Promoting high-quality development of the manufacturing industry will continue to enhance the international competitiveness of Chinese products

countryforeign exchangeWang Chunying, Deputy Director of the Management Bureau and spokesperson, stated that China's current account has a solid foundation for maintaining a reasonable balance.

Wang Chunying analyzed that firstly, promoting high-quality development of the manufacturing industry will continue to enhance the international competitiveness of Chinese products and provide new impetus for China's foreign trade. At the same time, the integration of manufacturing and service industry development is underway. In this process, the progress and enhancement of manufacturing industry development will drive an increase in revenue from related productive service trade.

Secondly, the long-term determining factor in the current account is the economic structure. The current account reflects the relationship between savings and investment, and China's current account surplus actually reflects savings being higher than investment. In recent years, the structure has also been continuously adjusted, and the role of consumption in the national economy has increased. However, China's savings rate is still at a relatively high level globally. From this perspective, China's economic structure still helps maintain a reasonable current account surplus.