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China sees current account deficit in H1
Last Updated: 2018-08-06 20:12 | Xinhua
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China continued to see a current account deficit in the first half of 2018 mainly due to the strong domestic need for overseas services.

The deficit in the current account stood at 28.3 billion U.S. dollars in the January-June period, down from 34.1 billion dollars in the first quarter, the State Administration of Foreign Exchange (SAFE) said Monday in an online statement.

China's service trade posted a deficit of 147.3 billion U.S. dollars, up from 73.6 billion dollars three months earlier. The spending on trips, transport, and intellectual property rights contributed to the bulk of the deficit.

China has taken steps to improve its trade in services, including gradually opening up its finance, education, culture, and medical sectors.

SAFE said China's international balance of payments was within a range of equilibrium last quarter and will continue to remain reasonable in the future.

China saw a goods trade surplus of 155.9 billion U.S. dollars in H1.

The data also showed stable cross-border capital inflows in the second quarter. China's financial account maintained net inflows, with a surplus of 18.2 billion U.S. dollars. Net foreign direct investment stood high at 58.6 billion dollars.

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