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.

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.

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 data, the agricultural sector contributed around 6.8 percent to the gross domestic product (GDP) of China in 2024, whereas 36.5 percent of the economic value added originated from the industrial sector and 54.6 percent from the service sector, respectively. The total GDP of China at current prices amounted to approximately 134.91 trillion yuan in 2024. Economic development in China The gross domestic product (GDP) serves as a primary indicator to measure the economic performance of a country or a region. It is generally defined as the monetary value of all finished goods and services produced within a country in a specific period of time. It includes all of private and public spending, government spending, investments, and net exports which are calculated as total exports minus imports. In other words, GDP represents the size of the economy.With its national economy growing at an exceptional annual growth rate of above nine percent for three decades in succession, China had become the worlds’ second largest economy by 2010, surpassing all other economies but the United States. Even though China's GDP growth has cooled down in recent years, its economy still expanded at roughly two times the pace of the United States in 2024. Breakdown of GDP in China When compared to other developed countries, the proportions of agriculture and industry in China's GDP are significantly higher. Even though agriculture is a major industry in the United States, it only accounted for about one percent of the economy in 2023. While the service sector contributed to more than 70 percent of the economy in most developed countries, it's share was considerably lower in China. This was not only due to China's lower development level, but also to the country’s focus on manufacturing and export. However, as the future limitations of this growth model become more and more apparent, China is trying to shift it's economic focus to the high-tech and service sectors. Accordingly, growth rates of the service sector have been considerably higher than in industry and agriculture in the years before the spread of the coronavirus pandemic.

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.

Leading Economic Index China increased to 149.90 in January of 2025 over the same month in the previous year. This dataset provides - China Leading Economic Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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 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.

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.

Graph and download economic data for Composite Leading Indicators: Reference Series (GDP) Normalized for China (CHNLORSGPNOSTSAM) from Jan 1978 to Dec 2023 about leading indicator, China, and GDP.

This data collection consists of transcripts from 12 focus group discussions on themes related to social equality in Russia. The focus group discussions were conducted by the Institute of Applied Politics in Moscow, directed by Dr Kryshtanovskaya; using a discussion guide written by the Investigators. They were held in 12 cities chosen to represent different regions of the country, with an emphasis on provincial cities: Ufa, Kaliningrad, Ekaterinburg, Tiumen, Saratov, Ulyanovsk, Volgograd, Ivanovo, Irkutsk, Obolensk, Vladivostok and Protvino. The respondents included a mix of ages, genders, blue and white collar workers. The focus groups in Protvino and Ulyanovsk were held only for respondents age 18-29.

The focus group discussions dealt with household and national economic change, perceptions of social fairness, and welfare values. Specifically, respondents were asked about the state of the national and local economies, their household economy, how they define rich and poor people and how they position themselves in relation to these categories. They were asked about whether they perceived differences in wealth between individuals, regions and between urban and rural areas as fair, and whether such differences are increasing or decreasing. Finally they were asked about whether the rich should take more responsibility for the welfare of the poor, about their own personal responsibility and that of the state and businesses, as well as about progressive income taxes and the degree to which the state should control the economy. The discussion guide is provided in Russian and English.

Basic information about the respondents, including gender, age, and occupation are provided at the top of each focus group transcript. Each participant is identified by their given name only.

The transcripts are provided in Russian. The Russian text was transcribed by the Institute of Applied Politics from audio files.

A parallel set of focus groups was conducted in China and are available as the collection Social equality forum China: Focus group transcripts (see Related Resources).

Taken together, Russia and China account for 41 per cent of the total territory of the BRICs and 63 per cent of their GDP/PPP. On Goldman Sachs projections China will be the world’s largest economy by 2050, and Russia its sixth largest. The project will seek to examine the following propositions: (1) that these two BRIC countries are becoming increasingly unequal; (2) that within them, political power and economic advantage are increasingly closely associated; (3) that their political systems have increasingly been employed to ensure that no effective challenge can be mounted to that combination of government position and economic advantage; (4) that set against a broader comparative perspective, an increasingly unequal society in which government is effectively immune from conventional challenge is likely to become increasingly regressive, or unstable, or both. Evidence will be drawn from official statistics, interviews with policy specialists and government officials, two dozen focus groups, and an analysis of the composition of the management boards of the largest companies in both countries. A final part of the analysis will employ crossnational evidence to test a series of hypotheses relating to the association between inequality and political instability on a more broadly comparative basis.

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. 

China Leading Index data was reported at 100.528 1996=100 in Dec 2017. This records a decrease from the previous number of 100.638 1996=100 for Nov 2017. China Leading Index data is updated monthly, averaging 101.528 1996=100 from Jan 1991 (Median) to Dec 2017, with 324 observations. The data reached an all-time high of 116.468 1996=100 in Jul 1992 and a record low of 97.443 1996=100 in Jul 1998. China Leading Index data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Business and Economic Survey – Table CN.OF: Economic Climate Indicator.

