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- Index number:
- 000014453-2024-0053
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- Dispatch date:
- 2024-08-09
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- Publish organization:
- State Administration of Foreign Exchange
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- Exchange Reference number：
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- Name：
- SAFE Releases Preliminary Data of the Balance of Payments for the Second Quarter and the First Half of 2024
In the second quarter of 2024, China's current account registered a surplus of RMB 389.9 billion, including a surplus of RMB 1187.7 billion under trade in goods, a deficit of RMB 438.1 billion under trade in services, a deficit of RMB 378.6 billion under primary income and a surplus of RMB 18.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 389.9 billion.
In the first half of 2024, China's current account registered a surplus of RMB 671.3 billion, including a surplus of RMB 2059.2 billion under trade in goods, a deficit of RMB 878.2 billion under trade in services, a deficit of RMB 553.3 billion under primary income, and a surplus of RMB 43.6 billion under secondary income. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of RMB 924.9 billion.
In the US dollar terms, in the second quarter of 2024, China's current account registered a surplus of USD 54.9 billion, including a surplus of USD 167.1 billion under trade in goods, a deficit of USD 61.7 billion under trade in services, a deficit of USD 53.2 billion under primary income and a surplus of USD 2.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 54.9 billion.
In the US dollar terms, in the first half of 2024, China's current account recorded a surplus of USD 94.1 billion, including a surplus of USD 288.4 billion under trade in goods, a deficit of USD 122.9 billion under trade in services, a deficit of USD 77.5 billion under primary income, and a surplus of USD 6.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of USD 129.3 billion.
In SDR terms, in the second quarter of 2024, China's current account registered a surplus of SDR 41.5 billion, including a surplus of SDR 126.5 billion under trade in goods, a deficit of SDR 46.7 billion under trade in services, a deficit of SDR 40.3 billion under primary income and a surplus of SDR 2.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 41.5 billion.
In SDR terms, in the first half of 2024, China posted a surplus of SDR 71.0 billion under the current account, including a surplus of SDR 217.7 billion under trade in goods, a deficit of SDR 92.7 billion under trade in services. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of SDR 97.5 billion. (End)
China's Balance of Payments, Q2 2024 (Preliminary Data)
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current account | 1 | 3899 | 549 | 415 |
Credit | 2 | 71228 | 10021 | 7589 |
Debit | 3 | -67329 | -9473 | -7174 |
1. A Goods and Services | 4 | 7496 | 1054 | 798 |
Credit | 5 | 65129 | 9163 | 6939 |
Debit | 6 | -57633 | -8109 | -6141 |
