SAFE released its 1H 2026 balance of payments report. China’s current account
transactions totaled $4.6 tln in 1H, up 16% YoY; the current account surplus was
$378bn and its ratio to GDP remained stable. Goods trade grew briskly: trade in
goods measured on a BoP basis rose 18% YoY, with AI and green-energy related
sectors strong; goods imports rose nearly 20%, outpacing export growth by
2.3ppt. Services trade accelerated: service exports rose 21% YoY, with inbound
foreign travel and faster growth in emerging producer‑service exports accounting
for 16% and 42% of the services export increase, respectively; service imports
were up 7%, keeping China a major services importer. Cross‑border investment
income strengthened: outbound investment returns increased steadily, foreign
investors’ earnings in China were stable, and the investment income deficit
narrowed 24% YoY.
