According to a median projection in April 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. 

China Number of Listed Securities: Shenzhen SE: Fund: Close-end Fund data was reported at 1.000 Unit in Apr 2025. This stayed constant from the previous number of 1.000 Unit for Mar 2025. China Number of Listed Securities: Shenzhen SE: Fund: Close-end Fund data is updated monthly, averaging 4.000 Unit from Nov 2004 (Median) to Apr 2025, with 246 observations. The data reached an all-time high of 113.000 Unit in Nov 2012 and a record low of 1.000 Unit in Apr 2025. China Number of Listed Securities: Shenzhen SE: Fund: Close-end Fund data remains active status in CEIC and is reported by Shenzhen Stock Exchange. The data is categorized under China Premium Database’s Financial Market – Table CN.ZA: Shenzhen Stock Exchange: No of Listed Companies and Securities.

The COFI database includes power-generation projects in Belt and Road Initiative (BRI) countries financed by Chinese corporations and banks that reached financial closure from 2000 to 2023. Types of financing include debt and equity investment, with the latter including greenfield foreign direct investments (FDI) and cross-border mergers and acquisitions (M&As). COFI is consolidated using nine source databases using both automated join method in R Studio, and manual joining by analysts. The database includes power plant characteristics data and investment detail data. It captures 575 power plants in 87 BRI countries, including 314 equity investment transactions and 341 debt investment transactions made by Chinese investors. Key data points for financial transactions in COFI include the financial instrument (equity or debt), investor name, amount, and financial close year. Key technical characteristics tracked for projects in COFI include name, installed capacity, commissioning year, country, and primary fuel type. This project is a collaboration among the Boston University Global Development Policy Center, the Inter-American Dialogue, the China-Africa Research Initiative at the Johns Hopkins University (CARI), and the World Resources Institute (WRI). The detailed methodology is given in the World Resources Institute publication “China Overseas Finance Inventory”. Cautions When analyzing debt investment amounts, users should be aware of the difference between loan commitment and actual disbursement. Our database records the loan commitment for a certain year and not actual disbursement. The investment amount should only provide a rough picture of where Chinese companies are investing and not how much their exact portion is. In this version of the database, all equity investment amounts are missing. This is because the equity amount is either missing or estimated in the source databases. Citation

In the first half of 2020, around ****** enterprises in the tourism industry went out of business in China, mostly due to the COVID-19 pandemic caused crisis in the tourism and travel sector worldwide. In June alone, around ****** tourism-related Chinese companies got closed.

According to the Fortune China 500 ranking in 2024, which was based on company financials in 2023, JD.com, Alibaba Group, and Tencent kept their positions as the highest-earning internet enterprise based in China. With an annual revenue of over *** billion U.S. dollars, JD.com ranked ** among all Chinese companies. Its close rival Alibaba Group reported about *** billion U.S. dollars in revenue. Tencent followed with ** million U.S. dollars. Due to censorship regulations, global internet leaders are blocked in China. JD.com: robust logistics infrastructure JD.com has a highly efficient and self-owned logistics network, which ensures rapid delivery and product authenticity. Quality and counterfeit risks are reduced by its direct sales model, which gives it greater control over quality. Using AI, big data, and an omnichannel strategy, the company has consistently improved the customer experience and optimized supply chains. Strategic partnerships with other well-established firms like Tencent, Walmart, and luxury brands, along with its fintech arm JD Digits, strengthen its ecosystem. JD.com is also recognized for outstanding customer service and sustainability initiatives, creating a reputable and innovative brand in China’s competitive e-commerce landscape. Alibaba: the architect of the shopping spree On November 11, 2009, Alibaba launched its first Singles' Day shopping event, offering big discounts on countless products on its platforms. Since then, the shopping festival has turned into a multibillion-dollar, annual celebration. Although e-commerce remains the backbone of the conglomerate, it has diversified its business into cloud computing and digital entertainment, such as acquiring the Chinese popular video-sharing site Youku Tudou. Tencent: the fortress with diversities Within China, Tencent’s products have experienced immense popularity with the likes of instant messengers WeChat and QQ, social networking service Qzone, and mobile game Honor of Kings. In comparison with its social network counterparts, Tencent adopts a different business approach — increasing customer reach before app monetization. Instead of depending on advertising income, the enterprise focused more on value-added services, such as smartphone and PC-based gaming, digital content, and membership subscriptions. Online advertising accounted for less than a ***** of Tencent’s annual revenue.

