The State Administration of Foreign Exchange released the preliminary data of China's balance of payments in 2023 on February 18.
The data shows that China's balance of payments will remain basically balanced in 2023. Among them, the current account surplus was 264.2 billion US dollars, and the ratio of the surplus to the gross domestic product (GDP) in the same period was 15%, which continues to be in a reasonable equilibrium range; Cross-border capital flows have stabilized and improved, and investment in China has generally maintained a net inflow pattern.
Data map. Photo by Xinhua News Agency reporter Liu Kaixiong.
Judging from specific data, in 2023, China's balance of payments will have a surplus of 608 billion US dollars, second only to the scale of the surplus in 2022 and the second highest in the past. Among them, the export of goods was 3,179.6 billion US dollars, and the import was 2,571.6 billion US dollars, both of which were at a historically high level.
Wang Chunying, deputy director and spokesperson of the State Administration of Foreign Exchange, said: "In 2023, China's economy will continue to recover, its external resilience will be enhanced, and the scale of import and export of goods will rise quarter by quarter, supporting China's current account to maintain a relatively large surplus. ”
At the same time, in 2023, China's service deficit will be 229.4 billion US dollars, showing an orderly recovery to the pre-epidemic level. Among them, the surplus of other business services such as consulting and advertising was 38 billion US dollars, which remained at a high level in recent years, an increase of 96% over 2019; The surplus in telecommunications, computer and information services was US$19.2 billion, up 8% from 2022 and up 14 times.
In terms of investment in China, the net inflow of foreign equity direct investment was US$62.1 billion, and the net inflow in the fourth quarter increased significantly from the previous quarter. "According to preliminary estimates, the annual investment in China also showed a net inflow, with the net inflow in the fourth quarter reaching a nearly two-year high, and the cumulative net increase in domestic bonds by foreign investors from September to December exceeded US$60 billion. Wang Chunying said.
Looking forward to 2024, Wang Chunying said that the favorable conditions for China's development are stronger than the unfavorable factors, and the basic trend of economic recovery and long-term improvement has not changed.
*:Xinhua.