China’s balance of payments to maintain basic equilibrium in 2025: senior official

China is expected to maintain a basic equilibrium of international payments in 2025, in the interest of the financial sector's support for high-quality development of the national economy, according to a senior official with the State Administration of Foreign Exchange on Tuesday.

Speaking at a press conference in Beijing, Jia Ning, director of the International Payments Department with the State Administration of Foreign Exchange, briefed on the outlook for China's balance of international payments in the new year.

He expressed the belief that although there are still many uncertainties and unstable factors in 2025, China has been implementing more proactive macroeconomic policies, and solid economic fundamentals will help boost market expectations and confidence.

Meanwhile, since China's foreign trade and foreign investment are quite resilient, along with a robust foreign exchange market, the balance of payments has the basis and conditions to maintain a basic equilibrium, he emphasized.

He gave three reasons for the favorable outlook for China's balance of payments in the new year.

First, China's manufacturing sector has made steady progress in its transformation and upgrading, with increased resilience in foreign trade, which is conducive to maintaining a reasonable surplus in the current account.

"China's manufacturing value added accounts for 30 percent of the world's total, which plays an irreplaceable role in global production and supply. Meanwhile, the transformation and upgrading of the manufacturing industry as well as the diversification of trade partners have been steadily advancing. The country's export competitiveness has been improving, with lower dependence on any single market. China's exports, after overcoming adverse factors, such as intensification of global trade protectionism, have generally remained stable," Jia said.

Second, China is committed to expanding opening-up at a high level, as well as constantly consolidating and improving the resilience of the foreign exchange market. So, the cross-border two-way investment is expected to remain stable and orderly in 2025.

"China has deepened reform of its foreign investment promotion system and mechanism, and has steadily promoted facilitation of cross-border investment and financing, which is favorable to business development and expansion by foreign investors in China. The opening-up of the financial market is also conducive to the allocation of Chinese yuan assets by foreign investors. China's foreign exchange market has continued its in-depth expansion. There has been gradual improvement of the market-based Chinese yuan exchange rate setting mechanism. Enterprises have had greater awareness and capability to evade risks in exchange rates. And there has been increase in cross-border use of the Chinese yuan. All these factors are conducive to making market transactions more rational and more orderly," Jia noted.

And third, the country always pays high attention to external risks and challenges.

The State Administration of Foreign Exchange will continue to deepen reform and opening up of the foreign exchange sector by improving the long-term mechanism for enterprise exchange rate risk management and by strengthening the management of the foreign exchange market, so as to better serve the development of foreign trade and foreign investment in the country, he said.

China’s balance of payments to maintain basic equilibrium in 2025: senior official

The U.S. military strike against Venezuela and capture of its president, Nicolas Maduro, has shocked the international community, triggering a steady stream of condemnation and serious concerns worldwide.

Brazil, Chile, Colombia, Mexico, Uruguay and Spain issued a joint statement on Sunday, expressing serious concern about and firm opposition to the U.S. unilateral military operations in Venezuela.

The U.S. actions contravene fundamental principles of international law, particularly the prohibition on the use or threat of force, and respect for the sovereignty and territorial integrity of States, as enshrined in the UN Charter, constituting an extremely dangerous precedent against peace and regional security, according to the statement.

In expressing profound concern and firm rejection, the six countries stressed in the statement that the situation in Venezuela must be resolved exclusively by peaceful means, and through dialogue, negotiation and respect for the will of the Venezuelan people in all its expressions, without external interference and in accordance with international law.

Only an inclusive political process, led by Venezuelans, can lead to a democratic, sustainable solution that respects human dignity, according to the statement.

Spanish Prime Minister Pedro Sanchez condemned the U.S. raid in Venezuela as a violation of international law, adding that the Spanish government always advocates and defends international law and peaceful resolution of conflicts.

Addressing a meeting of the Community of Latin American and Caribbean States (CELAC), Cuban Foreign Minister Bruno Rodriguez demanded the unconditional and immediate release of Maduro and his wife.

Noting that Latin America and the Caribbean are a zone of peace, he expressed his firm opposition to the use of force, which is an unshakable principle.

Any aggression against Venezuela shall be regarded as an attack against all CELAC member states, and nations must collectively oppose it, he stressed.

The South African government denounced the U.S. attack on Venezuela as a violation of international law, according to a statement released on Sunday.

History has repeatedly demonstrated that military invasions against sovereign states yield only instability and deepening crisis, the statement said.

South Africa calls on the UN Security Council to urgently convene a session to address this situation, according to the statement.

Serbian President Aleksandar Vucic said what happened in Venezuela demonstrates that international law and the UN Charter are losing their practical effectiveness.

U.S. military action against Venezuela marks a dangerous precedent, as similar actions could be taken against any other nations, he said.

In addition, the foreign ministries of Namibia, Singapore, Oman and Pakistan also issued statements on the same day, expressing grave concern over U.S. interference in Venezuela's internal affairs.

They emphasized the need to uphold international law and the principles of the UN Charter while respecting Venezuela's sovereignty.

They also called on all parties to exercise restraint and resolve the crisis through peaceful dialogue.

U.S. move against Venezuela sparks condemnation, concerns worldwide