In the first quarter, China's balance of payments showed a 'double surplus'

According to data released by the State Administration of Foreign Exchange on June 27, China's current account and non-reserve financial account showed a surplus in the first quarter, foreign exchange reserves increased and its balance of payments maintained a basic balance.

According to Wang Chunying, spokesman and chief economist of the State Administration of Foreign Exchange, the current account surplus was $49 billion in the first quarter of this year, which was 1.5% of the current GDP. The balance-of-payments trade surplus in goods was 94.7 billion US dollars, an increase of 83% over the same period last year, while the service trade deficit was 63.4 billion US dollars, a decrease of 14% over the same period last year.

In the first quarter of this year, the surplus of non-reserve financial accounts was $48.8 billion. The main net inflows are direct investment and securities investment. Net inflows of direct investment amounted to $26.5 billion. Among them, the net inflow of foreign direct investment in China is 47.6 billion US dollars, and the net outflow of China's foreign direct investment is 21 billion US dollars. Net inflows of securities investment amounted to $19.5 billion. Among them, foreign securities investment in China increased by 35.7 billion US dollars, while China's foreign securities investment increased by 16.2 billion US dollars.

In the first quarter of this year, China's reserve assets increased by $10 billion due to balance of payments transactions (excluding exchange rate, price and other non-transaction factors), of which foreign exchange reserves increased by $10 billion. "Overall, China's reserve assets are still ranked first in the world. All kinds of foreign investment are carried out in an orderly manner. Various types of investment in China have increased steadily, and the international investment position is still relatively stable." Wang Chunying said that China's balance of payments is expected to continue the basic balance of current account and the overall stable development pattern of cross-border capital flows.