Global InformationEconomy of China information
 | This article may be too long to read and navigate comfortably. (June 2023) |
 Shanghai, the financial center of China | |
| Currency | Renminbi (CNY, ¥) |
|---|---|
Fiscal year | Calendar year |
Trade organizations | WTO, BRICS, SCO, APEC, RCEP, G20, G77 and others |
Country group | Developing/Emerging[1]
|
| Statistics | |
| Population |  1,409,670,000 (2024) |
| GDP |
|
| GDP rank |
|
GDP growth |
|
GDP per capita |
|
GDP per capita rank |
|
GDP by sector |
|
GDP by component |
|
Inflation (CPI) | 1.69% (2024)[1] |
Population below poverty line |
|
Gini coefficient |  37.1 medium (2020)[8][note 2] |
Human Development Index |
|
Labor force |
|
Labor force by occupation |
|
| Unemployment |
|
Average gross salary | US$ 1,305 (urban non-private sector) US$ 747 (urban private sector) per month (2022) |
Average net salary | US$ 1,002 (urban non-private sector) US$ 578 (urban private sector) per month (2022) |
Final consumption expenditure |  53% of GDP (2022)[16] |
Gross capital formation | 42% of GDP (2022)[17] |
| Gross savings | 43.46% of GDP (2024)[1] |
Yield curve | 10-Year Bond 2.831% (April 2023)[18] |
Purchasing Managers' Index |
|
Main industries |
|
| External | |
| Exports | $3.380 trillion (2023)[21] |
Export goods |
|
Main export partners |
|
| Imports | $2.557 trillion (2023)[21] |
Import goods |
|
Main import partners |
|
FDI stock |
|
Current account |
|
Gross external debt | $2.38 trillion (September 2023)[citation needed] |
| Public finances | |
Government debt |
|
Budget balance |
|
| Revenues | ¥33.229 trillion[1] 26.5% of GDP (2023) |
| Expenses | ¥42.140 trillion[1] 33.6% of GDP (2023) |
Credit rating |
|
Foreign reserves | $3.3 trillion (2023)[29][30] (1st) |
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars. | |
China has an upper middle income,[31] developing, mixed, socialist market economy incorporating industrial policies and strategic five-year plans.[32] It is the world's second largest economy by nominal GDP, behind the United States, and the world's largest economy since 2016 when measured by purchasing power parity (PPP).[note 3]. China accounted for 19% of the global economy in 2022 in PPP terms,[33] and around 18% in nominal terms in 2022.[33][34] Historically, China was one of the world's foremost economic powers for most of the two millennia from the 1st until the 19th century.[35][36] The economy consists of public sector enterprises, state-owned enterprises (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector and openness to foreign businesses in their system. Post-1978 economic reforms China's average GDP growth had been over 10% annually for over three decades,[37][38] and in some years even exceeded 13% annually.[38] China is expected to remain the top contributor to global growth, at around 21% of global growth through 2029, higher than the G7 economies combined.[39]
China is the world's largest manufacturing economy and exporter of goods.[40] However, exports as a percentage of GDP has steadily dropped to just around 20%, reflecting its decreasing importance to the Chinese economy. Nevertheless, it remains the largest trading nation in the world and plays a prominent role in international trade.[41][42] Manufacturing has been transitioning toward high-tech industries such as electric vehicles, renewable energy, telecommunications and IT equipment, and services has also grown as a percentage of GDP. It is also the world's fastest-growing consumer market and second-largest importer of goods.[43] China is also the world's largest consumer of numerous commodities, and accounts for about half of global consumption of metals.[44] China is a net importer of services products.[45] China was the largest recipient of foreign direct investment in the world as of 2020, receiving inflows of $163 billion.[46] but more recently, FDI has fallen sharply to negative levels.[47][48] It has the second largest outward foreign direct investment, at US$136.91 billion for 2019 alone.[49]
China has the world's largest foreign-exchange reserves worth $3.1 trillion,[50] but if the foreign assets of China's state-owned commercial banks are included, the value of China's reserves rises to nearly $4 trillion.[51] China faced a mild economic slowdown during the 2007–2008 financial crisis and initiated a massive stimulus package, which helped to regain its economic growth. More recently, the imposition of the "3 Red Lines" on developer borrowing has sparked a real estate crisis and has raised questions on the accuracy of China's claims for the severity of this crisis.[52][53][54] China's economic growth is slowing down in the 2020s as it deals with a range of challenges from a rapidly aging population, higher unemployment and a property crisis.[55] China has the world's sixth largest gold reserve, with over 2,000 tonnes of gold.[56] It spends around 2.43% of GDP on advance research and development across various sectors of the economy.[57][58]
