China News Service, March 29. According to the WeChat public account of the State Administration of Foreign Exchange on the 29th, the State Administration of Foreign Exchange released the "2023 China Balance of Payments Report". The report pointed out that looking forward to 2024, my country's international balance of payments will be better equipped and more foundational to maintain a basic balance.
The report stated that in 2023, global economic growth momentum will weaken, major developed economies in the United States and Europe will maintain tight monetary policies, and the geopolitical situation will remain complex. Our country has intensified macro-control, the national economy has rebounded for the better, the endogenous driving force for economic growth has continued to recover, and high-quality development has continued to advance. The resilience of my country's foreign exchange market has been significantly enhanced, market expectations are basically stable, and foreign exchange transactions are rational and orderly.
In 2023, my country's international balance of payments will be generally stable, with foreign exchange reserves remaining above US$3.2 trillion at the end of the year. The current account surplus was US$253 billion, accounting for 1.4% of the gross domestic product (GDP), which continued to be within a reasonable and balanced range. Among them, the goods trade surplus was US$593.9 billion, the second highest value in history, reflecting the effectiveness of my country's continuous promotion of industrial upgrading and the diversified development of foreign trade; the services trade deficit was US$207.8 billion, and residents' cross-border travel and study abroad have resumed in an orderly manner but are still lower than Compared with pre-epidemic levels, producer services trade has a good momentum of development. The non-reserve financial account deficit and the current account surplus maintain an independent balance pattern. Among them, various types of investment in China are showing a recovery and development trend, foreign direct investment continues to have a net inflow, and the scale has steadily rebounded in the fourth quarter; foreign investment in my country's securities has turned from a net outflow to a net inflow in 2022, and investment in domestic bonds has improved significantly in the fourth quarter; Changes in external debt have generally stabilized. Domestic entities have steadily carried out foreign direct investment, and foreign securities investment has stabilized and slowed down. At the end of 2023, my country's external net assets were US$2.9 trillion, an increase of 20% from the end of 2022.
Looking forward to 2024, my country's international balance of payments will have better conditions and a better foundation to maintain a basic balance. On the one hand, the monetary policies of major developed economies are gradually adjusted, and the tightening of global liquidity will be eased. On the other hand, as the effects of various macro policies continue to be released, my country's economy continues to rebound and improve, and the fundamental support for the balance of payments will be further enhanced. The foreign exchange administration departments will resolutely implement the spirit of the Central Economic Work Conference and the Central Financial Work Conference, unswervingly follow the path of financial development with Chinese characteristics, better coordinate high-quality development and high-level security, deepen reform and opening up in the foreign exchange field, and strengthen supervision in the foreign exchange field. Full coverage to prevent and resolve cross-border capital flow risks and maintain the stability of the foreign exchange market and the balance of international payments.