Between 2005 and 2020, the GDP of China grew from 2.3 trillion to 14.9 trillion U.S. dollars. During the same time period the GDP of the United States grew from 13 trillion to 20.8 trillion dollars. It is estimated that, by 2030, China will overtake the U.S. as the world's largest economy, with a GDP of 33.7 trillion dollars, compared to 30.5 trillion dollars; this margin of more than three trillion is predicted to increase to almost 13 trillion over the subsequent five year period.

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.

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.

In 2024, the United States had the largest economy in the world, with a gross domestic product of just under 29 trillion U.S. dollars. China had the second largest economy, at around 18.5 trillion U.S. dollars. Recent adjustments in the list have seen Germany's economy overtake Japan's to become the third-largest in the world in 2023, while Brazil's economy moved ahead of Italy's in 2024. Global gross domestic product Global gross domestic product amounts to almost 110 trillion U.S. dollars, with the United States making up more than one-quarter of this figure alone. The 12 largest economies in the world include all Group of Seven (G7) economies, as well as the four largest BRICS economies. The U.S. has consistently had the world's largest economy since the interwar period, and while previous reports estimated it would be overtaken by China in the 2020s, more recent projections estimate the U.S. economy will remain the largest by a considerable margin going into the 2030s.The gross domestic product of a country is calculated by taking spending and trade into account, to show how much the country can produce in a certain amount of time, usually per year. It represents the value of all goods and services produced during that year. Those countries considered to have emerging or developing economies account for almost 60 percent of global gross domestic product, while advanced economies make up over 40 percent.

Key information about China GDP Per Capita

• China Gross Domestic Product (GDP) per Capita reached 12,621.720 USD in Dec 2023, compared with 12,674.873 USD in Dec 2022.
• China GDP Per Capita data is updated yearly, available from Dec 1957 to Dec 2023, with an average number of 369.297 USD.
• The data reached an all-time high of 12,674.873 USD in Dec 2022 and a record low of 68.243 in Dec 1957.
• CEIC converts annual GDP per Capita into USD. The National Bureau of Statistics provides GDP per Capita in local currency. Federal Reserve Board average market exchange rate is used for currency conversions.

• In the latest reports, China GDP expanded 4.550 % YoY in Mar 2023.
• China Nominal GDP reached 4,166.759 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 0.400 % in Mar 2023.
• Gross Savings Rate of China was measured at 44.277 % in Dec 2023.

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.

The Gross Domestic Product per capita in China was last recorded at 12175.20 US dollars in 2023. The GDP per Capita in China is equivalent to 96 percent of the world's average. This dataset provides - China GDP per capita - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Purchasing Power Parity Converted GDP Per Capita Relative to the United States, average GEKS-CPDW, at current prices for China (PGD2U2CNA621NUPN) from 1952 to 2010 about PPP, China, per capita, and GDP.

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.

The Gross Domestic Product per capita in China was last recorded at 22137.60 US dollars in 2023, when adjusted by purchasing power parity (PPP). The GDP per Capita, in China, when adjusted by Purchasing Power Parity is equivalent to 125 percent of the world's average. This dataset provides - China GDP per capita PPP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP per capita based on PPP of Taiwan Province of China surged by 5.15% from 69,243 international dollars in 2022 to 72,812 international dollars in 2023. Since the 4.06% climb in 2013, GDP per capita based on PPP soared by 67.63% in 2023. GDP per capita (PPP based) is gross domestic product converted to international dollars using purchasing power parity rates and divided by total population. An international dollar has the same purchasing power over GDP as a U.S. dollar has in the United States. A purchasing power parity (PPP) between two countries, A and B, is the ratio of the number of units of country A’s currency needed to purchase in country A the same quantity of a specific good or service as one unit of country B’s currency will purchase in country B. PPPs can be expressed in the currency of either of the countries. In practice, they are usually computed among large numbers of countries and expressed in terms of a single currency, with the U.S. dollar (US$) most commonly used as the base or “numeraire” currency.

China GDP: PPP: 2017 Price data was reported at 25,684,414.532 Intl $ mn in 2022. This records an increase from the previous number of 24,938,967.814 Intl $ mn for 2021. China GDP: PPP: 2017 Price data is updated yearly, averaging 7,839,613.420 Intl $ mn from Dec 1990 (Median) to 2022, with 33 observations. The data reached an all-time high of 25,684,414.532 Intl $ mn in 2022 and a record low of 1,616,385.776 Intl $ mn in 1990. China GDP: PPP: 2017 Price 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: Purchasing Power Parity. PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as the U.S. dollar has in the United States. GDP is the sum of gross value added by all resident producers in the country plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in constant 2017 international dollars.;International Comparison Program, World Bank | World Development Indicators database, World Bank | Eurostat-OECD PPP Programme.;Gap-filled total;

United States Exports: 3-Digit: Wood In Chips or Particles & Wood Waste data was reported at 0.216 USD mn in May 2018. This records an increase from the previous number of 0.016 USD mn for Apr 2018. United States Exports: 3-Digit: Wood In Chips or Particles & Wood Waste data is updated monthly, averaging 0.008 USD mn from Jan 1996 (Median) to May 2018, with 269 observations. The data reached an all-time high of 3.774 USD mn in Sep 2009 and a record low of 0.000 USD mn in Oct 2017. United States Exports: 3-Digit: Wood In Chips or Particles & Wood Waste data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s USA – Table US.JA077: Trade Statistics: China: Exports: FAS: SITC.

