Back اقتصاد الصين Arabic Çin iqtisadiyyatı Azerbaijani Икономика на Китай Bulgarian চীনের অর্থনীতি Bengali/Bangla Economia de la República Popular de la Xina Catalan Ekonomika Čínské lidové republiky Czech Kinas økonomi Danish Wirtschaft der Volksrepublik China German Οικονομία της Κίνας Greek Ekonomio de Ĉinio Esperanto

Economy of China

This article is about the economy of the People's Republic of China. For the economy of the Republic of China, see Economy of Taiwan. For other uses, see Economy of China (disambiguation).

Economy of China
Shanghai, the financial center of China
CurrencyRenminbi (CNY, ¥)
Calendar year
Trade organizations
WTO, BRICS, SCO, APEC, RCEP, G20, G77 and others
Country group
Developing country[1]
Statistics
PopulationDecrease 1,408,050,000 (2024)[4]
GDP
GDP rank
GDP growth
  • 5.3% (2023)
  • 5.0% (2024)[4]
  • 4.5% (2025 forecast)[4]
GDP per capita
  • Increase $12,969 (nominal; 2024)[4]
  • Increase $26,310 (PPP; 2024)[4]
GDP per capita rank
GDP by sector
GDP by component
  • Household consumption: 39.6%
  • Government consumption: 17.2%
  • Investment in fixed capital: 40.5%
  • Investment in inventories: 0.7%
  • Exports of goods and services: 18.4%
  • Imports of goods and services: -13.9%
  • Net exports: 2.1%
  • (2023)[6]
1.0% (2024)[5]
Population below poverty line
Positive decrease 17% on less than $6.85/day (2021)[7]
Positive decrease 35.7 medium (2021)[8][note 1]
Decrease 42 out of 100 points (2023)[10] (rank 76th)
Labor force
  • Decrease 779,890,786 (2023)[11] (1st)
  • Increase 67.3% employment rate (2019)[12]
Labor force by occupation
Unemployment
  • Positive decrease 5.2% (December 2023)[13]
  • Positive decrease 14.2% youth unemployment (May 2024, 16 to 24 year olds)[14]
Average gross salary
US$ 1,305 (urban non-private sector)
US$ 747 (urban private sector) per month (2022)
US$ 1,002 (urban non-private sector)
US$ 578 (urban private sector) per month (2022)
Increase 56.8% of GDP (2023)[6]
Increase 41.1% of GDP (2023)[6]
Gross savingsIncrease 43.46% of GDP (2024)[15]
10-Year Bond 2.831% (April 2023)[16]
  • Decrease 49.10 Manufacturing (February 2024)[17]
  • Increase 51.40 Non-Manufacturing (February 2024)[18]
Main industries
External
Exports$3.577 trillion (2024)[19]
Export goods
Main export partners
Imports$2.586 trillion (2024)[19]
Import goods
Main import partners
FDI stock
  • Increase Inward: $181 billion (2021)[21]
  • Increase Outward: $145 billion (2021)[21]
  • Decrease $272.5 billion (2023)[15]
  • Decrease 1.4% of GDP (2023)[15]
Positive decrease $2.38 trillion (September 2023)[citation needed]
Public finances
  • Negative increase ¥103.987 trillion
  • Negative increase 82.9% of GDP (2023)[15]
  • 2.8% of GDP (2023)[22]
Revenues¥33.229 trillion[15]
26.5% of GDP (2023)
Expenses¥42.140 trillion[15]
33.6% of GDP (2023)
  • Scope:[26]
  • A
  • Outlook: Stable
Increase $3.3 trillion (2023)[27][28] (1st)
All values, unless otherwise stated, are in US dollars.


The economy of the People's Republic of China is a developing mixed socialist market economy, incorporating industrial policies and strategic five-year plans.[29] China is the world's second largest economy by nominal GDP and since 2017 has been the world's largest economy when measured by purchasing power parity (PPP).[30][note 2] China accounted for 19% of the global economy in 2022 in PPP terms,[31] and around 18% in nominal terms in 2022.[31][32] The economy consists of state-owned enterprises (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector which contribute approximately 60% of the GDP, 80% of urban employment and 90% of new jobs; the system also consist of a high degree of openness to foreign businesses.

