China's current account surplus up 56 pct in first 3 quarters

BEIJING -- China's current account surplus stood at a record $310.4 billion in the first three quarters of 2022, up 56 percent year on year, official data showed Friday.

The ratio of the current account surplus against the gross domestic product of the same period was 2.4 percent, which is within a reasonable and balanced range, said the State Administration of Foreign Exchange.

Of the total, the surplus under trade in goods increased 37 percent year on year to hit a record $521.6 billion, while the deficit under trade in services narrowed by 23 percent, the data showed.

Direct investment logged a net inflow of $46.9 billion, according to the administration.

The Chinese economy retains its robustness, huge potential and sound long-term fundamentals, and its recovery is gaining ground, which will help underpin the country's balance of payments, said Wang Chunying, deputy head of the administration.