The Global Financial Crisis (2007-2008), which began due to the collapse of the U.S. housing market, had a negative effect in many regions across the globe. The global recession which followed the crisis in 2008 and 2009 showed how interdependent and synchronized many of the world's economies had become, with the largest advanced economies showing very similar patterns of negative GDP growth during the crisis. Among the largest emerging economies (commonly referred to as the 'E7'), however, a different pattern emerged, with some countries avoiding a recession altogether. Some commentators have particularly pointed to 2008-2009 as the moment in which China emerged on the world stage as an economic superpower and a key driver of global economic growth. The Great Recession in the developing world While some countries, such as Russia, Mexico, and Turkey, experienced severe recessions due to their connections to the United States and Europe, others such as China, India, and Indonesia managed to record significant economic growth during the period. This can be partly explained by the decoupling from western financial systems which these countries undertook following the Asian financial crises of 1997, making many Asian nations more wary of opening their countries to 'hot money' from other countries. Other likely explanations of this trend are that these countries have large domestic economies which are not entirely reliant on the advanced economies, that their export sectors produce goods which are inelastic (meaning they are still bought during recessions), and that the Chinese economic stimulus worth almost 600 billion U.S. dollars in 2008/2009 increased growth in the region.

Graph and download economic data for OECD based Recession Indicators for China from the Peak through the Period preceding the Trough (DISCONTINUED) (CHNRECP) from Jan 1978 to Sep 2022 about peak, trough, recession indicators, and China.

According to a median projection in April 2025, China's GDP was expected to grow by *** percent in 2025. In the first quarter of 2020, the second-largest economy recorded the first contraction in decades due to the epidemic.  A root-to-branch shutdown of factories To curb the spread of the virus, the Chinese government imposed a lockdown in Wuhan, the epicenter, and other cities in Hubei province on January 23, 2020. A strict nationwide lockdown soon followed. Many factories remained closed in February, resulting in a plunge in manufacturing Purchasing Managers' Index (PMI). The shutdown of the “world’s factory” had severely disrupted global supply chains, especially automobile production. In March 2020, very few industrial sectors reported positive production growth.  The pharmaceuticals sector recorded a production increase, which was mainly driven by the global demand for vital medical supplies. China had exported over seven billion yuan worth of face masks. Ripple effects on global tourism Apart from the manufacturing industry, the prolonged closures of business had caused significant losses in various sectors in China. The travel and tourism sector was massively affected by a drastic decline in flight ticket sales  and hotel occupancy rates. The domestic tourism market expects a loss of 20 percent in revenues for 2020. Industry experts predicted that the global travel and tourism industry could lose about *** trillion U.S. dollars in that year. 

Rio Tinto's Q4 2024 iron ore shipments saw a slight decline due to reduced demand from China, aligning with market expectations. The company's annual exports remained strong, and it continues to advance growth projects globally.

The graph shows national debt in China related to gross domestic product until 2024, with forecasts to 2030. In 2024, gross national debt ranged at around 88 percent of the national gross domestic product. The debt-to-GDP ratio In economics, the ratio between a country's government debt and its gross domestic product (GDP) is generally defined as the debt-to-GDP ratio. It is a useful indicator for investors to measure a country's ability to fulfill future payments on its debts. A low debt-to-GDP ratio also suggests that an economy produces and sells a sufficient amount of goods and services to pay back those debts. Among the important industrial and emerging countries, Japan displayed one of the highest debt-to-GDP ratios. In 2024, the estimated national debt of Japan amounted to about 250 percent of its GDP, up from around 180 percent in 2004. One reason behind Japan's high debt load lies in its low annual GDP growth rate. Development in China China's national debt related to GDP grew slowly but steadily from around 23 percent in 2000 to 34 percent in 2012, only disrupted by the global financial crisis in 2008. In recent years, China increased credit financing to spur economic growth, resulting in higher levels of debt. China's real estate crisis and a difficult global economic environment require further stimulating measures by the government and will predictably lead to even higher debt growth in the years ahead.

