China Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

one of the world’s top two economies; sustained growth due to export relations, its manufacturing sector, and low-wage workers; only major economy to avoid COVID-19 economic decline; recovery efforts slowing due to longstanding poverty imbalances and other institutional issues; state-sponsored economic controls

Real GDP (purchasing power parity)

$24.861 trillion (2021 est.)

$22.996 trillion (2020 est.)

$22.493 trillion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

8.11% (2021 est.)

2.24% (2020 est.)

5.95% (2019 est.)

Real GDP per capita

$17,600 (2021 est.)

$16,300 (2020 est.)

$16,000 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$14,327,359,000,000 (2019 est.)

note: because China's exchange rate is determined by fiat rather than by market forces, the official exchange rate measure of GDP is not an accurate measure of China's output; GDP at the official exchange rate substantially understates the actual level of China's output vis-a-vis the rest of the world; in China's situation, GDP at purchasing power parity provides the best measure for comparing output across countries

Inflation rate (consumer prices)

0.98% (2021 est.)

2.42% (2020 est.)

2.9% (2019 est.)

Credit ratings

Fitch rating: A+ (2007)

Moody's rating: A1 (2017)

Standard & Poors rating: A+ (2017)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 7.9% (2017 est.)

industry: 40.5% (2017 est.)

services: 51.6% (2017 est.)

GDP - composition, by end use

household consumption: 39.1% (2017 est.)

government consumption: 14.5% (2017 est.)

investment in fixed capital: 42.7% (2017 est.)

investment in inventories: 1.7% (2017 est.)

exports of goods and services: 20.4% (2017 est.)

imports of goods and services: -18.4% (2017 est.)

Agricultural products

maize, rice, vegetables, wheat, sugar cane, potatoes, cucumbers, tomatoes, watermelons, sweet potatoes

Industries

world leader in gross value of industrial output; mining and ore processing, iron, steel, aluminum, and other metals, coal; machine building; armaments; textiles and apparel; petroleum; cement; chemicals; fertilizer; consumer products (including footwear, toys, and electronics); food processing; transportation equipment, including automobiles, railcars and locomotives, ships, aircraft; telecommunications equipment, commercial space launch vehicles, satellites

Industrial production growth rate

8.22% (2021 est.)

Labor force

791.383 million (2021 est.)

note: by the end of 2012, China's working age population (15-64 years) was 1.004 billion

Labor force - by occupation

agriculture: 27.7%

industry: 28.8%

services: 43.5% (2016 est.)

Unemployment rate

4.82% (2021 est.)

5% (2020 est.)

4.52% (2019 est.)

note: data are for registered urban unemployment, which excludes private enterprises and migrants

Youth unemployment rate (ages 15-24)

total: 11.4%

male: 12.1%

female: 10.4% (2021 est.)

Population below poverty line

0.6% (2019 est.)

Gini Index coefficient - distribution of family income

38.2 (2019 est.)

Average household expenditures

on food: 21.6% of household expenditures (2018 est.)

on alcohol and tobacco: 2.5% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.1%

highest 10%: 31.4% (2012)

note: data are for urban households only

Budget

revenues: $3.983 trillion (2019 est.)

expenditures: $4.893 trillion (2019 est.)

Budget surplus (+) or deficit (-)

-3.8% (of GDP) (2017 est.)

Public debt

47% of GDP (2017 est.)

44.2% of GDP (2016 est.)

note: official data; data cover both central and local government debt, including debt officially recognized by China's National Audit Office report in 2011; data exclude policy bank bonds, Ministry of Railway debt, and China Asset Management Company debt

Taxes and other revenues

8.09% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$317.301 billion (2021 est.)

$248.836 billion (2020 est.)

$102.91 billion (2019 est.)

Exports

$3.554 trillion (2021 est.)

$2.739 trillion (2020 est.)

$2.631 trillion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

United States 17%, Hong Kong 10%, Japan 6% (2019)

Exports - commodities

broadcasting equipment, computers, integrated circuits, office machinery and parts, telephones (2021)

Imports

$3.091 trillion (2021 est.) note: data are in current year dollars

$2.38 trillion (2020 est.) note: data are in current year dollars

$2.499 trillion (2019 est.) note: data are in current year dollars

Imports - partners

South Korea 9%, Japan 8%, Australia 7%, Germany 7%, US 7%, Taiwan 6% (2019)

Imports - commodities

crude petroleum, integrated circuits, iron, natural gas, cars, gold (2019)

Reserves of foreign exchange and gold

$3.428 trillion (31 December 2021 est.)

$3.357 trillion (31 December 2020 est.)

$3.223 trillion (31 December 2019 est.)

Debt - external

$2,027,950,000,000 (2019 est.)

$1,935,206,000,000 (2018 est.)

Exchange rates

Renminbi yuan (RMB) per US dollar -

6.449 (2021 est.)

6.901 (2020 est.)

6.908 (2019 est.)

6.616 (2018 est.)

6.759 (2017 est.)

NOTE: The information regarding China on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of China 2023 information contained here. All suggestions for corrections of any errors about China 2023 should be addressed to the CIA or the source cited on each page.