China achieves stable balance in int'l payments for 2024

China maintained a basic equilibrium in the balance of payments in 2024, the State Administration of Foreign Exchange (SAFE) reported on Friday.

According to the latest data, China's current account surplus reached 423.9 billion U.S. dollars in 2024 and the current account surplus to gross domestic product ratio stood at 2.2 percent last year, staying within a reasonable range.

The administration reported China's relatively high surplus of trade in goods, optimized structure of export commodities and more diversified trading partners.

It noted that the imports and exports of China's service trade performed robustly, with the trade deficit remaining generally stable. Cross-border travel expenditures returned to normal levels, while cross-border travel income and trade revenue from emerging productive service grew rapidly.

During the same period, the non-reserve financial account registered a deficit, primarily due to enterprises and other entities leveraging domestic and international markets as well as global resources to optimize their investment layouts, said SAFE, adding that outward direct investment and outward portfolio investment remained active.

Foreign direct investment inflows amounted to 90.9 billion U.S. dollars, and the net inflows of foreign holdings of domestic bonds reached 46.8 billion U.S. dollars. By the end of 2024, China's external assets exceeded 10 trillion U.S. dollars, while its external liabilities approached 7 trillion U.S. dollars, up 6.1 percent and 2.2 percent respectively, compared to the end of 2023.

An official from the administration stated that in 2025, the external environment will become more complex and severe, due to the global economy's insufficient growth momentum, intensified unilateralism and protectionism, and tense geopolitical situations.

The official stressed that China is accelerating the formation of a new development pattern, implementing more proactive and effective macro policies, comprehensively expanding domestic demand, and promoting a sustained and favorable economic recovery, to offer a solid foundation for the stable operation of the balance of payments.

China achieves stable balance in int'l payments for 2024

The World Data Organization (WDO) was formally established in Beijing on Monday, marking a significant step toward global cooperation on data development and governance.

Around 500 people attended the inaugural assembly of the WDO, including representatives of the organization's members, Chinese and international scientists and technologists, government officials, and heads of international organizations.

As a professional, non-governmental and non-profit international body voluntarily established by relevant entities and individuals in the global data sector, the WDO aims to provide a platform for global data collaboration that is practice-oriented, industry-focused and designed for multi-stakeholder dialogue and cooperation.

"Data can drive innovation, strengthen policy making, and accelerate scientific progress, but only if access is equitable and capacity is built, where it is needed most," Muhammadou M.O. Kah, chair of the United Nations Commission on Science and Technology for Development, and vice chair of the UN Data Governance Working Group said at the meeting.

China's digital infrastructure has seen rapid advancement. By mid-2025, the country had built over 4.8 million 5G base stations, with total computing power ranking second globally.

"We make cell phone chip sets. So we're very interested in data and China, especially with making sure that 5G and then looking forward to 6G networks are done really well," said Jonathan Gerald Thomason from Qualcomm Wireless Ltd.

"Having the opportunity to have secure and rule-based data system is very important. So I think establishing World Data Organization is a good one," said Kimiebi Imomotimi Ebienfa, spokesman of the Ministry of Foreign Affairs of Nigeria.

With its headquarters in Beijing, the WDO, is the first professional international organization focused on advancing data development and governance practices.

It is expected that by 2030, the organization will become an internationally influential platform and a trusted hub in the data field.

World Data Organization launched in Beijing to bridge global data divide