| The SAFE recently released
China
's Balance of Payments Statement for 2007. The statistics reveal that the current account and the capital and financial account posted a "twin surplus" in 2007 and international reserves increased rapidly.
China
's surplus under the current account in 2007 totaled USD 371.8 billion. Specifically, according to the statistical coverage of the balance of payments, the surpluses in goods, income, and current transfers reached USD 315.4 billion, USD 25.7 billion, and USD 38.7 billion respectively, whereas the deficit in services amounted to USD 7.9 billion.
Meanwhile,
China
's surplus under the capital and financial account totaled USD 73.5 billion in 2007. In particular, the net inflows of direct investments and portfolio investments amounted to USD 121.4 billion and USD 18.7 billion respectively, whereas the outflows of other investments reached USD 69.7 billion.
Furthermore,
China
's international reserves continued to grow. At the end of 2007,
China
registered a total of USD 1528.2 billion in foreign exchange reserves, an increase of USD 461.9 billion over the end of 2006.
In addition, the BOP Analysis Team of the SAFE released
China
's Balance of Payments Report for 2007 in order to facilitate an understanding in the society of the data and analysis of
China
's balance of payments.
| Balance of Payments*
|
| 2007
|
|
|
|
|
US dollars (thousands)
|
| Item
|
Line
|
Balance
|
Credit
|
Debit
|
| I. Current Account
|
1
|
371,832,620
|
1,467,881,998
|
1,096,049,377
|
| A. Goods and Services
|
2
|
307,476,604
|
1,342,205,962
|
1,034,729,358
|
| a. Goods
|
3
|
315,381,397
|
1,219,999,629
|
904,618,232
|
| b. Services
|
4
|
-7,904,793
|
122,206,333
|
130,111,126
|
| 1.Transportation
|
5
|
-11,946,918
|
31,323,823
|
43,270,740
|
| 2.Travel
|
6
|
7,446,953
|
37,233,000
|
29,786,047
|
| 3.Communication Services
|
7
|
92,886
|
1,174,551
|
1,081,665
|
| 4.Construction Services
|
8
|
2,467,280
|
5,377,097
|
2,909,817
|
| 5.Insurance Services
|
9
|
-9,760,431
|
903,696
|
10,664,127
|
| 6.Financial Services
|
10
|
-326,437
|
230,486
|
556,924
|
| 7.Computer and Information Services
|
11
|
2,136,680
|
4,344,752
|
2,208,072
|
| 8.Royalties and Licensing Fees
|
12
|
-7,849,433
|
342,634
|
8,192,067
|
| 9.Consulting Services
|
13
|
724,182
|
11,580,552
|
10,856,370
|
| 10.Advertising and Public Opinion Polling
|
14
|
575,347
|
1,912,265
|
1,336,918
|
| 11.Audio-visual and Related Services
|
15
|
162,569
|
316,285
|
153,716
|
| 12.Other Business Services
|
16
|
8,676,788
|
26,914,852
|
18,238,064
|
| 13. Government Services, n.i.e.