The statistic shows the gross domestic product (GDP) of the United States from 1987 to 2023, with projections up until 2029. The gross domestic product of the United States in 2023 amounted to around 27.72 trillion U.S. dollars. The United States and the economy The United States’ economy is by far the largest in the world; a status which can be determined by several key factors, one being gross domestic product: A look at the GDP of the main industrialized and emerging countries shows a significant difference between US GDP and the GDP of China, the runner-up in the ranking, as well as the followers Japan, Germany and France. Interestingly, it is assumed that China will have surpassed the States in terms of GDP by 2030, but for now, the United States is among the leading countries in almost all other relevant rankings and statistics, trade and employment for example. See the U.S. GDP growth rate here. Just like in other countries, the American economy suffered a severe setback when the economic crisis occurred in 2008. The American economy entered a recession caused by the collapsing real estate market and increasing unemployment. Despite this, the standard of living is considered quite high; life expectancy in the United States has been continually increasing slightly over the past decade, the unemployment rate in the United States has been steadily recovering and decreasing since the crisis, and the Big Mac Index, which represents the global prices for a Big Mac, a popular indicator for the purchasing power of an economy, shows that the United States’ purchasing power in particular is only slightly lower than that of the euro area.

32.931,36 (billion international dollars) in 2023. GDP (PPP based) is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as a U.S. dollar has in the United States. A purchasing power parity (PPP) between two countries, A and B, is the ratio of the number of units of country A’s currency needed to purchase in country A the same quantity of a specific good or service as one unit of country B’s currency will purchase in country B. PPPs can be expressed in the currency of either of the countries. In practice, they are usually computed among large numbers of countries and expressed in terms of a single currency, with the U.S. dollar (US$) most commonly used as the base or "numeraire" currency.

22.138 (Int. Dollar (PPK) pro Kopf) in 2023. GDP per capita based on purchasing power parity (PPP). PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as the U.S. dollar has in the United States. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

The statistic shows the distribution of the workforce across economic sectors in China from 2013 to 2023. In 2023, around 22.8 percent of the workforce were employed in the agricultural sector, 29.1 percent in the industrial sector and 48.1 percent in the service sector. This year, the share of agriculture 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 2021 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.

Graph and download economic data for Gross Domestic Product for China (MKTGDPCNA646NWDB) from 1960 to 2023 about China and GDP.

The graph shows China's share in global gross domestic product adjusted for purchasing-power-parity until 2023, with a forecast until 2029. In 2023, China's share was about 18.75 percent. China's global GDP share Due to the introduction of capitalist market principles in 1978, China's economic market began to show immense change and growth. China's real GDP growth ranged at 5.2 percent in 2023. China's per capita GDP is also expected to continue to grow, reaching 12,600 U.S. dollars in 2023. Comparatively, Luxembourg and Ireland have some of the world’s largest GDP per capita with 129,800 U.S. dollars and 104,300 U.S. dollars, respectively, as of 2023. China is the largest exporter and second largest importer of goods in the world and is also among the largest manufacturing economies. The country also ranges among the world's largest agricultural producers and consumers. It relies heavily on intensive agricultural practices and is the world's largest producer of pigs, chickens, and eggs. Livestock production has been heavily emphasized since the mid-1970s. China’s chemical industry has also seen growth with a heavy focus on fertilizers, plastics, and synthetic fibers. China's use of chemical fertilizers amounted to approximately 50.8 million metric tons in 2022. GDP composition in China Industry and construction account for slightly less than 40 percent of China's GDP. Some of the major industries include mining and ore processing, food processing, coal, machinery, textiles and apparel, and consumer products. Almost half of China's output is dedicated to investment purposes. However, as the country tends to support gross output, innovation, technological advancement, and even quality are often lacking.

This data package includes the PIIE dataset to replicate the data and charts presented in The rise of US economic sanctions on China: Analysis of a new PIIE dataset by Martin Chorzempa, Mary E. Lovely, and Christine Wan, PIIE Policy Brief 24-14.

If you use the dataset, please cite as: Chorzempa, Martin, Mary E. Lovely, and Christine Wan. 2024. The rise of US economic sanctions on China: Analysis of a new PIIE dataset, PIIE Policy Brief 24-14. Washington, DC: Peterson Institute for International Economics.