SAFE Releases Preliminary Data of the Balance of Payments for the Second Quarter and the First Half ...

In the second quarter of 2025, China's current account registered a surplus of RMB 971.5 billion, including a surplus of RMB 1575.1 billion under trade in goods, a deficit of RMB 334.5 billion under trade in services, a deficit of RMB 297.8 billion under primary income and a surplus of RMB 28.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 971.5 billion. Inward foreign direct investments (FDI) continued the net inflow.

In the first half of 2025, China's current account registered a surplus of RMB 2158.9 billion, including a surplus of RMB 3279.8 billion under trade in goods, a deficit of RMB 760.4 billion under trade in services, a deficit of RMB 408.9 billion under primary income, and a surplus of RMB 48.5 billion under secondary income. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of RMB 1981.0 billion.

In the US dollar terms, in the second quarter of 2025, China's current account registered a surplus of USD 135.1 billion, including a surplus of USD 219.1 billion under trade in goods, a deficit of USD 46.5 billion under trade in services, a deficit of USD 41.4 billion under primary income and a surplus of USD 4.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 135.1 billion.

In the US dollar terms, in the first half of 2025, China's current account recorded a surplus of USD 300.6 billion, including a surplus of USD 456.6 billion under trade in goods, a deficit of USD 105.9 billion under trade in services, a deficit of USD 56.9 billion under primary income, and a surplus of USD 6.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of USD 275.8 billion.

In SDR terms, in the second quarter of 2025, China's current account registered a surplus of SDR 99.6 billion, including a surplus of SDR 161.5 billion under trade in goods, a deficit of SDR 34.3 billion under trade in services, a deficit of SDR 30.5 billion under primary income and a surplus of SDR 2.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 99.6 billion.

In SDR terms, in the first half of 2025, China posted a surplus of SDR 225.7 billion under the current account, including a surplus of SDR 342.5 billion under trade in goods, a deficit of SDR 79.6 billion under trade in services, a deficit of SDR 42.3 billion under primary income and a surplus of SDR 5.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of SDR 206.5 billion.(End)

China's Balance of Payments, Q2 2025 (Preliminary Data)

Item	Line No.	RMB 100 million	USD 100 million	SDR 100 million
1. Current account	1	9715	1351	996
Credit	2	76684	10664	7868
Debit	3	-66968	-9312	-6871
1. A Goods and Services	4	12406	1726	1272
Credit	5	69992	9733	7181
Debit	6	-57586	-8007	-5909
1.A.a Goods	7	15751	2191	1615
Credit	8	62696	8718	6433
Debit	9	-46945	-6528	-4817
1.A.b Services	10	-3345	-465	-343
Credit	11	7296	1015	749
Debit	12	-10642	-1480	-1092
1.A.b.1 Processing services	13	174	24	18
Credit	14	224	31	23
Debit	15	-51	-7	-5
1.A.b.2 Maintenance and Repair Services	16	83	12	8
Credit	17	235	33	24
Debit	18	-153	-21	-16
1.A.b.3 Transport	19	-900	-125	-92
Credit	20	2095	291	215
Debit	21	-2996	-417	-307
1.A.b.4 Travel	22	-3050	-424	-313
Credit	23	952	132	98
Debit	24	-4002	-556	-411
1.A.b.5 Construction	25	126	18	13
Credit	26	288	40	30
Debit	27	-162	-23	-17
1.A.b.6 Insurance and Pension Services	28	-220	-31	-23
Credit	29	46	6	5
Debit	30	-266	-37	-27
1.A.b.7 Financial Services	31	0	0	0
Credit	32	79	11	8
Debit	33	-79	-11	-8
1.A.b.8 Charges for the Use of Intellectual Property	34	-747	-104	-77
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