2. The balance of payments surplus has increased foreign exchange reserves, enhanced comprehensive national strength, and is conducive to maintaining international reputation, improving the ability of foreign financing and introducing foreign capital.

since p>1994, China's balance of payments has maintained a balance of payments surplus, except for the impact of the Asian financial crisis in 1998 and the deficit in capital account. With the increase of the balance of payments surplus, foreign exchange reserves are also growing rapidly, and the foreign exchange reserves have exceeded $41 billion by the end of 23. The increase of foreign exchange reserves, first, has promoted the comprehensive national strength and put China in a more favorable position in economic globalization. Second, it shows that China has good international debt-paying ability, and can easily obtain various loans at lower cost when financing in the international market. Third, foreign investors who make direct investment in China feel safe in repatriating their profits. These foreign investors are willing to inject capital more actively, which is conducive to the introduction of foreign capital in China. 3. The balance of payments surplus is conducive to the balance of economic aggregate.

under the condition of open economy, the balance of economic aggregate is not only related to savings and investment, but also related to foreign trade. When there is a fiscal deficit, when savings are completely converted into investment, it is necessary to make up for the fiscal deficit by increasing imports, so as to keep the balance between supply and demand of the total economic output. In that case, it is easy to have the twin deficits phenomenon that fiscal deficit and foreign trade deficit coexist. When there is a fiscal deficit, it is necessary to reduce imports or increase exports (that is, increase net exports) to make up for the fiscal deficit in order to ensure the balance between supply and demand of the economic aggregate. The reality of our country is that savings have not been completely converted into investment. Since 1998, a proactive fiscal policy has been implemented year after year, and the fiscal deficit has increased year by year, so the increase in the balance of payments surplus, especially the increase in net exports, has partially made up for the fiscal deficit. Making up the fiscal deficit with the balance of payments surplus is not only beneficial to the balance of the national economy, but also avoids the twin deficits phenomenon. 4. The balance of payments surplus strengthens China's ability to resist the risks of economic globalization and contributes to national economic security.

successive years of surplus in international payments have increased China's foreign exchange reserves and made China an international creditor. Therefore, China not only has enough foreign exchange to meet the needs of foreign economic and trade, but also increases China's external liquidity and ensures external payment, which is also conducive to coping with international financial risks and improving the country's ability to resist various economic risks. 5. The balance of payments surplus is conducive to the stability of RMB exchange rate and the implementation of relatively loose macro-control policies.

First, the balance of payments surplus enables the country to have sufficient foreign exchange to intervene in the foreign exchange market and keep the RMB exchange rate stable. Second, the country has sufficient foreign exchange to adjust the balance of payments and implement a proactive foreign trade and economic cooperation policy. Third, the balance of payments surplus has enhanced the effect of active fiscal policy. Due to the efforts of local governments at all levels to attract investment, China's capital mobility is actually relatively large. In the case of high capital mobility, the balance of payments surplus has strengthened the effect of active fiscal policy to stimulate aggregate demand and promoted the rapid development of the national economy. Fourth, the international balance of payments surplus is conducive to the country to implement a loose monetary policy.