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 4.8 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 2024, 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 29.2 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 992 billion U.S. dollars in 2024.

In 2024, the gross domestic product (GDP) of China amounted to around 18.7 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 5.4 percent in 2023 and 5.0 percent in 2024. In 2024, per capita GDP in China reached around 13,300 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 2024. 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 38 percent in 2024. 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 2024. 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.

The Gross Domestic Product (GDP) in China expanded 4.80 percent in the third quarter of 2025 over the same quarter of the previous year. This dataset provides - China GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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 Trough (DISCONTINUED) (CHNRECM) from Jan 1978 to Sep 2022 about peak, trough, recession indicators, and China.

We analyze China’s interindustry connections and show that China’s housing activity has become increasingly important to its GDP growth. Our results suggest that a 10 percent decline in final demand for real estate and housing-related construction would lead to a decline in total output of 2.2 percent, an effect more than two times larger than it would have been 10 years ago.

According to a median projection in October 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. 

In the third quarter of 2025, the growth of the real gross domestic product (GDP) in China ranged at *** percent compared to the same quarter of the previous year. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth. GDP growth in China In 2024, China ranged second among countries with the largest gross domestic product worldwide. Since the introduction of economic reforms in 1978, the country has experienced rapid social and economic development. In 2013, it became the world’s largest trading nation, overtaking the United States. However, per capita GDP in China was still much lower than that of industrialized countries. Until 2011, the annual growth rate of China’s GDP had constantly been above nine percent. However, economic growth has cooled down since and is projected to further slow down gradually in the future. Rising domestic wages and the competitive edge of other Asian and African countries are seen as main reasons for the stuttering in China’s economic engine. One strategy of the Chinese government to overcome this transition is a gradual shift of economic focus from industrial production to services. Challenges to GDP growth Another major challenge lies in the massive environmental pollution that China’s reckless economic growth has caused over the past decades. China’s development has been powered mostly by coal consumption, which resulted in high air pollution. To counteract industrial pollution, further investments in waste management and clean technologies are necessary. In 2017, about **** percent of GDP was spent on pollution control. Surging environmental costs aside, environmental issues could also be a key to industrial transition as China placed major investments in renewable energy and clean tech projects. The consumption of green energy skyrocketed from **** exajoules in 2005 to **** million in 2022.

China: Trade openness: exports plus imports as percent of GDP: The latest value from 2024 is 37.2 percent, an increase from 36.11 percent in 2023. In comparison, the world average is 92.80 percent, based on data from 133 countries. Historically, the average for China from 1960 to 2024 is 27.87 percent. The minimum value, 4.83 percent, was reached in 1970 while the maximum of 63.57 percent was recorded in 2006.

In 2024, the employment rate in China decreased to around 62.4 percent, from 62.8 percent in the previous year. China is the world’s most populous country and its rapid economic development over the past decades has profited greatly from its large labor market. While the overall working conditions for the Chinese people are improving, the actual size of the working-age population in China has been shrinking steadily in recent years. This is mainly due to a low birth rate in the country. Economic slowdown – impact on labor market After decades of rapid development, the world’s second largest economy now seems to have difficulties to boost its economy further. The GDP growth rate indicated a declining trend over the last decade and the number of employed people decreased for the first time since decades in 2015. Under the influence of the global economic downturn, the coronavirus pandemic, and the US-China tensions, many Chinese enterprises are having tough times, which leads to a recession in China’s labor market. Chances for better employment situation The long-lasting Sino-U.S. trade war has caused China great loss on its international trade sector, which has been driving China’s economic growth for decades. However, there is also a lot China could improve. First, the potential of domestic demands could be further developed and satisfied with high-quality products. Second, it’s a good timing to eliminate backward industries with low value added, and the high-tech and environment-friendly industries should be further promoted. In addition, China’s market could be more open to services, especially in the financial sector and IT services, to attract more foreign investors. Highly skilled talents should be better valued in the labor market. Efficient vocational education and further education could also help change the structure of China’s labor market.

How the Chinese Economy Works

The Chinese economy is the second largest in the world, after the United States. It is a mixed economy, with elements of both capitalism and socialism. The government plays a significant role in the economy, but there is also a growing private sector.

Agriculture

Agriculture is a major sector of the Chinese economy, employing about 25% of the workforce. China is a major producer of rice, wheat, corn, soybeans, and cotton. The country is also a leading producer of fruits, vegetables, and livestock.

Manufacturing

Manufacturing is the largest sector of the Chinese economy, accounting for about 40% of GDP. China is a major producer of a wide range of goods, including electronics, textiles, apparel, and machinery. The country is also a major exporter of manufactured goods.

Services

Services are the third largest sector of the Chinese economy, accounting for about 45% of GDP. This sector includes a wide range of activities, such as finance, transportation, real estate, and tourism.

