中国国际收支平衡表分析中英对照

Analysis of China’s BoP

1. The condition of China’s international balance of payments

In 2015, there are some new changes in China's international balance of payments. It changes from "double surplus" to "one surplus and one deficit" which there is surplus in current account, and there is deficit in capital and financial account (excluding reserve assets) .

T he surplus in current account increased to be nearly three hundred billion dollars.

In 2015, the current account surplus is $ billion, increased 33% over the last year. The current account surplus to GDP ratio was % , it was % in 2014.

Goods trade surplus create a high record. In 2015, the balance of payments caliber goods trade surplus is $ billion, increased 33% over the last year. Among them, the goods trade income is $ trillion, decreased by 4%; expenditure is trillion US dollars, decreased by 13%.

Trade in services continued to show a deficit. In 2015, services trade deficit is $ billion, increase 39% over the last year. Trade in services income is $ billion, decreased by 1%; expenditure is $ billion, increased 15% over the last year. The travel service project is the largest one in trade deficit. In 2015, the deficit is $195 billion, increased 81% over the last year, because of strong needs of overseas study, tourism, shopping and other spending needs.

Primary income deficit is enlarged. In 2015, primary income deficit is $ billion, increased 74% over the last year. Income $ billion, increased 8%; spending $ billion, increased 17%. Mainly because of the large amount of direct investment in China, and the growth rate of the spending on investment is higher than the rate of China’s foreign direct investment income .

Secondary income deficit is narrowed. In 2015, secondary income (formerly known as current transfers) deficit is $ billion, compared with last year decreased 46%. Income is $ billion, decreased 8%; spending is $ billion, decreased 24%.

金融账户呈现逆差。

2015年，我国非储备性质的金融账户逆差5044亿美元（包含第四季度的净误差与遗漏，实际数据预计会小于该数据）。其中，直接投资净流入有所下降。2015年，直接投资净流入771亿美元，较上年下降63%。一方面，对外直接投资净流出1671亿美元，较上年增长108%，说明因“”战略不断推进，境内企业看好境外投资前景，“走出去”步伐不断加大。另一方面，来华直接投资仍呈现净流入2442亿美元，虽较上年下降16%，但总的来看，境

外投资者仍看好我国的长期投资前景，来华直接投资净流入规模仍然较大。

financial accounts show a deficit.

By 2015, China's non-reserve financial account deficit of $ billion (including the fourth quarter, net errors and omissions, the data is expected to be smaller than the actual data). Among them, the net inflow of direct investment declined. 2015, net inflow of direct investment, $ billion, compared with last year fell 63%. On the one hand, foreign direct investment, a net outflow of $ billion, an increase of 108% over the previous year, indicating that due to "along the way" strategy progresses, domestic enterprises optimistic about the prospects for foreign investment, "going out" pace increasing. On the other hand, direct investment in China is still showing a net inflow of $ billion, although higher than last year fell 16%, but, in general, foreign investors are still optimistic about the prospects of long-term investment, the net inflow of direct investment scale in China is still relatively Big.

外汇储备下降

2015年末，我国外汇储备余额万亿美元，较上年末减少5127亿美元，下降13%。其中，因国际收支交易形成的外汇储备下降3423亿美元，因汇率、资产价格变动等非交易因素形成的外汇储备账面价值下降1703亿美元。

the decline in foreign exchange reserves.

The end of 2015, foreign exchange reserves of $ trillion, representing a reduction of $ billion the previous year, down 13%. Among them, the balance of payments due to the formation of trading foreign exchange reserves fell $ billion, the book value of foreign exchange reserves due to non-trading factors, the exchange rate and asset price changes and the like fell $ billion.

2. 2015年经常账户顺差大幅增长，而资本却呈现流出。

2015 current account surplus increased significantly, while capital outflow was presented。

按照最新的国际标准，国际收支平衡表分为经常账户、资本和金融账户，如果不考虑误差与遗漏，那么经常账户与资本和金融账户必然相等，而符号相反。也就是说，只要经常项目是顺差，那么资本和金融账户必然是逆差，经常账户顺差越大，资本和金融账户逆差也越大。

In accordance with the latest international standards, bop into the current account, capital and financial account, if you do not consider the errors and omissions, then the