China's Foreign Assets Surpass $10 Trillion for the First Time

According to data released by the State Administration of Foreign Exchange (SAFE) on the 27th, as of the end of September 2024, China's total foreign assets reached $10,212.9 billion, up 4.3% from the end of June 2024, marking the first time it has exceeded the $10 trillion mark. At the same time, China's total foreign liabilities amounted to $7,031.2 billion, an increase of 3.3%, while the net foreign assets (assets minus liabilities) stood at $3,181.7 billion, up 6.5%.

SAFE also released China's balance of payments for the first three quarters of the year. The data shows that China's current account surplus was $241.3 billion, accounting for 1.8% of the gross domestic product (GDP) during the same period, a ratio within a reasonable and balanced range. Specifically, under the balance of payments framework, the export and import of goods trade increased by 6% and 3% year-on-year, respectively, with the goods trade surplus hitting a record high for the same period. Service trade imports and exports also maintained growth momentum, with income and expenditures up 12% and 15% year-on-year, respectively. During the first three quarters, China's various outbound investments grew steadily, with financial account assets increasing by a net $314.9 billion. Various inbound investments also showed net inflows, including a net inflow of $93.1 billion in securities investments, marking four consecutive quarters of net inflows, demonstrating increased foreign allocation to renminbi-denominated assets.

Li Bin, Deputy Director and Spokesperson of SAFE, noted that China's solid economic foundation, numerous advantages, strong resilience, and vast potential ensure that the long-term favorable conditions and fundamental trends remain unchanged, providing a solid foundation for maintaining balance in China's international payments.