The China paper packaging market, valued at $87.48 million in 2025, is projected to experience robust growth, driven by the nation's expanding e-commerce sector, increasing consumer demand for packaged goods, and a shift towards sustainable packaging solutions. The compound annual growth rate (CAGR) of 4.37% from 2025 to 2033 indicates a steady expansion, with the market expected to exceed $130 million by 2033. Key segments fueling this growth include folding cartons and corrugated boxes, largely driven by the food and beverage, healthcare, and personal care industries. These sectors rely heavily on efficient and protective packaging for product preservation and brand presentation. While challenges such as fluctuating raw material prices and environmental concerns related to paper waste exist, innovative solutions like recyclable and biodegradable packaging are emerging, mitigating these restraints and shaping future market trends. The competitive landscape is characterized by both domestic and international players, with companies such as Nine Dragons Paper and Rengo Co Ltd vying for market share through technological advancements, strategic partnerships, and product diversification. The growth trajectory is further influenced by government initiatives promoting sustainable manufacturing practices and increased focus on food safety regulations. These regulations are driving demand for high-quality, compliant packaging materials. Furthermore, the increasing adoption of automated packaging systems and advanced printing technologies contributes to efficiency gains and cost reduction within the industry. Regional variations within China also play a role, with coastal regions exhibiting faster growth due to higher industrial concentration and consumer spending. The forecast period suggests a continued upward trend, with opportunities for market participants who can effectively adapt to evolving consumer preferences and environmental regulations. The market's expansion will be influenced by factors such as economic growth, technological innovation, and government policies, making it crucial for companies to anticipate and respond to market shifts proactively. Recent developments include: December 2023: Mars China unveiled the launch of the new Snickers low GI dark chocolate cereal bars that use paper for the outer box covering material. The new Snickers bar outer packaging box is made of FSC-certified paper, which would help Mars China reduce its reliance on plastic and promote sustainable forest management., August 2023: Global packaging technology company Voith Group notified the use of its XcelLine packaging paper machine by a key Chinese paper manufacturer, Sichuan Huaqiao Fenghuang Paper. The newly delivered production line runs at the paper factory’s site in Guanghan in Sichuan province, China. The Chinese company installed the production line at its site, and the start-up date of this machine is two months earlier than the planned date. The packaging line is expected to increase Huaqiao Fenghuang’s production capacity and create a robust foundation for the firm’s future development.. Key drivers for this market are: Growth in E-commerce Sales in China, Rising Demand from the Food-service Sector; Growing Consumer Awareness on Paper Packaging; Recycling Initiatives Involving Closed-loop Systems to Aid Market Adoption of Paper Packaging-based Materials. Potential restraints include: Growth in E-commerce Sales in China, Rising Demand from the Food-service Sector; Growing Consumer Awareness on Paper Packaging; Recycling Initiatives Involving Closed-loop Systems to Aid Market Adoption of Paper Packaging-based Materials. Notable trends are: Corrugated Boxes Holds Largest Market Share in the Product Type Segment.

