China's current account surplus up 56% in Jan-Sep 2022

Beijing: China's current account surplus stood at a record $310.4 billion in the first three quarters of 2022, up 56 percent year-on-year, official data showed on Friday.

Xinhua news agency quoted the State Administration of Foreign Exchange as saying that the ratio of the current account surplus against the gross domestic product of the same period was 2.4 percent, which is within a reasonable and balanced range.

Of the total, the surplus under trade in goods increased 37 percent year-on-year to hit a record US$521.6 billion, while the deficit under trade in services narrowed by 23 percent, the data showed.

Direct investment logged a net inflow of US$46.9 billion, according to the administration.

The Chinese economy retains its robustness, huge potential and sound long-term fundamentals, and its recovery is gaining ground, which will help underpin the country's balance of payments, Wang Chunying, Deputy head of the administration, said.