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.

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 (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.

Rio Tinto's Q4 2024 iron ore shipments saw a slight decline due to reduced demand from China, aligning with market expectations. The company's annual exports remained strong, and it continues to advance growth projects globally.

Graph and download economic data for OECD based Recession Indicators for China from the Period following the Peak through the Trough (CHNRECD) from 1978-01-01 to 2022-09-30 about peak, trough, recession indicators, and China.

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.

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.

China's declining corn imports signal economic challenges, with reduced purchases and strategic shifts reflecting broader financial constraints.

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. 

Explore the factors behind China's projected slowdown in solar installations by 2025, amid regulatory changes and grid infrastructure challenges.

In the fourth quarter of 2024, the growth of the real gross domestic product (GDP) in China ranged at 5.4 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 1.15 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 0.52 exajoules in 2005 to 13.3 million in 2022.

Shiseido reports a significant 73% decline in annual profit amid reduced demand in China, mirroring challenges in the global cosmetics sector.

This data package includes the underlying data to replicate the charts presented in Lessons from China's fiscal policy during the COVID-19 pandemic, PIIE Working Paper 24-7.

If you use the data, please cite as: Huang, Tianlei. 2024. Lessons from China's fiscal policy during the COVID-19 pandemic. PIIE Working Paper 24-7. Washington: Peterson Institute for International Economics.

In January and February 2025, industrial production in China increased by 5.9 percent. On a month-to-month basis, industrial production grew by 0.51 percent in February 2025.

In February 2025, the total value of imports to China amounted to around 183.45 billion U.S. dollars. This indicated a slight increase in import value compared to the same period of the previous year. Import trade partners As of 2022, China was the world’s second-largest importer of merchandise goods, representing 10.6 percent of worldwide imports. Over the last decade, the value of imports to China has increased significantly.In 2024, ASEAN and the European Union were China’s most important import trade partners, with an import value of about 2.82 trillion yuan and 1.92 trillion yuan respectively. About 86 percent of China’s imports from the European Union were manufactured goods; the main import commodities to China were machinery and transport equipment. Trade balance With a merchandise trade surplus of more than 823 billion U.S. dollars in 2023, China is still the nation with the highest trade surplus worldwide. Despite the pandemic, China exported nearly 3.68 trillion U.S. dollar-worth of goods in 2024, setting another record in history. Nevertheless, a rising number of economists have estimated a downturn in China's economic development recently.

Prior to the outbreak of the coronavirus, COVID-19, in Wuhan, Hubei province, GlobalData had been predicting a steady slowdown in the pace of growth in construction in China, owing to the expected continuation of government efforts by to shift the economy away from one dependent on investment. However, the drastic measures taken since January to contain the spread of the virus have brought economic activity to a halt across much of the country, and as a result GlobalData has revised down its construction output growth forecast for 2020 Read More

Industrial Production in China increased 5.90 percent in February of 2025 over the same month in the previous year. This dataset provides - China Industrial Production - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Iron ore prices are on a decline due to economic pressures, a slowdown in China, and forecasts predicting further reductions. Learn more about the export dynamics.

China’s construction industry is expected to expand at a relatively slower pace over the forecast period (2019-2023), as the government steadily shifts away from a policy of driving economic growth by investing huge sums in infrastructure developments. The heady days of double-digit growth in China’s construction industry have long gone, with the authorities reining in excessive debt-driven investment in infrastructure and urban development. Nevertheless, in view of the recent slowdown in construction, the authorities can still revert to infrastructure investment to prop up the industry and support the economy when necessary. Read More

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.