In 2023, China’s current account surplus reached US$264.2 billion, as announced by the State Administration of Foreign Exchange of China. The ratio of this surplus to the gross domestic product (GDP) was reported at 1.5 percent, a figure deemed to be within a reasonable and balanced range for the year. Notably, China’s goods trade surplus hit $608 billion, marking the second-highest level in history based on administration data. Wang Chunying, spokesperson for the administration, attributed this surplus to the ongoing economic recovery, noting that China’s foreign trade witnessed expansion in every quarter, contributing to the significant current account surplus.
Despite the overall surplus, deficits were recorded in the tourism and transportation sectors, with the tourism sector deficit calculated at $180.6 billion. However, there was a general net inflow of foreign investments into China, coupled with improvements in overseas investments in the domestic securities market. Wang highlighted the robust desire of foreign investors to engage in business activities in China and allocate assets in renminbi.
Looking ahead to 2024, Wang expressed optimism regarding both the internal and external environments of China. She asserted that China possesses the necessary groundwork and conditions to maintain a basic balance in its balance of payments, underscoring the country’s resilience and stability amid evolving global economic dynamics.
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