China reports current account surplus in H1

BEIJING - China maintained a basic balance in its international payments in the first half of this year, with a reasonable level of current account surplus, the State Administration of Foreign Exchange said Friday.

The country reported a current account surplus of $122.2 billion in H1, accounting for 1.5 percent of its gross domestic product during the period, said Wang Chunying, spokesperson with the administration.

Trade in goods posted a surplus of $230.6 billion in H1, up 35 percent year-on-year. Both exports and imports saw notable recovery as external and domestic demand bounced back.

Trade in services saw a deficit of $43.8 billion, down 43 percent year-on-year. The deficit in the travel sector declined 28 percent from a year ago to $44.4 billion as cross-border tourism and study abroad were affected by the spread of COVID-19 overseas, Wang said.

The administration also noted that the country saw a relatively high foreign direct investment inflow in H1, while outbound direct investment remained stable.