China reports current account surplus in 2024

China's current account surplus reached 422 billion U.S. dollars in 2024, data from the State Administration of Foreign Exchange showed Friday.

The current account surplus to gross domestic product ratio stood at 2.2 percent last year, staying within a reasonable range, said Li Bin, deputy head of the administration.

Of the total, the surplus under trade in goods amounted to 767.9 billion dollars during the period, up 29 percent from a year earlier, Li said, noting that the structure of China's foreign trade products continued to optimize and upgrade last year.

In terms of trade in services, the country saw a deficit of 228.8 billion dollars during the period, up 10 percent year on year.

Li said that Chinese enterprises accelerated their global industrial chain layout last year and achieved a net increase of 130.2 billion dollars in equity direct investment abroad, alongside growing investments in foreign stocks and bonds.

Meanwhile, foreign capital for equity direct investment into China saw an influx of 90.8 billion dollars. Some foreign-invested enterprises opted to increase local financing due to factors such as high financing costs in overseas markets and the convenience of the domestic financing market, Li added.

As China continues to advance high-quality development and integrated development of technological innovation and industrial innovation, the momentum for a steady economic recovery will be further consolidated, and China's international balance of payments is expected to maintain a basic equilibrium, according to Li.