What’s going on in the Chinese balance of payments?

CHINA FINANCIAL - Report 30 Sep 2019 by Michael Pettis

Special points to highlight in this issue:

* For the first half of 2019 “Errors and omissions”, in the balance of payment data, are higher than they have ever been in China: USD 131 billion. This is equal to nearly two-thirds of the recorded trade surplus, and is nearly 50 percent higher than the recorded current account surplus. It dwarfs net capital inflows.

* “Errors and omissions” is usually a proxy for flight capital, suggesting that flight capital from China may once again be soaring.

Now read on...

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