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.

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.

Related information about China GDP Per Capita data

• 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.

Key information about China Private Consumption: % of GDP

• China Private Consumption accounted for 39.6 % of its Nominal GDP in Dec 2023, compared with a ratio of 37.8 % in the previous year.
• China Private Consumption contribution to Nominal GDP ratio is updated yearly, available from Dec 1952 to Dec 2023, with an average share of 49.3 %.
• The data reached an all-time high of 70.8 % in Dec 1962 and a record low of 34.9 % in Dec 2010.

CEIC calculates Private Consumption as % of Nominal GDP from annual Private Consumption Expenditure and annual Nominal GDP. The National Bureau of Statistics provides Private Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about China Private Consumption: % of GDP

• In the latest reports, China GDP expanded 4.5 % YoY in Mar 2023.
• Its Nominal GDP reached 4,166.8 USD bn in Mar 2023.
• China GDP Per Capita reached 12,621.7 USD in Dec 2023.
• Its Gross Savings Rate was measured at 44.3 % in Dec 2023.

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 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 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.

Key information about China Gross Savings Rate

• China Gross Savings Rate was measured at 44.3% in Dec 2023, compared with 44.3% in the previous year.
• China Gross Savings Rate is updated yearly, with data available from Dec 1952 to Dec 2023, and an average rate of 44.3%.
• The data reached an all-time high of 44.3% in Dec 2010 and a record low of 16.5% in Dec 1962.
• CEIC calculates Gross Domestic Savings Rate from annual Gross Domestic Savings and annual Nominal GDP. Gross Domestic Savings is calculated as Nominal GDP less Final Consumption Expenditure. The National Bureau of Statistics provides Final Consumption Expenditure in local currency and Nominal GDP in local currency.
• In the latest reports, China GDP expanded 4.5% YoY in Mar 2023.
• China Nominal GDP reached 4,166,759.1 USD mn in Mar 2023. Its GDP deflator (implicit price deflator) increased 0.4% in Mar 2023.
• China GDP Per Capita reached 12,621.7 USD in Dec 2023.

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.

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.

China's share of imports in gross domestic product (GDP) was about 13.6 percent in 2024. The total gross domestic product amounted to approximately 135 trillion yuan that year. Import development in China Trade is essential to modern economies. The imports-to-GDP ratio measures a country’s openness to inward trade. One similar indicator is the trade-to-GDP-ratio, which is the sum of exports and imports divided by GDP. It is used to measure a country’s integration in the world economy. As of 2023, China was the second largest merchandise importing nation worldwide, only next to the United States. China’s imports of goods had nearly doubled over the last decade. In 2010, the import value stood at around 1.4 trillion U.S. dollars, whereas in 2024, China brought forth approximately 2.5 trillion U.S. dollars worth of imported commodities, its main import goods being integrated circuits, crude oil, and iron ore. Meanwhile, the monetary value of services imported to China, although much lower than merchandise imports, also increased steadily. Where does China import from? In 2024, ASEAN was the leading import partner for China, with imports amounting to approximately 2.81 trillion yuan. The European Union was the second largest import source providing nearly two trillion yuan worth of goods to China. In 2023, the European Union imported around 514 billion euros worth of merchandise from China, resulting in a trade deficit of roughly 291 billion euros. Trade deficits were most significant in sectors such as machinery, transport equipment and apparel manufacturing.

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.

In 2023, the annual per capita gross domestic product (GDP) in different provinces, municipalities, and autonomous regions in China varied from approximately 200,300 yuan in Beijing municipality to roughly 47,900 yuan in Gansu province. The average national per capita GDP crossed the threshold of 10,000 U.S. dollars in 2019 and reached around 89,400 yuan in 2023. Regional economic differences in China The level of economic development varies considerably in different parts of China. Four major geographic and economic regions can be discerned in the country: The economically advanced coastal regions in the east, less developed regions in Northeast and Central China, and the developing regions in the west. This division has deep historical roots reflecting the geography of each region and their political past and present. Furthermore, regional economic development closely correlates with regional urbanization rates, which closely resembles the borders of the four main economic regions. Private income in different parts of China Breaking the average income figures further down by province, municipality, or autonomous region reveals that the average disposable income in Shanghai or Beijing is on average more than three times higher than in Tibet or Gansu province. In rural areas, average disposable income is often only between one third and one half of that in urban areas of the same region. Accordingly, consumer expenditure per capita in urban areas reaches the highest levels in Shanghai, Beijing, and the coastal regions of China.

