In 2021，China’s balance of payments generally maintained a “positive and negative” pattern，with a basic balance of BOP and a steady increase in IIP. However，it also showed some structural characteristics，such as weak driving force of current account surplus accumulation，rising volatility of non-reserve financial accounts，deviation of reserve assets deposit flow，and significant outflow of net errors and omissions. The change of China’s balance of payments will have a certain potential impact on the macro-economy. Looking ahead to 2022，China’s balance of payments will show structural features such as a slight decrease in current account surplus，a slight decrease in the quarterly balance of non-reserve financial accounts，a slight decrease in reserve assets，and still significant net outflow of errors and omissions. The annual data will maintain a “positive and negative” pattern of balance of payments. In order to further improve China’s balance of payments situation，we can strengthen the reform of RMB exchange rate formation mechanism，prudently promote capital account opening，incorporate macro-prudential policies into long-term means of managing capital flows，improve financial risk monitoring and early warning system，and further optimize China’s balance of payments structure.