SAFE Releases Preliminary Data of the Balance of Payments for the Third Quarter and the First Three ...

In the third quarter of 2025, China's current account registered a surplus of RMB 1394.8 billion, including a surplus of RMB 1921.3 billion under trade in goods, a deficit of RMB 352.0 billion under trade in services, a deficit of RMB 232.4 billion under primary income and a surplus of RMB 57.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 1394.8 billion. Inward foreign direct investments (FDI) continued the net inflow.

In the first three quarters of 2025, China's current account registered a surplus of RMB 3507.4 billion, including a surplus of RMB 5201.5 billion under trade in goods, a deficit of RMB 1116.6 billion under trade in services, a deficit of RMB 684.4 billion under primary income, and a surplus of RMB 106.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the third quarter) recorded a deficit of RMB 3388.5 billion.

In the US dollar terms, in the third quarter of 2025, China's current account registered a surplus of USD 195.6 billion, including a surplus of USD 269.5 billion under trade in goods, a deficit of USD 49.4 billion under trade in services, a deficit of USD 32.6 billion under primary income and a surplus of USD 8.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 195.6 billion.

In the US dollar terms, in the first three quarters of 2025, China's current account recorded a surplus of USD 489.8 billion, including a surplus of USD 726.2 billion under trade in goods, a deficit of USD 155.8 billion under trade in services, a deficit of USD 95.5 billion under primary income, and a surplus of USD 14.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the third quarter) recorded a deficit of USD 473.3 billion.

In SDR terms, in the third quarter of 2025, China's current account registered a surplus of SDR 142.9 billion, including a surplus of SDR 196.9 billion under trade in goods, a deficit of SDR 36.1 billion under trade in services, a deficit of SDR 23.8 billion under primary income and a surplus of SDR 5.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 142.9 billion.

In SDR terms, in the first three quarters of 2025, China posted a surplus of SDR 363.9 billion under the current account, including a surplus of SDR 539.4 billion under trade in goods, a deficit of SDR 116.1 billion under trade in services, a deficit of SDR 70.5 billion under primary income and a surplus of SDR 11.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the third quarter) recorded a deficit of SDR 350.6 billion.(End)

China's Balance of Payments, Q3 2025 (Preliminary Data)

Item	Line No.	RMB 100 million	USD 100 million	SDR 100 million
1. Current account	1	13948	1956	1429
Credit	2	82444	11565	8449
Debit	3	-68496	-9609	-7020
1. A Goods and Services	4	15693	2201	1608
Credit	5	74819	10496	7668
Debit	6	-59126	-8295	-6060
1.A.a Goods	7	19213	2695	1969
Credit	8	66934	9390	6860
Debit	9	-47721	-6695	-4891
1.A.b Services	10	-3520	-494	-361
Credit	11	7885	1106	808
Debit	12	-11405	-1600	-1169
1.A.b.1 Processing services	13	200	28	20
Credit	14	254	36	26
Debit	15	-55	-8	-6
1.A.b.2 Maintenance and Repair Services	16	124	17	13
Credit	17	277	39	28
Debit	18	-153	-21	-16
1.A.b.3 Transport	19	-930	-131	-95
Credit	20	2259	317	231
Debit	21	-3189	-447	-327
1.A.b.4 Travel	22	-3589	-503	-368
Credit	23	989	139	101
Debit	24	-4578	-642	-469
1.A.b.5 Construction	25	156	22	16
Credit	26	343	48	35
Debit	27	-187	-26	-19
1.A.b.6 Insurance and Pension Services	28	-206	-29	-21
Credit	29	43	6	4
Debit	30	-249	-35	-26
1.A.b.7 Financial Services	31	-4	-1	0
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