BEIJING — Overseas investors stepped up their holdings of Chinese securities in the first quarter of this year.

In the first quarter, overseas investors' net purchases of Chinese stocks and bonds totaled $73.7 billion, the State Administration of Foreign Exchange (SAFE) said at a press conference on April 23.

Mainland investors' net purchases of Hong Kong-listed shares through stock connect programs amounted to 311.1 billion yuan (about $47.91 billion) during the same period, according to SAFE.

These figures show that international payments and two-way cross-border investment are basically balanced, said SAFE spokesperson Wang Chunying.

The foundation for the stable operation of China's foreign exchange market will remain solid in the future, said Wang, adding that the country's new development paradigm is conducive to maintaining its balance of international payments.