This undated photo shows the headquarters of the State Administration of Foreign Exchange (SAFE), in Beijing, China. (PHOTO / XINHUA)
BEIJING – China reported a current account surplus in the first quarter, mainly driven by strong external demands for goods.
China's international balance of payments has maintained a basic equilibrium, and the foundation for further balance remains solid.
Wang Chunying, Chief Economist, State Administration of Foreign Exchange, China
The surplus in the current account stood at US$58.6 billion in the January-March period, up from US$54.6 billion in the previous quarter, data from the State Administration of Foreign Exchange (SAFE) showed.
Goods trade posted a surplus of US$94.5 billion while service trade reported a deficit of US$63.4 billion.
"China's international balance of payments has maintained a basic equilibrium, and the foundation for further balance remains solid," noted Wang Chunying, SAFE spokesperson and chief economist.
China has taken steps to improve its trade in services, including gradually opening up its finance, education, culture and medical sectors.
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The data also showed stable cross-border capital inflows in the first quarter.
China's financial account saw a deficit of US$30 million while direct investment posted a surplus of US$21.4 billion.
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