1.A.a Goods | 7 | 11877 | 1671 | 1265 |
Credit | 8 | 58882 | 8284 | 6274 |
Debit | 9 | -47005 | -6614 | -5009 |
1.A.b Services | 10 | -4381 | -617 | -467 |
Credit | 11 | 6247 | 879 | 666 |
Debit | 12 | -10628 | -1495 | -1132 |
1.A.b.1 Processing services | 13 | 203 | 29 | 22 |
Credit | 14 | 221 | 31 | 24 |
Debit | 15 | -18 | -3 | -2 |
1.A.b.2 Maintenance and Repair Services | 16 | 47 | 7 | 5 |
Credit | 17 | 188 | 26 | 20 |
Debit | 18 | -141 | -20 | -15 |
1.A.b.3 Transport | 19 | -1173 | -165 | -125 |
Credit | 20 | 1805 | 254 | 192 |
Debit | 21 | -2977 | -419 | -317 |
1.A.b.4 Travel | 22 | -3511 | -494 | -374 |
Credit | 23 | 673 | 95 | 72 |
Debit | 24 | -4184 | -589 | -446 |
1.A.b.5 Construction | 25 | 96 | 13 | 10 |
Credit | 26 | 258 | 36 | 27 |
Debit | 27 | -162 | -23 | -17 |
1.A.b.6 Insurance and Pension Services | 28 | -187 | -26 | -20 |
Credit | 29 | 57 | 8 | 6 |
Debit | 30 | -244 | -34 | -26 |
1.A.b.7 Financial Services | 31 | 11 | 1 | 1 |
Credit | 32 | 69 | 10 | 7 |
Debit | 33 | -58 | -8 | -6 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -669 | -94 | -71 |
Credit | 35 | 207 | 29 | 22 |
Debit | 36 | -876 | -123 | -93 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 372 | 52 | 40 |
Credit | 38 | 1003 | 141 | 107 |
Debit | 39 | -631 | -89 | -67 |
1.A.b.10 Other Business Services | 40 | 509 | 72 | 54 |
Credit | 41 | 1713 | 241 | 183 |
Debit | 42 | -1204 | -169 | -128 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -57 | -8 | -6 |
Credit | 44 | 26 | 4 | 3 |
Debit | 45 | -83 | -12 | -9 |
1.A.b.12 Government Goods and Services n.i.e | 46 | -23 | -3 | -2 |
Credit | 47 | 26 | 4 | 3 |
Debit | 48 | -49 | -7 | -5 |
1.B Primary Income | 49 | -3786 | -532 | -403 |
Credit | 50 | 5508 | 775 | 587 |
Debit | 51 | -9294 | -1307 | -990 |
1.C Secondary Income | 52 | 189 | 27 | 20 |
Credit | 53 | 591 | 83 | 63 |
Debit | 54 | -402 | -57 | -43 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) | 55 | -3899 | -549 | -415 |
2.1 Capital Account | 56 | -7 | -1 | -1 |
Credit | 57 | 1 | 0 | 0 |
Debit | 58 | -8 | -1 | -1 |
2.2. Financial Account (Including Net Errors and Omissions for the Quarter) | 59 | -3893 | -548 | -415 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) | 60 | -7299 | -1027 | -778 |
Including: 2.2.1.1 Direct Investment | 61 | -6083 | -856 | -648 |
2.2.1.1.1 Assets | 62 | -5033 | -708 | -536 |
2.2.1.1.1.1 Equity and investment fund shares | 63 | -2843 | -400 | -303 |
2.2.1.1.1.2 Debt instruments | 64 | -2190 | -308 | -233 |
2.2.1.1.2 Liabilities | 65 | -1050 | -148 | -112 |
2.2.1.1.2.1 Equity and investment fund shares | 66 | 517 | 73 | 55 |
2.2.1.1.2.2 Debt instruments | 67 | -1568 | -220 | -167 |
2.2.2 Reserve Assets | 68 | 3406 | 479 | 363 |
2.2.2.1 Monetary gold | 69 | 0 | 0 | 0 |
2.2.2.2 Special drawing rights | 70 | 3 | 0 | 0 |
2.2.2.3 Reserve position in the IMF | 71 | 7 | 1 | 1 |
2.2.2.4 Foreign exchange reserves | 72 | 3397 | 478 | 362 |
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 second quarter of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 19.7 billion (RMB 140.2 billion).
6.This table employs rounded-off numbers.
