The reporter learned from the State Administration of Foreign Exchange that in 2024, the surplus of trade in emerging productive services such as telecommunications computer information services and commercial services in my country rose to US$66.4 billion, a record high.
The "2024 China Balance of Payments Report" previously released by the State Administration of Foreign Exchange shows that my country's current account surplus in 2024 was US$423.9 billion, an increase of 61% over 2023, and the ratio to GDP was 2.2%. Among them, the surplus of goods trade in 2024 was US$768 billion, an increase of 29% over 2023.
It is worth noting that the service trade deficit in 2024 was US$229 billion, an increase of 10% from 2023. As the main projects of my country's service trade deficit, residents' cross-border tourism and study abroad continue to increase and return to the normal level in 2019. At the same time, the policy of facilitating entry visas and payments to China has been steadily promoted, domestic tourism products and services have been optimized, and travel revenue has grown rapidly.
The head of relevant departments of the State Administration of Foreign Exchange introduced that my country's service trade deficit is at a global high, mainly because of the large population base in my country. In recent years, the steady growth of residents' income has driven an increase in demand for overseas travel. With the development of manufacturing, my country's productive service trade exports have gradually grown, from a deficit to a surplus, and its competitiveness has improved.
"In general, the development and evolution of my country's trade surplus is highly correlated with the adjustment of the domestic economic structure, the layout of the global industrial chain, and changes in domestic and external demand. The internal and external balance of my country's economy remains stable." The person in charge said that in the future, with the continued efforts of policies and measures to stabilize foreign trade and expand domestic demand, my country's exports and imports are expected to maintain stable development, and the surplus of goods trade and current account will remain basically stable within a reasonable range. (Reporter Liu Kaixiong)
