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China's balance of payments surplus slows down

(Xinhua)
Updated: 2009-02-18 14:33

China's State Administration of Foreign Exchange (SAFE) predicted Wednesday that the country's international balance of payments remained "double surplus" in current account and capital account in 2008, but the growth rate had slowed.

The current account surplus, which includes merchandise trade and services, is estimated at $440 billion in 2008, up 20 percent year-on-year. However, the growth was 27 percentage points lower than the previous year, SAFE deputy head Deng Xianhong told a press conference.

Related readings:  China warns of risks from 'abnormal' cross-border capital flow  H1 balance of payments maintains "twin surplus"

The proportion of current account surplus in gross domestic product dropped to 10 percent in 2008 from 11 percent a year earlier.

Deng did not provide any information about the capital account surplus.

The foreign exchange reserve, which reflects the country's BOP surplus, rose by $280.6 billion in the first half of 2008. However, it slowed significantly in the second half to stand at $137.2 billion as a result of the spreading financial crisis, Deng said.