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.

Graph and download economic data for OECD based Recession Indicators for China from the Peak through the Trough (DISCONTINUED) (CHNRECM) from Jan 1978 to Sep 2022 about peak, trough, recession indicators, and China.

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.

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. 

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.

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.

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.

China Government Expenditure: PS: Expenses on Disaster Relief data was reported at 6,297.000 RMB mn in 2005. This records an increase from the previous number of 4,904.000 RMB mn for 2004. China Government Expenditure: PS: Expenses on Disaster Relief data is updated yearly, averaging 902.000 RMB mn from Dec 1952 (Median) to 2005, with 51 observations. The data reached an all-time high of 6,297.000 RMB mn in 2005 and a record low of 87.000 RMB mn in 1958. China Government Expenditure: PS: Expenses on Disaster Relief data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Government Expenditure: By Other Category.

From the Summer of 2007 until the end of 2009 (at least), the world was gripped by a series of economic crises commonly known as the Global Financial Crisis (2007-2008) and the Great Recession (2008-2009). The financial crisis was triggered by the collapse of the U.S. housing market, which caused panic on Wall Street, the center of global finance in New York. Due to the outsized nature of the U.S. economy compared to other countries and particularly the centrality of U.S. finance for the world economy, the crisis spread quickly to other countries, affecting most regions across the globe. By 2009, global GDP growth was in negative territory, with international credit markets frozen, international trade contracting, and tens of millions of workers being made unemployed.

Global similarities, global differences

Since the 1980s, the world economy had entered a period of integration and globalization. This process particularly accelerated after the collapse of the Soviet Union ended the Cold War (1947-1991). This was the period of the 'Washington Consensus', whereby the U.S. and international institutions such as the World Bank and IMF promoted policies of economic liberalization across the globe. This increasing interdependence and openness to the global economy meant that when the crisis hit in 2007, many countries experienced the same issues. This is particularly evident in the synchronization of the recessions in the most advanced economies of the G7. Nevertheless, the aggregate global GDP number masks the important regional differences which occurred during the recession. While the more advanced economies of North America, Western Europe, and Japan were all hit hard, along with countries who are reliant on them for trade or finance, large emerging economies such as India and China bucked this trend. In particular, China's huge fiscal stimulus in 2008-2009 likely did much to prevent the global economy from sliding further into a depression. In 2009, while the United States' GDP sank to -2.6 percent, China's GDP, as reported by national authorities, was almost 10 percent.

Hong Kong Disaster Relief Fund: Year to Date: Surplus or Deficit for the Period data was reported at -11.326 HKD mn in Mar 2018. This records a decrease from the previous number of -10.546 HKD mn for Dec 2017. Hong Kong Disaster Relief Fund: Year to Date: Surplus or Deficit for the Period data is updated quarterly, averaging 5.994 HKD mn from Dec 1995 (Median) to Mar 2018, with 90 observations. The data reached an all-time high of 70.874 HKD mn in Jun 2010 and a record low of -28.441 HKD mn in Mar 2010. Hong Kong Disaster Relief Fund: Year to Date: Surplus or Deficit for the Period data remains active status in CEIC and is reported by The Treasury. The data is categorized under Global Database’s Hong Kong – Table HK.F010: Government Fund: Disaster Relief Fund.

Hong Kong Disaster Relief Fund: Year to Date: Other Cash Movements data was reported at 11.326 HKD mn in Mar 2018. This records an increase from the previous number of 10.546 HKD mn for Dec 2017. Hong Kong Disaster Relief Fund: Year to Date: Other Cash Movements data is updated quarterly, averaging -5.994 HKD mn from Dec 1995 (Median) to Mar 2018, with 90 observations. The data reached an all-time high of 28.441 HKD mn in Mar 2010 and a record low of -70.862 HKD mn in Jun 2010. Hong Kong Disaster Relief Fund: Year to Date: Other Cash Movements data remains active status in CEIC and is reported by The Treasury. The data is categorized under Global Database’s Hong Kong – Table HK.F010: Government Fund: Disaster Relief Fund.

Hong Kong Disaster Relief Fund: Year to Date: Opening Cash & Bank Balances at 1 Apr data was reported at 0.000 HKD mn in Mar 2018. This stayed constant from the previous number of 0.000 HKD mn for Dec 2017. Hong Kong Disaster Relief Fund: Year to Date: Opening Cash & Bank Balances at 1 Apr data is updated quarterly, averaging 0.000 HKD mn from Dec 1995 (Median) to Mar 2018, with 90 observations. Hong Kong Disaster Relief Fund: Year to Date: Opening Cash & Bank Balances at 1 Apr data remains active status in CEIC and is reported by The Treasury. The data is categorized under Global Database’s Hong Kong – Table HK.F010: Government Fund: Disaster Relief Fund.

CWT plots comparison of the COVID-19 and the GFC.