China's Balance of Payments, First Half of 2024 (Preliminary Data)
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current account | 1 | 6713 | 941 | 710 |
Credit | 2 | 135851 | 19013 | 14350 |
Debit | 3 | -129138 | -18072 | -13640 |
1. A Goods and Services | 4 | 11810 | 1655 | 1250 |
Credit | 5 | 125583 | 17575 | 13264 |
Debit | 6 | -113773 | -15920 | -12014 |
1.A.a Goods | 7 | 20592 | 2884 | 2177 |
Credit | 8 | 112865 | 15796 | 11921 |
Debit | 9 | -92273 | -12912 | -9744 |
1.A.b Services | 10 | -8782 | -1229 | -927 |
Credit | 11 | 12719 | 1779 | 1343 |
Debit | 12 | -21501 | -3008 | -2270 |
1.A.b.1 Processing services | 13 | 398 | 56 | 42 |
Credit | 14 | 436 | 61 | 46 |
Debit | 15 | -37 | -5 | -4 |
1.A.b.2 Maintenance and Repair Services | 16 | 111 | 16 | 12 |
Credit | 17 | 359 | 50 | 38 |
Debit | 18 | -248 | -35 | -26 |
1.A.b.3 Transport | 19 | -2615 | -366 | -276 |
Credit | 20 | 3398 | 476 | 359 |
Debit | 21 | -6013 | -841 | -635 |
1.A.b.4 Travel | 22 | -7377 | -1032 | -779 |
Credit | 23 | 1232 | 173 | 130 |
Debit | 24 | -8609 | -1204 | -909 |
1.A.b.5 Construction | 25 | 310 | 43 | 33 |
Credit | 26 | 618 | 86 | 65 |
Debit | 27 | -308 | -43 | -33 |
1.A.b.6 Insurance and Pension Services | 28 | -433 | -60 | -46 |
Credit | 29 | 102 | 14 | 11 |
Debit | 30 | -534 | -75 | -56 |
1.A.b.7 Financial Services | 31 | 21 | 3 | 2 |
Credit | 32 | 144 | 20 | 15 |
Debit | 33 | -123 | -17 | -13 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -1133 | -159 | -120 |
Credit | 35 | 508 | 71 | 54 |
Debit | 36 | -1641 | -230 | -173 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 715 | 100 | 76 |
Credit | 38 | 2133 | 298 | 225 |
Debit | 39 | -1418 | -198 | -150 |
1.A.b.10 Other Business Services | 40 | 1371 | 192 | 144 |
Credit | 41 | 3682 | 515 | 389 |
Debit | 42 | -2311 | -323 | -244 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -106 | -15 | -11 |
Credit | 44 | 53 | 7 | 6 |
Debit | 45 | -160 | -22 | -17 |
1.A.b.12 Government Goods and Services n.i.e | 46 | -45 | -6 | -5 |
Credit | 47 | 54 | 8 | 6 |
Debit | 48 | -99 | -14 | -10 |
1.B Primary Income | 49 | -5533 | -775 | -586 |
Credit | 50 | 9016 | 1263 | 954 |
Debit | 51 | -14549 | -2038 | -1540 |
1.C Secondary Income | 52 | 436 | 61 | 46 |
Credit | 53 | 1251 | 175 | 132 |
Debit | 54 | -815 | -114 | -86 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) | 55 | -9249 | -1293 | -975 |
2.1 Capital Account | 56 | -8 | -1 | -1 |
Credit | 57 | 5 | 1 | 1 |
Debit | 58 | -13 | -2 | -1 |
2.2. Financial Account (Including Net Errors and Omissions for the Quarter) | 59 | -9241 | -1292 | -974 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) | 60 | -9530 | -1337 | -1011 |
Including: 2.2.1.1 Direct Investment | 61 | -8074 | -1133 | -856 |
2.2.1.1.1 Assets | 62 | -7758 | -1087 | -821 |
2.2.1.1.1.1 Equity and investment fund shares | 63 | -4664 | -653 | -493 |
2.2.1.1.1.2 Debt instruments | 64 | -3094 | -434 | -328 |
2.2.1.1.2 Liabilities | 65 | -316 | -46 | -35 |
2.2.1.1.2.1 Equity and investment fund shares | 66 | 1876 | 262 | 197 |
2.2.1.1.2.2 Debt instruments | 67 | -2192 | -308 | -232 |
2.2.2 Reserve Assets | 68 | 289 | 45 | 37 |
2.2.2.1 Monetary gold | 69 | 0 | 0 | 0 |
2.2.2.2 Special drawing rights | 70 | 31 | 4 | 3 |
2.2.2.3 Reserve position in the IMF | 71 | 0 | 0 | 0 |
2.2.2.4 Foreign exchange reserves | 72 | 258 | 41 | 33 |
2.2.2.5 Other reserves | 73 | 0 | 0 | 0 |
3. Net Errors and Omissions | 74 | 2536 | 352 | 265 |
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.The preliminary amount for the first half of 2024 is the sum of the official amounts of the BOP for 2024Q1 and the preliminary amount for 2024Q2.
5.According to preliminary statistics, in the first half of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 40.8 billion (RMB 291.4 billion).
6.This table employs rounded-off numbers.
