China Trade Balance = Current Account Surplus Narrowing… Rising Outbound Tourism Offsetting Decreasing Net Exports China Current Account Balance 12% 8% na , Chi4% DP G % of 0% -4% 2002 2004 2006 2008 2010 2012 2014 2016 2018 Income & Transfer Service Balance Goods Balance Current Account Balance Source: SAFE, Morgan Stanley Research Internet Trends 300 2019