From the Summer of 2007 until the end of 2009 (at least), the world was gripped by a series of economic crises commonly known as the Global Financial Crisis (2007-2008) and the Great Recession (2008-2009). The financial crisis was triggered by the collapse of the U.S. housing market, which caused panic on Wall Street, the center of global finance in New York. Due to the outsized nature of the U.S. economy compared to other countries and particularly the centrality of U.S. finance for the world economy, the crisis spread quickly to other countries, affecting most regions across the globe. By 2009, global GDP growth was in negative territory, with international credit markets frozen, international trade contracting, and tens of millions of workers being made unemployed.

Global similarities, global differences

Since the 1980s, the world economy had entered a period of integration and globalization. This process particularly accelerated after the collapse of the Soviet Union ended the Cold War (1947-1991). This was the period of the 'Washington Consensus', whereby the U.S. and international institutions such as the World Bank and IMF promoted policies of economic liberalization across the globe. This increasing interdependence and openness to the global economy meant that when the crisis hit in 2007, many countries experienced the same issues. This is particularly evident in the synchronization of the recessions in the most advanced economies of the G7. Nevertheless, the aggregate global GDP number masks the important regional differences which occurred during the recession. While the more advanced economies of North America, Western Europe, and Japan were all hit hard, along with countries who are reliant on them for trade or finance, large emerging economies such as India and China bucked this trend. In particular, China's huge fiscal stimulus in 2008-2009 likely did much to prevent the global economy from sliding further into a depression. In 2009, while the United States' GDP sank to -2.6 percent, China's GDP, as reported by national authorities, was almost 10 percent.

China Government Expenditure: PS: Expenses on Disaster Relief data was reported at 6,297.000 RMB mn in 2005. This records an increase from the previous number of 4,904.000 RMB mn for 2004. China Government Expenditure: PS: Expenses on Disaster Relief data is updated yearly, averaging 902.000 RMB mn from Dec 1952 (Median) to 2005, with 51 observations. The data reached an all-time high of 6,297.000 RMB mn in 2005 and a record low of 87.000 RMB mn in 1958. China Government Expenditure: PS: Expenses on Disaster Relief data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Government Expenditure: By Other Category.

China: Stock market capitalization as percent of GDP: The latest value from 2022 is 64.14 percent, a decline from 81.02 percent in 2021. In comparison, the world average is 76.15 percent, based on data from 74 countries. Historically, the average for China from 2003 to 2022 is 57.27 percent. The minimum value, 17.58 percent, was reached in 2005 while the maximum of 126.15 percent was recorded in 2007.

Hong Kong Disaster Relief Fund: Year to Date: Closing Cash and Bank Balances data was reported at 0.000 HKD mn in Sep 2018. This stayed constant from the previous number of 0.000 HKD mn for Jun 2018. Hong Kong Disaster Relief Fund: Year to Date: Closing Cash and Bank Balances data is updated quarterly, averaging 0.000 HKD mn from Dec 1995 (Median) to Sep 2018, with 92 observations. The data reached an all-time high of 0.090 HKD mn in Sep 2017 and a record low of 0.000 HKD mn in Sep 2018. Hong Kong Disaster Relief Fund: Year to Date: Closing Cash and Bank Balances data remains active status in CEIC and is reported by The Treasury. The data is categorized under Global Database’s Hong Kong – Table HK.F010: Government Fund: Disaster Relief Fund.

Hong Kong Disaster Relief Fund: Year to Date: Surplus or Deficit for the Period data was reported at -11.326 HKD mn in Mar 2018. This records a decrease from the previous number of -10.546 HKD mn for Dec 2017. Hong Kong Disaster Relief Fund: Year to Date: Surplus or Deficit for the Period data is updated quarterly, averaging 5.994 HKD mn from Dec 1995 (Median) to Mar 2018, with 90 observations. The data reached an all-time high of 70.874 HKD mn in Jun 2010 and a record low of -28.441 HKD mn in Mar 2010. Hong Kong Disaster Relief Fund: Year to Date: Surplus or Deficit for the Period data remains active status in CEIC and is reported by The Treasury. The data is categorized under Global Database’s Hong Kong – Table HK.F010: Government Fund: Disaster Relief Fund.

