BEIJING: China maintained a basic balance in its international payments last year, with its current account surplus amounting to US$264.2 billion, the country’s foreign exchange regulator said on Sunday.

According to China Central Television, the State Administration of Foreign Exchange (SAFE) disclosed that the ratio of the current account surplus to gross domestic product was 1.5 percent last year.

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

In addition, according to the administration’s preliminary estimates, in the fourth quarter of 2023, the net inflow of overseas investment in the domestic securities market reached a two-year high. From September to December last year, the net increase in foreign holdings of domestic bonds reached over $60 billion, SAFE data shows.

In 2023, the balance of international payments maintained basic equilibrium in China, and its current account surplus was within a
reasonable and balanced range. China’s cross-border capital flow stabilised and showed a trend of improvement, and foreign investment in the country saw a general net inflow.

Source: Emirates News Agency