Government

The government plays a significant role in the Chinese economy. The government owns and operates many state-owned enterprises, which are important players in the economy. The government also regulates the economy through a variety of policies, such as tariffs, subsidies, and taxes.

Private Sector

The private sector is growing in importance in the Chinese economy. Private companies are playing an increasing role in manufacturing, services, and other sectors. The government is encouraging the growth of the private sector by reducing regulations and providing support for small businesses.

Challenges

The Chinese economy faces a number of challenges, including:

Inequality: The gap between the rich and the poor is growing in China. Environmental degradation: China is facing serious environmental problems, such as air pollution and water pollution. Political stability: The Chinese government is facing increasing challenges to its authority. Outlook

The Chinese economy is expected to continue to grow in the coming years. However, the growth is likely to slow down as the country faces the challenges mentioned above.

Conclusion

The Chinese economy is a complex and dynamic system. It is a mix of capitalism and socialism, with a significant role for the government. The economy is growing rapidly, but it also faces a number of challenges.

Graph and download economic data for Balance of Payments: Total Net Current Account for China, P.R.: Mainland (CHNBCAGDPBP6PT) from 1997 to 2029 about current account, BOP, China, and Net.

Context

This Dataset presents New Zealand’s daily export trade with China from 27 January 2020. It compares 2020 values with those from previous years, to show the potential impacts of COVID-19 since its outbreak in late 2019.

We advise caution in making decisions based on this experimental data. Please send any comments to overseastrade@stats.govt.nz.

https://www.stats.govt.nz/experimental/provisional-indications-effects-of-coronavirus-outbreak-on-new-zealand-trade-with-china

Content

Imports from China The cumulative total value of imports from China alone in the past four weeks and one day to 29 February 2020 was about $775 million . This is about $169 million less than for the same period in 2019 .

Daily trade for 1 February–29 February 2020 (published 10 March 2020) Imports from China (experimental, published 10 March 2020) CSV files include imports from China, including key exports of meat, seafood, dairy, and forestry products. The data is provisional and should be regarded as an early, indicative estimate of intentions to export only, subject to revision. These are not official statistics, but an effort to provide the latest available trade data at a time of heightened interest in trade with China. The data compares the four weeks and a day up to 29 February 2020 against previous years. This allows for an estimate to be made of what may have happened to exports, if they had followed typical patterns in the past four weeks.

Acknowledgements

https://www.stats.govt.nz/experimental/provisional-indications-effects-of-coronavirus-outbreak-on-new-zealand-trade-with-china Photo by Andy Li on Unsplash

Inspiration

The Global trade impact of the Coronavirus (COVID-19) Epidemic . “The spread of the new coronavirus is a public health crisis that could pose a serious risk to the macro economy through the halt in production activities, interruptions of people's movement and cut-off of supply chains” - Japanese Finance Minister Taro Aso. G20 gathering in Riyadh, Saudi Arabia, February 24, 2020. " Besides its worrying effects on human life, the novel strain of coronavirus (COVID-19) has the potential to significantly slowdown not only the Chinese economy but also the global economy. China has become the central manufacturing hub of many global business operations. Any disruption of China’s output is expected to have repercussions elsewhere through regional and global value chains. https://unctad.org/en/PublicationsLibrary/ditcinf2020d1.pdf

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.

This paper employs the mixed-frequency Granger causality test, reverse unconstrained mixed-frequency data sampling models, and Chinese data from January 2006 to June 2024 to test the nexus between consumer confidence and the macroeconomy. The results show that changes in the real estate market, GDP, and urban unemployment rate are Granger causes of consumer confidence. In reverse, consumer confidence is a Granger cause of the CPI. Second, GDP and the real estate market (CPI and urban unemployment rate) have a significant positive (negative) impact on consumer confidence, while the conditions of industrial production, interest rate, and stock market do not. Third, the “animal spirits” extracted from consumer confidence cannot lead to noticeable fluctuations in China’s macroeconomy. This suggests that the “animal spirits” will not dominate economic growth, even though they affect the macroeconomy slightly and inevitably. The results are robust after replacing the dependent variable and considering the influence of the global financial crisis and the COVID-19 pandemic.

Replication material for the paper "The Decline of Age-Friendly Jobs in China: Evidence from Online Job Vacancies" submitted to Economic Modelling

According to a survey conducted by Statista Consumer Insights among Generation Z in China, ** percent of respondents were trying to spend less money in light of the economic circumstances as of September 2024. In addition, ** percent of respondents felt that their cost of living has increased notably, and ** percent had been experiencing stress and anxiety. However, ** percent of respondents shared none of the worries mentioned in the survey.

Snapshot img

The automotive ADAS market in China market share is expected to increase by USD 2.19 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 14.05%.

