China shifts capital account to surplus

2017-06-29
Xinhua

BEIJING — China has lowered its current account surplus and revised its estimate for the capital and financial account from a deficit to a surplus.

The first-quarter surplus under the current account was cut to $18.4 billion from a preliminary figure of $19 billion, data from the State Administration of Foreign Exchange (SAFE) showed on June 29.

The country posted a $39.3 billion surplus in its capital and financial account in the first three months ending March, a revision from an initial deficit of $19 billion for the period, the SAFE said.

The administration said China’s outbound financial assets totaled $6.5 trillion at the end of March, with its outbound direct investment and overseas securities investment standing at $1.3 trillion and $392 billion, respectively.

Its external liabilities reached $4.8 trillion.

The SAFE said the data indicated domestic businesses have become more rational in making overseas investment while foreign investors remain upbeat on China’s economic outlook and continue to increase investment.