China reports current account surplus in H1

China's current account surplus stood at 94.1 billion U.S. dollars in the first half of the year, official data released by the State Administration of Foreign Exchange (SAFE) showed Friday.

The current account surplus to gross domestic product ratio was 1.1 percent from January to June, remaining within a reasonable range, according to Wang Chunying, deputy head of the State Administration of Foreign Exchange.

Of the total, the surplus under trade in goods amounted to 288.4 billion dollars during the period, the second-highest level of all time and a year-on-year increase of 1 percent, Wang said.

Thereinto, the exports of goods rose by 3 percent year on year to 1.5796 trillion U.S. dollars, while the imports reached 1.2912 trillion, up 4 percent year on year.

Wang attributed the growth in goods trade to the country's steady economic performance, the development of new quality productive forces, and the recovery of external demand.

In the second quarter of 2024, the country's current account surplus came in at 54.9 billion U.S. dollars, and the deficit of the capital and financial account, with net errors and omissions in the quarter included, also stood at 54.9 billion U.S. dollars.

In terms of trade in services, the country saw a deficit of 122.9 billion dollars during the period. Particularly, the tourism sector's deficit rose by 37 percent year on year to 103.2 billion dollars.

The sector's incomes and expenditures increased by 43 percent and 37 percent, respectively, driven by a surge in both inbound and outbound travels, according to Wang.

Two-way direct investment also showed a steady and orderly trend. In the first six months of this year, the net outflow of China's equity direct investment was 65.3 billion U.S. dollars, while that of equity direct investment in China saw an additional capital inflow of 40.8 billion U.S. dollars.

Despite complex and volatile external environment, Wang said that as China has been continuing to advance high-quality development, deepen reforms at all fronts and sustain a steady economic recovery, it will maintain an equilibrium in its balance of payments.

China reports current account surplus in H1

China reports current account surplus in H1

China reports current account surplus in H1

China's first domestically-built cruise ship, Adora Magic City, has gained traction among consumers with a new vacation experience since its sail last year, while stimulating spending across various sectors from tourism and hospitality to retail and entertainment.

With 323.6 meters in length and 2,125 rooms, the cruise ship can accommodate up to 5,246 passengers at full capacity. The ship also boasts 26 restaurants and bars, offering diverse culinary options from Chinese dishes to Western steaks, Italian pizza, and German beer.

"We drove here from Hangzhou, directly to the dock in Shanghai and boarded the cruise. This one is relatively new, and its dining options are more suited to Chinese tastes," said a tourist.

"We've brought parents and children along with us on this journey. Cruises are very convenient since meals and accommodations are all included, making it hassle-free," said another tourist.

The cruise ship also offers a variety of leisure options, including theatrical performances, a shopping plaza, an art gallery, and a water park, making it a destination for entertainment and family-friendly fun.

The cruise ship started its commercial maiden voyage on Jan 1, 2024. Since then, it has driven consumption, fostered the cruise economy's ecosystem development, and boosted collaboration within the industry.

"Data from the first quarter of this year shows that the cruise tourism market is still prosperous. We are seeing high occupancy rates. Our industry system is gradually taking shape, encompassing independent design, construction, supply, and operation. Particularly, on the operational side, we have achieved a nearly 100-percent local procurement," said Gu Pengcheng, vice president of Adora Cruise.

The cruise ship also drew more overseas tourists, bringing them to explore Shanghai's iconic landmarks, such as the Yuyuan Garden and the Bund.

In the first quarter of 2025, data showed that Shanghai's border and inspection station inspected more than 180 cruises and 510,000 passengers.

China's first domestically-built cruise ship becomes consumer favorite