This automotive ADAS market in China research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the automotive ADAS market in China's market segmentation by technology (BSD, PAS, DMS, FCW, and others) and application (passenger cars and commercial vehicles). The automotive ADAS market in China report also offers information on several market vendors, including Aptiv Plc, Continental AG, DENSO Corp., Hyundai Mobis Co. Ltd., Intel Corp., Magna International Inc., Robert Bosch GmbH, Valeo SA, Veoneer Inc., and ZF Friedrichshafen AG among others.

What will the Automotive ADAS Market Size In China be During the Forecast Period?

Download the Free Report Sample to Unlock the Automotive ADAS Market in China Size for the Forecast Period and Other Important Statistics

Automotive ADAS Market In China : Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growth of the automotive industry in China is notably driving the automotive ADAS market in China growth, although factors such as the ongoing slowdown of the economy in China may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive ADAS market in the China industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Automotive ADAS Market In China Driver

The growth of the automotive industry is a major driver fueling the automotive ADAS market growth in China. Since 2008, the automotive industry in China has been the largest in the world. The growth of the automotive industry in China is one of the primary factors driving the automotive ADAS market in China. The increase in economic activities in the country has led to the growth in the per capita income of the country. Economic development has led to the growth of major cities and rapid urbanization. According to The World Bank, the urban population in China accounted for 45% of the total population of the country in 2007, and it grew to more than 60% of the total population in 2019. The rising urban population has led to high demand for automobiles from individual customers for convenient commuting, as well as from freight operators for fulfilling the ever-growing demand for transportation. The inability of railways to provide last-mile connectivity and the growing popularity of e-commerce sites have led to a rise in sales of heavy commercial vehicles for logistics in China. As automotive ADAS technologies play a vital role in vehicular safety, the growth of the automotive industry in China is a key factor driving the automotive ADAS market in China.

Key Automotive ADAS Market In China Trend

The adoption of V2X technology to enhance ADAS performance is a major trend influencing the automotive ADAS market growth in China. During the forecast period, the automotive market is expected to witness a shift from the fourth-generation (4G) long-term evolution (LTE) to fifth-generation (5G) technology, which could increase the data speed by 33 times faster than 4G LTE, and the latency could drop to about one-tenth of the current speed. This will lead to the faster development of semi-autonomous and autonomous vehicle technologies. The 5G technology will also enable the efficient operation of advanced systems such as V2X communications, which includes vehicle-to-vehicle, vehicle-to-infrastructure, and vehicle-to-pedestrian communication. Additionally, the prominence of 5G technology will boost the adoption of cellular V2X during the forecast period. For instance, in March 2019, the 5G Automotive Association announced its plan to commercially deploy cellular-V2X communication technology in China by the end of 2020. We expect the adoption of V2X to play a crucial role in enhancing the safety of modern vehicles, which will drive the growth of the market in focus.

Key Automotive ADAS Market In China Challenge

The ongoing slowdown of the economy in China is a major hindrance to the automotive ADAS market growth in China. The high economic growth in the past made China the leading market for automotive production and sales. Thus, China accounted for the majority of the incremental demand for automotive components such as ADAS. However, the ongoing slowdown and the risk of a further slowdown of the economy in China can severely impact the adoption of automobiles and their components, such as ADAS, during the forecast period. In the April to June quarter of 2019, the

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.

The statistic shows the distribution of the workforce across economic sectors in China from 2014 to 2024. In 2024, around 22.2 percent of the workforce were employed in the agricultural sector, 29 percent in the industrial sector and 48.8 percent in the service sector. In 2022, the share of agriculture had increased for the first time in more than two decades, which highlights the difficult situation of the labor market due to the pandemic and economic downturn at the end of the year. Distribution of the workforce in China In 2012, China became the largest exporting country worldwide with an export value of about two trillion U.S. dollars. China’s economic system is largely based on growth and export, with the manufacturing sector being a crucial contributor to the country’s export competitiveness. Economic development was accompanied by a steady rise of labor costs, as well as a significant slowdown in labor force growth. These changes present a serious threat to the era of China as the world’s factory. The share of workforce in agriculture also steadily decreased in China until 2021, while the agricultural gross production value displayed continuous growth, amounting to approximately 7.8 trillion yuan in 2021. Development of the service sector Since 2011, the largest share of China’s labor force has been employed in the service sector. However, compared with developed countries, such as Japan or the United States, where 73 and 79 percent of the work force were active in services in 2023 respectively, the proportion of people working in the tertiary sector in China has been relatively low. The Chinese government aims to continue economic reform by moving from an emphasis on investment to consumption, among other measures. This might lead to a stronger service economy. Meanwhile, the size of the urban middle class in China is growing steadily. A growing number of affluent middle class consumers could promote consumption and help China move towards a balanced economy.