SAFE Releases China's Balance of Payments for the Second Quarter and for the First Half of 2025
In the second quarter of 2025, China's current account registered a surplus of RMB 925.2 billion, and the capita...
In the second quarter of 2025, China's current account registered a surplus of RMB 925.2 billion, and the capital and financial accounts recorded a deficit of RMB 984.2 billion.
In the first half of 2025, China's current account registered a surplus of RMB 2112.6 billion, and the capital and financial accounts recorded a deficit of RMB 1993.6 billion.
In the US dollar terms, in the second quarter, China's current account recorded a surplus of USD 128.7 billion, including a surplus of USD 219.1 billion under trade in goods, a deficit of USD 47.1 billion under trade in services, a deficit of USD 47.4 billion under primary income and a surplus of USD 4.1 billion under secondary income. The capital and financial accounts registered a deficit of USD 137.0 billion, including a deficit of USD 71.8 million under the capital account, and a deficit of USD 136.9 billion under the financial account.
In the US dollar terms, in the first half of 2025, China's current account recorded a surplus of USD 294.1 billion, including a surplus of USD 456.7 billion under trade in goods, a deficit of USD 106.4 billion under trade in services, a deficit of USD 62.9 billion under primary income and a surplus of USD 6.8 billion under secondary income. The capital and financial accounts recorded a deficit of USD 277.6 billion, including a deficit of USD 144.9 million under the capital account, a deficit of USD 277.5 billion under the financial account.
In SDR terms, in the second quarter, China posted a surplus of SDR 94.9 billion under the current account, and a deficit of SDR 100.8 billion under the capital and financial accounts.
In SDR terms, in the first half of 2025, China posted a surplus of SDR 220.9 billion under the current account, and a deficit of SDR 207.6 billion under the capital and financial accounts.
In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China’s Balance of Payments Report for the First Half of 2025. (End)
Abridged Balance of Payments, Q2 2025
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current Account | 1 | 9252 | 1287 | 949 |
Credit | 2 | 76896 | 10693 | 7889 |
Debit | 3 | -67644 | -9406 | -6940 |
1. A Goods and Services | 4 | 12368 | 1720 | 1268 |
Credit | 5 | 69973 | 9730 | 7179 |
Debit | 6 | -57604 | -8010 | -5911 |
1.A.a Goods | 7 | 15756 | 2191 | 1616 |
Credit | 8 | 62696 | 8718 | 6433 |
Debit | 9 | -46940 | -6527 | -4817 |
1.A.b Services | 10 | -3388 | -471 | -348 |
Credit | 11 | 7277 | 1012 | 747 |
Debit | 12 | -10664 | -1483 | -1094 |
1.B Primary Income | 13 | -3409 | -474 | -349 |
Credit | 14 | 6209 | 864 | 637 |
Debit | 15 | -9618 | -1338 | -986 |
1.C Secondary Income | 16 | 292 | 41 | 30 |
Credit | 17 | 715 | 99 | 73 |
Debit | 18 | -422 | -59 | -43 |
2. Capital and Financial Account | 19 | -9842 | -1370 | -1008 |
2.1 Capital Account | 20 | -5 | -1 | -1 |
Credit | 21 | 2 | 0 | 0 |
Debit | 22 | -7 | -1 | -1 |
2.2 Financial Account | 23 | -9837 | -1369 | -1007 |
Assets | 24 | -11567 | -1610 | -1184 |
Liabilities | 25 | 1730 | 241 | 177 |
2.2.1 Financial Account Excluding Reserve Assets | 26 | -10524 | -1465 | -1078 |
2.2.1.1 Direct Investment | 27 | -918 | -127 | -94 |
Assets | 28 | -2165 | -301 | -222 |
Liabilities | 29 | 1248 | 174 | 128 |
2.2.1.2 Portfolio Investment | 30 | -4043 | -562 | -415 |
Assets | 31 | -4644 | -646 | -477 |
Liabilities | 32 | 601 | 83 | 62 |
2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options | 33 | -648 | -90 | -67 |
Assets | 34 | -549 | -76 | -56 |
Liabilities | <
