China sees current account surplus in Q1
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E-mail Xinhua, May 12, 2019
China reported a current account surplus in the first quarter, mainly driven by strong external demands for goods.
The surplus in the current account stood at 58.6 billion U.S. dollars in the January-March period, up from 54.6 billion dollars in the previous quarter, data from the State Administration of Foreign Exchange (SAFE) showed.
Goods trade posted a surplus of 94.5 billion dollars while service trade reported a deficit of 63.4 billion dollars.
"China's international balance of payments has maintained a basic equilibrium, and the foundation for further balance remains solid," noted Wang Chunying, SAFE spokesperson and chief economist.
China has taken steps to improve its trade in services, including gradually opening up its finance, education, culture and medical sectors.
The data also showed stable cross-border capital inflows in the first quarter. China's financial account saw a deficit of 30 million dollars while direct investment posted a surplus of 21.4 billion dollars.
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