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China reports current account surplus in 2023

Source: Xinhua 2024-02-19

This aerial photo taken on July 19, 2023 shows a ship berthing at a cargo terminal of Tangshan Port in Tangshan, north China's Hebei Province. (Xinhua/Yang Shiyao)

BEIJING, Feb. 18 (Xinhua) -- China's current account surplus amounted to 264.2 billion U.S. dollars in 2023, the country's foreign exchange regulator said on Sunday.

The current account surplus to gross domestic product ratio was 1.5 percent last year, which is within a reasonable and balanced range, according to the State Administration of Foreign Exchange.

The surplus under trade in goods came in at 608 billion dollars last year, the second highest level in the history, data released by the administration shows.

China's foreign trade has expanded quarter by quarter thanks to the economic recovery trend, underpinning a relatively large current account plus, said Wang Chunying, spokesperson for the administration.

The tourism and transportation sectors again registered major deficits, with the shortfall in the tourism sector coming in at 180.6 billion U.S. dollars, data shows.

In terms of capital, foreign investment in China saw a general net inflow and overseas investment in the domestic securities market improved, indicating the strong willingness of foreign investors to do business in China and allocate RMB assets.

Looking ahead for 2024, Wang said that with the improvement of both its internal and external environments, China has the foundation and conditions to maintain basic equilibrium in the balance of payments.

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