China’s current account surplus reached a staggering $734.9 billion in 2025, according to preliminary data released today by the State Administration of Foreign Exchange (SAFE). The record-breaking figure underscores China’s solidified position as the world’s primary export engine, even as global trade tensions and shifting capital flows reshape the second-largest economy.
While the current account soared, the capital and financial accounts—which track the movement of investment in and out of the country—recorded a deficit of $760.2 billion. This figure includes “net errors and omissions” for the fourth quarter, highlighting a significant “balancing act” in China’s international payments.
The massive surplus was primarily driven by a robust trade in goods, which surpassed the $1 trillion mark for the first time in history. This surge occurred despite aggressive tariff policies from Western nations, as Chinese manufacturers successfully pivoted toward the “Global South.”