The China paper packaging market, valued at $87.48 billion in 2025, is projected to experience robust growth, driven by a burgeoning e-commerce sector fueling demand for corrugated boxes and folding cartons. This growth is further amplified by the increasing adoption of sustainable packaging solutions among conscious consumers and stricter environmental regulations pushing manufacturers towards eco-friendly materials. Key segments within the market include folding cartons, largely used in food and beverage packaging, and corrugated boxes dominating the e-commerce and industrial sectors. The healthcare, personal care, and household care industries also contribute significantly to the demand. While challenges such as fluctuating raw material prices and intense competition among numerous domestic and international players exist, the overall market outlook remains positive. The consistent 4.37% CAGR indicates a steady expansion through 2033, promising substantial opportunities for established players and new entrants alike. Specific growth drivers include the rising middle class increasing consumption and the government's focus on improving logistics infrastructure. This growth is expected to be concentrated primarily in urban areas and regions experiencing rapid economic development. Leading players like Asia Pulp & Paper, Nine Dragons Paper, and Mondi Group are strategically investing in advanced technologies and expanding their production capacities to meet the increasing demand. However, companies need to adapt to changing consumer preferences and prioritize sustainability to maintain competitiveness. The market is likely to see further consolidation as larger players acquire smaller companies to expand their market share. Furthermore, innovation in packaging design and functionality, alongside the development of recyclable and biodegradable materials, will play a crucial role in shaping future market trends. The forecast period of 2025-2033 promises continued expansion, making the China paper packaging market a compelling investment prospect. This comprehensive report provides a detailed analysis of the burgeoning China paper packaging industry, covering the period from 2019 to 2033. With a base year of 2025 and an estimated year of 2025, the report offers invaluable insights into market size (in millions of units), growth drivers, challenges, and future trends. We delve deep into key segments, including folding cartons, corrugated boxes, and other product types, across various end-user industries like food, beverage, healthcare, and e-commerce. The report also analyzes the impact of recent industry developments and government regulations on market dynamics. This report is essential for businesses operating in or planning to enter the dynamic Chinese paper packaging market. Recent developments include: December 2023: Mars China unveiled the launch of the new Snickers low GI dark chocolate cereal bars that use paper for the outer box covering material. The new Snickers bar outer packaging box is made of FSC-certified paper, which would help Mars China reduce its reliance on plastic and promote sustainable forest management., August 2023: Global packaging technology company Voith Group notified the use of its XcelLine packaging paper machine by a key Chinese paper manufacturer, Sichuan Huaqiao Fenghuang Paper. The newly delivered production line runs at the paper factory’s site in Guanghan in Sichuan province, China. The Chinese company installed the production line at its site, and the start-up date of this machine is two months earlier than the planned date. The packaging line is expected to increase Huaqiao Fenghuang’s production capacity and create a robust foundation for the firm’s future development.. Key drivers for this market are: Growth in E-commerce Sales in China, Rising Demand from the Food-service Sector; Growing Consumer Awareness on Paper Packaging; Recycling Initiatives Involving Closed-loop Systems to Aid Market Adoption of Paper Packaging-based Materials. Potential restraints include: Recycling, Raw Material Supply Chain Management, and Challenges in the Paper Packaging Industry, Effects of Deforestation on Paper Packaging; Increasing Raw Material Costs and Outsourcing. Notable trends are: Corrugated Boxes Holds Largest Market Share in the Product Type Segment.

The performance of the Auto Parts Manufacturing industry in China has close relationship with its downstream Automobile Manufacturing in China and the number of civilian automobiles in use. The Automobile Manufacturing in China mainly creates original demand for auto parts and the number of civilian automobiles in use provides a market foundation for replacement of auto parts. Overall, revenue for the Auto Parts Manufacturing in China is expected to increase at an annualized 4.4% to $713.4 billion over the past five years, including a growth rate of 3.0% in 2025 alone, when profit is anticipated to narrow slightly to 5.5% of revenue.China has become one of the largest manufacturers of automobile parts and accessories in the world. With improving technology and upgrading product structure of China's local manufacturers, industry exports have increased at a CAGR of 11.2% over the past five years, with share of industry revenue growing from 6.1% in 2020 to an estimated 8.4% in 2025. Competing imports are expected to decrease at a CAGR of 4.9% over the five years through 2025. However, China still relies on imports to satisfy demand for high-quality automobile parts, as supply of high-quality and specialized auto parts of domestic manufacturers generally cannot meet the market demand. The production of advanced automotive parts is still limited in China. Products like acoustic systems, automobile special-purpose ICs (integrated chips), high-end sensors, and microprocessors are imported from developed countries.Industry revenue is forecast to continue growing over the next five years, increasing at an annualized 2.4% over the five years through 2030, to total $803.2 billion. As the technology and the quality of Chinese products improve and pricing remains competitive, demand from overseas market is anticipated to increase steadily. As a result, exports are projected to grow at a CAGR of 5.7% over the five years through 2030, to $78.9 billion.

