A Goods and Services	4	712	2137
Credit	5	6654	19253
Debit	6	-5942	-17116
1.A.a Goods	7	1208	3395
Credit	8	6083	17470
Debit	9	-4875	-14075
1.A.b Services	10	-496	-1258
Credit	11	572	1783
Debit	12	-1067	-3041
1.A.b.1 Processing services	13	22	66
Credit	14	24	71
Debit	15	-2	-5
1.A.b.2 Maintenance and Repair Services	16	10	22
Credit	17	21	54
Debit	18	-11	-31
1.A.b.3 Transport	19	-163	-473
Credit	20	164	488
Debit	21	-327	-962
1.A.b.4 Travel	22	-367	-974
Credit	23	28	75
Debit	24	-395	-1049
1.A.b.5 Construction	25	5	35
Credit	26	23	78
Debit	27	-18	-43
1.A.b.6 Insurance and Pension Services	28	-28	-50
Credit	29	4	48
Debit	30	-32	-98
1.A.b.7 Financial Services	31	0	4
Credit	32	7	25
Debit	33	-7	-21
1.A.b.8 Charges for the Use of Intellectual Property	34	-65	-176
Credit	35	17	64
Debit	36	-82	-241
1.A.b.9 Telecommunications, Computer, and Information Services	37	39	98
Credit	38	105	324
Debit	39	-66	-226
1.A.b.10 Other Business Services	40	62	215
Credit	41	174	542
Debit	42	-112	-327
1.A.b.11 Personal, Cultural, and Recreational Services	43	-5	-12
Credit	44	2	8
Debit	45	-8	-20
1.A.b.12 Government Goods and Services n.i.e	46	-6	-11
Credit	47	2	8
Debit	48	-9	-19
1.B Primary Income	49	-260	-658
Credit	50	511	1419
Debit	51	-771	-2078
1.C Secondary Income	52	17	81
Credit	53	57	210
Debit	54	-40	-129
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter)	55	-469	-1415
2.1 Capital Account	56	-1	-2
Credit	57	0	1
Debit	58	-1	-3
2.2. Financial Account (Including Net Errors and Omissions for the Quarter)	59	-468	-1413
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter)	60	-751	-1384
Including: 2.2.1.1 Direct Investment	61	-494	-954
2.2.1.1.1 Assets	62	-407	-1070
2.2.1.1.2 Liabilities	63	-88	116
2.2.2 Reserve Assets	64	282	-29
2.2.2.1 Monetary gold	65	-36	-84
2.2.2.2 Special drawing rights	66	-2	-9
2.2.2.3 Reserve position in the IMF	67	1	9
2.2.2.4 Foreign exchange reserves	68	319	54
2.2.2.5 Other reserves	69	0	0
3. Net Errors and Omissions	70	/	-145

Notes:1. The table is compiled according to BPM6.

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 three quarters of 2023is the sum of the official amounts of the BOP for 2023H1 and the preliminary amount for 2023Q3.

5.This table employs rounded-off numbers.

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SAFE Releases Preliminary Data of the Balance of Payments for the Third Quarter and First Three Quarters of 2023

UDF-Space · SAFE

12Months Ago

China's Balance of Payments (Preliminary Data)

