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China sees current account deficit in Q1

Updated: Jun 26,2020 07:50 PM    Xinhua

BEIJING — China saw a current account deficit in the first quarter of this year amid disruptions brought about by the COVID-19 pandemic.

The current account deficit stood at $33.7 billion in Q1, data from the State Administration of Foreign Exchange (SAFE) showed.

The capital and financial account recorded a surplus of $11.1 billion.

Goods trade posted a surplus of $23.1 billion, while trade in services saw a deficit of $47 billion.

During the period, the net inflow of foreign direct investment was $34.3 billion, an indication that foreign capital was strongly drawn to China, said Wang Chunying, SAFE spokeswoman and chief economist.

China's balance of payments remained generally balanced in Q1, with stable capital flows, Wang said.

As business and production activities in China are gradually getting back on track, the balance of payments will stay stable in the future, she said, citing the country's sound economic fundamentals and opening-up moves. 

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