SAFE Releases Preliminary Data of the Balance of Payments for the Fourth Quarter and the Annual of ...

In the fourth quarter of 2025, China's current account registered a surplus of RMB 1713.7 billion, including a surplus of RMB 2104.3 billion under trade in goods, a deficit of RMB 284.5 billion under trade in services, a deficit of RMB 155.2 billion under primary income and a surplus of RMB 49.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 1713.7 billion. Inward foreign direct investments (FDI) continued the net inflow. In 2025, China's current account registered a surplus of RMB 5242.7 billion, the capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of RMB 5421.7 billion.In the US dollar terms, in the fourth quarter of 2025, China's current account registered a surplus of USD 242.1 billion, including a surplus of USD 297.3 billion under trade in goods, a deficit of USD 40.2 billion under trade in services, a deficit of USD 22.0 billion under primary income and a surplus of USD 6.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 242.1 billion. In 2025, China's current account recorded a surplus of USD 734.9 billion, the capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of USD 760.2 billion.In SDR terms, in the fourth quarter of 2025, China's current account registered a surplus of SDR 177.6 billion, including a surplus of SDR 218.1 billion under trade in goods, a deficit of SDR 29.5 billion under trade in services, a deficit of SDR 16.1 billion under primary income and a surplus of SDR 5.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 177.6 billion. In 2025, China posted a surplus of SDR 543.7 billion under the current account, the capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of SDR 560.9 billion. (End)China's Balance of Payments, Q4 2025 (Preliminary Data)ItemLine No.RMB 100  millionUSD 100  millionSDR 100  million1. Current account117137 2421 1776 Credit286455 12214 8961 Debit3-69318 -9793 -7185 1. A Goods and  Services418197 2571 1886 Credit579132 11180 8203 Debit6-60935 -8609 -6316 1.A.a Goods721043 2973 2181 Credit870524 9963 7310 Debit9-49481 -6990 -5129 1.A.b Services10-2845 -402 -295 Credit118609 1216 892 Debit12-11454 -1618 -1187 1.A.b.1 Processing services13187 26 19 Credit14242 34 25 Debit15-56 -8 -6 1.A.b.2 Maintenance and Repair Services1685 12 9 Credit17265 38 28 Debit18-180 -25 -19 1.A.b.3 Transport19-930 -131 -96 Credit202295 324 238 Debit21-3225 -456 -334 1.A.b.4 Travel22-3294 -465 -341 Credit231200 169 124 Debit24-4493 -635 -466 1.A.b.5 Construction25264 37 27 Credit26439 62 46 Debit27-175 -25 -18 1.A.b.6 Insurance and Pension Services28-134 -19 -14 Credit2912 2 1 Debit30-146 -21 -15 1.A.b.7 Financial Services31-29 -4 -3 Credit3210 1 1 Debit33-40 -6 -4 1.A.b.8 Charges for the Use of Intellectual Property34-525 -74 -54 Credit35260 37 27 Debit36-785 -111 -81 1.A.b.9 Telecommunications, Computer, and Information Services37810 115 84 Credit381530 216 159 Debit39-720 -102 -75 1.A.b.10 Other Business Services40831 117 86 Credit412282 322 237 Debit42-1451 -205 -150 1.A.b.11 Personal, Cultural, and Recreational Services43-76 -11 -8 Credit4441 6 4 Debit45-117 -17 -12 1.A.b.12 Government Goods and Services n.i.e46-35 -5 -4 Credit4730 4 3 Debit48-65 -9 -7 1.B Primary Income49-1552 -220 -161 Credit506383 902 661 Debit51-7935 -1121 -822 1.C Secondary Income52491 69 51 Credit53939 133 97 Debit54-448 -63 -46 2. Capital and Financial Accounts (Including Net Errors and  Omissions for the Quarter) 55-17137 -2421 -1776 2.1 Capital Account56-4 -1 0 Credit571 0 0 Debit58-5 -1 -1 2.2. Financial  Account (Including Net Errors and Omissions for the Quarter)59-17133 -2420 -1776 2.2.1 Financial  Account (Excluding Reserve Assets, But Including Net Errors and Omissions for  the Quarter)60-16732 -2363 -1734 Including: 2.2.1.1 Direct Investment61-79 -11 -8 2.2.1.1.1 Assets62-2821 -399 -292 2.2.1.1.1.1 Equity and investment  fund shares63-2501 -353 -259 2.2.1.1.1.2 Debt instruments64-320 -46 -33 2.2.1.1.2 Liabilities652742 388 284 2.2.1.1.2.1 Equity and investment  fund shares662494 353 259 2.2.1.1.2.2 Debt instruments67248 35 26 2.2.2 Reserve  Assets68-400 -57 -41 2.2.2.1 Monetary gold690 0 0 2.2.2.2 Special drawing rights7021 3 2 2.2.2.3 Reserve position in the IMF714 1 0 2.2.2.4 Foreign exchange reserves72-424 -60 -44 2.2.2.5 Other reserves 730 0 0 3. Net Errors and Omissions74/ //Note:1. The table is compiled according to BPM6.2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to bal