China’s current account surplus hits 240 billion USD in first three quarters

BEIJING, Nov. 8 (Xinhua) — China’s current account surplus reached 1.713 trillion yuan (about 240 billion U.S. dollars) in the first three quarters of 2024, according to data released Friday by the State Administration of Foreign Exchange.
The current account surplus to gross domestic product (GDP) ratio stood at 1.8 percent during this period, remaining within a reasonable and balanced range, while cross-border capital flows were generally stable, said an official with the administration.
The surplus for the third quarter alone stood at 1.0441 trillion yuan.
From January to September, China’s goods trade surplus reached 518.2 billion U.S. dollars, up 17 percent year on year, while services trade deficit totaled 181.4 billion U.S. dollars.
In terms of foreign direct investment, the official noted that two-way direct investment remained steady.
China’s outbound equity direct investment saw a net outflow of 98.7 billion U.S. dollars, with various enterprises expanding overseas in an orderly manner. Inbound equity direct investment included 60 billion U.S. dollars in new capital inflows.
The country’s balance of payments is primarily divided into two main categories — the current account and the capital and financial account. The current account is closely linked to transactions in the real economy, and its balance is a commonly used standard in international economic analysis.
China has maintained a current account surplus for many consecutive years. Since 2011, the ratio of China’s current account surplus to its GDP has consistently remained below 3 percent. ■