CCTV News: The State Council Information Office held a series of press conferences on "The Achievements of China's High-Quality Economic Development" on January 14 to introduce the relevant situation of financial support for high-quality economic development.

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

First, my country's manufacturing industry transformation and upgrading is progressing steadily, and the strengthening of foreign trade resilience will help maintain a reasonable surplus in the current account. my country's manufacturing added value 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 manufacturing industries and the diversification of trading partners have been steadily advancing, export competitiveness has been improved, and dependence on a single market has been reduced. my country's exports overcome adverse factors such as intensified global trade protectionism and remained stable overall. In the first three quarters of 2024, my country's exports accounted for 14.5% of the world's exports, which have stabilized at a relatively high level in recent years.

Secondly, my country insists on expanding high-level opening up to the outside world and continuously consolidates and improves the resilience of the foreign exchange market. Cross-border two-way investment is expected to remain stable and orderly. my country has deepened the reform of the system and mechanism for promoting foreign investment and steadily improved the facilitation level of cross-border investment and financing, which is conducive to foreign capital's business development in China, and the opening of the financial market is also conducive to foreign capital's allocation of RMB assets. my country's foreign exchange market is constantly expanding, the market-oriented formation mechanism of RMB exchange rate has been gradually improved, enterprises' awareness and ability to avoid exchange rate, and the increase in cross-border use of RMB will also help market transactions be more rational and orderly. In 2024, the corporate foreign exchange hedging ratio was 27%, and RMB transactions accounted for nearly 30% under goods trade, both at historical highs.

In addition, we always attach great importance to external risks and 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 to better support corporate exchange rate risk aversion. At the same time, strengthen the management of the foreign exchange market, take macro-prudent counter-cyclical adjustment measures in a timely manner, resolutely correct pro-cyclical behaviors of the foreign exchange market, maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level, and maintain the basic balance of international payments.