Unit:RMB 100 million

Item	Line No.	2023Q3	2023First Three Quarters
1. Current account	1	4533	14618
Credit	2	69706	196630
Debit	3	-65173	-182012
1. A Goods and Services	4	6872	20136
Credit	5	64225	181279
Debit	6	-57354	-161143
1.A.a Goods	7	11658	32012
Credit	8	58708	164518
Debit	9	-47050	-132506
1.A.b Services	10	-4786	-11876
Credit	11	5517	16761
Debit	12	-10303	-28637
1.A.b.1 Processing services	13	215	622
Credit	14	232	665
Debit	15	-17	-43
1.A.b.2 Maintenance and Repair Services	16	94	210
Credit	17	201	506
Debit	18	-107	-296
1.A.b.3 Transport	19	-1569	-4460
Credit	20	1586	4592
Debit	21	-3154	-9052
1.A.b.4 Travel	22	-3545	-9175
Credit	23	269	705
Debit	24	-3813	-9880
1.A.b.5 Construction	25	50	325
Credit	26	221	732
Debit	27	-171	-408
1.A.b.6 Insurance and Pension Services	28	-269	-481
Credit	29	37	444
Debit	30	-306	-925
1.A.b.7 Financial Services	31	1	37
Credit	32	69	233
Debit	33	-68	-196
1.A.b.8 Charges for the Use of Intellectual Property	34	-626	-1663
Credit	35	167	605
Debit	36	-793	-2268
1.A.b.9 Telecommunications, Computer, and Information Services	37	375	922
Credit	38	1010	3044
Debit	39	-635	-2122
1.A.b.10 Other Business Services	40	602	2013
Credit	41	1679	5090
Debit	42	-1078	-3077
1.A.b.11 Personal, Cultural, and Recreational Services	43	-53	-116
Credit	44	23	71
Debit	45	-76	-186
1.A.b.12 Government Goods and Services n.i.e	46	-62	-109
Credit	47	22	75
Debit	48	-84	-185
1.B Primary Income	49	-2507	-6275
Credit	50	4929	13383
Debit	51	-7436	-19658
1.C Secondary Income	52	168	757
Credit	53	551	1968
Debit	54	-383	-1211
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter)	55	-4533	-13290
2.1 Capital Account	56	-10	-16
Credit	57	2	10
Debit	58	-12	-26
2.2. Financial Account (Including Net Errors and Omissions for the Quarter)	59	-4522	-13274
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter)	60	-7261	-13133
Including: 2.2.1.1 Direct Investment	61	-4771	-9052
2.2.1.1.1 Assets	62	-3924	-10076
2.2.1.1.2 Liabilities	63	-847	1023
2.2.2 Reserve Assets	64	2738	-141
2.2.2.1 Monetary gold	65	-350	-792
2.2.2.2 Special drawing rights	66	-16	-81
2.2.2.3 Reserve position in the IMF	67	7	89
2.2.2.4 Foreign exchange reserves	68	3097	642
2.2.2.5 Other reserves	69	0	0
3. Net Errors and Omissions	70	/	-1328

Note:1. The table is compiled according to BPM6.

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 three quarters of 2023 is the sum of the official amounts of the BOP for 2023H1 and the preliminary amount for 2023Q3.

5.This table employs rounded-off numbers.

China's Balance of Payments (Preliminary Data)

Unit:USD100 million

Item	Line No.	2023Q3	2023First Three Quarters
1. Current account	1	626	2089
Credit	2	9619	27928
Debit	3	-8992	-25839
1. A Goods and Services	4	949	2859
Credit	5	8862	25750
Debit	6	-7913	-22890
1.A.a Goods	7	1609	4542
Credit	8	8101	23365
Debit	9	-6492	-18823
1.A.b Services	10	-660	-1682
Credit	11	762	2385
Debit	12	-1422	-4067
1.A.b.1 Processing services	13	30	88
Credit	14	32	94
Debit	15	-2	-6
1.A.b.2 Maintenance and Repair Services	16	13	30
Credit	17	28	72
Debit	18	-15	-42
1.A.b.3 Transport	19	-216	-633
Credit	20	219	653
Debit	21	-435	-1286
1.A.b.4 Travel	22	-489	-1303
Credit	23	37	100
Debit	24	-526	-1403
1.A.b.5 Construction	25	7	46
Credit	26	30	104
Debit	27	-24	-58
1.A.b.6 Insurance and Pension Services	28	-37	-67
Credit	29	5	64
Debit	30	-42	-131
1.A.b.7 Financial Services	31	0	5
Credit	32	10	33
Debit	33	-9	-28
1.A.b.8 Charges for the Use of Intellectual Property	34	-86	-236
Credit	35	23	86
Debit	36	-110	-322
1.A.b.9 Telecommunications, Computer, and Information Services	37	52	131
Credit	38	139	433
Debit	39	-88	-302
1.A.b.10 Other Business Services	40	83	288
Credit	41	232	725
Debit	42	-149	-437
1.A.b.11 Personal, Cultural, and Recreational Services	43	-7	-16
Credit	44	3	10
Debit	45	-11	-26
1.A.b.12 Government Goods and Services n.i.e	46	-9	-15
Credit	47	3	11
Debit	48	-12	-26
1.B Primary Income	49	-346	-878
Credit	50	680	1898
Debit	51	-1026	-2777
1.C Secondary Income	52	23	108
Credit	53	76	280
Debit	54	-53	-172
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter)	55	-626	-1894
2.1 Capital Account	56	-1	-2
Credit	57	0	1
Debit	58	-2	-4
2.2. Financial Account (Including Net Errors and Omissions for the Quarter)	59	-625	-1891
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter)	60	-1007	-1856
Including: 2.2.1.1 Direct Investment	61	-658	-1274
2.2.1.1.1 Assets	62	-540	-1429
2.2.1.1.2 Liabilities	63	-118	155
2.2.2 Reserve Assets	64	382	-35
2.2.2.1 Monetary gold	65	-48	-112
2.2.2.2 Special drawing rights	66	-2	-12
2.2.2.3 Reserve position in the IMF	67	1	13
2.2.2.4 Foreign exchange reserves	68	432	76
2.2.2.5 Other reserves	69	0	0
3. Net Errors and Omissions	70	/	-195

