Title:Following the Path of Financial Development with Chinese Characteristics Promoting High-Quality Development in China’s Balance of Payments

China Forex: How has China's balance of payments performed in the face of a complex and severe external environment in 2023? What has been done to maintain a healthy balance of payments and serve the development of the real economy?

JIA Ning: In 2023, the external environment was complex and intertwined, with a weak global economic recovery and ongoing geopolitical conflicts. Major developed economies continued to implement tight monetary policies, and exchange rates and interest rates of the US remained high. These factors have had spillover effects on international financial markets, leading to a general decline in cross-border investment and financing activities. Under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, China has comprehensively deepened its reform and opening up, intensifying macroeconomic regulation, overcoming internal and external challenges, and promoting a positive economic recovery. All this has allowed China's balance of payments to remain essentially stable, with the foreign exchange market operating in a steady manner.