The SAFE recently released China's Balance of Payments Statement for the year 2008. The statistics reveal that the current account and the capital and financial account posted a "twin surplus" in 2008, and international reserves maintained a growing momentum. In 2008, China's surplus under the current account totaled USD 426.1 billion, an increase of 15% year on year. Specifically, according to the statistical coverage of the balance of payments, the surpluses in goods, income, and current transfers reached USD 360.7 billion, USD 31.4 billion, and USD 45.8 billion, respectively, whereas the deficit in services amounted to USD 11.8 billion. Meanwhile, China's surplus under the capital and financial account totaled USD 19 billion in 2008, a decrease of 74% year on year. In particular, the net inflows of direct investments and portfolio investments amounted to USD 94.3 billion and USD 42.7 billion respectively, whereas the net outflows of other investments reached USD 121.1 billion. Furthermore, China's international reserves continued to grow. At the end of 2008, China registered a total of USD 1.946 trillion in foreign exchange reserves, an increase of USD 417.8 billion over that at the end of 2007. In addition, the BOP Analysis Team of the SAFE released China's Balance of Payments Report for the year 2008 in order to facilitate understanding of the data and analysis of China's balance of payments among all groups in the society.
Balance of Payments *
|
2008
|
|
|
|
US dollars (thousands)