With 791 million workers, the Chinese labor force was the world's largest as of 2021, according to The World Factbook. In 2022, China was ranked the 11th most innovative country in the world, 3rd in Asia & Oceania region and 2nd for countries with a population of over 100 million. It is the only middle-income economy and the only newly industrialized economy in the top 30.[59][60] It also leads in several measures of global patent filings,[61][62] as well as research and scientific output.[63] It is also the world's largest high-technology exporter.[64] China has the second-largest financial assets in the world, valued at $17.9 trillion as of 2021.[65] As of 2022, China was second in the world in total number of billionaires.[66] and second in millionaires with 6.2 million. China has the largest middle-class in the world, with over 500 million people earning over RMB 120,000 a year, making it a priority market for multinational companies.[67]
China has free trade agreements with many nations, some of which are already in force (such as RCEP, the largest trade bloc in history) or are still in the negotiation phase.[68] The country is widely regarded as the "powerhouse of manufacturing" or "the factory of the world".[69] Of the world's 500 largest companies, 142 are headquartered in China.[70] It has four of the world's top ten most competitive financial centers[71] and three of the world's ten largest stock exchanges (both by market capitalization and by trade volume).[72] Public social expenditure was around 10% of GDP in China.[73] Additionally, the public pension expenditure in China accounted for 5.2% of GDP.[74]
- ^ a b c d e f g h i j k l m n "World Economic Outlook Database, October 2023 Edition. (China)". IMF.org. International Monetary Fund. 10 October 2023. Retrieved 10 October 2023.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 21 August 2016. Retrieved 29 September 2019.
- ^ "National Data". National Bureau of Statistics of China. 1 March 2022. Retrieved 23 March 2022.
- ^ "Chinese GDP Component | China GDP | Collection".
- ^ "Regional aggregation using 2017 PPP and $2.15/day poverty line". iresearch.worldbank.org. World Bank. Retrieved 13 May 2022.
- ^ "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 5 April 2019.
- ^ "Poverty headcount ratio at $6.85 a day (2017 PPP) (% of population) - China". data.worldbank.org. World Bank. Retrieved 1 March 2022.
- ^ "Gini index – China". World Bank. Retrieved 24 May 2022.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
- ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 22 May 2020.
- ^ "Labor force, total – China". data.worldbank.org. World Bank & ILO. Archived from the original on 11 November 2019. Retrieved 22 September 2020.
- ^ "Employment to population ratio, 15+, total (%) (national estimate) – China". data.worldbank.org. World Bank & ILO. Retrieved 22 September 2020.
- ^ "Labor Force by Services - by industry". data.worldbank.org. Retrieved 27 January 2019.
- ^ "Labor Force by Services - agriculture". data.worldbank.org. Retrieved 27 January 2019.
- ^ "China's unemployment rate drops to 5.2 pct in 2023". Xinhua News Agency. 17 January 2024. Retrieved 17 January 2024.
- ^ https://data.worldbank.org/indicator/NE.CON.TOTL.ZS?locations=CN
- ^ https://data.worldbank.org/indicator/NE.GDI.FTOT.ZS?locations=CN
- ^ "CGB Yield Curve and Others". yield.chinabond.com.cn.
- ^ "China PMI". ycharts.com.
- ^ "China Non-Manufacturing PMI". ycharts.com.
- ^ a b c d "Total Value of Import and Export Commodities by Major Countries (Regions) in January-December 2023 (US Dollar Value)". customs.gov.cn. Retrieved 12 January 2024.
- ^ a b "China – WTO Statistics Database". World Trade Organization. Archived from the original on 1 September 2017. Retrieved 1 March 2017.
- ^ a b "UNCTAD 2022" (PDF). UNCTAD. Retrieved 6 January 2022.
- ^ "China sets GDP target of 'around 5%' for 2023". CNBC. 4 March 2023.
- ^ "Sovereigns rating list". Standard & Poor's. 26 January 2017. Archived from the original on 26 September 2017. Retrieved 26 September 2017.
On Jan. 26, 2017, S&P Global Ratings affirmed the 'AA-' long-term and 'A-1+' short-term sovereign credit ratings on China. The outlook on the long-term rating remains negative
- ^ "Moody's affirms China's A1 rating, changes outlook to negative from stable". moodys.com. 5 December 2023. Retrieved 5 December 2023.
- ^ "Fitch – Complete Sovereign Rating History". fitchratings.com. Archived from the original on 6 August 2017. Retrieved 25 February 2013.
- ^ "Scope downgrades the People's Republic of China's credit ratings to A; Outlook revised to Stable". Scope Ratings. 12 May 2023. Retrieved 13 May 2023.
- ^ "Money and Banking Statistics". Retrieved 28 July 2019.
- ^ "Official reserve assets". pbc.gov.cn. Retrieved 9 November 2019.
