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.

Key information about China Private Consumption: % of GDP

• China Private Consumption accounted for 39.6 % of its Nominal GDP in Dec 2023, compared with a ratio of 37.8 % in the previous year.
• China Private Consumption contribution to Nominal GDP ratio is updated yearly, available from Dec 1952 to Dec 2023, with an average share of 49.3 %.
• The data reached an all-time high of 70.8 % in Dec 1962 and a record low of 34.9 % in Dec 2010.

CEIC calculates Private Consumption as % of Nominal GDP from annual Private Consumption Expenditure and annual Nominal GDP. The National Bureau of Statistics provides Private Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about China Private Consumption: % of GDP

• In the latest reports, China GDP expanded 4.5 % YoY in Mar 2023.
• Its Nominal GDP reached 4,166.8 USD bn in Mar 2023.
• China GDP Per Capita reached 12,621.7 USD in Dec 2023.
• Its Gross Savings Rate was measured at 44.3 % in Dec 2023.

Key information about China Public Consumption: % of GDP

• China Public Consumption accounted for 16.5 % of its Nominal GDP in Dec 2023, compared with a share of 16.1 % in the previous year.
• China Public Consumption share of Nominal GDP ratio is updated yearly, available from Dec 1952 to Dec 2023, with an average number of 13.8 %.
• The data reached an all-time high of 16.9 % in Dec 2020 and a record low of 8.7 % in Dec 1959.

CEIC calculates Government Consumption as % of Nominal GDP from annual Government Consumption Expenditure and annual Nominal GDP. The National Bureau of Statistics provides Government Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about China Public Consumption: % of GDP

• In the latest reports, China GDP expanded 4.5 % YoY in Mar 2023.
• China Nominal GDP reached 4,166.8 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 0.4 % in Mar 2023.
• China GDP Per Capita reached 12,621.7 USD in Dec 2023.
• Its Gross Savings Rate was measured at 44.3 % in Dec 2023.
• For Nominal GDP contributions, Investment accounted for 42.1 % in Dec 2023.
• Private Consumption accounted for 39.2 % in Dec 2023.

Households and NPISHs final consumption expenditure (% of GDP) in China was reported at 39.57% in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. China - Households and NPISHs final consumption expenditure (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on September of 2025.

In July 2025, the index for consumer confidence in China ranged at ** points, up from **** 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.

Key information about Hong Kong SAR (China) Public Consumption: % of GDP

• Hong Kong SAR (China) Public Consumption accounted for 13.7 % of its Nominal GDP in Dec 2022, compared with a share of 13.7 % in the previous quarter.
• Hong Kong SAR (China) Public Consumption share of Nominal GDP ratio is updated quarterly, available from Mar 1973 to Dec 2022, with an average number of 8.3 %.
• The data reached an all-time high of 15.2 % in Mar 2022 and a record low of 5.0 % in Jun 1973.

CEIC calculates Government Consumption as % of Nominal GDP from quarterly Government Consumption Expenditure and quarterly Nominal GDP. Census and Statistics Department provides Government Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about Hong Kong SAR (China) Public Consumption: % of GDP

• In the latest reports, Hong Kong SAR (China) GDP contracted 4.2 % YoY in Dec 2022.
• Hong Kong SAR (China) Nominal GDP reached 94.5 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 2.3 % in Dec 2022.
• Hong Kong SAR (China) GDP Per Capita reached 49,146.7 USD in Dec 2022.
• Its Gross Savings Rate was measured at 27.7 % in Sep 2022.
• For Nominal GDP contributions, Investment accounted for 12.4 % in Dec 2022.
• Private Consumption accounted for 69.6 % in Dec 2022.

In 2024, China’s level of total investment reached around 40.4 percent of the gross domestic product (GDP). This value is expected to remain stable in 2025 and increase slightly in the following years. Final consumption accounted for 55.7 percent in 2023. International comparison of total investments The GDP of a country can be calculated by the expenditure approach, which sums up final consumption (private and public), total investment, and net exports. The ratio of consumption to investment may vary greatly between different countries.Matured economies normally consume a larger share of their economic output. In the U.S. and many European countries, total investment ranges roughly at only 20 to 25 percent of the GDP. In comparison, some emerging economies reached levels of 30 to 40 percent of investment during times of rapid economic development. Level of total investment in China China is among the countries that spend the highest share of their GDP on investments. Between 1980 and 2000, 30 to 40 percent of its economic output were invested, roughly on par with South Korea or Japan. While the latter’s investment spending ratio decreased in later years, China’s even grew, especially after the global financial crisis, peaking at staggering 47 percent of GDP in 2011.However, returns on those investments declined year by year, indicated by lower GDP growth rates. This resulted in a quickly growing debt burden, which reached nearly 285 percent of the GDP in 2023, up from only 135 percent in 2008. The Chinese government defined the goal to shift to consumption driven growth, but the transformation takes longer than expected.

