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.

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. 

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.

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.

Complexity modelling of economic efficiency and growth potential is increasingly essential for countries and provinces. Evaluating the monetary flows, kinetic energy (efficiency) and potential capacity (resilience) provides crucial information for economic development. In the paper, the authors analyze growth opportunities for the Chinese economy from a system science point of view, using the perspective of information entropy, based on the input-output tables. Over the past four decades of reform and opening-up, China has made remarkable progress in its economic development. In 2007, China’s GDP was at its fastest pace in history at 14.2% growth. However, after the financial crisis in 2008, the global economy experienced a downward trend and China's economic development also settled on a medium-low level of development. The traditional perspective is to rank regional development only based on GDP growth, whereas here, the authors advocate another evaluation method based on efficiency and potential growth. Unbalanced regional economic development has become problematic and has become a barrier for sustainability of China’s economy. The results of the research indicate firstly that China’s regional development in 2007 and 2012 has been unequal between the provinces. Secondly, the authors found that Shandong province had significantly higher indicators for efficiency and potential growth than others in the same circumstances. Authors observe that provinces tend to carry out industrial policies and adjust the structure of industry on a local level. This analysis demonstrates that the spatial imbalance of efficiency and potential of economic development under the perspective of provincial-level regions. From the perspective of industry, it indicates that the supply chain is too short, mainly focusing on the mining and processing of resources and minerals in the original upstream industry chain, while the downstream is not fully utilized. These represent some unique insights yielded through this type of analysis that authors advocate applying more broadly.

Full Year GDP Growth in China decreased to 5 percent in 2024 from 5.40 percent in 2023. This dataset includes a chart with historical data for China Full Year GDP Growth.

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 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.

The novel coronavirus spread in China long before other countries, making China a potential early signal of the virus’s economic effects. Using a range of statistical models, we estimate that the coronavirus outbreak may have reduced China’s real GDP by an annualized rate of 32 percent, leading year-over-year growth to decline from 6 percent in 2019:Q4 to −3.8 percent in 2020:Q1.

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.

Key information about China Labour Productivity Growth

• China Labour Productivity improved by 5.84 % YoY in Dec 2024, compared with a growth of 4.43 % in the previous year
• China Labour Productivity Growth data is updated yearly, available from Dec 1953 to Dec 2024, averaging at 8.05 %
• The data reached an all-time high of 15.12 % in Dec 1970 and a record low of -26.48 % in Dec 1961

CEIC calculates Labour Productivity Growth from annual Real GDP Index and annual Employment. The National Bureau of Statistics provides Real GDP, at 1978 prices. The Ministry of Human Resources and Social Security provides Employment. Employment excludes Foreign Nationals working within the country. Real GDP prior to 1979 is based on Real GDP PY=100.


Further information about China Labour Productivity Growth

• In the latest reports, China Population reached 1,408.28 Person mn in Dec 2024
• Its Unemployment Rate increased to 5.20 % in Sep 2025
• Monthly Earnings of China stood at 1,438.12 USD in Dec 2024
• The country's Labour Force Participation Rate dropped to 65.39 % in Dec 2024

Consumer Confidence in China increased to 89.60 points in September from 89.20 points in August of 2025. This dataset provides - China Consumer Confidence - actual values, historical data, forecast, chart, statistics, economic calendar and news.

China: Financial system deposits, percent of GDP: The latest value from 2021 is 48.67 percent, a decline from 53.4 percent in 2020. In comparison, the world average is 69.41 percent, based on data from 138 countries. Historically, the average for China from 1985 to 2021 is 38.34 percent. The minimum value, 17.49 percent, was reached in 1989 while the maximum of 56.87 percent was recorded in 2017.

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.

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.

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.

ABSTRACT This paper reports homogenous series of the rate of surplus value for the Chinese economy over the period 1956-2015 with a Marxian approach. It finds that the rate of surplus value reached the historical peak of the whole period in 2008 and that the high profitability in the decade before the 2008 crisis had relied on the continuous growth in the rate of surplus value. It provides a time series analysis to show that the rising wage pressure and value composition of capitalhas restrained profitability since 2008. Thus, this paper interprets the so-called “new normal” of the Chinese economy as a stage of declining profitability that results mainly from the stagnant rate of surplus value and the rising value composition of capital.

China: Bank assets, percent of GDP: The latest value from 2021 is 214.23 percent, a decline from 218.74 percent in 2020. In comparison, the world average is 71.17 percent, based on data from 140 countries. Historically, the average for China from 1985 to 2021 is 124.06 percent. The minimum value, 65.33 percent, was reached in 1985 while the maximum of 218.74 percent was recorded in 2020.

The repeated outbreak of COVID-19 epidemic has brought a heavy blow to the world economy. Fiscal policy is one of the important macro-control measures to pull the economy out of the quagmire, and it is necessary to study the implementation of fiscal policy under the epidemic. Due to the relatively abundant resources of the Chinese government, this study uses China as the research object to study the orientation of fiscal policy under COVID-19 epidemic. We use fiscal policies and a large amount of macroeconomic data to identify fiscal policy and macroeconomic regulation's dynamic mechanism in China. Our findings indicate a dynamic feedback relationship between expenditure-based and revenue-based fiscal policy tools, output gaps, and deficit scales. Before the global economic crisis, fiscal policy can play a good role in adversely regulating the economy, and the difficulty of adjustment after the crisis has increased significantly. During COVID-19 epidemic, the interaction time between variables related to fiscal policy increased, suggesting that the implementation of fiscal policy during the epidemic should be particularly cautious.

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.