In 2023, the gross domestic product (GDP) of China amounted to around 17.8 trillion U.S. dollars. In comparison to the GDP of the other BRIC countries India, Russia and Brazil, China came first that year and second in the world GDP ranking. The stagnation of China's GDP in U.S. dollar terms in 2022 and 2023 was mainly due to the appreciation of the U.S. dollar. China's real GDP growth was three percent in 2022 and 5.2 percent in 2023. In 2023, per capita GDP in China reached around 12,600 U.S. dollars. Economic performance in China Gross domestic product (GDP) is a primary economic indicator. It measures the total value of all goods and services produced in an economy over a certain time period. China's economy used to grow quickly in the past, but the growth rate of China’s real GDP gradually slowed down in recent years, and year-on-year GDP growth is forecasted to range at only around four percent in the years after 2023. Since 2010, China has been the world’s second-largest economy, surpassing Japan.China’s emergence in the world’s economy has a lot to do with its status as the ‘world’s factory’. Since 2013, China is the largest export country in the world. Some argue that it is partly due to the undervalued Chinese currency. The Big Mac Index, a simplified and informal way to measure the purchasing power parity between different currencies, indicates that the Chinese currency yuan was roughly undervalued by 31 percent in 2023. GDP development Although the impressive economic development in China has led millions of people out of poverty, China is still not in the league of industrialized countries on the per capita basis. To name one example, the U.S. per capita economic output was more than six times as large as in China in 2023. Meanwhile, the Chinese society faces increased income disparities. The Gini coefficient of China, a widely used indicator of economic inequality, has been larger than 0.45 over the last decade, whereas 0.40 is the warning level for social unrest.

According to a median projection in January 2025, China's GDP was expected to grow by 4.9 percent in 2024, largely meeting the annual growth target of five percent set by the Chinese government. 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 2.5 trillion U.S. dollars in that year. 

The impact of coronavirus COVID-19 outbreak with a prolonged shutdown of business operation could be devastating on China's economy. Recreation industry was estimated to suffer the most with a drop by 5.8 percentage points form the baseline of no virus outbreak. Transportation, trade and communication services were other hard-hit industries.

The Gross Domestic Product (GDP) in China expanded 1.60 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - China GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Gross Domestic Product (GDP) in China was worth 17794.78 billion US dollars in 2023, according to official data from the World Bank. The GDP value of China represents 16.88 percent of the world economy. This dataset provides - China GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

According to preliminary figures, the growth of real gross domestic product (GDP) in China amounted to 5.0 percent in 2024. For 2025, the IMF expects a GDP growth rate of around 4.6 percent. Real GDP growth The current gross domestic product is an important indicator of the economic strength of a country. It refers to the total market value of all goods and services that are produced within a country per year. When analyzing year-on-year changes, the current GDP is adjusted for inflation, thus making it constant. Real GDP growth is regarded as a key indicator for economic growth as it incorporates constant GDP figures. As of 2023, China was among the leading countries with the largest gross domestic product worldwide, second only to the United States which had a GDP volume of almost 27.5 trillion U.S. dollars. The Chinese GDP has shown remarkable growth over the past years. Upon closer examination of the distribution of GDP across economic sectors, a gradual shift from an economy heavily based on industrial production towards an economy focused on services becomes visible, with the service industry outpacing the manufacturing sector in terms of GDP contribution. Key indicator balance of trade Another important indicator for economic assessment is the balance of trade, which measures the relationship between imports and exports of a nation. As an economy heavily reliant on manufacturing and industrial production, China has reached a trade surplus over the last decade, with a total trade balance of around 823 billion U.S. dollars in 2023.

China GDP: SI: Industry: Mining data was reported at 3,456.614 RMB bn in 2021. This records an increase from the previous number of 2,201.154 RMB bn for 2020. China GDP: SI: Industry: Mining data is updated yearly, averaging 2,112.619 RMB bn from Dec 2004 (Median) to 2021, with 18 observations. The data reached an all-time high of 3,456.614 RMB bn in 2021 and a record low of 762.826 RMB bn in 2004. China GDP: SI: Industry: Mining data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s National Accounts – Table CN.AA: Gross Domestic Product.

