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China Macro-economy

China capable of keeping international payment stable, balanced: official

February 17, 2020


Abstract : China has the ability to maintain a basic equilibrium in international payment as the impact of the novel coronavirus outbreak is short-lived and limited, a foreign exchange official said Saturday.

BEIJING, Feb. 15 (Xinhua) -- China has the ability to maintain a basic equilibrium in international payment as the impact of the novel coronavirus outbreak is short-lived and limited, a foreign exchange official said Saturday.

The operation of China's current account has entered a more balanced stage thanks to the sound domestic economic development and optimization in economic structure, said Xuan Changneng, deputy head of the State Administration of Foreign Exchange, at a press conference.

The proportion of current account surplus in the country's gross domestic product has been within a reasonable range in recent years, Xuan said.

On the other hand, the cross-border capital flows remained steady as China continuously advances its reform and opening-up.

The fundamentals of China's long-term economic growth and high-quality development remain unchanged and the improvement in the domestic business climate is expected to help stabilize long- and medium-term capital inflows, he said.

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