|
17
|
-304,260
|
552,339
|
856,599
|
| B. Income
|
18
|
25,688,492
|
83,030,308
|
57,341,816
|
| 1.Employee Compensation
|
19
|
4,340,072
|
6,833,130
|
2,493,058
|
| 2.Investment Income
|
20
|
21,348,421
|
76,197,179
|
54,848,758
|
| C. Current Transfers
|
21
|
38,667,524
|
42,645,727
|
3,978,204
|
| 1.General Government
|
22
|
-165,960
|
34,947
|
200,907
|
| 2.Other Sectors
|
23
|
38,833,484
|
42,610,780
|
3,777,297
|
| II. Capital and Financial Account
|
24
|
73,509,250
|
921,960,702
|
848,451,452
|
| A. Capital Account
|
25
|
3,099,075
|
3,314,699
|
215,624
|
| B. Financial Account
|
26
|
70,410,175
|
918,646,003
|
848,235,828
|
| 1. Direct Investment
|
27
|
121,418,332
|
151,553,693
|
30,135,361
|
| 1.1 Abroad
|
28
|
-16,994,854
|
1,929,982
|
18,924,836
|
| 1.2 In
China
|
29
|
138,413,185
|
149,623,710
|
11,210,525
|
| 2. Portfolio Investment
|
30
|
18,671,987
|
63,969,241
|
45,297,254
|
| 2.1 Assets
|
31
|
-2,324,017
|
42,643,237
|
44,967,254
|
| 2.1.1 Equity Securities
|
32
|
-15,188,600
|
1,753,200
|
16,941,800
|
| 2.1.2 Debt Securities
|
33
|
12,864,583
|
40,890,037
|
28,025,454
|
| 2.1.2.1 Bonds and Notes
|
34
|
10,590,583
|
38,616,037
|
28,025,454
|
| 2.1.2.2 Money Market Instruments
|
35
|
2,274,000
|
2,274,000
|
0
|
| 2.2 Liabilities
|
36
|
20,996,004
|
21,326,004
|
330,000
|
| 2.2.1 Equity Securities
|
37
|
18,509,607
|
18,509,607
|
0
|
| 2.2.2 Debt Securities
|
38
|
2,486,397
|
2,816,397
|
330,000
|
| 2.2.2.1 Bonds and Notes
|
39
|
2,486,397
|
2,816,397
|
330,000
|
| 2.2.2.2 Money Market Instruments
|
40
|
0
|
0
|
0
|
| 3. Other Investment
|
41
|
-69,680,144
|
703,123,069
|
772,803,213
|
| 3.1 Assets
|
42
|
-151,485,862
|
29,879,034
|
181,364,896
|
| 3.1.1 Trade Credits
|
43
|
-23,800,000
|
0
|
23,800,000
|
| Long-term
|
44
|
-1,666,000
|
0
|
1,666,000
|
| Short-term
|
45
|
-22,134,000
|
0
|
22,134,000
|
| 3.1.2 Loans
|
46
|
-20,805,513
|
294,330
|
21,099,842
|
| Long-term
|
47
|
-4,119,000
|
0
|
4,119,000
|
| Short-term
|
48
|
-16,686,513
|
294,330
|
16,980,842
|
| 3.1.3 Currency and Deposits
|
49
|
-2,381,759
|
15,994,859
|
18,376,618
|
| 3.1.4 Other Assets
|
50
|
-104,498,590
|
13,589,846
|
118,088,436
|
| Long-term
|
51
|
0
|
0
|
0
|
| Short-term
|
52
|
-104,498,590
|
13,589,846
|
118,088,436
|
| 3.2 Liabilities
|
53
|
81,805,718
|
673,244,035
|
591,438,317
|
| 3.2.1 Trade Credits
|
54
|
29,100,000
|
29,100,000
|
0
|
| Long-term
|
55
|
2,037,000
|
2,037,000
|
0
|
| Short-term
|
56
|
27,063,000
|
27,063,000
|
0
|
| 3.2.2 Loans
|
57
|
17,296,028
|
548,960,080
|
531,664,053
|
| Long-term
|
58
|
6,988,110
|
20,882,738
|
13,894,628
|
| Short-term
|
59
|
10,307,918
|
528,077,342
|
517,769,425
|
| 3.2.3 Currency and Deposits
|
60
|
34,316,941
|
91,634,184
|
57,317,243
|
| 3.2.4 Other Liabilities
|
61
|
1,092,750
|
3,549,771
|
2,457,021
|
| Long-term
|
62
|
1,132,310
|
1,167,941
|
35,631
|
| Short-term
|
63
|
-39,561
|
2,381,830
|
2,421,391
|
| III. Reserves Assets
|
64
|
-461,744,102
|
239,766
|
461,983,869
|
| 3.1 Monetary Gold
|
65
|
0
|
0
|
0
|
| 3.2 Special Drawing Rights
|
66
|
-78,869
|
0
|
78,869
|
| 3.3 Reserves Position in the Fund
|
67
|
239,766
|
239,766
|
0
|
| 3.4 Foreign Exchange
|
68
|
-461,905,000
|
0
|
461,905,000
|
| 3.5 Other Claims
|
69
|
0
|
0
|
0
|
| IV. Net Errors and Omissions
|
70
|
16,402,232
|
16,402,232
|
0
|
|
