制图：刘博宁 货物贸易是国际收支的重要组成部分。"十四五"以来，国际收支口径货物贸易进出口规模不断扩大。 图为山东港口青岛港繁忙作业的外贸集装箱码头。 俞方平摄（人民视觉） 除了货物贸易，国际收支还有啥？ 据介绍，国际收支包括由货物贸易、服务贸易、投资收益等构成的经常性交易，由直接投资、证券投 资、存贷款等构成的资本和金融交易，是一个国家（地区）与其他国家（地区）之间发生的各类经济交 易的总称，维护国际收支基本平衡是宏观经济管理的重要目标。 创历史同期新高——国家外汇管理局10月22日公布的前三季度跨境收支规模数据引发市场广泛关注。 作为反映涉外经济活跃度的重要指标，中国跨境收支在"十四五"时期活力不断增强。2024年，中国跨境 收支规模达到14万亿美元，较2020年增长64%，"十四五"时期年均增长速度比"十三五"时期提高8个百 分点。今年前三季度，中国跨境收支总规模达11.6万亿美元，同比增长10.5%，跨境贸易和投融资活动 持续活跃。 从跨境收支到外汇市场交易，从服务外贸发展到助力企业"走出去"，"十四五"时期中国外汇市场都有哪 些新变化？从三个视角来看—— 看收支—— 规模更大、运行更稳健 13.3吨 ...

今年以来，国际金融市场波动加大，外部风险挑战明显增多。在此背景下，我国外汇市场顶住压力保持 平稳运行，表现出较强韧性和活力，国际收支基本平衡。数据显示，今年上半年，我国经常账户顺差 21126亿元，资本和金融账户逆差19936亿元，继续处于合理均衡区间。这一成绩的取得并非偶然，而是 源于我国宏观经济稳定支撑、内需潜力不断释放，以及高水平对外开放持续扩大。 支撑这一健康模式延续的根基，在于我国经济基础稳、优势多、韧性强、潜力大的基本面没有改变。当 前，我国正加快构建新发展格局，将扩大内需作为长期战略，通过更加积极的财政政策和适度宽松的货 币政策，着力提振消费，持续发展新质生产力。内需对经济增长拉动作用的增强，意味着国民经济循环 将更为顺畅，这种内部经济的稳健性，是抵御外部风浪最可靠的压舱石。与此同时，我国持续扩大高水 平对外开放、拓宽金融市场双向投融资渠道，一系列开放举措也为涉外经济稳健发展创造了良好环境。 此外，外汇市场自身的成熟与监管能力的提升，也构成了防范化解外部冲击风险的关键防线。近年来， 我国外汇市场稳健性提升，人民币汇率市场化形成机制不断完善，汇率弹性增强，发挥了国际收支稳定 器的功能。目前企业外汇 ...

Core Insights - Since the "14th Five-Year Plan," China's foreign exchange market has shown resilience and stability, with significant growth in cross-border capital flows and the international influence of the Renminbi [1][2][3] Group 1: Foreign Exchange Market Performance - The foreign exchange market's trading volume is projected to reach $41 trillion by 2024, a 37.4% increase from 2020 [1] - The scale of cross-border receipts and payments is expected to be $14 trillion by 2024, reflecting a 64% growth compared to 2020 [1] - The net inflow of foreign investment into China from 2021 to mid-2025 is over $740 billion [2] Group 2: International Balance of Payments - China's international balance of payments has maintained basic equilibrium, with steady increases in foreign financial assets and liabilities [2] - The average annual scale of goods trade imports and exports from 2021 to 2024 is nearly $6 trillion, a 43% increase compared to the "13th Five-Year Plan" [2] - The net foreign assets of China stand at $3.8 trillion, ranking third globally [2] Group 3: Resilience and Risk Management - The resilience of the foreign exchange market has improved, enhancing its ability to withstand external shocks [3] - The percentage of enterprises using foreign exchange hedging has increased from 17% in 2020 to around 30% [3] - The share of Renminbi in cross-border trade has risen from 16% to nearly 30% [3] Group 4: Efficient Allocation of Foreign Exchange Resources - The foreign exchange market has developed a comprehensive product system, including spot, forward, swap, and options [4] - By mid-2023, 703 banks and 115 non-bank institutions, including 296 foreign institutions, participated in the interbank foreign exchange market [4] - The Renminbi has maintained its position as the fifth most traded currency globally, with a market share of 8.5%, an increase of 1.5 percentage points from 2022 [4] Group 5: Policy Enhancements for Enterprises - The foreign exchange management authority has focused on optimizing policies to benefit enterprises and the public [5] - Since 2021, policies for facilitating high-quality enterprises have been upgraded, with approximately $4.7 trillion in facilitation transactions processed by September 2025 [6] - The implementation of a "one-stop" service for trade foreign exchange business has streamlined processes for enterprises [6] Group 6: Future Directions - The foreign exchange management authority aims to balance trade facilitation and risk prevention, enhancing public awareness of policy benefits [7]

