China's current-account surplus up 32% in 2022

China reported a current-account surplus of $417.5 billion in 2022, up 32 percent from the previous year, the State Administration of Foreign Exchange said Friday. 

The figure, only second to that in 2008, accounted for 2.3 percent of China's gross domestic product during the same period, said Wang Chunying, deputy head and a spokesperson of the administration. 

Trade in goods posted a record surplus of $685.6 billion in 2022, up 22 percent year on year, said Wang. 

Trade in services saw a deficit of $94.3 billion, down 6 percent year on year. The shortfall in the tourism sector rose 14 percent year on year to $107.6 billion as expenditure in cross-border tourism and overseas education gradually recovered. 

Direct investment logged a net inflow of $32.3 billion in 2022. 

Wang said international payments are expected to remain balanced in 2023 despite external uncertainties, as China's economy retains its robustness, massive potential, and sound long-term fundamentals. 

She said China's recovery is gaining ground with the support of policy incentives.

(Source: Xinhua News Agency; Cover via CFP)

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