The long-term positive fundamentals will continue to support China's international balance of payments to maintain basic balance

countryforeign exchangeWang Chunying, Deputy Director and Spokesperson of the Management Bureau8month4Japan stated that in the first half of the year, direct investment in China maintained a net inflow of funds, while securities investment in China became more active, with a significant year-on-year increase in net inflows under stocks.

Wang Chunying said that preliminary data from the balance of payments show that,2023In the first half of the year, China's international balance of payments remained basically balanced. Among them, the current account surplus1468Billion US dollars, compared to the same period's gross domestic product（GDP）The ratio is1.7%Continue to be in a reasonable equilibrium range; The overall flow of cross-border funds under capital accounts is stabilizing.

Wang Chunying introduced that the trade surplus of goods is at a relatively high level during the same period in history. In the first half of the year, China's trade surplus in goods based on the international balance of payments2933Billion US dollars, the second highest value in the same period over the years. Among them, export of goods trade15264Billion US dollars, imported12332USD100mn The high-quality development of China's manufacturing industry provides new impetus for sustained foreign trade, while the export of traditional products such as electromechanical products and labor-intensive products remains stable, supporting China's current account to maintain a reasonable scale surplus.

"The service trade deficit is gradually returning to the normal level," said Wang Chunying. In the first half of the year, the service trade deficit1021Billion US dollars, with travel and transportation as the main deficit items. Among them, travel deficit814100 million US dollars, year-on-year growth67%The main reason is that individual cross-border travel by residents is showing a recovery trend, with both travel expenses and income showing growth; Transportation deficit416One billion US dollars is mainly due to the gradual recovery of global transportation supply, and China's transportation service revenue and expenditure are returning to pre pandemic levels.

Meanwhile, the overall flow of cross-border funds under the capital account is stabilizing. Wang Chunying introduced that from the perspective of foreign capital inflows, in the first half of the year, direct investment in China maintained a net inflow of funds, including the absorption of net inflows of equity investment in China323USD100mn Investment in securities in China has become more active, with a significant year-on-year increase in net inflows under stocks and a gradual recovery of net inflows under bonds; The balance of external debt is more stable. From the perspective of China's outward investment situation, outward direct investment has developed in an orderly manner, with a net outflow of outward equity investment559USD100mn Foreign securities investment has slowed down year-on-year.