This data package includes the underlying data to replicate the charts presented in Lessons from China's fiscal policy during the COVID-19 pandemic, PIIE Working Paper 24-7.

If you use the data, please cite as: Huang, Tianlei. 2024. Lessons from China's fiscal policy during the COVID-19 pandemic. PIIE Working Paper 24-7. Washington: Peterson Institute for International Economics.

Key information about China Consolidated Fiscal Balance: % of GDP

• China Consolidated Fiscal Balance recorded a deficit equal to 4.8 % of its Nominal GDP in Dec 2024, compared with a deficit equal to 4.9 % in the previous quarter
• China Consolidated Fiscal Balance to GDP data is updated quarterly, available from Dec 1995 to Dec 2024, with an average ratio of -2.0 %
• The data reached an all-time high of 1.4 % in Jun 2008 and a record low of -6.1 % in Dec 2020

CEIC calculates quarterly Consolidated Fiscal Balance as % of Nominal GDP from monthly Consolidated Fiscal Balance and quarterly Nominal GDP. The Ministry of Finance provides year-to-date Consolidated Fiscal Balance in local currency. The National Bureau of Statistics provides year-to-date Nominal GDP in local currency. Consolidated Fiscal Balance as % of Nominal GDP prior to Q4 2007 is calculated from non year-to-date Consolidated Fiscal Balance.


Further information about China Consolidated Fiscal Balance: % of GDP

• In the latest reports, China National Government Debt reached 4,230.0 USD bn in Dec 2023
• China Nominal GDP reached 4,166.8 USD bn in Mar 2023

China Coincident Index data was reported at 76.044 2015=100 in Feb 2020. This records a decrease from the previous number of 82.220 2015=100 for Jan 2020. China Coincident Index data is updated monthly, averaging 108.855 2015=100 from Jan 2001 (Median) to Feb 2020, with 230 observations. The data reached an all-time high of 124.607 2015=100 in Feb 2010 and a record low of 76.044 2015=100 in Feb 2020. China Coincident Index data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under Global Database’s China – Table CN.OF: Economic Climate Indicator.

In January 2025, the index for consumer confidence in China ranged at 87.5 points, up from 86.4 points in the previous month. The index dropped considerably in the first half of 2022 and performed a sideways movement during 2023 and 2024. Consumer confidence Index The consumer confidence index (CCI), also called Index of Consumer Sentiment (ICS) is a commonly used indicator to measure the degree of economic optimism among consumers. Based on information about saving and spending activities of consumers, changes in business climate and future spending behavior are being projected. The CCI plays an important role for investors, retailers, and manufacturers in their decision-making processes. However, measurement of consumer confidence varies strongly from country to country. As consumers need time to react to economic changes, the CCI tends to lag behind other indicators like the consumer price index (CPI) and the producer price index (PPI). Development in China As shown by the graph at hand, confidence among Chinese consumers picked up since mid of 2016. In October 2017, the CCI hit a record value of 127.6 index points and entered into a sideward movement. Owing to a relative stability in GDP growth, a low unemployment rate, and a steady development of disposable household income, Chinese consumers gained more confidence in the state of the national economy. Those factors also contribute to the consumers’ spending power, which was reflected by a larger share of consumption in China’s GDP. After the outbreak of the coronavirus pandemic, consumer confidence dropped quickly in the beginning of 2020, but started to recover in the second half of the year, leading to a v-shaped movement of the index in 2020.

China GDP: USD: Net Income from Abroad data was reported at -99.049 USD bn in 2020. This records a decrease from the previous number of -33.817 USD bn for 2019. China GDP: USD: Net Income from Abroad data is updated yearly, averaging -9.110 USD bn from Dec 1981 (Median) to 2020, with 40 observations. The data reached an all-time high of 28.565 USD bn in 2008 and a record low of -99.049 USD bn in 2020. China GDP: USD: Net Income from Abroad data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s China – Table CN.World Bank.WDI: Gross Domestic Product: Nominal. Net primary income includes the net labor income and net property and entrepreneurial income components of the SNA. Labor income covers compensation of employees paid to nonresident workers. Property and entrepreneurial income covers investment income from the ownership of foreign financial claims (interest, dividends, rent, etc.) and nonfinancial property income (patents, copyrights, etc.). Data are in current U.S. dollars.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

According to the survey conducted by McKinsey, the share of the respondents who were optimistic about the Chinese economic recovery reached 53 percent from May 19 to May 25, 2020, higher than the 43 percent in February. The growth of confidence may result from the resumption of work.

