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
Credit	35	155	Previous: SAFE Releases Selected Data on Transactions in the Chinese Foreign Exchange Market in July 2025 Next: SAFE Releases Data on China's Foreign Exchange Reserves at the End of July 2025 Related Articles SAFE Releases China's Balance of Payments for the Fourth Quarter and for the Year 2024 2026-04-14 SAFE Releases Data on External Financial Assets and Liabilities of China's Banking Sector as at the ... 2026-04-14 SAFE Releases Selected Data on Transactions in the Chinese Foreign Exchange Market in December 2024 2026-04-14 SAFE Releases Data on China's Foreign Exchange Reserves at the End of February 2026 2026-04-14 SAFE Releases Data on China's Foreign Exchange Reserves at the End of January 2026 2026-04-14 SAFE Releases Data on China's Foreign Exchange Reserves at the End of August 2025 2026-04-14