- ^ "World Bank Country and Lending Groups – World Bank Data Help Desk". datahelpdesk.worldbank.org. Retrieved 4 January 2024.
- ^
—Xu, Chenggang. "The Fundamental Institutions of China’s Reforms and Development." Journal of Economic Literature, vol. 49, no. 4, American Economic Association, 2011, pp. 1076–151, JSTOR 23071664.
—Nee, Victor, and Sonja Opper. "Political Capital in a Market Economy." Social Forces, vol. 88, no. 5, Oxford University Press, 2010, pp. 2105–32, JSTOR 40927540.
—Shue Tuck Wong & Sun Sheng Han (1998) Whither China's Market Economy? The Case of Lijin Zhen, Geographical Review, 88:1, 29–46, doi:10.1111/j.1931-0846.1998.tb00094.x
—Gregory C. Chow (2005) The Role of Planning in China's Market Economy, Journal of Chinese Economic and Business Studies, 3:3, 193–203, doi:10.1080/14765280500317866
—HUA, HUANG. "The Market Economy in China." Security Dialogue, vol. 24, no. 2, SAGE Publications, Ltd., 1993, pp. 175–79, JSTOR 44471339.
—Chow, Gregory C. "Development of a More Market-Oriented Economy in China." Science, vol. 235, no. 4786, American Association for the Advancement of Science, 1987, pp. 295–99, JSTOR 1698592. - ^ a b "Global Economy Watch - Projections > Real GDP / Inflation > Share of 2016 world GDP". PWC. Retrieved 23 June 2017.
- ^ Tang, Frank; Wang, Orange (18 January 2022). "China GDP growth slows as population crisis, Covid-19 cloud economic outlook". South China Morning Post. Retrieved 14 August 2022.
- ^ Cite error: The named reference
Maddison 2008was invoked but never defined (see the help page). - ^ Cox, Wendell (21 September 2015). "500 YEARS OF GDP: A TALE OF TWO COUNTRIES". New Geography. Retrieved 4 September 2020.
- ^ the annual data of China'GDP: published on China NBS National data. "National data - annual - national accounts - Gross Domestic Product" (Press release). China NBS. March 2021. Retrieved 29 October 2021.
- ^ a b The annual average exchange rate of Chinese yuan (Renminbi) to the major currencies over the past years is published in China Statistical Yearbook"Annual Data" (Press release). China NBS. 1 March 2020. Retrieved 25 October 2021.; The annual average exchange rate of the RMB to the US dollar in the most recent year is published in the statistical communiqué of PR China on the national economic and social development of the year"Statistical Communiqués" (Press release). China NBS. 28 February 2021. Retrieved 25 October 2021.
- ^ "China Outweighs G-7 as Leading Driver of Global Economic Growth". Bloomberg.com. 18 April 2024. Retrieved 20 April 2024.
- ^ "China Widens Lead as World's Largest Manufacturer". thomasnet.com. Archived from the original on 27 July 2013. Retrieved 25 August 2013.
- ^ "China's Economy Is Catching Up to the U.S." Archived from the original on 17 March 2018. Retrieved 8 March 2018.
- ^ "Trade recovery expected in 2017 and 2018, amid policy uncertainty". Geneva, Switzerland: World Trade Organization. 12 April 2017. Archived from the original on 3 July 2017. Retrieved 22 June 2017.
- ^ "China: Fastest Growing Consumer Market in the World". IMF direct – The IMF Blog. 2 December 2013. Archived from the original on 2 December 2013. Retrieved 8 December 2013.
- ^ Baffes, John; Kabundi, Alain Ntumba; Nagle, Peter Stephen Oliver; Ohnsorge, Franziska Lieselotte (26 June 2018). "The role of major emerging markets in global commodity demand". Policy Research Working Paper Series.
- ^ "intracen.org" (PDF). Archived from the original (PDF) on 30 October 2014.
- ^ Higgins, Tucker (24 January 2021). "China surpasses U.S. as largest recipient of foreign direct investment during Covid pandemic". CNBC. Retrieved 18 March 2021.
- ^ "Foreign investment in China falls to lowest level on record". Nikkei Asia. Retrieved 8 March 2024.
- ^ https://www.axios.com/2023/11/07/china-economy-negative-foreign-investments Foreign investment in China goes negative for first time in decades In Q3 2023 it was -$11.8 billion
- ^ Tjan, Sie Tek (18 September 2020). "China's outbound foreign investment posts modest Decline since Start of 2020". China Banking News. Retrieved 16 October 2020.
- ^ "官方储备资产 (Official reserve assets)". Retrieved 29 October 2020.
- ^ "If China's economy is so strong, why isn't its currency stronger?". The Economist. Retrieved 29 October 2020.
