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China maintains surplus in current, capital accounts

(Xinhua)
Updated: 2006-05-04 10:47

China maintained favourable balance of payments in current accounts and capital accounts in 2005, official statistics showed.

The surplus under current accounts totaled 160.8 billion U.S. dollars, jumping 134 percent year on year and accounting for 72 percent of China's total surplus in its balance of payments, according to the balance of payments statement released by the State Administration of Foreign Exchange (SAFE).

The surplus under capital and financial accounts amounted to 63 billion dollars, down 43 percent from 2004.

Driven by the "double surplus", China's foreign exchange reserves reached 818.9 billion U.S. dollars by the end of 2005, up 34.3 percent year on year.

The SAFE attributed the surge in current account surplus to the rapid growth of China's cargo trade surplus, which rocketed 128 percent to 134.2 billion dollars in 2005.