China’s Current Account Surplus Up 56%

China’s current account surplus stood at a record 310.4 billion U.S. dollars in the first three quarters of 2022, up 56 percent year on year, official data showed.

The ratio of the current account surplus against the gross domestic product of the same period was 2.4 percent, which is within a reasonable and balanced range, said the State Administration of Foreign Exchange.

Of the total, the surplus under trade in goods increased 37 percent year on year to hit a record 521.6 billion U.S. dollars, while the deficit under trade in services narrowed by 23 percent, the data showed.

Direct investment logged a net inflow of 46.9 billion U.S. dollars, according to the administration.

The Chinese economy retains its robustness, huge potential, and sound long-term fundamentals, and its recovery is gaining ground, which will help underpin the country’s balance of payments, said Wang Chunying, deputy head of the administration

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