China Current Account

China’s current account surplus jumped to a record $198.7 billion in the third quarter of 2025, exceeding an initial estimate of $195.6 billion and up sharply from $157.4 billion in the same period last year. The goods surplus widened to $269.5 billion from $229.7 billion last year, while the services deficit narrowed to $49.3 billion from $58.5 billion. Meanwhile, the primary income shortfall widened to $29.6 billion from $17.8 billion, and the secondary income surplus increased to $8.1 billion, doubling from $4.1 billion a year ago. For the first three quarters of 2025, China’s current account posted a $492.8 billion surplus, with a $726.1 billion goods surplus and a $15.0 billion secondary income surplus, offset by a $155.8 billion services deficit and a $92.5 billion primary income shortfall.