China GDP: % of GDP: Final Consumption Expenditure data was reported at 52.647 % in 2017. This records a decrease from the previous number of 53.781 % for 2016. China GDP: % of GDP: Final Consumption Expenditure data is updated yearly, averaging 62.632 % from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 84.813 % in 1962 and a record low of 48.180 % in 2010. China GDP: % of GDP: Final Consumption Expenditure 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: Share of GDP. Final consumption expenditure (formerly total consumption) is the sum of household final consumption expenditure (private consumption) and general government final consumption expenditure (general government consumption). This estimate includes any statistical discrepancy in the use of resources relative to the supply of resources.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

In 2024, urban households in China spent approximately **** percent of their consumption expenditure on food, tobacco, and liquor. Rural households spent a slightly larger share of their money on food items than urban households.

General government final consumption expenditure (% of GDP) in China was reported at 17.19 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. China - General government final consumption expenditure (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on September of 2025.

China GDP: % of GDP: Final Consumption Expenditure: Household data was reported at 38.387 % in 2017. This records a decrease from the previous number of 39.463 % for 2016. China GDP: % of GDP: Final Consumption Expenditure: Household data is updated yearly, averaging 49.367 % from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 72.165 % in 1962 and a record low of 35.362 % in 2010. China GDP: % of GDP: Final Consumption Expenditure: Household 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: Share of GDP. Household final consumption expenditure (formerly private consumption) is the market value of all goods and services, including durable products (such as cars, washing machines, and home computers), purchased by households. It excludes purchases of dwellings but includes imputed rent for owner-occupied dwellings. It also includes payments and fees to governments to obtain permits and licenses. Here, household consumption expenditure includes the expenditures of nonprofit institutions serving households, even when reported separately by the country. This item also includes any statistical discrepancy in the use of resources relative to the supply of resources.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

China Share to(GDP) Gross Domestic ProductGrowth: Final Consumption Expenditure data was reported at 44.500 % in 2024. This records a decrease from the previous number of 85.600 % for 2023. China Share to(GDP) Gross Domestic ProductGrowth: Final Consumption Expenditure data is updated yearly, averaging 55.750 % from Dec 1953 (Median) to 2024, with 72 observations. The data reached an all-time high of 465.564 % in 1976 and a record low of -74.283 % in 1960. China Share to(GDP) Gross Domestic ProductGrowth: Final Consumption Expenditure 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: Contribution and Share to Growth.

China Contribution to(GDP) Gross Domestic ProductGrowth: Final Consumption Expenditure data was reported at 2.225 % in 2024. This records a decrease from the previous number of 4.600 % for 2023. China Contribution to(GDP) Gross Domestic ProductGrowth: Final Consumption Expenditure data is updated yearly, averaging 4.600 % from Dec 1953 (Median) to 2024, with 72 observations. The data reached an all-time high of 10.500 % in 1984 and a record low of -7.253 % in 1976. China Contribution to(GDP) Gross Domestic ProductGrowth: Final Consumption Expenditure 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: Contribution and Share to Growth.

China Contribution to(GDP) Gross Domestic ProductGrowth: Year to Date: Final Consumption Expenditure data was reported at 2.800 % in Mar 2025. This records an increase from the previous number of 2.225 % for Dec 2024. China Contribution to(GDP) Gross Domestic ProductGrowth: Year to Date: Final Consumption Expenditure data is updated quarterly, averaging 4.331 % from Mar 2009 (Median) to Mar 2025, with 65 observations. The data reached an all-time high of 8.977 % in Mar 2021 and a record low of -4.196 % in Mar 2020. China Contribution to(GDP) Gross Domestic ProductGrowth: Year to Date: Final Consumption Expenditure 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: Contribution and Share to Growth.

China Share to(GDP) Gross Domestic ProductGrowth: Year to Date: Final Consumption Expenditure data was reported at 51.700 % in Mar 2025. This records an increase from the previous number of 44.500 % for Dec 2024. China Share to(GDP) Gross Domestic ProductGrowth: Year to Date: Final Consumption Expenditure data is updated quarterly, averaging 59.500 % from Dec 2009 (Median) to Mar 2025, with 62 observations. The data reached an all-time high of 193.700 % in Jun 2020 and a record low of -177.800 % in Sep 2020. China Share to(GDP) Gross Domestic ProductGrowth: Year to Date: Final Consumption Expenditure 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: Contribution and Share to Growth.

