新华财经北京8月8日电国家外汇管理局公布2025年二季度及上半年我国国际收支平衡表初步数。2025年 二季度，我国经常账户顺差9715亿元，其中，货物贸易顺差15751亿元，服务贸易逆差3345亿元，初次 收入逆差2978亿元，二次收入顺差287亿元。资本和金融账户（含当季净误差与遗漏）逆差9715亿元， 其中来华直接投资保持净流入。 按SDR计值，2025年二季度，我国经常账户顺差996亿SDR，其中，货物贸易顺差1615亿SDR，服务贸 易逆差343亿SDR，初次收入逆差305亿SDR，二次收入顺差29亿SDR。资本和金融账户（含当季净误差 与遗漏）逆差996亿SDR。 按SDR计值，2025年上半年，我国经常账户顺差2257亿SDR，其中，货物贸易顺差3425亿SDR，服务贸 易逆差796亿SDR，初次收入逆差423亿SDR，二次收入顺差50亿SDR。资本和金融账户（含二季度净误 差与遗漏）逆差2065亿SDR。 （文章来源：新华财经） 按美元计值，2025年二季度，我国经常账户顺差1351亿美元，其中，货物贸易顺差2191亿美元，服务贸 易逆差465亿美元，初次收入逆差414亿美元，二次收入顺差40亿 ...

国家外汇管理局8月8日发布我国2025年上半年国际收支平衡表初步数据。数据显示，2025年上半年，我 国经常账户顺差21589亿元。 按美元计值，2025年上半年，我国经常账户顺差3006亿美元，其中，货物贸易顺差4566亿美元，服务贸 易逆差1059亿美元，初次收入逆差569亿美元，二次收入顺差67亿美元。（记者刘开雄） 其中，货物贸易顺差32798亿元，服务贸易逆差7604亿元，初次收入逆差4089亿元，二次收入顺差485亿 元。 ...

Group 1 - China has a long-standing trade surplus and a small fiscal deficit, while the US has a trade deficit and a fiscal deficit, indicating a dual deficit situation for the US and a dual surplus for China [1][30] - China's international investment position is positive, but its investment income is negative, whereas the US has a negative international investment position but positive investment income [1][15] - The analysis of the balance of payments and international investment positions highlights the macroeconomic factors contributing to the 2008 financial crisis and offers policy recommendations [1][30] Group 2 - China's current account balance is generally positive, while the US has a negative current account balance, reflecting China's trade surplus and the US's trade deficit [2][28] - As of October 2024, China holds $760.1 billion in US Treasury bonds, indicating significant capital flows between the two countries [2] - The financial account balance for China can fluctuate between surplus and deficit, contributing to the long-term appreciation of the Renminbi [2][3] Group 3 - China's trade balance shows a surplus in goods but a deficit in services, while the US has a deficit in goods and a surplus in services [4][28] - The service trade deficit in China suggests a need for improvement in the service sector to enhance competitiveness and reduce the trade imbalance [4][30] - The structure of international investment positions reveals that the US has significantly higher foreign assets and liabilities compared to China, indicating a more developed capital market [5][8] Group 4 - The net international investment position (NIIP) of China has been positive since 2011, indicating it is a net capital exporter, while the US has a negative NIIP, reflecting its status as a net capital importer [15][25] - The capital flows between China and the US exhibit distinct characteristics, with China primarily experiencing net inflows in direct and securities investments, while the US sees net outflows [16][30] - The "Stiglitz Paradox" illustrates the contrasting investment income dynamics between the two countries, with China having a positive NIIP but negative net investment income, and the US having a negative NIIP but positive net investment income [17][22] Group 5 - The relationship between the NIIP and the current and financial accounts indicates that changes in the NIIP are influenced by both account balances and valuation changes [15][34] - The capital flow dynamics and the structure of external assets and liabilities highlight the differences in economic strategies and market developments between China and the US [14][22] - The internationalization of the Renminbi is expected to impact China's balance of payments and international investment position, potentially leading to changes in trade surpluses or deficits [35]