BEIJING, 9th November, 2024 (WAM) -- China's current account surplus reached 1.713 trillion yuan (about US$240 billion) in the first three quarters of 2024, according to data released by the State Administration of Foreign Exchange.
Xinhua News Agency quoted an official with the administration as saying that 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.
The surplus for the third quarter alone stood at 1.0441 trillion yuan.
From January to September, China's goods trade surplus reached US$518.2 billion, up 17 percent year-on-year, while the services trade deficit totaled US$181.4 billion.
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 US$98.7 billion, with various enterprises expanding overseas in an orderly manner. Inbound equity direct investment included US$60 billion 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.