Note:1. The table is compiled according to BPM6.

2."Credit" is presented as positive value while "debit" asnegative value, and thebalanceis the sum of the "Credit" and the "Debit". All items herein refer tobalances, unless marked with "Credit" or "Debit".

3. The preliminary amount for the first three quarters of 2023is the sum of the official amounts of the BOP for 2023H1 and the preliminary amount for 2023Q3.

4.This table employs rounded-off numbers.

China's Balance of Payments (Preliminary Data)

Unit:SDR 100 million

Item	Line No.	2023Q3	2023First Three Quarters
1. Current account	1	469	1559
Credit	2	7222	20882
Debit	3	-6753	-19322
1. A Goods and Services	4	712	2137
Credit	5	6654	19253
Debit	6	-5942	-17116
1.A.a Goods	7	1208	3395
Credit	8	6083	17470
Debit	9	-4875	-14075
1.A.b Services	10	-496	-1258
Credit	11	572	1783
Debit	12	-1067	-3041
1.A.b.1 Processing services	13	22	66
Credit	14	24	71
Debit	15	-2	-5
1.A.b.2 Maintenance and Repair Services	16	10	22
Credit	17	21	54
Debit	18	-11	-31
1.A.b.3 Transport	19	-163	-473
Credit	20	164	488
Debit	21	-327	-962
1.A.b.4 Travel	22	-367	-974
Credit	23	28	75
Debit	24	-395	-1049
1.A.b.5 Construction	25	5	35
Credit	26	23	78
Debit	27	-18	-43
1.A.b.6 Insurance and Pension Services	28	-28	-50
Credit	29	4	48
Debit	30	-32	-98
1.A.b.7 Financial Services	31	0	4
Credit	32	7	25
Debit	33	-7	-21
1.A.b.8 Charges for the Use of Intellectual Property	34	-65	-176
Credit	35	17	64
Debit	36	-82	-241
1.A.b.9 Telecommunications, Computer, and Information Services	37	39	98
Credit	38	105	324
Debit	39	-66	-226
1.A.b.10 Other Business Services	40	62	215
Credit	41	174	542
Debit	42	-112	-327
1.A.b.11 Personal, Cultural, and Recreational Services	43	-5	-12
Credit	44	2	8
Debit	45	-8	-20
1.A.b.12 Government Goods and Services n.i.e	46	-6	-11
Credit	47	2	8
Debit	48	-9	-19
1.B Primary Income	49	-260	-658
Credit	50	511	1419
Debit	51	-771	-2078
1.C Secondary Income	52	17	81
Credit	53	57	210
Debit	54	-40	-129
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter)	55	-469	-1415
2.1 Capital Account	56	-1	-2
Credit	57	0	1
Debit	58	-1	-3
2.2. Financial Account (Including Net Errors and Omissions for the Quarter)	59	-468	-1413
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter)	60	-751	-1384
Including: 2.2.1.1 Direct Investment	61	-494	-954
2.2.1.1.1 Assets	62	-407	-1070
2.2.1.1.2 Liabilities	63	-88	116
2.2.2 Reserve Assets	64	282	-29
2.2.2.1 Monetary gold	65	-36	-84
2.2.2.2 Special drawing rights	66	-2	-9
2.2.2.3 Reserve position in the IMF	67	1	9
2.2.2.4 Foreign exchange reserves	68	319	54
2.2.2.5 Other reserves	69	0	0
3. Net Errors and Omissions	70	/	-145

Notes:1. The table is compiled according to BPM6.

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 three quarters of 2023is the sum of the official amounts of the BOP for 2023H1 and the preliminary amount for 2023Q3.

5.This table employs rounded-off numbers.

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