China Share to(GDP) Gross Domestic ProductGrowth: Final Consumption Expenditure data was reported at 65.100 % in Mar 2019. This records a decrease from the previous number of 71.600 % for Dec 2018. China Share to(GDP) Gross Domestic ProductGrowth: Final Consumption Expenditure data is updated quarterly, averaging 64.100 % from Mar 2015 (Median) to Mar 2019, with 17 observations. The data reached an all-time high of 79.400 % in Mar 2017 and a record low of 45.900 % in Dec 2017. China Share to(GDP) Gross Domestic ProductGrowth: Final Consumption Expenditure 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: Contribution and Share to Growth.

China Contribution to(GDP) Gross Domestic ProductGrowth: Final Consumption Expenditure data was reported at 4.166 % in Mar 2019. This records a decrease from the previous number of 4.582 % for Dec 2018. China Contribution to(GDP) Gross Domestic ProductGrowth: Final Consumption Expenditure data is updated quarterly, averaging 4.318 % from Mar 2015 (Median) to Mar 2019, with 17 observations. The data reached an all-time high of 5.479 % in Mar 2017 and a record low of 3.121 % in Dec 2017. China Contribution to(GDP) Gross Domestic ProductGrowth: Final Consumption Expenditure 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: Contribution and Share to Growth.

Hong Kong HK: GDP: Growth: Household Final Consumption Expenditure per Capita data was reported at 4.757 % in 2017. This records an increase from the previous number of 1.356 % for 2016. Hong Kong HK: GDP: Growth: Household Final Consumption Expenditure per Capita data is updated yearly, averaging 5.222 % from Dec 1962 (Median) to 2017, with 56 observations. The data reached an all-time high of 15.046 % in 1977 and a record low of -6.282 % in 1998. Hong Kong HK: GDP: Growth: Household Final Consumption Expenditure per Capita data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Hong Kong SAR – Table HK.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth of household final consumption expenditure per capita, which is calculated using household final consumption expenditure in constant 2010 prices and World Bank population estimates. Household final consumption expenditure (private consumption) is the market value of all goods and services, including durable products (such as cars, washing machines, and home computers), purchased by households. It excludes purchases of dwellings but includes imputed rent for owner-occupied dwellings. It also includes payments and fees to governments to obtain permits and licenses. Here, household consumption expenditure includes the expenditures of nonprofit institutions serving households, even when reported separately by the country.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Hong Kong HK: GDP: % of GDP: Final Consumption Expenditure data was reported at 76.121 % in 2016. This records an increase from the previous number of 76.070 % for 2015. Hong Kong HK: GDP: % of GDP: Final Consumption Expenditure data is updated yearly, averaging 69.684 % from Dec 1960 (Median) to 2016, with 57 observations. The data reached an all-time high of 83.608 % in 1961 and a record low of 62.014 % in 1989. Hong Kong HK: GDP: % of GDP: Final Consumption Expenditure data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Hong Kong SAR – Table HK.World Bank.WDI: Gross Domestic Product: Share of GDP. Final consumption expenditure (formerly total consumption) is the sum of household final consumption expenditure (private consumption) and general government final consumption expenditure (general government consumption). This estimate includes any statistical discrepancy in the use of resources relative to the supply of resources.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

Hong Kong HK: GDP: Growth: Final Consumption Expenditure: Household data was reported at 5.544 % in 2017. This records an increase from the previous number of 1.985 % for 2016. Hong Kong HK: GDP: Growth: Final Consumption Expenditure: Household data is updated yearly, averaging 6.380 % from Dec 1962 (Median) to 2017, with 56 observations. The data reached an all-time high of 17.079 % in 1978 and a record low of -5.496 % in 1998. Hong Kong HK: GDP: Growth: Final Consumption Expenditure: Household data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Hong Kong SAR – Table HK.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth of household final consumption expenditure based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Household final consumption expenditure (formerly private consumption) is the market value of all goods and services, including durable products (such as cars, washing machines, and home computers), purchased by households. It excludes purchases of dwellings but includes imputed rent for owner-occupied dwellings. It also includes payments and fees to governments to obtain permits and licenses. Here, household consumption expenditure includes the expenditures of nonprofit institutions serving households, even when reported separately by the country.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;