Title: Development and Thoughts of Foreign Exchange Administration  under the Current Account

Current account transactions are cross-border exchanges or transfers of non-capital factors，mainly including transaction items of goods，services and income. They serve as an important livelihood project closely related to the real economy and people’s daily life. These transactions constitute about 80% of China’s total balance of payments for a long time，and 10% of the global total current account transactions，second only to the United States. These transactions involve more than one million trading enterprises and tens of millions of individuals using foreign exchange，reflecting the fundamentals of China’s opening up to the outside world. They are the ballast for China’s balance of payments and the booster for foreign-related economic development.

Foreign exchange administration under the current account in different historical periods

Since the founding of the People's Republic of China in 1949，under the strong leadership of the Communist Party of China (CPC)，foreign exchange administration under the current account has always kept pace with the national economic system reform by focusing on the central work of the Party and the state. At the same time，the management concepts and methods have experienced gradual adjustment from planned distribution to market-oriented，law-based and internationalized distribution according to the country’s economic and social development and balance of payments changes in different historical periods. It witnessed the great change in China’s socialist reform and opening up.