CCTV Beijing, December 29 According to the State Administration of Foreign Exchange**, on December 29, Wang Chunying, deputy director and spokesperson of the State Administration of Foreign Exchange, answered reporters' questions on the balance of payments in the third quarter and the first three quarters of 2023.
Wang Chunying pointed out that in the first three quarters of 2023, China's balance of payments remained basically balanced.
First, the current account surplus continued to remain within a reasonable equilibrium range. In the first three quarters, China's current account surplus was 209 billion US dollars, which was 1 percent of gross domestic product (GDP) in the same period6%, which is in a reasonable equilibrium range. Among them, the surplus of goods in the balance of payments was 454.4 billion US dollars, which was the second highest value in the same period in historyThe scale of exports and imports of goods was US$2,336.4 billion and US$1,882 billion respectively, both of which were at a high level in the same period in history. Services** have been recovering steadily, with an orderly increase in cross-border travel and related spending. In the first three quarters, the services** deficit accumulated to US$168.4 billion, mainly the travel deficit of US$130.3 billion, a year-on-year increase of 69%. The primary income deficit was US$87.7 billion, a year-on-year decrease of 46%, mainly due to the year-on-year increase of 42% in China's foreign investment income.
Second, cross-border investment activities have been carried out in an orderly manner. In the first three quarters, China's financial account had a net inflow of $15.5 billion into China's direct investment, of which $38.7 billion was in the nature of equity direct investment, including capital and profit reinvestment. Recently, with the disappearance of seasonal factors in the distribution of direct investment profits and the slowdown in the net outflow of debt funds from affiliated enterprises, the net inflow of direct investment in China has generally improved. China's advantages in super-large-scale market and complete industrial system continue to exist, and high-level institutional opening-up is advancing in an orderly manner, and it will continue to attract foreign capital inflow in the future. In the first three quarters, the net outflow of ** investment narrowed by 62% year-on-year, of which non-residents' investment in China's bonds turned into a net inflow since September. With the gradual improvement of the internal and external economic and financial environment, the stability of China's cross-border capital flow will be further enhanced.
Wang Chunying said that on the whole, the favorable conditions facing China's development are stronger than the unfavorable factors, and the basic trend of economic rebound and long-term improvement has not changed, and China will continue to support the maintenance of a basic balance of payments.
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