Table 1 China’s balance of payments (quarterly), US$ billion
From: Assessing China’s recent capital outflows: policy challenges and implications
1Q14 | 2Q14 | 3Q14 | 4Q14 | 1Q15 | 2Q15 | 3Q15 | 4Q15 | 1Q16 | 3Q14–1Q16 | 2Q16 | 3Q16 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
1. Current account | 17.5 | 86.1 | 83.7 | 90.1 | 85.3 | 88.0 | 65.5 | 91.9 | 39.3 | 543.8 | 64.1 | 69.2 |
1.1 Merchandise trade | 43.7 | 104.9 | 139.4 | 147.0 | 116.6 | 135.2 | 157.3 | 157.9 | 103.9 | 957.3 | 125.9 | 137.1 |
1.2 Service trade | −42.1 | −31.7 | −57.7 | −40.8 | −39.3 | −41.7 | −61.5 | −39.9 | −57.6 | −338.5 | −55.8 | −69.5 |
1.3 Income | 16.0 | 12.8 | 2.0 | −16.1 | 7.9 | −5.6 | −30.3 | −26.1 | −6.9 | −75.1 | −5.8 | 1.6 |
2. Capital and financial account | 82.4 | −29.7 | −27.2 | −50.9 | −111.8 | −44.6 | −161.2 | −165.8 | −124.4 | −685.9 | −40.6 | −127.7 |
2.1 FDI (net) | 42.3 | 25.2 | 26.5 | 51.0 | 36.1 | 24.7 | −6.7 | 8.0 | −16.3 | 123.3 | −30.4 | −29 |
2.2 Portfolio investment (net) | 22.3 | 14.6 | 23.5 | 22.0 | −8.1 | −16.0 | −17.2 | −25.1 | −40.9 | −61.8 | 7.7 | −10.5 |
2.2.1 Debt securities | 14.8 | 3.7 | 9.4 | 3.9 | −1.0 | −11.7 | −13.9 | −15.1 | −32.8 | −61.2 | 12.6 | −8.0 |
2.2.2 Equity | 7.5 | 10.8 | 14.1 | 18.1 | −7.1 | −4.3 | −3.3 | −10.0 | −8.1 | −0.6 | −4.9 | –2.5 |
2.3 Other investment (net) | 17.8 | –69.5 | –77.2 | –123.9 | –139.8 | –53.3 | –137.3 | –148.7 | –67.2 | –747.4 | –22.8 | –90.7 |
2.3.1 Currency and deposit | –29.8 | –43.7 | 24.2 | –28.9 | –54.2 | 21.5 | –103.3 | –86.7 | 7.4 | –220.0 | 10.4 | –13.7 |
2.3.1.1 Change in resident FX deposits | –68.8 | –86.3 | –11.6 | 31.8 | –120.6 | 12.5 | 29.3 | 25.0 | –38.7 | –72.3 | 9.8 | –9.0 |
2.3.1.2 Bank deposits/others | 38.9 | 42.5 | 35.8 | –60.8 | 66.4 | 9.0 | –132.6 | –111.7 | 46.1 | –147.8 | 0.6 | –4.7 |
2.3.2 Loans | 37.4 | –17.1 | –72.0 | –56.4 | –76.5 | –53.5 | –68.4 | –15.8 | –55.3 | –397.9 | –20.6 | –31.8 |
2.3.3 Trade credit | 10.8 | –8.4 | –29.6 | –43.6 | –4.5 | –18.2 | –54.0 | –31.6 | –3.3 | –184.8 | –7.4 | –30.3 |
2.3.4 Others | –0.5 | –0.3 | 0.2 | 5.0 | –2.6 | –1.0 | 86.2 | –15.8 | –15.9 | 56.1 | –5.2 | –14.9 |
3. Net errors and omissions | 25.8 | –28.3 | –43.9 | –61.8 | –52.9 | –30.6 | –63.4 | –41.3 | –39.2 | –333.1 | –49.9 | –74.3 |
Capital outflow (2 + 3) | 108.2 | –58.0 | –71.1 | –112.7 | –164.7 | –75.2 | –224.6 | –207.1 | –163.6 | –1,019 | –90.5 | –202 |
Corporate balance sheet adjustment (2.3.1.1 + 2.3.2 + 2.3.3) | –20.6 | –111.8 | –113.2 | –68.2 | –201.6 | –59.3 | –93.1 | –22.4 | –97.3 | –655.1 | –18.2 | –71.1 |
FDI (2.1) | 42.3 | 25.2 | 26.5 | 51.0 | 36.1 | 24.7 | –6.7 | 8.0 | –16.3 | 123.3 | –30.4 | –29 |
Portfolio investment (2.2) | 22.3 | 14.6 | 23.5 | 22.0 | –8.1 | –16.0 | –17.2 | –25.1 | –40.9 | –61.8 | 12.6 | –8.0 |
Residual (hot money and others) | 64.2 | 14.0 | –7.9 | –117.5 | 8.9 | –24.6 | –107.6 | –167.7 | –9.1 | –425.5 | –54.5 | –93.9 |
Change in FX reserves (BOP) | 125.5 | 22.4 | –0.1 | –30.0 | –80.2 | 13.1 | –160.5 | –115.2 | –123.3 | –496.2 | –34.5 | –136.3 |
Memo: change in FX reserves (SAFE) | 126.8 | 45.1 | –105.5 | –44.7 | –113.0 | –36.2 | –179.7 | –183.8 | –117.8 | –780.7 | –7.42 | –38.8 |