Hong Kong Disaster Relief Fund: Year to Date: Other Cash Movements data was reported at 11.326 HKD mn in Mar 2018. This records an increase from the previous number of 10.546 HKD mn for Dec 2017. Hong Kong Disaster Relief Fund: Year to Date: Other Cash Movements data is updated quarterly, averaging -5.994 HKD mn from Dec 1995 (Median) to Mar 2018, with 90 observations. The data reached an all-time high of 28.441 HKD mn in Mar 2010 and a record low of -70.862 HKD mn in Jun 2010. Hong Kong Disaster Relief Fund: Year to Date: Other Cash Movements data remains active status in CEIC and is reported by The Treasury. The data is categorized under Global Database’s Hong Kong – Table HK.F010: Government Fund: Disaster Relief Fund.

This dataset includes the replication dataset and code (do file for stata) for a forthcoming article in Foreign Policy Analysis, titled "The Crisis of COVID-19 and the Political Economy of China’s Vaccine Diplomacy"

Hong Kong Disaster Relief Fund: Rev: Year to Date: Interest data was reported at 0.000 HKD mn in Sep 2018. This stayed constant from the previous number of 0.000 HKD mn for Jun 2018. Hong Kong Disaster Relief Fund: Rev: Year to Date: Interest data is updated quarterly, averaging 0.000 HKD mn from Dec 1995 (Median) to Sep 2018, with 75 observations. The data reached an all-time high of 3.794 HKD mn in Mar 2000 and a record low of 0.000 HKD mn in Sep 2018. Hong Kong Disaster Relief Fund: Rev: Year to Date: Interest data remains active status in CEIC and is reported by The Treasury. The data is categorized under Global Database’s Hong Kong SAR – Table HK.F010: Government Fund: Disaster Relief Fund.

This statistic depicts the direct economic loss caused by geological disasters in China from 2009 to 2019. In 2019, the economic loss caused by landslides, structural collapses and mudslides in China amounted to about 2.77 billion yuan.

The US decision to impose port fees on Chinese ships has intensified trade tensions, impacting stock markets and economic outlooks.

Hong Kong Disaster Relief Fund: Exp: Year to Date: Disaster Relief data was reported at 21.451 HKD mn in Sep 2018. This records an increase from the previous number of 9.424 HKD mn for Jun 2018. Hong Kong Disaster Relief Fund: Exp: Year to Date: Disaster Relief data is updated quarterly, averaging 24.950 HKD mn from Dec 1995 (Median) to Sep 2018, with 91 observations. The data reached an all-time high of 354.052 HKD mn in Mar 2011 and a record low of 0.000 HKD mn in Jun 2005. Hong Kong Disaster Relief Fund: Exp: Year to Date: Disaster Relief data remains active status in CEIC and is reported by The Treasury. The data is categorized under Global Database’s Hong Kong SAR – Table HK.F010: Government Fund: Disaster Relief Fund.

In 2023, final consumption of the economy in China accounted for about 55.7 percent of the gross domestic product (GDP). The share of final consumption in the total GDP of China is expected to increase gradually in the upcoming years. Level of consumption in China Final consumption refers to the part of the GDP that is consumed, in contrast to what is invested or exported. In matured economies, final consumption often accounts for 70 or more percent of the total GDP. In developing countries, however, a significantly larger share may be spent on investments in infrastructure, real estate, and industrial capacities.Since its economic opening up, China was among the countries with the highest ratio of spending on investment and the lowest on consumption. Especially since 2000, China spent increasing amounts of money on infrastructure and housing, while the share spent on consumption dropped to an all-time low. This was not only related to China’s rapid economic ascendence, but also to a large working-age population and a low dependency ratio. Recent developments and outlook As the rate of returns on investment has dropped gradually since the global financial crisis in 2008, China is trying to shift to a more consumption-driven growth model. Accordingly, the share of final consumption has increased since 2010. Although this trend was interrupted by the coronavirus pandemic, it will most probably continue in the future. Lower demand for new infrastructure and housing, as well as an aging population, are the main drivers of this development.

CWT plots comparison of the COVID-19 and the GFC.

Producer Prices in China decreased 3.60 percent in June of 2025 over the same month in the previous year. This dataset provides the latest reported value for - China Producer Prices Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The global pandemic caused by coronavirus COVID-19 could have a prolonged impact on China's economy. Manufacturing sector was estimated to drop by 3.61 percentage points form the baseline of no global coronavirus crisis. The overall impact was projected to be a decline by 3.54 percentage point.