S. China's Guangxi sees robust growth in balance of payments with RCEP members

Updated: April 27, 2022 Source: Belt and Road Portal
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Aerial photo taken on Jan. 14, 2021 shows the container terminal of Qinzhou Port in south China's Guangxi Zhuang Autonomous Region. (Xinhua/Cao Yiming)

South China's Guangxi Zhuang Autonomous Region posted robust growth in its  balance of payments with the members of the Regional Comprehensive Economic Partnership (RCEP) in the first quarter (Q1) of the year, according to the Nanning Central Sub-branch of the People's Bank of China.

In the first quarter, Guangxi saw the balance of payments with Australia, New Zealand, Japan and South Korea increasing by 27.5 percent year on year, and the cross-border receipts and payments with ASEAN countries except Vietnam increasing by 20.6 percent year on year.

During the same period, the financial system in Guangxi has been operating generally sound with the total financial supply maintaining steady growth, the deposits and loan growth recording high for the same period in history, and the foreign exchange receipts and payments remaining generally stable.

In the first quarter, the foreign-related balance of receipts and payments under Guangxi's securities investment reached 6.23 billion yuan, up 1.42 times year-on-year, accounting for more than 30 percent of the total balance of payments scale.

As the only province connected with ASEAN by both land and sea, Guangxi has accelerated the construction of the financial opening-up gateway to ASEAN in recent years and continued to promote the deep cooperation with RCEP members to make new achievements.

Editor: Su Dan