Core Insights - The overall international balance of payments in China has remained stable, with a reasonable current account surplus and active cross-border investment and financing [1][2][3] Group 1: International Balance of Payments - The maintenance of a balanced international payment is crucial for macroeconomic stability, especially in the context of complex external environments [2] - Since the beginning of the 14th Five-Year Plan, China's international balance of payments has remained fundamentally balanced, with foreign financial assets and liabilities steadily increasing [2][4] - As of now, China's foreign exchange reserves are maintained at over $3.2 trillion [2] Group 2: Cross-Border Trade and Investment - Cross-border trade has shown strong resilience, with the current account surplus remaining within a reasonable range [3] - From 2021 to 2024, the average annual scale of goods trade imports and exports is close to $6 trillion, representing a nearly 43% increase compared to the previous five years [3] - Foreign direct investment in China has netted over $740 billion from 2021 to mid-2025, while domestic entities' outbound investments have also increased [4] Group 3: Foreign Exchange Market Development - The resilience of the foreign exchange market has improved, enhancing the ability to withstand external shocks [5] - The proportion of enterprises using foreign exchange hedging has increased from 17% in 2020 to around 30% [5] - The trading volume of China's foreign exchange market reached $41 trillion in 2024, a 37.4% increase from 2020 [6][7] Group 4: Statistical Improvements - The transparency of international balance of payments statistics has been steadily improved, with expanded data dimensions and historical data availability [8][9] - A new statistical framework has been established to enhance the quality and comprehensiveness of data collection and reporting [9][10] - China has actively participated in the formulation of global statistical rules, contributing to international financial governance [10]

本报讯记者马玲报道国家外汇管理局日前公布的2025年二季度及上半年我国国际收支平衡表显示，2025 年二季度，我国经常账户顺差9252亿元，资本和金融账户逆差9842亿元。 2025年上半年，我国经常账户顺差21126亿元，资本和金融账户逆差19936亿元。 按美元计值，2025年二季度，我国经常账户顺差1287亿美元，其中，货物贸易顺差2191亿美元，服务贸 易逆差471亿美元，初次收入逆差474亿美元，二次收入顺差41亿美元。资本和金融账户逆差1370亿美 元，其中，资本账户逆差1亿美元，金融账户逆差1369亿美元。 按美元计值，2025年上半年，我国经常账户顺差2941亿美元，其中，货物贸易顺差4567亿美元，服务贸 易逆差1064亿美元，初次收入逆差629亿美元，二次收入顺差68亿美元。资本和金融账户逆差2776亿美 元，其中，资本账户逆差1亿美元，金融账户逆差2775亿美元。 按SDR计值，2025年二季度，我国经常账户顺差949亿SDR，资本和金融账户逆差1008亿SDR。 按SDR计值，2025年上半年，我国经常账户顺差2209亿SDR，资本和金融账户逆差2076亿SDR。 ...

9月30日，国家外汇局发布了《2025年上半年中国国际收支报告》（以下简称《报告》）。《报告》显 示，2025年上半年，我国经常账户顺差2941亿美元，继续处于合理均衡区间。货物贸易保持韧性，国际 收支口径的货物进出口总额同比增长2%。服务贸易更加活跃，服务进出口总额同比增长6%，服务贸易 逆差同比收窄13%。 《报告》指出，展望下一阶段，外部环境依然复杂，全球经济存在下行压力，产业链供应链格局面临重 构，地缘政治冲突和国际金融市场波动风险较大。我国加快构建新发展格局，加力培育新质生产力，持 续提升宏观政策效能，稳步推进高水平对外开放，将继续为国际收支平稳运行提供坚实支撑。预计经常 账户继续保持合理均衡水平，跨境双向投融资有望稳中向好。 全国共办理相关便利化业务 超7000亿美元 2025年以来，国家外汇局认真贯彻落实中央经济工作会议和中央金融工作会议精神，坚持稳中求进工作 总基调，坚持金融服务实体经济根本宗旨，持续推进跨境贸易和投融资便利化，加大高质量外汇政策供 给，助力经济平稳运行。 在积极支持稳定外贸方面，《报告》表示，国家外汇局推进跨境贸易高水平开放试点和优质企业贸易外 汇收支便利化政策，将更多专精特 ...

