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China’s current account surplus remains reasonable in 2017

Updated: Mar 30,2018 9:03 AM     Xinhua

BEIJING — China’s current account surplus remained within a reasonable range last year, the country’s foreign exchange regulator said on March 29.

The current account surplus stood at $164.9 billion in 2017, accounting for 1.3 percent of GDP, according to the State Administration of Foreign Exchange (SAFE).

The non-reserve financial account recorded a surplus of $148.6 billion in 2017, compared with a deficit of $416.1 billion in the previous year.

Reserve assets rose $91.5 billion last year.

A basic equilibrium in the balance of payments will continue due to the global economic recovery, sound economic growth and further opening-up of China’s market, according to SAFE.

The country will continue to run a current account surplus and keep it within a reasonable range, the regulator said.

Cross-border capital movement would remain stable on the whole, it said.

As of the end of 2017, China’s external assets reached $6.9 trillion and its external debts stood at $5.1 trillion, up 6 percent and 12 percent, respectively, from the end of 2016.

The country’s reserve assets remained the world’s largest, with steady outbound and inbound investment.