Current account surplus narrowing
Source: Xinhua |
May 15, 2010, Saturday
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Print Edition
Print Edition
CHINA posted surpluses in its current, capital and financial accounts in the first quarter of this year, the State Administration of Foreign Exchange said yesterday.
The current-account surplus totaled US$40.9 billion, down 48 percent from a year ago, with merchandise trade surplus standing at US$29.4 billion, according to preliminary data on China's first-quarter balance of international payments posted on SAFE's Website.
China's international payments status has been improving since the current-account surplus accounted for 3.5 percent of the gross domestic product, compared with 8.2 percent in the same period last year, said a SAFE official who declined to be named.
As the ratio of the current-account surplus for GDP has fallen for the third year since 2008, it shows that China's efforts in shifting its economic growth from relying on outside demands to both domestic and foreign demands has taken effect, she said.
But China ran an US$18 billion service trade deficit during the same period.
Capital- and financial-account surpluses hit US$55 billion, and net foreign direct investment flows amounted to US$17.5 billion.
"It is clear that there is a bigger net inflow of international capital," said the official.
Besides net FDI inflow of US$17.5 billion, up an annual 79 percent, net inflow of foreign exchange assets of commercial banks for forex loans hit US$15.3 billion versus net outflow of US$1 billion.
The current-account surplus totaled US$40.9 billion, down 48 percent from a year ago, with merchandise trade surplus standing at US$29.4 billion, according to preliminary data on China's first-quarter balance of international payments posted on SAFE's Website.
China's international payments status has been improving since the current-account surplus accounted for 3.5 percent of the gross domestic product, compared with 8.2 percent in the same period last year, said a SAFE official who declined to be named.
As the ratio of the current-account surplus for GDP has fallen for the third year since 2008, it shows that China's efforts in shifting its economic growth from relying on outside demands to both domestic and foreign demands has taken effect, she said.
But China ran an US$18 billion service trade deficit during the same period.
Capital- and financial-account surpluses hit US$55 billion, and net foreign direct investment flows amounted to US$17.5 billion.
"It is clear that there is a bigger net inflow of international capital," said the official.
Besides net FDI inflow of US$17.5 billion, up an annual 79 percent, net inflow of foreign exchange assets of commercial banks for forex loans hit US$15.3 billion versus net outflow of US$1 billion.
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