9月30日，国家外汇局发布了《2025年上半年中国国际收支报告》（以下简称《报告》）。《报告》显 示，2025年上半年，我国经常账户顺差2941亿美元，继续处于合理均衡区间。货物贸易保持韧性，国际 收支口径的货物进出口总额同比增长2%。服务贸易更加活跃，服务进出口总额同比增长6%，服务贸易 逆差同比收窄13%。 《报告》指出，展望下一阶段，外部环境依然复杂，全球经济存在下行压力，产业链供应链格局面临重 构，地缘政治冲突和国际金融市场波动风险较大。我国加快构建新发展格局，加力培育新质生产力，持 续提升宏观政策效能，稳步推进高水平对外开放，将继续为国际收支平稳运行提供坚实支撑。预计经常 账户继续保持合理均衡水平，跨境双向投融资有望稳中向好。 《报告》显示，投资收益向好，我国对外投资收益、外资在华投资收益同比分别增长13%和7%。非储 备性质金融账户逆差与经常账户顺差形成自主平衡格局。上半年，境内主体各类对外投资有序、活跃； 我国吸收各类来华投资向好，股权性质的来华直接投资保持增长，外资净增持境内股票，外资投资境内 债券总体稳定。2025年6月末，我国对外金融资产和负债分别超过11万亿美元和7.2万亿美元，对外净资 ...

Core Insights - The People's Bank of China and the State Administration of Foreign Exchange have emphasized the effective coordination of development and security in the foreign exchange sector since the start of the 14th Five-Year Plan, contributing significantly to the new development pattern [1][2] Group 1: International Balance of Payments - The international balance of payments has shown greater stability, with the current account surplus to GDP ratio remaining within a reasonable range [1] - Cross-border investment and financing have been active, with foreign institutions and individuals holding over 10 trillion yuan in domestic stocks, bonds, and deposits as of the end of July [1] Group 2: Foreign Exchange Reserves - Foreign exchange reserves have remained stable above 3 trillion USD since the beginning of the 14th Five-Year Plan, consistently exceeding 3.2 trillion USD in recent years [1] - The management of foreign exchange reserves has been focused on ensuring asset safety, liquidity, and value preservation, acting as a stabilizer for the national economy [1] Group 3: Cross-Border Financing Facilitation - The level of cross-border investment and financing facilitation has improved, with nearly 300 billion USD in related business processed since the start of the 14th Five-Year Plan [2] - New policies have been introduced to enhance cross-border financing for high-tech and specialized small and medium-sized enterprises, with over 16,000 companies assisted and more than 2.4 trillion USD in payments processed [2] Group 4: Future Outlook - Looking ahead to the 15th Five-Year Plan, the foreign exchange administration aims to establish a more convenient, open, secure, and intelligent foreign exchange management system to contribute to China's modernization [2]

Core Insights - The People's Bank of China and the State Administration of Foreign Exchange have emphasized the effective coordination of development and security in the foreign exchange sector since the start of the 14th Five-Year Plan, contributing significantly to the new development pattern [1][2] Group 1: International Balance of Payments - China's international balance of payments has shown greater stability, with a diversified and resilient foreign trade landscape despite external pressures [1] - The current account surplus remains within a reasonable range relative to GDP, indicating a balanced international payment situation [1] Group 2: Foreign Exchange Reserves - Foreign exchange reserves have consistently remained above $3 trillion, with recent figures exceeding $3.2 trillion, highlighting the stability and management of these reserves [1] - The reserves serve as a crucial stabilizer and ballast for the national economy and finance [1] Group 3: Cross-Border Investment and Financing - The level of convenience for cross-border investment and financing has improved, with nearly $300 billion in related transactions processed since the beginning of the 14th Five-Year Plan [2] - A total of 16,000 enterprises have been assisted in cross-border financing, with over $2.4 trillion in payments and more than $430 billion in financing obtained, primarily benefiting small and medium-sized enterprises [2] Group 4: Future Outlook - Looking ahead to the 15th Five-Year Plan, the foreign exchange authority aims to establish a more convenient, open, secure, and intelligent foreign exchange management system to contribute to China's modernization [2]

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) emphasizes maintaining the stability of the RMB exchange rate at a reasonable and balanced level, alongside ensuring basic equilibrium in international payments [1] Group 1: Regulatory Framework - SAFE aims to faithfully fulfill its foreign exchange regulatory responsibilities as assigned by the Central Committee of the Communist Party [1] - The agency plans to establish a more convenient, open, secure, and intelligent foreign exchange management system [1] - There is a focus on deep reforms and high-level opening in the foreign exchange sector to enhance the facilitation of cross-border trade and investment [1] Group 2: Market Development - SAFE intends to build an open, diverse, functional, and competitive foreign exchange market to actively support regional strategic implementation [1] - The agency will improve the monitoring and early warning system for cross-border capital flows [1] Group 3: Financial Stability - SAFE aims to promote high-quality development in foreign exchange reserve management, positioning reserves as a stabilizer and ballast [1] - There is a commitment to constructing a regulatory system for foreign exchange that is complete and effective, enhancing regulatory collaboration, and cracking down on illegal activities in the foreign exchange sector [1] - The agency will strengthen the rule of law in the foreign exchange domain [1]