China International Investment Position

About this data

China's international investment position represents the nationwide balance sheet with the rest of the world at a specific point in time, whereas the balance of payments measures flows over a given period. Assets comprise all foreign holdings of China, including more than USD 3 billion in foreign exchange reserves, while liabilities represent foreign holdings within China, with the net position being the difference. China acts as a net creditor to the world, yet the two-sided structure is highly skewed: the majority of assets are held in low-yielding reserves and deposits, whereas liabilities consist primarily of direct investment and equities, resulting in China's net investment income typically remaining negative despite its net creditor status. The quarterly series is available from Q1 2011; the seven data points for 2004-2010 represent year-end figures published by the source within the same file and are allocated to the fourth quarter of the respective year, meaning the period prior to 2011 contains only one data point per year. Data prior to 2015 leave numerous detailed lines blank as the source had not yet disaggregated them by institutional sector. Specifically, direct investment features a secondary breakdown by financial and non-financial sectors, with each sector further separating equity capital and debt instruments, available only from Q1 2017; this represents a parallel slice rather than an addition to the direct investment flows. Verification check: the net position equals assets minus liabilities, and the sum of the five asset categories equals total assets. Source: State Administration of Foreign Exchange (SAFE) of China.