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 2025ItemLine  No.RMB  100 millionUSD  100 millionSDR  100 million1. Current Account117261 2438 1789 Credit287828 12408 9104 Debit3-70567 -9970 -7315 1. A Goods and Services418526 2618 1920 Credit580470 11369 8341 Debit6-61944 -8751 -6421 1.A.a Goods721960 3103 2276 Credit872796 10284 7546 Debit9-50835 -7182 -5269 1.A.b Services10-3435 -485 -356 Credit117674 1084 795 Debit12-11109 -1570 -1151 1.B Primary Income13-1756 -249 -182 Credit146419 907 665 Debit15-8175 -1155 -847 1.C Secondary Income16492 69 51 Credit17939 133 97 Debit18-448 -63 -46 2. Capital and  Financial Account19-16621 -2348 -1722 2.1 Capital Account20-4 -1 0 Credit211 0 0 Debit22-5 -1 -1 2.2 Financial Account23-16617 -2348 -1722 Assets24-15954 -2254 -1653 Liabilities25-663 -94 -69 2.2.1 Financial Account  Excluding Reserve Assets26-16217 -2291 -1680 2.2.1.1 Direct Investment27417 59 43 Assets28-2861 -404 -296 Liabilities293278 464 340 2.2.1.2 Portfolio Investment30-8313 -1174 -862 Assets31-6899 -974 -716 Liabilities32-1414 -200 -146 2.2.1.3 Financial Derivatives  (other than reserves) and Employee Stock Options33-337 -48 -35 Assets34720 102 75 Liabilities35-1057 -149 -109 2.2.1.4 Other Investment36-7984 -1128 -827 Assets37-6513 -920 -674 Liabilities38-1471 -208 -152 2.2.2 Reserve Assets39-400 -57 -41 3. Net Errors and  Omissions40-640 -90 -67 Notes:1. The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts.2."Credit" is presented as positive value while "debit" as negative value, and the difference is the sum of the "Credit" and the "Debit". All items herein refer to difference, unless marked with "Credit" or "Debit".3. The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters.4. The SDR denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters.5. In the fourth quarter of 2025, the gross inflow of equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 32.2 billion (RMB 227.9 billion). 6.This statement employs rounded-off numbers.7. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE.8. The BOP data is revised regularly; please find the latest data in “Data