China Balance of Payment Report(2024)
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China’s latest Balance of Payments Report (2024), released by the State Administration of Foreign Exchange (SAFE), highlights a year of relative external stability supported by goods trade, alongside greater diversification in services and capital flows.
China maintained a sizable goods trade surplus in 2024, reflecting resilient exports of machinery, electronics, and green energy products. Imports grew steadily as well, supporting domestic consumption and industrial upgrading. The report underscores that goods trade remains the primary anchor of China’s external accounts.
For global businesses, this suggests continued reliability in China’s role as a major supplier within international supply chains, particularly in sectors linked to advanced manufacturing and the energy transition.
TWO
The services account remained in deficit, led by outbound travel, education, and digital services. Meanwhile, the primary income balance reflected payments of dividends and interest to overseas investors, consistent with China's status as a significant destination for foreign direct investment.
These patterns point to sustained demand from Chinese households and corporates for international services, as well as steady returns for foreign capital invested in China.
THREE
The report notes an overall net outflow under the financial account, reflecting cross-border portfolio adjustments, overseas expansion by enterprises, and continued demand for global asset diversification. At the same time, inbound investment into China remained stable, with long-term direct investment showing resilience.
This indicates a more balanced two-way flow of capital: Chinese investors are increasingly active abroad, while foreign institutions continue to engage with the Chinese market over the long term.
FOUR
Founded in 1996, the Asian Eximbank Forum has become an essential platform for fostering international economic collaboration. Comprising 11 national export credit institutions and multilateral entities like the Asian Development Bank, the forum serves as a key venue for member institutions to exchange expertise, coordinate policies, and address shared challenges. This year's forum reaffirmed its role as a strategic foundation for advancing Asia's collective financial interests.
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