As of December 2023, Huahong Semiconductor received the most funding in the Chinese chip industry. In total, almost 30 billion yuan in funds were raised by the company. State-backed investors were among the most active investors in the sector. Oriza Holdings, Shenzhen Capital Group, and Addor Capital had close relationships with or were directly backed by the state.

The China Animation, VFX and Post Production Market is poised for significant growth, with a market size of USD 19.56 million in 2025 and a projected CAGR of 11.06% during the forecast period 2025-2033. This growth is driven by the increasing popularity of Chinese animation and VFX content, both domestically and internationally, as well as the rapid adoption of digital technologies in the production process. Key market trends include the rise of streaming platforms, the emergence of new technologies such as artificial intelligence (AI) and virtual reality (VR), and the growing demand for high-quality animation and VFX content in gaming and advertising. The market is highly competitive, with a number of established players such as BaseFX, Original Force, China Film Animation, Lerfilm Inc, and RedHot VFX Inc. However, there are also a number of emerging companies that are gaining market share with innovative products and services. Key challenges facing the market include the need for skilled professionals, the rising cost of production, and the increasing competition from international players. Despite these challenges, the market is expected to continue to grow steadily in the coming years, driven by the growing demand for high-quality animation and VFX content. Recent developments include: January 2024: Hong Kong-listed movie producer Alibaba Pictures announced a collaboration with Tokyo's renowned animation studio, Studio Ghibli. This partnership aims to host exhibitions and create animations tailored for the Chinese audience. As part of this strategic alliance, Alibaba Pictures is set to co-develop Studio Ghibli's latest film, "The Boy and the Heron", which has yet to debut in Mainland Chinese theaters.July 2024: Hollywood's visual effects company, Digital Domain, announced an investment of HKD 200 million (USD 25.6 million), laying the groundwork for a global innovation and research center. Renowned for its visual effects work on blockbuster films like Titanic and The Avengers, Digital Domain has ambitious plans. The company intends to channel its investment by the close of 2029, focusing on advancing AI virtual humans, visual effects, digital assets, and AI-driven visual production. Digital Domain is also eyeing a team of at least 40 experts at the science park. It plans to file five patent applications in Hong Kong, underscoring its commitment to scientific innovation and bolstering intellectual property rights.. Key drivers for this market are: Increase in the usage of Digital Video Streaming Platforms, Increased Demand for High-Quality Visual Content in the entertainment market. Potential restraints include: Increase in the usage of Digital Video Streaming Platforms, Increased Demand for High-Quality Visual Content in the entertainment market. Notable trends are: Increased Demand for High-quality Visual Content in the Entertainment Market.

In recent years, bans on driving while under the influence of alcohol and bans on outdoor barbecuing have contributed to the industry's decline. Weaker consumer spending and unfavorable weather conditions, particularly rainstorms in the mid-lower reaches of the Yangtze River and parts of southern China, caused industry revenue to decrease 9.9% in 2016. Since the second half of 2017, the price of raw materials of beer production rose rapidly, compressing industry profit margins. In order to improve profitability, most industry companies increased the selling prices of beer products in early 2018, ranging from 10% to 50%. Industry leaders further reduced production capacity and closed small factories. Output decreased from 2017. In 2019, industry revenue increased due to product structure shifts towards mid- and high-end beer, and a higher selling price. In 2020 industry revenue decreased, mainly due to weakened demand from the Covid-19 pandemic. In 2021, industry revenue recovered and has since continued to accelerate thanks to high-end transformation.Industry profitability has been increasing in 2023, mainly due to rising beer prices and the development of more profitable high-end products. Average industry profit margins are sitting at an estimated at 12.3% in 2023. Revenue for the Beer Production industry in China is expected to increase an annualized 2.6% over the five years through 2023 to total $29.7 billion, including an anticipated growth of 7.5% in 2023.The industry's market share concentration has increased over the past decade and new industry leaders have emerged in recent years. Industry competition mainly occurs among the four national beer brands: Snow, Tsingtao, Yanjing and Budweiser.Surplus beer production capacity and intense competition is forecast to lead to further consolidation across the industry in the coming years. As the industry's product structure continues to develop, Industry revenue will grow at a forecast annualized 5.9% over the five years through 2028, to total $39.7 billion.

