China's current account surplus has decreased from 10% of GDP in 2007 to 2.8% in 2011. Factors like exchange rate appreciation, slow global growth, and rising oil deficit contributed to this decline. Projections suggest the surplus may range from 2-4% of GDP in 2012-2014, but could rebound to 4-5% by 2017 if the exchange rate remains unchanged. If the government continues real appreciation at a 3% annual rate, the current account could be balanced by 2017.