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More surpluses than deficits 1982 First full current-account figures published. Small current-account surplus reflects the surplus on merchandise trade. 1985-86 Current-account deficit produced by the trade deficit resulting from the initial surge in foreign direct investment (FDI), although this is tiny by comparison with FDI inflows after 1991. 1990-91 A huge cutback in government spending and bans on imports of items such as official cars helped to slash imports and push the current-account balance back into surplus. 1993 The sharp rise in FDI starting in 1992 pulled in large quantities of foreign equipment, causing a lapse into trade and current-account deficits in 1993. 1997-98 Slack home demand coupled with impressive export growth ensured that the current-account surplus was about US$30bn. Although imports surged following China's accession to the World Trade Organisation (WTO) in 2001, exports grew faster, boosting the current-account surplus to US$68.7 billion in 2004. In 2005 the surplus widened further, reaching US$160.8, equivalent to over 7% of GDP. In 2006, exports of goods reached USD1,061.7 billion while imports rose to USD 852.8 billion, leaving a merchandise trade surplus of USD208.9 billion. At the same time, services imports exceeded services exports by USD8.8 billion. The resulting current-account surplus of USD249.9 billion (one quarter of a trillion US dollars) explains the massive rise in China's current-account reserves in 2006.
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| Source: State Administration of Foreign Exchange of the People's Republic of China. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