According to a survey conducted in 2020 on Chinese cross-border e-commerce companies, more than half of the surveyed companies paid close attention to the ongoing trend for follow-up opportunities. Around ** percent of the interviewed switched to online office during the coronavirus pandemic.

The Courier industry is a relatively new business segment in China. In its modern form, it has existed for about 30 years. Industry demand was supported by the increasing income levels and purchasing power of Chinese residents. Industry's performance is also closely related to the development of ecommerce market in China, especially the online shopping market, as it depends heavily on couriers delivering goods purchased online. Industry revenue is expected to increase at an annualized 10.2% over the five years through 2024, to $191.0 billion. This trend includes a 10.0% jump in the current year. Online shopping market has developed rapidly in China benefiting from the increasing number of Internet users. As of 2023, the number of Internet users in China has reached 1.1 billion units, the Internet penetration rate in total population also increased to 77.5%. Online shopping as a share of total retail sales of consumer goods reached 32.7% in the year. In the five years to 2024, total courier volume in China is expected to rise at an average rate of 20.1%, to 158.6 billion units.Affected by the COVID-19 in 2022, total courier volume increased by just 2.1% from 2021, much lower compared with the previous years. This is mainly because the communities and factories where the cases occurred may be required to be closed or shut down, which has resulted in reduced production and trade activities and decreasing demand for express delivery services. In 2022, industry revenue decreased by 4.1% from 2021.Industry revenue is forecast to rise at an annualized 7.6% over the five years through 2029, to $275.2 billion. The recovery of China's economy and consumption in China will continue to support the industry growth. The implementation of RCEP will also stimulate international trade between China and member countries, and further promote the demand for international express services. The development of technology and systems applied to courier activities is forecast to further improve rapidly over the period. Productivity and efficiency in the industry is forecast to contribute to improve.

According to a survey conducted in China in 2022, almost ** percent of surveyed managers said their companies' budget for overseas business travel will be the same in 2023 while **** percent planned to increase the budget. In comparison, close to ** percent of surveyed companies would increase their domestic business travel budget in 2023.

Chinese companies invested 28.04 billion U.S. dollars into firms in the United States in 2023, when measured on a historical-cost basis. The total foreign direct investments in the U.S. were valued at approximately 5.39 trillion U.S. dollars in that year. Sino-American relations FDI flows are even higher from the United States into China than the flows in this statistic. In addition to FDI, the countries are linked by billions of U.S. dollars in trade value, much of which includes integrated supply chains which see intermediate products shipped back and forth before a final product goes to consumers. This close economic relationship does not imply a political partnership, however. In fact, the countries engaged in what most analysts consider a trade war starting in 2018. China’s other options China is expanding its Belt and Road Initiative, producing infrastructure investments abroad in different parts of Asia. However, these outflows do not yet reach the values seen in this statistic, partly due to the smaller size of the target economies. Still, the majority of net overseas direct investment from China goes to Asia. This measure is slightly different because it does not give the total volume of investments, but it underscores the importance of regional ties to Chinese investors.

