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.

How the Chinese Economy Works

The Chinese economy is the second largest in the world, after the United States. It is a mixed economy, with elements of both capitalism and socialism. The government plays a significant role in the economy, but there is also a growing private sector.

Agriculture

Agriculture is a major sector of the Chinese economy, employing about 25% of the workforce. China is a major producer of rice, wheat, corn, soybeans, and cotton. The country is also a leading producer of fruits, vegetables, and livestock.

Manufacturing

Manufacturing is the largest sector of the Chinese economy, accounting for about 40% of GDP. China is a major producer of a wide range of goods, including electronics, textiles, apparel, and machinery. The country is also a major exporter of manufactured goods.

Services

Services are the third largest sector of the Chinese economy, accounting for about 45% of GDP. This sector includes a wide range of activities, such as finance, transportation, real estate, and tourism.

Government

The government plays a significant role in the Chinese economy. The government owns and operates many state-owned enterprises, which are important players in the economy. The government also regulates the economy through a variety of policies, such as tariffs, subsidies, and taxes.

Private Sector

The private sector is growing in importance in the Chinese economy. Private companies are playing an increasing role in manufacturing, services, and other sectors. The government is encouraging the growth of the private sector by reducing regulations and providing support for small businesses.

Challenges

The Chinese economy faces a number of challenges, including:

Inequality: The gap between the rich and the poor is growing in China. Environmental degradation: China is facing serious environmental problems, such as air pollution and water pollution. Political stability: The Chinese government is facing increasing challenges to its authority. Outlook

The Chinese economy is expected to continue to grow in the coming years. However, the growth is likely to slow down as the country faces the challenges mentioned above.

Conclusion

The Chinese economy is a complex and dynamic system. It is a mix of capitalism and socialism, with a significant role for the government. The economy is growing rapidly, but it also faces a number of challenges.

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 4.8 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 2024, 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 29.2 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 992 billion U.S. dollars in 2024.

Actual value and historical data chart for China Credit To Government And State Owned Enterprises To GDP Percent

The graph shows per capita gross domestic product (GDP) in China until 2024, with forecasts until 2030. In 2024, per capita GDP reached around 13,300 U.S. dollars in China. That year, the overall GDP of China had amounted to 18.7 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 2024, 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 13,300 U.S. dollars in 2024 to 18,600 U.S. dollars in 2030. 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.

In the third quarter of 2025, the growth of the real gross domestic product (GDP) in China ranged at *** 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 **** 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 **** exajoules in 2005 to **** million in 2022.

China Number of Employee: Private Economy: Private Enterprise data was reported at 228.340 Person mn in Dec 2019. This records an increase from the previous number of 213.754 Person mn for Dec 2018. China Number of Employee: Private Economy: Private Enterprise data is updated quarterly, averaging 163.949 Person mn from Dec 2011 (Median) to Dec 2019, with 9 observations. The data reached an all-time high of 228.340 Person mn in Dec 2019 and a record low of 103.536 Person mn in Dec 2011. China Number of Employee: Private Economy: Private Enterprise data remains active status in CEIC and is reported by State Administration for Market Regulation. The data is categorized under China Premium Database’s Labour Market – Table CN.GB: No of Employee: State Administration for Market Regulation: Private Economy.

China recorded a Government Debt to GDP of 88.30 percent of the country's Gross Domestic Product in 2024. This dataset provides - China Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, the gross domestic product (GDP) of China amounted to around 18.7 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 5.4 percent in 2023 and 5.0 percent in 2024. In 2024, per capita GDP in China reached around 13,300 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 2024. 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 38 percent in 2024. 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 2024. 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.

China Export: Year to Date: State Owned Enterprise data was reported at 66.315 USD bn in Mar 2025. This records an increase from the previous number of 41.849 USD bn for Feb 2025. China Export: Year to Date: State Owned Enterprise data is updated monthly, averaging 86.874 USD bn from Jan 1995 (Median) to Mar 2025, with 363 observations. The data reached an all-time high of 284.083 USD bn in Dec 2022 and a record low of 5.145 USD bn in Jan 1996. China Export: Year to Date: State Owned Enterprise data remains active status in CEIC and is reported by General Administration of Customs. The data is categorized under Global Database’s China – Table CN.JA: USD: Trade by Method of Trade and Nature of Enterprise: ytd.

