China's current-account surplus up 32 pct in 2022

China reported a current-account surplus of 417.5 billion U.S. dollars in 2022, up 32 percent from the previous year, the State Administration of Foreign Exchange said Friday.

The figure, only second to that in 2008, accounted for 2.3 percent of its gross domestic product during the same period, said Wang Chunying, a spokesperson with the administration.

Trade in goods posted a record surplus of 685.6 billion dollars in 2022, up 22 percent year on year, said Wang.

Trade in services saw a deficit of 94.3 billion dollars, down 6 percent year on year. The shortfall in the tourism sector rose 14 percent year on year to 107.6 billion dollars as expenditure in cross-border tourism and overseas education gradually recovered.

Direct investment logged a net inflow of 32.3 billion dollars in the period.

Wang expected international payments to remain balanced in 2023 despite external uncertainties as China's economy retains its robustness, massive potential, and sound long-term fundamentals. She said China's recovery is gaining ground with the support of policy incentives.