Hong Kong Disaster Relief Fund: Rev: Year to Date: Interest data was reported at 0.000 HKD mn in Sep 2018. This stayed constant from the previous number of 0.000 HKD mn for Jun 2018. Hong Kong Disaster Relief Fund: Rev: Year to Date: Interest data is updated quarterly, averaging 0.000 HKD mn from Dec 1995 (Median) to Sep 2018, with 75 observations. The data reached an all-time high of 3.794 HKD mn in Mar 2000 and a record low of 0.000 HKD mn in Sep 2018. Hong Kong Disaster Relief Fund: Rev: Year to Date: Interest data remains active status in CEIC and is reported by The Treasury. The data is categorized under Global Database’s Hong Kong SAR – Table HK.F010: Government Fund: Disaster Relief Fund.

Hong Kong Disaster Relief Fund: Balance: Closing Balance data was reported at 55.073 HKD mn in Sep 2018. This records a decrease from the previous number of 67.048 HKD mn for Jun 2018. Hong Kong Disaster Relief Fund: Balance: Closing Balance data is updated quarterly, averaging 28.746 HKD mn from Dec 1995 (Median) to Sep 2018, with 92 observations. The data reached an all-time high of 78.888 HKD mn in Jun 2010 and a record low of 3.563 HKD mn in Sep 1998. Hong Kong Disaster Relief Fund: Balance: Closing Balance data remains active status in CEIC and is reported by The Treasury. The data is categorized under Global Database’s Hong Kong SAR – Table HK.F010: Government Fund: Disaster Relief Fund.

In 2024, China’s level of total investment reached around 40.4 percent of the gross domestic product (GDP). This value is expected to remain stable in 2025 and increase slightly in the following years. Final consumption accounted for 55.7 percent in 2023. International comparison of total investments The GDP of a country can be calculated by the expenditure approach, which sums up final consumption (private and public), total investment, and net exports. The ratio of consumption to investment may vary greatly between different countries.Matured economies normally consume a larger share of their economic output. In the U.S. and many European countries, total investment ranges roughly at only 20 to 25 percent of the GDP. In comparison, some emerging economies reached levels of 30 to 40 percent of investment during times of rapid economic development. Level of total investment in China China is among the countries that spend the highest share of their GDP on investments. Between 1980 and 2000, 30 to 40 percent of its economic output were invested, roughly on par with South Korea or Japan. While the latter’s investment spending ratio decreased in later years, China’s even grew, especially after the global financial crisis, peaking at staggering 47 percent of GDP in 2011.However, returns on those investments declined year by year, indicated by lower GDP growth rates. This resulted in a quickly growing debt burden, which reached nearly 285 percent of the GDP in 2023, up from only 135 percent in 2008. The Chinese government defined the goal to shift to consumption driven growth, but the transformation takes longer than expected.

Data and data sources.

In 2023, final consumption of the economy in China accounted for about 55.7 percent of the gross domestic product (GDP). The share of final consumption in the total GDP of China is expected to increase gradually in the upcoming years. Level of consumption in China Final consumption refers to the part of the GDP that is consumed, in contrast to what is invested or exported. In matured economies, final consumption often accounts for 70 or more percent of the total GDP. In developing countries, however, a significantly larger share may be spent on investments in infrastructure, real estate, and industrial capacities.Since its economic opening up, China was among the countries with the highest ratio of spending on investment and the lowest on consumption. Especially since 2000, China spent increasing amounts of money on infrastructure and housing, while the share spent on consumption dropped to an all-time low. This was not only related to China’s rapid economic ascendence, but also to a large working-age population and a low dependency ratio. Recent developments and outlook As the rate of returns on investment has dropped gradually since the global financial crisis in 2008, China is trying to shift to a more consumption-driven growth model. Accordingly, the share of final consumption has increased since 2010. Although this trend was interrupted by the coronavirus pandemic, it will most probably continue in the future. Lower demand for new infrastructure and housing, as well as an aging population, are the main drivers of this development.

China's main stock market index, the SHANGHAI, fell to 3898 points on December 2, 2025, losing 0.42% from the previous session. Over the past month, the index has declined 1.98%, though it remains 15.36% higher than a year ago, according to trading on a contract for difference (CFD) that tracks this benchmark index from China. China Shanghai Composite Stock Market Index - values, historical data, forecasts and news - updated on December of 2025.

Hong Kong Disaster Relief Fund: Exp: Year to Date: Disaster Relief data was reported at 21.451 HKD mn in Sep 2018. This records an increase from the previous number of 9.424 HKD mn for Jun 2018. Hong Kong Disaster Relief Fund: Exp: Year to Date: Disaster Relief data is updated quarterly, averaging 24.950 HKD mn from Dec 1995 (Median) to Sep 2018, with 91 observations. The data reached an all-time high of 354.052 HKD mn in Mar 2011 and a record low of 0.000 HKD mn in Jun 2005. Hong Kong Disaster Relief Fund: Exp: Year to Date: Disaster Relief data remains active status in CEIC and is reported by The Treasury. The data is categorized under Global Database’s Hong Kong SAR – Table HK.F010: Government Fund: Disaster Relief Fund.