Economy

China's current account balance falls 35% in 2009

(Xinhua)
Updated: 2010-02-05 14:07

China's current account balance dropped 35 percent in 2009 to US$284.1 billion, preliminary data released by the State Administration of Foreign Exchange (SAFE) showed Friday.

According to SAFE, China recorded a goods trade surplus of US$249.3 billion, and a yearly deficit of US$28.7 billion on the trade in services.

In 2009, the country also posted surplus in income and current transfers at US$28.7 billion and US$34.8 billion, respectively.

The current account involves all transactions other than those in financial and capital items. The major classifications are goods and services, income and current transfers.

The foreign-exchange regulator also said China's capital and financial account surplus reached 109.1 billion dollars in 2009, with a net direct investment of US$36.5 billion. The figures take account of errors and omissions.

SAFE said it would issue the final balance of payment report for 2009 in April this year.

It was the first time since 2001 that China recorded a drop in its annual current account balance.

China has the world's largest foreign reserves, which totaled US$2.4 trillion by the end of 2009, an increase of US$453.1 billion from a year earlier, according to SAFE.