SAFE Releases China's Balance of Payments for the Fourth Quarter and for the Annual of 2025

In the fourth quarter of 2025, China's current account registered a surplus of RMB 1726.1 billion, including a surplus of RMB 2196.0 billion under trade in goods, a deficit of RMB 343.5 billion under trade in services, a deficit of RMB 175.6 billion under primary income and a surplus of RMB 49.2 billion under secondary income. The capital and financial accounts recorded a deficit of RMB 1662.1 billion. In 2025, China's current account registered a surplus of RMB 5243.4 billion, the capital and financial accounts recorded a deficit of RMB 5517.1 billion.

In the US dollar terms, in the fourth quarter of 2025, China's current account registered a surplus of USD 243.8 billion, including a surplus of USD 310.3 billion under trade in goods, a deficit of USD 48.5 billion under trade in services, a deficit of USD 24.9 billion under primary income and a surplus of USD 6.9 billion under secondary income. The capital and financial accounts recorded a deficit of USD 234.8 billion. In 2025, China's current account recorded a surplus of USD 735.0 billion, the capital and financial accounts recorded a deficit of USD 773.5 billion.

In SDR terms, in the fourth quarter of 2025, China's current account registered a surplus of SDR 178.9 billion, including a surplus of SDR 227.6 billion under trade in goods, a deficit of SDR 35.6 billion under trade in services, a deficit of SDR 18.2 billion under primary income and a surplus of SDR 5.1 billion under secondary income. The capital and financial accounts recorded a deficit of SDR 172.2 billion. In 2025, China posted a surplus of SDR 543.7 billion under the current account, the capital and financial accounts recorded a deficit of SDR 571.1 billion.

The SAFE has revised the Balance of Payments for each quarter since 2019 according to the latest data. To further increase the data transparency, the SAFE has released breakdowns of investment income, and financial account by sector and maturity for the annual of 2025. The data can be found in the section of "Data and Statistics" at the official website of the SAFE.

In addition, in order to facilitate understanding of China’s Balance of Payments and International Investment Position, the BOP Analysis Team of the SAFE has released China's Balance of Payments Report 2025. (End)

Abridged Balance of Payments, Q4 2025

Item	Line No.	RMB 100 million	USD 100 million	SDR 100 million
1. Current Account	1	17261	2438	1789
Credit	2	87828	12408	9104
Debit	3	-70567	-9970	-7315
1. A Goods and Services	4	18526	2618	1920
Credit	5	80470	11369	8341
Debit	6	-61944	-8751	-6421
1.A.a Goods	7	21960	3103	2276
Credit	8	72796	10284	7546
Debit	9	-50835	-7182	-5269
1.A.b Services	10	-3435	-485	-356
Credit	11	7674	1084	795
Debit	12	-11109	-1570	-1151
1.B Primary Income	13	-1756	-249	-182
Credit	14	6419	907	665
Debit	15	-8175	-1155	-847
1.C Secondary Income	16	492	69	51
Credit	17	939	133	97
Debit	18	-448	-63	-46
2. Capital and Financial Account	19	-16621	-2348	-1722
2.1 Capital Account	20	-4	-1	0
Credit	21	1	0	0
Debit	22	-5	-1	-1
2.2 Financial Account	23	-16617	-2348	-1722
Assets	24	-15954	-2254	-1653
Liabilities	25	-663	-94	-69
2.2.1 Financial Account Excluding Reserve Assets	26	-16217	-2291	-1680
2.2.1.1 Direct Investment	27	417	59	43
Assets	28	-2861	-404	-296
Liabilities	29	3278	464	340
2.2.1.2 Portfolio Investment	30	-8313	-1174	-862
Assets	31	-6899	-974	-716
Liabilities	32	-1414	-200	-146
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