China has recorded a semi-annual current account deficit for the first time in 20 years

The negative current account deficit of China in the first half of the year amounted to 28 billion 300 million dollars, according to the data of the State Administration of Foreign Exchange of the PRC. The semi-annual deficit was recorded in China for the first time since 1998 due to the continued strong demand for foreign services, Caixin reports. The deficit in the service trade in in the first half of the year amounted to 147 billion 300 million dollars, the reason for which was also a significant increase in outbound tourism. It is noted that the size of the current account surplus decreased in 2017 to 1.3% of GDP from 9.9% of GDP in 2007.

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