SAFE Releases Preliminary Data of the Balance of Payments for the First Quarter of 2024

2024-05-11 10:02:15 · SAFE

In the first quarter of 2024, China's current account registered a surplus of RMB 281.0 billion, including a surplus of RMB 870.2 billion under trade in goods, a deficit of RMB 438.8 billion under trade in services, a deficit of RMB 174.9 billion under primary income and a surplus of RMB 24.4 billion under secondary income. In the capital and financial accounts, reserve assets increased by RMB 311.8 billion.

In the US dollar terms, in the first quarter of 2024, China's current account registered a surplus of USD 39.2 billion, including a surplus of USD 121.1 billion under trade in goods, a deficit of USD 61.0 billion under trade in services, a deficit of USD 24.3 billion under primary income and a surplus of USD 3.4 billion under secondary income. In the capital and financial accounts, reserve assets increased by USD 43.4 billion.

In SDR terms, in the first quarter of 2024, China's current account registered a surplus of SDR 29.4 billion, including a surplus of SDR 91.0 billion under trade in goods, a deficit of SDR 45.9 billion under trade in services, a deficit of SDR 18.3 billion under primary income and a surplus of SDR 2.6 billion under secondary income. In the capital and financial accounts, reserve assets increased by SDR 32.6 billion.

China's Balance of Payments, Q1 2024 (Preliminary Data)

Item	Line No.	RMB 100 million	USD 100 million	SDR 100 million
1. Current account	1	2810	392	294
Credit	2	64619	8991	6760
Debit	3	-61810	-8599	-6466
1. A Goods and Services	4	4314	601	451
Credit	5	60452	8411	6324
Debit	6	-56138	-7810	-5873
1.A.a Goods	7	8702	1211	910
Credit	8	53982	7511	5647
Debit	9	-45280	-6300	-4737
1.A.b Services	10	-4388	-610	-459
Credit	11	6470	900	677
Debit	12	-10857	-1511	-1136
1.A.b.1 Processing services	13	196	27	20
Credit	14	215	30	22
Debit	15	-19	-3	-2
1.A.b.2 Maintenance and Repair Services	16	65	9	7
Credit	17	171	24	18
Debit	18	-106	-15	-11
1.A.b.3 Transport	19	-1431	-199	-150
Credit	20	1593	222	167
Debit	21	-3024	-421	-316
1.A.b.4 Travel	22	-3864	-538	-404
Credit	23	559	78	58
Debit	24	-4422	-615	-463
1.A.b.5 Construction	25	213	30	22
Credit	26	359	50	38
Debit	27	-146	-20	-15
1.A.b.6 Insurance and Pension Services	28	-246	-34	-26
Credit	29	45	6	5
Debit	30	-291	-40	-30
1.A.b.7 Financial Services	31	9	1	1
Credit	32	74	10	8
Debit	33	-65	-9	-7
1.A.b.8 Charges for the Use of Intellectual Property	34	-465	-65	-49
Credit	35	300	42	31
Debit	36	-765	-106	-80
1.A.b.9 Telecommunications, Computer, and Information Services	37	344	48	36
Credit	38	1130	157	118
Debit	39	-786	-109	-82
1.A.b.10 Other Business Services	40	860	120	90
Credit	41	1968	274	206
Debit	42	-1108	-154	-116
1.A.b.11 Personal, Cultural, and Recreational Services	43	-49	-7	-5
Credit	44	28	4	3
Debit	45	-77	-11	-8
1.A.b.12 Government Goods and Services n.i.e	46	-22	-3	-2
Credit	47	28	4	3
Debit	48	-50	-7	-5
1.B Primary Income	49	-1749	-243	-183
Credit	50	3508	488	367
Debit	51	-5257	-731	-550
1.C Secondary Income	52	244	34	26
Credit	53	660	92	69
Debit	54	-416	-58	-43
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter)	55	-2810	-392	-294
2.1 Capital Account	56	-2	0	0
Credit	57	4	1	0
Debit	58	-5	-1	-1
2.2. Financial Account (Including Net Errors and Omissions for the Quarter)	59	-2808	-391	-294
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter)	60	309	43	33
Including: 2.2.1.1 Direct Investment	61	-2006	-279	-210
2.2.1.1.1 Assets	62	-2745	-382	-287
2.2.1.1.1.1 Equity and investment fund shares	63	-1845	-257	-193
2.2.1.1.1.2 Debt instruments	64	-901	-125	-94
2.2.1.1.2 Liabilities	65	739	103	77
2.2.1.1.2.1 Equity and investment fund shares	66	1366	190	143
2.2.1.1.2.2 Debt instruments	67	-627	-88	-66
2.2.2 Reserve Assets	68	-3118	-434	-326
2.2.2.1 Monetary gold	69	0	0	0
2.2.2.2 Special drawing rights	70	28	4	3
2.2.2.3 Reserve position in the IMF	71	-7	-1	-1
2.2.2.4 Foreign exchange reserves	72	-3139	-437	-329
2.2.2.5 Other reserves	73	0	0	0
3. Net Errors and Omissions	74	/	/	/

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

2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balances, unless marked with "Credit" or "Debit".

3.The RMB denominated BOP statement is converted from the USD denominated BOP statement for the quarter using the period average central parity rate of RMB against USD. The SDR denominated quarterly BOP statement is converted from the USD denominated BOP statement for 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.According to preliminary statistics, in the first quarter of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 21.0 billion (RMB 151.2 billion).

6.This table employs rounded-off numbers.

capital

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SDR

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Reserve Assets

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