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More surpluses than deficits 1982 First full current-account figures published. Small current-account surplus reflects the surplus on merchandise trade. 1985-86 Current-account deficit produced by the trade deficit resulting from the initial surge in foreign direct investment (FDI), although this is tiny by comparison with FDI inflows after 1991. 1990-91 A huge cutback in government spending and bans on imports of items such as official cars helped to slash imports and push the current-account balance back into surplus. 1993 The sharp rise in FDI starting in 1992 pulled in large quantities of foreign equipment, causing a lapse into trade and current-account deficits in 1993. 1997-98 Slack home demand coupled with impressive export growth ensured that the current-account surplus was about US$30bn. Although imports surged following China's accession to the World Trade Organisation (WTO) in 2001, exports grew faster, causing accelerating growth in the trade surplus in the 2000s. In 2007, exports of goods reached USD1,220 billion while imports rose to USD 904.6 billion, leaving a record merchandise trade surplus of USD315.4 billion. At the same time, services imports exceeded services exports by USD7.9 billion. The resulting current-account surplus of USD371.8 billion partly explains the massive rise in China's foreign exchange reserves in 2007. In the first half of 2008, the current-account balance remained high, recording USD191.7 in the first six months of the year.
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| Source: State Administration of Foreign Exchange of the People's Republic of China. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
