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State Administration of Foreign Exchange: The balance of payments remained basically balanced in the first quarter, and the two-way cross-border capital flow was reasonable and orderly
People’s Daily Online, Beijing, May 12 (Reporter Du Yanfei) According to data released today by the State Administration of Foreign Exchange, in the first quarter of this year, my country’s current account surplus was 82 billion U.S. dollars, of which, the goods trade surplus was 129.9 billion U.S. dollars, and the service trade deficit was 47 billion U.S. dollars. The primary income deficit was 6.3 billion U.S. dollars, and the secondary income was a surplus of 5.4 billion U.S. dollars. In the capital and financial account, the direct investment deficit was US$30.2 billion, and reserve assets increased by US$25.5 billion.
Talking about the characteristics of my country’s balance of payments in the first quarter of this year, Wang Chunying, deputy director and spokesperson of the State Administration of Foreign Exchange, said that in the first quarter of this year, my country’s balance of payments remained basically balanced. Among them, the current account surplus was 82 billion U.S. dollars, accounting for 2% of the gross domestic product (GDP) in the same period, which continued to be in a reasonable and balanced range, and the two-way cross-border capital flow remained reasonable and orderly.
The trade surplus in goods was at a relatively high level in the same period in history. Data show that in the first quarter of this year, my country’s trade in goods surplus on the balance of payments basis was US$129.9 billion, the second highest value in the first quarter of previous years. The export of goods was 739.2 billion US dollars, and the import was 609.2 billion US dollars. “my country’s manufacturing industry is accelerating the transformation and upgrading, the industrial chain and supply chain remain stable, and new trade growth points continue to emerge, promoting the maintenance of a relatively high level of trade surplus in goods.” Wang Chunying believes.
Trade in services showed a deficit. Data show that in the first quarter of this year, the service trade deficit was US$47 billion. “Among them, the travel deficit was 43.4 billion U.S. dollars, a year-on-year increase of 58%, mainly due to the increase in outbound travel by individual residents; the transportation deficit was 19 billion U.S. dollars, a surplus of 3.3 billion U.S. dollars in the same period last year, mainly due to the orderly recovery of global transportation capacity supply, and my country’s transportation services. branch gradually returned to the pre-epidemic level,” she said.
Two-way direct investment developed in an orderly manner. In the first quarter of this year, the net outflow of my country’s foreign direct investment was US$50.6 billion, a year-on-year increase of 23%, of which the net outflow of foreign equity investment was US$31.3 billion; the net inflow of direct investment in China was US$20.5 billion, of which the net inflow of equity investment was US$28.3 billion.
“Overall, in the face of a complex and ever-changing external environment, my country adheres to the general principle of seeking progress while maintaining stability, and strives to promote high-quality development. Economic development is showing a positive trend of recovery, providing fundamental support for the basic balance of my country’s international payments.” Wang Chunying express.
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2023-05-13 05:55:10
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