China reports current account surplus in 2023

BEIJING -- China's current account surplus amounted to $264.2 billion 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 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, 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.