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Friday, August 09, 2019, 21:17
China reports current account surplus in H1
By Xinhua
Friday, August 09, 2019, 21:17 By Xinhua

This undated file photo shows the headquarters of the State Administration of Foreign Exchange (SAFE), in Beijing, China. (PHOTO / XINHUA)

BEIJING China reported a current account surplus of US$106 billion in the first half of 2019, amid expectations of stable economic growth.

It is expected that China's current account will remain in a reasonable range throughout the year, maintaining a modest surplus, and the international balance of payments will maintain a basic equilibrium

 Wang Chunying, SAFE spokesperson 

The reading equals 1.6 percent of the country's gross domestic product, data from the State Administration of Foreign Exchange (SAFE) showed.

Goods trade posted a surplus of US$222.8 billion during the period, while service trade reported a deficit of US$129.3 billion, narrowing by 12 percent year on year.

"It is expected that China's current account will remain in a reasonable range throughout the year, maintaining a modest surplus, and the international balance of payments will maintain a basic equilibrium," said Wang Chunying, SAFE spokesperson and chief economist, Friday at a press conference.

China's economy is expected to maintain stability with further opening-up measures, and liberalization and facilitation of trade and investment will see further improvement, Wang noted.

The SAFE data also showed that China's non-reserve financial account continued to see net inflows in H1. Direct investment posted a surplus of US$33.6 billion, while securities investment also reported a surplus.  

ALSO READ: China sees current account surplus in Q1

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