CCTV news: The State Council Information Office held a series of press conferences on "China's high-quality economic development results" on January 14 to introduce the situation of financial support for high-quality economic development.

Jia Ning, Director of the Balance of Payments Department of the State Administration of Foreign Exchange, said that looking forward to 2025, there will still be many uncertain and unstable factors in the external environment, but our country will implement more proactive macro policies and the economic fundamentals will Stability will help boost market expectations and confidence; at the same time, my country's foreign trade and foreign investment are highly resilient, the foreign exchange market is highly robust, and the international balance of payments has a foundation and conditions to maintain a basic balance. Specifically:

First of all, the transformation and upgrading of my country's manufacturing industry is steadily advancing, and the increased resilience of foreign trade will help maintain a reasonable surplus in the current account. The added value of my country's manufacturing industry accounts for 30% of the world's total, and its role in global production and supply is irreplaceable. At the same time, the transformation and upgrading of the manufacturing industry and the diversification of trading partners have been steadily promoted, export competitiveness has been improved, and dependence on a single market has been reduced. my country's exports have overcome unfavorable factors such as the intensification of global trade protectionism and have generally remained stable. In the first three quarters of 2024, my country's exports accounted for 14.5% of the world's total, and have stabilized at a relatively high level in recent years.

Secondly, our country insists on expanding high-level opening up to the outside world, continuously consolidates and improves the resilience of the foreign exchange market, and cross-border two-way investment is expected to remain stable and orderly. my country has deepened the reform of foreign investment promotion systems and mechanisms and steadily improved the level of cross-border investment and financing facilitation, which is conducive to foreign investment in developing and establishing businesses in China. The opening of the financial market is also conducive to foreign investment in allocating RMB assets. The depth of my country's foreign exchange market continues to expand, the market-based formation mechanism of the RMB exchange rate is gradually improved, the awareness and ability of enterprises to avoid exchange rate risks are improved, and the cross-border use of RMB is increased, which will also help market transactions to become more rational and orderly. In 2024, the corporate foreign exchange hedging ratio will be 27%, and the proportion of RMB transactions under trade in goods will be close to 30%, both at historical highs.

In addition, we always attach great importance to external risk challenges. The State Administration of Foreign Exchange will continue to deepen reform and opening up in the foreign exchange field to better serve the development of foreign trade and foreign investment. Improve the long-term mechanism for corporate exchange rate risk management and better support corporate exchange rate risk hedging. At the same time, we will strengthen the management of the foreign exchange market, adopt macro-prudential counter-cyclical adjustment measures when appropriate, resolutely correct the procyclical behavior of the foreign exchange market, maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, and maintain a basic balance of international payments.