- ^ https://www.bloomberg.com/news/articles/2023-01-06/china-may-ease-three-red-lines-property-rules-in-drastic-shift China is planning to relax restrictions on developer borrowing, dialing back the stringent “three red lines” policy that exacerbated one of the biggest real estate meltdowns in the country’s history.
- ^ https://www.cnn.com/2023/10/06/economy/china-economy-real-estate-crisis-intl-hnk/index.html But the all-important property market, which has accounted for as much as 30% of the economy, fell into crisis more than two years ago after a government-led clampdown on developers’ borrowing.
- ^ https://fortune.com/2023/08/17/china-home-sales-worse-than-official-data-real-estate-crisis/ “Home-price data in many countries are based on total market transactions, yet China uses selective samples,” said Chin, the head of research for Asia Pacific at CBRE Group Inc. “When a market goes down, the true market condition is hard to be reflected in such data.”
- ^ Evie Steele (2 February 2024). "IMF Predicts China Economy Slowing Over Next Four Years". Voice of America.
- ^ "World Official Gold Holdings - International Financial Statistics, March 2024". World Gold Council. 5 March 2024. Retrieved 8 March 2024.
- ^ Our World in Data. "Research & development spending as a share of GDP". ourworldindata.org. Retrieved 10 January 2024.
- ^ Organisation for Economic Co-operation and Development. "Gross domestic spending on R&D". data.oecd.org. Retrieved 10 January 2024.
- ^ Dutta, Soumitra; Lanvin, Bruno; Wunsch-Vincent, Sacha; León, Lorena Rivera; World Intellectual Property Organization (2022). Global Innovation Index 2022 – Which are the most innovative countries. World Intellectual Property Organization. doi:10.34667/tind.46596. ISBN 9789280534320. Retrieved 29 September 2022.
- ^ Dominik, Boddin (2016). The Role of Newly Industrialized Economies in Global Value Chains. International Monetary Fund.
- ^ "China Becomes Top Filer of International Patents in 2019 Amid Robust Growth for WIPO's IP Services, Treaties and Finances". World Intellectual Property Organization. 7 April 2020. Retrieved 7 April 2020.
- ^ Emma Farge (2 March 2021). "China extends lead over U.S. in global patents filings, U.N. says". Reuters. Retrieved 2 March 2021.
- ^ Wagner, Caroline (10 January 2023). "China now publishes more high-quality science than any other nation – should the US be worried?". The Conversation. Retrieved 20 April 2024.
- ^ "High-technology exports". World Bank Open Data. Retrieved 15 April 2023.
- ^ "Allianz Global Wealth Report 2021" (PDF). Retrieved 5 March 2022.
- ^ Zhao, Suisheng (2023). The dragon roars back : transformational leaders and dynamics of Chinese foreign policy. Stanford, California: Stanford University Press. pp. 219–220. ISBN 978-1-5036-3088-8. OCLC 1331741429.
- ^ "China's middle-income population passes 500 million mark: state-run newspaper". South China Morning Post. 3 March 2024. Retrieved 20 April 2024.
- ^ "China's Free Trade Agreements". Archived from the original on 12 July 2009. Retrieved 25 April 2011.
- ^
- Bijun Wang & Xiang Li (2017) From world factory to world investor: the new way of China integrating into the world, China Economic Journal, 10:2, 175-193, doi:10.1080/17538963.2017.1320047
- Chen Li, Mee Kam Ng, Yuanzhou Tang & Tung Fung (2022) From a ‘World Factory’ to China’s Bay Area: A Review of the Outline of the Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, Planning Theory & Practice, 23:2, 310–314, doi:10.1080/14649357.2021.1958539
- Mees, H. (2016). China as the World’s Factory. In: The Chinese Birdcage. Palgrave Macmillan, New York. doi:10.1057/978-1-137-58886-9_3
- Yuwan Duan; Erik Dietzenbacher; Bart Los; Cuihong Yang (2021). "How much did China's emergence as "the world's factory" contribute to its national income?" (PDF). China Economic Review. 69. 101658. doi:10.1016/j.chieco.2021.101658. ISSN 1043-951X. S2CID 237676638.
- ^ "Global 500". Fortune Global 500. Retrieved 3 August 2023.
- ^ "The Global Financial Centres Index 28" (PDF). Long Finance. September 2020. Retrieved 26 September 2020.
- ^ "Top 10 Largest Stock Exchanges in the World By Market Capitalization". ValueWalk. 19 February 2019. Retrieved 28 November 2019.
- ^ "Home".
- ^ https://pensionresearchcouncil.wharton.upenn.edu/wp-content/uploads/2019/03/WP-2019-6-Fang-and-Feng.pdf
Cite error: There are <ref group=note> tags on this page, but the references will not show without a {{reflist|group=note}} template (see the help page).