|
Items
|
Line
|
Balance
|
Credit
|
Debit
|
I. Current Account
|
1
|
426,107,395
|
1,725,893,261
|
1,299,785,866
|
A. Goods and Services
|
2
|
348,870,456
|
1,581,713,188
|
1,232,842,732
|
a. Goods
|
3
|
360,682,094
|
1,434,601,241
|
1,073,919,146
|
b. Services
|
4
|
-11,811,638
|
147,111,948
|
158,923,586
|
1.Transportation
|
5
|
-11,911,179
|
38,417,556
|
50,328,735
|
2.Travel
|
6
|
4,686,000
|
40,843,000
|
36,157,000
|
3.Communication Services
|
7
|
59,585
|
1,569,663
|
1,510,079
|
4.Construction Services
|
8
|
5,965,493
|
10,328,506
|
4,363,013
|
5.Insurance Services
|
9
|
-11,360,128
|
1,382,716
|
12,742,844
|
6.Financial Services
|
10
|
-250,884
|
314,731
|
565,615
|
7.Computer and Information Services
|
11
|
3,086,931
|
6,252,062
|
3,165,131
|
8.Royalties and Licensing Fees
|
12
|
-9,748,930
|
570,536
|
10,319,466
|
9.Consulting Services
|
13
|
4,605,315
|
18,140,866
|
13,535,551
|
10.Advertising and Public Opinion Polling
|
14
|
261,668
|
2,202,324
|
1,940,656
|
11.Audio-visual and Related Services
|
15
|
163,322
|
417,943
|
254,622
|
12. Other Business Services
|
16
|
2,885,059
|
26,005,857
|
23,120,798
|
13. Government Services, n.i.e.
|
17
|
-253,890
|
666,187
|
920,076
|
B. Income
|
18
|
31,437,960
|
91,614,872
|
60,176,912
|
1.Compensation of Employees
|
19
|
6,400,156
|
9,136,547
|
2,736,391
|
2.Investment Income
|
20
|
25,037,804
|
82,478,325
|
57,440,521
|
C. Current Transfers
|
21
|
45,798,979
|
52,565,201
|
6,766,222
|
1.General Government
|
22
|
-181,611
|
49,205
|
230,816
|
2. Other Sectors
|
23
|
45,980,590
|
52,515,996
|
6,535,406
|
II. Capital and Financial Account
|
24
|
18,964,877
|
769,876,094
|
750,911,218
|
A. Capital Account
|
25
|
3,051,448
|
3,319,886
|
268,439
|
B. Financial Account
|
26
|
15,913,429
|
766,556,208
|
750,642,779
|
1. Direct Investment
|
27
|
94,320,092
|
163,053,964
|
68,733,872
|
1.1 Abroad
|
28
|
-53,470,972
|
2,175,785
|
55,646,757
|
1.2 In China
|
29
|
147,791,064
|
160,878,179
|
13,087,115
|
2. Portfolio Investment
|
30
|
42,660,063
|
67,708,045
|
25,047,982
|
2.1 Assets
|
31
|
32,749,936
|
57,672,404
|
24,922,468
|
2.1.1 Equity Securities
|
32
|
-1,117,368
|
3,844,800
|
4,962,168
|
2.1.2 Debt Securities
|
33
|
33,867,304
|
53,827,604
|
19,960,300
|
2.1.2.1 Bonds and Notes
|
34
|
37,563,103
|
53,827,604
|
16,264,501
|
2.1.2.2 Money Market Instruments
|
35
|
-3,695,799
|
0
|
3,695,799
|
2.2 Liabilities
|
36
|
9,910,127
|
10,035,641
|
125,514
|
2.2.1 Equity Securities
|
37
|
8,721,011
|
8,721,011
|
0
|
2.2.2 Debt Securities
|
38
|
1,189,116
|
1,314,630
|
125,514
|
2.2.2.1 Bonds and Notes
|
39
|
1,189,116
|
1,314,630
|
125,514
|
2.2.2.2 Money Market Instruments
|
40
|
0
|
0
|
0
|
3. Other Investment
|
41
|
-121,066,726
|
535,794,199
|
656,860,925
|
3.1 Assets
|
42
|
-106,074,263
|
32,563,248
|
138,637,510
|
3.1.1 Trade Credits
|
43
|
5,866,953
|
5,866,953
|
0
|
Long-term
|
44
|
410,687
|
410,687
|
0
|
Short-term
|
45
|
5,456,266
|
5,456,266
|
0
|
3.1.2 Loans
|
46
|
-18,501,123
|
478,305
|
18,979,428
|
Long-term
|
47
|
-6,569,000
|
0
|
6,569,000
|
Short-term
|
48
|
-11,932,123
|
478,305
|
12,410,428
|
3.1.3 Currency and Deposits
|
49
|
-33,528,165
|
17,715,954
|
51,244,120
|
3.1.4 Other Assets
|
50
|
-59,911,928
|
8,502,035
|
68,413,963
|
Long-term
|
51
|
0
|
0
|
0
|
Short-term
|
52
|
-59,911,928
|
8,502,035
|
68,413,963
|
3.2 Liabilities
|
53
|
-14,992,463
|
503,230,952
|
518,223,415
|
3.2.1 Trade Credits
|
54
|
-19,049,071
|
0
|
19,049,071
|
Long-term
|
55
|
-1,333,435
|
0
|
1,333,435
|
Short-term
|
56
|
-17,715,636
|
0
|
17,715,636
|
3.2.2 Loans
|
57
|
3,620,979
|
442,835,925
|
439,214,946
|
Long-term
|
58
|
6,724,078
|
20,129,387
|
13,405,309
|
Short-term
|
59
|
-3,103,099
|
422,706,538
|
425,809,637
|
3.2.3 Currency and Deposits
|
60
|
2,702,297
|
59,226,206
|
56,523,909
|
3.2.4 Other Liabilities
|
61
|
-2,266,668
|
1,168,821
|
3,435,489
|
Long-term
|
62
|
-2,236,180
|
34,976
|
2,271,156
|
Short-term
|
63
|
-30,488
|
1,133,845
|
1,164,333
|
III. Reserves Assets
|
64
|
-418,978,429
|
0
|
418,978,429
|
3.1 Monetary Gold
|
65
|
0
|
0
|
0
|
3.2 Special Drawing Rights
|
66
|
-7,114
|
0
|
7,114
|
3.3 Reserves Position in the Fund
|
67
|
-1,190,315
|
0
|
1,190,315
|
3.4 Foreign Exchange
|
68
|
-417,781,000
|
0
|
417,781,000
|
3.5 Other Claims
|
69
|
0
|
0
|
0
|
IV. Net Errors and Omissions
|
70
|
-26,093,843
|
0
|
26,093,843
|
|