China’s Q1 current account surplus hits record high

China's balance of international payments remains reasonable, says a senior official of State Administration of Foreign Exchange. (PHOTO / IC)

BEIJING – China's current account surplus reached $88.9 billion in the first quarter of 2022, the highest level recorded in the same period in history, official data showed Friday.

The ratio of the current account surplus against the same quarter's gross domestic product was 2.1 percent, said Wang Chunying, deputy head of the State Administration of Foreign Exchange. 

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The current account surplus includes a surplus of $145 billion under trade in goods, up 18% year-on-year

China's balance of international payments remains reasonable, she said. 

In the first quarter, imports and exports of goods maintained steady growth, the deficit of service trade continued to narrow, and cross-border two-way investment and financing turned more active, she said. 

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The current account surplus includes a surplus of $145 billion under trade in goods, up 18 percent year on year.