China GDP: TI: Real Estate data was reported at 2,218.482 RMB bn in Dec 2024. This records an increase from the previous number of 2,016.400 RMB bn for Sep 2024. China GDP: TI: Real Estate data is updated quarterly, averaging 478.450 RMB bn from Mar 1992 (Median) to Dec 2024, with 132 observations. The data reached an all-time high of 2,412.010 RMB bn in Dec 2020 and a record low of 20.910 RMB bn in Mar 1992. China GDP: TI: Real Estate data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under Global Database’s China – Table CN.AA: Gross Domestic Product: Quarterly.

In January and February 2025, industrial production in China increased by 5.9 percent. On a month-to-month basis, industrial production grew by 0.51 percent in February 2025.

The graph shows per capita gross domestic product (GDP) in China until 2023, with forecasts until 2029. In 2023, per capita GDP reached around 12,600 U.S. dollars in China. That year, the overall GDP of China had amounted to 17.8 trillion U.S. dollars. Per capita GDP in China Gross domestic product is a commonly-used economic indicator for measuring the state of a country's economy. GDP is the total market value of goods and services produced in a country within a given period of time, usually a year. Per capita GDP is defined as the GDP divided by the total number of people in the country. This indicator is generally used to compare the economic prosperity of countries with varying population sizes.In 2010, China overtook Japan and became the world’s second-largest economy. As of 2023, it was the largest exporter and the second largest importer in the world. However, one reason behind its economic strength lies within its population size. China has to distribute its wealth among 1.4 billion people. By 2023, China's per capita GDP was only about one fourth as large as that of main industrialized countries. When compared to other emerging markets, China ranked second among BRIC countries in terms of GDP per capita. Future development According to projections by the IMF, per capita GDP in China will escalate from around 12,600 U.S. dollars in 2022 to 17,700 U.S. dollars in 2029. Major reasons for this are comparatively high economic growth rates combined with negative population growth. China's economic structure is also undergoing changes. A major trend lies in the shift from an industry-based to a service-based economy.

China COVID-19: Number of Recovered: New Increase data was reported at 24.000 Person in 10 May 2020. This records a decrease from the previous number of 74.000 Person for 09 May 2020. China COVID-19: Number of Recovered: New Increase data is updated daily, averaging 237.000 Person from Jan 2020 (Median) to 10 May 2020, with 112 observations. The data reached an all-time high of 3,622.000 Person in 27 Feb 2020 and a record low of 0.000 Person in 22 Jan 2020. China COVID-19: Number of Recovered: New Increase data remains active status in CEIC and is reported by National Health Commission. The data is categorized under China Premium Database’s Socio-Demographic – Table CN.GZ: COVID-19: No of Recovered.

China Leading Index data was reported at 92.852 2015=100 in Feb 2020. This records a decrease from the previous number of 94.431 2015=100 for Jan 2020. China Leading Index data is updated monthly, averaging 108.084 2015=100 from Jan 2001 (Median) to Feb 2020, with 230 observations. The data reached an all-time high of 130.175 2015=100 in Nov 2009 and a record low of 92.852 2015=100 in Feb 2020. China Leading Index data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under Global Database’s China – Table CN.OF: Economic Climate Indicator.

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.

China COVID-19: Number of Death: Year to Date data was reported at 4,633.000 Person in 10 May 2020. This stayed constant from the previous number of 4,633.000 Person for 09 May 2020. China COVID-19: Number of Death: Year to Date data is updated daily, averaging 3,213.000 Person from Jan 2020 (Median) to 10 May 2020, with 113 observations. The data reached an all-time high of 4,633.000 Person in 10 May 2020 and a record low of 4.000 Person in 19 Jan 2020. China COVID-19: Number of Death: Year to Date data remains active status in CEIC and is reported by National Health Commission. The data is categorized under China Premium Database’s Socio-Demographic – Table CN.GZ: COVID-19: No of Death.