The statistic shows the growth rate of the real gross domestic product (GDP) in Japan from 2019 to 2023, with projections up until 2029. In 2023, Japan's GDP increased by 1.68 percent compared to the previous year. For comparison, the GDP growth rate of China had reached about 8.45 percent that same year.Gross domestic product growth rate in JapanGDP serves as one of the most heavily relied upon indicators to gauge the state and health of a country’s economy. GDP is the total market value of all final goods and services that have been produced within a nation’s borders in a given period of time, usually a year. GDP figures allow a more fundamental understanding of a country’s economy. Year-on-year GDP growth acts as a helpful and clear sign of the direction in which a country is moving in economic terms. Real GDP is especially useful and insightful as it takes price changes (inflation and deflation) into account.The gross domestic product growth rate in Japan has been shaky since the recession of 2008 struck the world economy like a bolt out of the blue and Japan is still yet to gain a solid foothold. Despite its ongoing financial predicament however, Japan remains one of the world’s most highly developed economies. The economy of Japan is the third largest worldwide by nominal GDP and the nation has a very active manufacturing sector. It is active in the auto manufacturing sector, the third largest in the world after the United States and China, and has an electronics industry that is counted among the worlds most innovative. Japan can boast many titles, but perhaps the most significant to its future stability is that which relates to its astronomical national debts, currently running at over 200 percent of GDP, roughly 10.5 trillion US dollars.

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. 

In 2023, the average per capita gross domestic product (GDP) in the Guangdong - Hong Kong - Macao Greater Bay Area ranged at 22,867 U.S. dollars. Per capita gross domestic product in Macao amounted to around 69,385 U.S. dollars in that year, ranking first among cities in the Greater Bay Area. The Greater Bay Area in China The political concept of the Guangdong - Hong Kong - Macao Greater Bay Area was introduced to the public in 2017 and further implemented by jointly signed agreements in the following years. It aims at integrating the special administrative regions of Macao and Hong Kong into the Chinese mainland and boosting the economy of all participating cities in the Pearl River Delta. The development plan for the Greater Bay Area is part of a national Chinese initiative to promote several economic city clusters in China. On the Chinese mainland, nine cities are part of the Greater Bay Area region, all of them located in Guangdong province: Shenzhen, Guangzhou, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen, and Zhaoqing. In the long run, the joint plan intends to develop the region into the world's largest and economically most successful Bay Area. Per capita GDP in the Greater Bay Area In terms of per capita GDP, the more mature economies of Macao and Hong Kong are still ahead of mainland Chinese cities in the Greater Bay Area, although Shenzhen and Guangzhou belong to the most developed cities in the whole of mainland China. However, growth rates on the mainland are considerably higher than in Hong Kong and Macao. This is especially true for Shenzhen, which is famous for its past economic boom and has developed into a bustling high-tech location, home to the well-known computer and internet giants Huawei and Tencent.

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.

The gross domestic product of the United Kingdom was around 2.56 trillion British pounds, an increase when compared to the previous year, when UK GDP amounted to about 2.54 trillion pounds. The significant drop in GDP visible in 2020 was due to the COVID-19 pandemic, with the smaller declines in 2008 and 2009 because of the global financial crisis of the late 2000s. Low growth problem in the UK Despite growing by 0.9 percent in 2024, and 0.4 percent in 2023 the UK economy is not that much larger than it was before the COVID-19 pandemic. Since recovering from a huge fall in GDP in the second quarter of 2020, the UK economy has alternated between periods of contraction and low growth, with the UK even in a recession at the end of 2023. While economic growth picked up somewhat in 2024, GDP per capita is lower than it was in 2022, following two years of negative growth. How big is the UK economy in relation to the rest of the world? As of 2024, the UK had the sixth-largest economy in the world, behind the United States, China, Japan, Germany, and India. Among European nations, this meant that the UK currently has the second-largest economy in Europe, although the economy of France, Europe's third-largest economy, is of a similar size. The UK's global economic ranking will likely fall in the coming years, however, with the UK's share of global GDP expected to fall from 2.16 percent in 2025 to 2.02 percent by 2029.  

China's share of exports in gross domestic product (GDP) amounted to approximately 18.9 percent in 2024, increasing slightly from the previous year. The total Chinese merchandise export value amounted to around 25.5 trillion yuan that year.