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 s...
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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