Power tool manufacturers have faced a rollercoaster of economic conditions in recent years. The initial boost from low interest rates in 2020 and 2021 spurred residential construction and a surge in DIY projects. This environment offered a lifeline when other construction markets lagged. However, the tide turned in 2022 and 2023 when interest rate hikes chilled the market, hitting consumer confidence and slowing sales. Despite signs of recovery as of late 2024, persistent challenges like high input costs and increasing tariffs have continued to weigh heavily, creating an uncertain landscape as manufacturers navigate volatile market conditions. Despite volatility in residential construction, infrastructure and industrial construction activity have boosted power tool sales, offering some reprieve. Industry revenue has been decreasing at a CAGR of 0.4% over the past five years to total an estimated $4.2 billion in 2025, including an estimated increase of 1.8% in 2025. Manufacturers have continued to endure stiff competition from imports, particularly from China and Vietnam. Tariffs will potentially offer domestic manufacturers some relief as tariffs on these countries are higher than the broad 10.0% tariffs as of July 2nd, 2025. Supply chain woes have hindered profit growth for manufacturers as the price of key inputs has climbed. These supply chain woes have led some companies, like Stanley Black & Decker, to streamline operations to benefit profit, with the company closing various manufacturing and distribution facilities over the past five years, with new closure announcements as recently as 2025. Looking ahead, power tool manufacturers will likely enjoy growth. With sluggish new residential construction early as rates remain high, private spending on home improvements may boost sales to both consumers and professionals working on projects. Tariffs will likely continue to lead to volatility in the prices of steel and aluminum. Manufacturers will likely raise prices to maintain profitability, potentially leading to price-based gains but also potentially disincentivizing downstream demand. Still, higher tariffs on Chinese and Vietnamese goods may take pressure off import penetration. Tariffs may also lead companies to reshore or nearshore operations to Mexico to align with USMCA agreements. Furthermore, a shift toward digital and connected tools presents a chance for manufacturers to capitalize on emerging technological trends. Industry revenue is forecast to climb at a CAGR of 1.9% to total an estimated $4.7 billion through the end of 2030.

In 2022, based on revenue, China’s leading construction company was China State Construction Engineering with an annual turnover of more than 2.05 trillion yuan. Since 2012, the enterprise had increased its revenue by more than 350 percent. Similar to many corporations represented in the ranking, China State Construction Engineering is a publicly-traded company with close ties to the Chinese government.

State-owned enterprises

State-owned enterprises (SOEs) play a crucial role in many sectors in the Chinese economy and the construction sector is no exception. For the government, SOEs are a very practical tool because they can act as adjustment screws for the economy and serve as useful vehicles to carry out economic policy. Even though SOEs only account for a small share of the total number of companies in the construction industry, their sizes are significantly bigger.

China Railway Group

According to the Forbes ranking, China Railway Group was the second-largest construction company based on revenue. The enterprise is in many ways a good example of a quasi state-owned entity in the construction sector. It underwent structural reform and was able to increase its revenue in recent years. Part of the reform was that China Railway Group became a publicly-traded company on the stock exchange in Hong Kong and Shanghai. However, the company’s major shareholder is the state-owned China Railway Engineering Corporation.

China Data Center Rack Market is Segmented by Rack Size (Quartely Rack, Half Rack, Full Rack), Rack Height (42U, 45U and More), Rack Type (Cabinet (Closed) Racks, Open-Frame Racks, Wall-Mount Racks), Data Center Type (Colocation Facilities, Hyperscale and Cloud Service Provider DCs, Enterprise and Edge), Material (Steel, Aluminum, Other Alloys and Composites). The Market Forecasts are Provided in Terms of Value (USD).

S1 dataset: Daily closing price and logarithmic return of the 11 CSI indexes. S2 dataset: Daily and monthly net ∆CoVaR. S3 dataset: Panel data for DML. (ZIP)

Motivated by the long-standing interest of economists in understanding the nexus between firm productivity and export behavior, this paper develops a novel structural framework for control-function-based nonparametric identification of the gross production function and latent firm productivity in the presence of endogenous export opportunities that is robust to recent unidentification critiques of proxy estimators. We provide a workable identification strategy, whereby the firm's degree of export orientation provides the needed (excluded) relevant independent exogenous variation in endogenous freely varying inputs, thus allowing us to identify the production function. We estimate our fully nonparametric instrumental variable model using the Landweber-Fridman regularization with the unknown functions approximated via artificial neural network sieves with a sigmoid activation function, which are known for their superior performance relative to other popular sieve approximators, including the polynomial series favored in the literature. Using our methodology, we obtain robust productivity estimates for manufacturing firms from 28 industries in China during the 1999-2006 period to take a close look at China's exporter productivity puzzle, whereby exporters are found to exhibit lower productivity levels than nonexports.