SAFE Releases Preliminary Data of the Balance of Payments for the First Quarter of 2025

In the first quarter of 2025, China's current account registered a surplus of RMB 1188.5 billion, including a surplus of RMB 1705.3 billion under trade in goods, a deficit of RMB 425.8 billion under trade in services, a deficit of RMB 110.4 billion under primary income and a surplus of RMB 19.4 billion under secondary income.The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 1188.5 billion. Inward foreign direct investments (FDI) continued the net inflow.

In the US dollar terms, in the first quarter of 2025, China's current account registered a surplus of USD 165.6 billion, including a surplus of USD 237.6 billion under trade in goods, a deficit of USD 59.3 billion under trade in services, a deficit of USD 15.4 billion under primary income and a surplus of USD 2.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 165.6 billion.

In SDR terms, in the first quarter of 2025, China's current account registered a surplus of SDR 126.2 billion, including a surplus of SDR 181.0 billion under trade in goods, a deficit of SDR 45.2 billion under trade in services, a deficit of SDR 11.7 billion under primary income and a surplus of SDR 2.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 126.2 billion. (End)

China's Balance of Payments, Q1 2025 (Preliminary Data)

Item	Line No.	RMB 100 million	USD 100 million	SDR 100 million
1. Current account	1	11885	1656	1262
Credit	2	72020	10036	7644
Debit	3	-60135	-8380	-6382
1. A Goods and Services	4	12794	1783	1358
Credit	5	66455	9261	7053
Debit	6	-53661	-7478	-5695
1.A.a Goods	7	17053	2376	1810
Credit	8	59267	8259	6290
Debit	9	-42214	-5883	-4480
1.A.b Services	10	-4258	-593	-452
Credit	11	7189	1002	763
Debit	12	-11447	-1595	-1215
1.A.b.1 Processing services	13	187	26	20
Credit	14	210	29	22
Debit	15	-23	-3	-2
1.A.b.2 Maintenance and Repair Services	16	108	15	12
Credit	17	225	31	24
Debit	18	-117	-16	-12
1.A.b.3 Transport	19	-791	-110	-84
Credit	20	2090	291	222
Debit	21	-2880	-401	-306
1.A.b.4 Travel	22	-4267	-595	-454
Credit	23	797	111	85
Debit	24	-5064	-706	-538
1.A.b.5 Construction	25	105	15	11
Credit	26	268	37	28
Debit	27	-163	-23	-17
1.A.b.6 Insurance and Pension Services	28	-329	-46	-35
Credit	29	67	9	7
Debit	30	-396	-55	-42
1.A.b.7 Financial Services	31	15	2	2
Credit	32	82	11	9
Debit	33	-67	-9	-7
1.A.b.8 Charges for the Use of Intellectual Property	34	-570	-80	-60
Credit	35	189	26	20
Debit	36	-760	-106	-81
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