China GDP: Value Added data was reported at 99,356,033.560 RMB mn in 2022. This records an increase from the previous number of 93,689,271.010 RMB mn for 2021. China GDP: Value Added data is updated yearly, averaging 10,140,386.875 RMB mn from Dec 1981 (Median) to 2022, with 42 observations. The data reached an all-time high of 99,356,033.560 RMB mn in 2022 and a record low of 460,111.001 RMB mn in 1981. China GDP: Value Added data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s China – Table CN.OECD.MSTI: Gross Domestic Product, GDP PPP and GDP Deflator: Non OECD Member: Annual.

In 2023, the employment rate in China decreased to around 63.09 percent, from 63.57 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.

In 2023, the total gross domestic product (GDP) of the Guangdong - Hong Kong - Macao Greater Bay Area amounted to almost two trillion U.S. dollars. That year, the GDP of the city of Shenzhen alone amounted to around 489 billion U.S. dollars, ranking first among cities in the Greater Bay Area. The Greater Bay Area in China The Guangdong - Hong Kong - Macao Greater Bay Area is an economic zone comprised of the two special administrative regions Hong Kong and Macao and nine cities of Guangdong province in mainland China, namely Shenzhen, Guangzhou, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen, and Zhaoqing. The concept of the Greater Bay Area has been formulated by the Chinese government to further integrate Macao and Hong Kong into the Chinese mainland and to boost the economy of the cities in the Pearl River Delta. In the 1980s and 1990s, the Pearl River Delta had been one of the prime regions for economic development, but in recent years it has lost ground to the Yangtze River Delta in East China, the largest of the economic macro-regions in China. A development plan for the Greater Bay Area, which was initiated in 2017 and further elaborated thereafter, aims at developing the region into the world's largest and economically most successful Bay Area. GDP development in the Greater Bay Area In 2022, the GDP of the Greater Bay Area cities was still affected by the coronavirus pandemic and decreased slightly in U.S. dollar terms compared to the previous year. However, the development was uneven, with some of the cities on the mainland experiencing strong economic growth, while GDP growth in Hong Kong and Macau still suffered significantly from the pandemic. In 2023, per capita GDP in the Greater Bay Area ranged at about 22,867 U.S. dollars, which was one of the highest values in China. However, per capita GDP in Hong Kong and Macao is still considerably higher then in the neighboring cities on the mainland.

In 2024, the industrial sector generated around 30.1 percent of China's GDP. It was by far the largest contributor, followed by the wholesale and retail industry that was responsible for 10.2 percent and the financial sector that produced 7.3 percent of the country's economic output. Since China is the second-largest economy in the world, the industrial sector’s output alone exceeded the entire economy of Germany. China’s export and investment-driven economy China economic development of the early 2000s was mainly driven by investments and exports. A country's gross domestic product (GDP) consists of three parts: Consumption, investments, and net exports. Typically, emerging economies rely mainly on investments and exports for growing their economy and China was no exception. By the end of the 2010s, investments fueled more than 40 percent of China's GDP and exports were responsible for almost another 20 percent. In comparison to that, in most developed economies, investments make up only 20 percent of the economic output. Instead, the main economic driver is consumption. The economic structure in China created a huge industrial sector. For instance, China was the biggest steel exporter, the leading merchandise exporter, and exported more than a third of global household goods. Great push towards transformation In early 2018, the Chinese government proclaimed that the country's economy had reached a new development stage where consumption and services replaced investment and manufacturing as the main driver of economic growth. The fear of the middle-income trap and changing demographics were the main reasons for Beijing's emphasis on economic transformation. Although incomes in China had not stagnated, policymakers attempted to preempt “getting stuck” by steering the economy towards high-quality growth and consumption-focus. Furthermore, a society that was older and had a higher share of middle-class population had different requirements to the economy. In the case of a successful transformation, China's economy would become more similar to those of developed nations. For instance, the financial sector was the largest contributor to the United States economy. In the case of Germany, the service sector generates the largest share of gross domestic product.

CN: Macro-economic Climate Index: Leading Index data was reported at 98.800 2019=100 in Nov 2024. This records an increase from the previous number of 98.700 2019=100 for Oct 2024. CN: Macro-economic Climate Index: Leading Index data is updated monthly, averaging 98.900 2019=100 from Dec 2022 (Median) to Nov 2024, with 24 observations. The data reached an all-time high of 100.680 2019=100 in Apr 2023 and a record low of 95.888 2019=100 in Dec 2022. CN: Macro-economic Climate Index: Leading Index data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Business and Economic Survey – Table CN.OF: Economic Climate Indicator.

Consumer Spending in China increased to 493247.20 CNY Hundred Million in 2023 from 450468 CNY Hundred Million in 2022. This dataset provides - China Consumer Spending - actual values, historical data, forecast, chart, statistics, economic calendar and news.

CEIC Leading Indicator: China data was reported at 103.748 NA in Jan 2019. This records an increase from the previous number of 97.990 NA for Dec 2018. CEIC Leading Indicator: China data is updated monthly, averaging 101.104 NA from Jan 1997 (Median) to Jan 2019, with 265 observations. The data reached an all-time high of 118.780 NA in Jan 2010 and a record low of 59.852 NA in Nov 2008. CEIC Leading Indicator: China data remains active status in CEIC and is reported by CEIC Data. The data is categorized under World Trend Plus’s CEIC Leading Indicator – Table CN.OTB: CEIC Leading Indicator.