China Economy - 2024

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

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% (2021 est.)

male: 12.1%

female: 10.4%

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

Remittances

0.13% of GDP (2021 est.)
0.13% of GDP (2020 est.)
0.13% of GDP (2019 est.)

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 -

Exchange rates:
6.449 (2021 est.)
6.901 (2020 est.)
6.908 (2019 est.)
6.616 (2018 est.)
6.759 (2017 est.)