China Exports to United States was US$525.65 Billion during 2024, according to the United Nations COMTRADE database on international trade. China Exports to United States - data, historical chart and statistics - was last updated on November of 2025.

United States Exports to China was US$143.55 Billion during 2024, according to the United Nations COMTRADE database on international trade. United States Exports to China - data, historical chart and statistics - was last updated on December of 2025.

China BCI: State Owned Enterprise data was reported at 110.500 NA in Sep 2022. This records an increase from the previous number of 109.800 NA for Jun 2022. China BCI: State Owned Enterprise data is updated quarterly, averaging 128.600 NA from Mar 2004 (Median) to Sep 2022, with 67 observations. The data reached an all-time high of 144.000 NA in Dec 2007 and a record low of 103.900 NA in Mar 2009. China BCI: State Owned Enterprise data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Business and Economic Survey – Table CN.OF: Business Climate Index.

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.

China Imports from United States was US$164.59 Billion during 2024, according to the United Nations COMTRADE database on international trade. China Imports from United States - data, historical chart and statistics - was last updated on December of 2025.

United States Imports from China was US$462.62 Billion during 2024, according to the United Nations COMTRADE database on international trade. United States Imports from China - data, historical chart and statistics - was last updated on December of 2025.

China Number of Employee: Private Economy: Secondary Industry data was reported at 62.851 Person mn in Dec 2014. This records an increase from the previous number of 58.949 Person mn for Dec 2013. China Number of Employee: Private Economy: Secondary Industry data is updated quarterly, averaging 56.975 Person mn from Dec 2011 (Median) to Dec 2014, with 4 observations. The data reached an all-time high of 62.851 Person mn in Dec 2014 and a record low of 52.768 Person mn in Dec 2011. China Number of Employee: Private Economy: Secondary Industry data remains active status in CEIC and is reported by State Administration for Market Regulation. The data is categorized under China Premium Database’s Labour Market – Table CN.GB: No of Employee: State Administration for Market Regulation: Private Economy.

In 2024, the industrial sector generated around **** percent of China's GDP. It was by far the largest contributor, followed by the wholesale and retail industry that was responsible for **** percent and the financial sector that produced *** 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.

China WE: State Control: Total Liabilities data was reported at 6,305.916 RMB bn in 2018. This records an increase from the previous number of 5,616.690 RMB bn for 2017. China WE: State Control: Total Liabilities data is updated yearly, averaging 2,116.200 RMB bn from Dec 1999 (Median) to 2018, with 18 observations. The data reached an all-time high of 6,305.916 RMB bn in 2018 and a record low of 915.609 RMB bn in 2001. China WE: State Control: Total Liabilities data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Wholesale, Retail and Catering Sector – Table CN.RJB: Wholesale Enterprise: Financial Data: State Control.

Regional gross domestic product (GDP) in China varies tremendously across the country. In 2024, the GDP of Guangdong province amounted to around **** trillion yuan, whereas that of Tibet only reached about ***** billion yuan. While Guangdong has a thriving economy and is densely populated, Tibet is located in a remote mountain area and has a population of only around *** million people. Regional economic differences in China China can generally be divided into four different economic macro-regions: the economically well-developed coastal parts in Eastern China, the less-developed Central and Northeastern China, and the developing region of Western China. This division is reflected in the figures for regional per capita GDP. The coastal parts of China are not only economically more advanced, but also have a considerably higher population density. This is the result of climatic conditions on the one hand and China's firm integration into the global economy on the other. International companies were initially attracted by special economic zones set up in coastal areas during China's market opening, and well-connected, highly developed urban areas of Eastern China are still favored by international businesses. Prospects for future development The Chinese government has long since been aware of the economic disparities in the country and the political unrest they might stir. Major efforts have been made to improve the conditions in less developed regions. The situation in Central and Western China has improved considerably in the last two decades, and rural poverty decreased on a striking scale. In recent years, growth rates in the west of China have even been higher than in coastal areas. However, the constraints of the global economy remain, and it is very likely that Eastern China will stay ahead in international markets in the foreseeable future.