SAFE Releases Preliminary Data of the Balance of Payments for the Fourth Quarter and the Annual of 2...

In the fourth quarter of 2025, China's current account registered a surplus of RMB 1713.7 billion, including a surplus of RMB 2104.3 billion under trade in goods, a deficit of RMB 284.5 billion under trade in services, a deficit of RMB 155.2 billion under primary income and a surplus of RMB 49.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 1713.7 billion. Inward foreign direct investments (FDI) continued the net inflow. In 2025, China's current account registered a surplus of RMB 5242.7 billion, the capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of RMB 5421.7 billion.

In the US dollar terms, in the fourth quarter of 2025, China's current account registered a surplus of USD 242.1 billion, including a surplus of USD 297.3 billion under trade in goods, a deficit of USD 40.2 billion under trade in services, a deficit of USD 22.0 billion under primary income and a surplus of USD 6.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 242.1 billion. In 2025, China's current account recorded a surplus of USD 734.9 billion, the capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of USD 760.2 billion.

In SDR terms, in the fourth quarter of 2025, China's current account registered a surplus of SDR 177.6 billion, including a surplus of SDR 218.1 billion under trade in goods, a deficit of SDR 29.5 billion under trade in services, a deficit of SDR 16.1 billion under primary income and a surplus of SDR 5.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 177.6 billion. In 2025, China posted a surplus of SDR 543.7 billion under the current account, the capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of SDR 560.9 billion. (End)

China's Balance of Payments, Q4 2025 (Preliminary Data)

Item	Line No.	RMB 100 million	USD 100 million	SDR 100 million
1. Current account	1	17137	2421	1776
Credit	2	86455	12214	8961
Debit	3	-69318	-9793	-7185
1. A Goods and Services	4	18197	2571	1886
Credit	5	79132	11180	8203
Debit	6	-60935	-8609	-6316
1.A.a Goods	7	21043	2973	2181
Credit	8	70524	9963	7310
Debit	9	-49481	-6990	-5129
1.A.b Services	10	-2845	-402	-295
Credit	11	8609	1216	892
Debit	12	-11454	-1618	-1187
1.A.b.1 Processing services	13	187	26	19
Credit	14	242	34	25
Debit	15	-56	-8	-6
1.A.b.2 Maintenance and Repair Services	16	85	12	9
Credit	17	265	38	28
Debit	18	-180	-25	-19
1.A.b.3 Transport	19	-930	-131	-96
Credit	20	2295	324	238
Debit	21	-3225	-456	-334
1.A.b.4 Travel	22	-3294	-465	-341
Credit	23	1200	169	124
Debit	24	-4493	-635	-466
1.A.b.5 Construction	25	264	37	27
Credit	26	439	62	46
Debit	27	-175	-25	-18
1.A.b.6 Insurance and Pension Services	28	-134	-19	-14
Credit	29	12	2	1
Debit	30	-146	-21	-15
1.A.b.7 Financial Services	31	-29	-4	-3
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