China reports current account surplus in H1

BEIJING, Aug. 9 (Xinhua) — China’s current account surplus was 94.1 billion U.S. dollars in the first half (H1) of the year, official data showed Friday.
The current account surplus to gross domestic product ratio stood at 1.1 percent from January to June, remaining within a reasonable range, according to Wang Chunying, deputy head of the State Administration of Foreign Exchange.
Of the total, the surplus under trade in goods amounted to 288.4 billion dollars during the period, the second-highest level of all time, Wang said.
Wang attributed the growth in goods trade to the country’s steady economic performance, the development of new quality productive forces, and the recovery of external demand.
In terms of trade in services, the country saw a deficit of 122.9 billion dollars during the period. Particularly, the tourism sector’s deficit rose by 37 percent year on year to 103.2 billion dollars.
The sector’s incomes and expenditures increased by 43 percent and 37 percent, respectively, driven by a surge in both inbound and outbound travels, according to Wang.
Despite complex and volatile external environment, Wang said that as China continues to advance high-quality development, deepen reforms at all fronts and sustain a steady economic recovery, it will maintain an equilibrium in its balance of payments. ■