In May 2020, China’s international trade in goods and services recorded receipts of RMB 1589.4 billion and payments of RMB 1165.4 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 424 billion. Specifically, trade in goods registered receipts of RMB 1459.2 billion, payments of RMB 965 billion, recording a surplus of RMB 494.2 billion; trade in services recorded receipts of RMB 130.2 billion, payments of RMB 200.4 billion, resulting in a deficit of RMB 70.2 billion.

Inthe US dollar terms, in May 2020,China's BOP-based receipts and payments of international trade in goods and services were USD 223.9 billion and USD 164.2 billion respectively, registering a surplus of USD 59.7 billion. Specifically, the receipts and payments from trade in goods were USD 205.5 billion and USD 135.9 billion respectively, resulting in a surplus of USD 69.6 billion. Trade in services registered receipts and payments of USD 18.3 billion and USD 28.2 billion respectively, recording a deficit of USD 9.9 billion.(End)

InternationalTrade in Goods and Services of China

(Based on the BOP statistics)

May 2020

Notes:

1. The trade in goodsand services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly dataare preliminary and may be inconsistent with the quarterly data in the BOP statement.

2. The data on international trade in goods and services are prepared in USD, and the RMB datafor the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD.

3. This table employs rounded-off numbers.

Definition ofIndicators:

Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement.

1. Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects: first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general tradeand processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade inservices; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented.

2. Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received.

2.1 Manufacturing services on physical owned by others: processoronly provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods isnot transferred between the owner and the processor. The credit side recordsthe manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debitside.

2.2 Maintenance and repair services: referto the maintenance and repair services supplied by residents to non-residentsor vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents tonon-residents, andvice versa for debit side.

2.3 Transport: refers to the process of transporting people and goods from one place toanother, and the relevant supporting and auxiliary services, as well as postaland delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debitside.

2.4 Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents.

2.5 Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams andother engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management, as well assite preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residentsoutside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territoryfrom non-residents.

2.6 Insurance and pension services: refers tovarious insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-lifeinsurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debitside.

2.7 Financial services: refer to financial intermediationand supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side.

2.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side.

 2.9 Telecommunications, computer and information services: refer tocommunications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents tonon-residents, andvice versa for debit side.

2.10 Other business services: refer toother types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side.

2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audio visual and related services (films, radio, television programs and music recordings) and other personal, culturaland recreational services (health, education, etc.). The credit side recordsthe related services supplied by the Chinese residents to non-residents, and vice versa for debitside.

2.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods andservices. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side.