China is the world's largest manufacturing industrial economy and exporter of goods. China is widely regarded as the "powerhouse of manufacturing", "the factory of the world" and the world's "manufacturing superpower".[33] Its production exceeds that of the nine next largest manufacturers combined.[34][35][36] However, exports as a percentage of GDP have 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.[37][38] 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. China is the world's largest high technology exporter.[39] As of 2021, the country spends around 2.43% of GDP on advance research and development across various sectors of the economy.[40] It is also the world's fastest-growing consumer market and second-largest importer of goods.[41] China is also the world's largest consumer of numerous commodities, and accounts for about half of global consumption of metals.[42] China is a net importer of services products.[43]

China has bilateral free trade agreements with many nations and is a member of the Regional Comprehensive Economic Partnership (RCEP).[44] Of the world's 500 largest companies, 142 are headquartered in China.[45] It has three of the world's top ten most competitive financial centers[46] and three of the world's ten largest stock exchanges (both by market capitalization and by trade volume).[47] China has the second-largest financial assets in the world, valued at $17.9 trillion as of 2021.[48] China was the largest recipient of foreign direct investment (FDI) in the world as of 2020, receiving inflows of $163 billion.[49] but more recently, inbound FDI has fallen sharply to negative levels.[50][51] It has the second largest outbound FDI, at US$136.91 billion for 2019.[52] 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.[53]

With 791 million workers, the Chinese labor force was the world's largest as of 2021, according to The World Factbook. As of 2022, China was second in the world in total number of billionaires.[54] 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.[55] Public social expenditure in China was around 10% of GDP.[56]

  1. ^ "World Economic Outlook Database, October 2023 Edition. (China)". IMF.org. International Monetary Fund. 22 October 2024. Archived from the original on 20 October 2023. Retrieved 11 November 2024.
  2. ^ "World Bank Country and Lending Groups – World Bank Data Help Desk". datahelpdesk.worldbank.org. Archived from the original on 28 October 2019. Retrieved 4 January 2024.
  3. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 21 August 2016. Retrieved 29 September 2019.
  4. ^ a b c d e f "World Economic Outlook database: October 2024". imf.org. International Monetary Fund. Retrieved 4 November 2024.
  5. ^ a b c "World Economic Outlook database: October 2024". imf.org. International Monetary Fund. Archived from the original on 25 June 2024. Retrieved 11 November 2024.
  6. ^ a b c d e "National Data". National Bureau of Statistics of China. 1 March 2022. Archived from the original on 11 August 2021. Retrieved 23 March 2022.
  7. ^ "Poverty headcount ratio at $6.85 a day (2017 PPP) (% of population) - China". data.worldbank.org. World Bank. Archived from the original on 23 January 2022. Retrieved 22 October 2024.
  8. ^ "Gini index – China". World Bank. Archived from the original on 19 March 2024. Retrieved 24 May 2022.
  9. ^ a b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 26 July 2024.
  10. ^ "CPI 2023". Transparency International. 30 January 2024. Archived from the original on 4 February 2023. Retrieved 30 January 2024.
  11. ^ "Labor force, total – China". data.worldbank.org. World Bank & ILO. Archived from the original on 11 November 2019. Retrieved 22 September 2020.
  12. ^ "Employment to population ratio, 15+, total (%) (national estimate) – China". data.worldbank.org. World Bank & ILO. Archived from the original on 6 March 2023. Retrieved 22 September 2020.
  13. ^ "China's unemployment rate drops to 5.2 pct in 2023". Xinhua News Agency. 17 January 2024. Archived from the original on 17 January 2024. Retrieved 17 January 2024.
  14. ^ "China's Youth Jobless Rate Fell in May". Barron's. 19 June 2024. Archived from the original on 24 June 2024. Retrieved 24 June 2024.
  15. ^ a b c d e f "World Economic Outlook Database, October 2023 Edition. (China)". IMF.org. International Monetary Fund. 10 October 2023. Archived from the original on 20 October 2023. Retrieved 10 October 2023.
  16. ^ "CGB Yield Curve and Others". yield.chinabond.com.cn.
  17. ^ "China PMI". ycharts.com. Archived from the original on 18 April 2023. Retrieved 18 April 2023.
  18. ^ "China Non-Manufacturing PMI". ycharts.com. Archived from the original on 18 April 2023. Retrieved 18 April 2023.
  19. ^ a b c d "2024年12月进出口商品主要国别（地区）总值表（美元）". customs.gov.cn. Retrieved 13 January 2025.
  20. ^ a b "China – WTO Statistics Database". World Trade Organization. Archived from the original on 1 September 2017. Retrieved 1 March 2017.
  21. ^ a b "UNCTAD 2022" (PDF). UNCTAD. Archived (PDF) from the original on 12 December 2022. Retrieved 6 January 2022.
  22. ^ "China sets GDP target of 'around 5%' for 2023". CNBC. 4 March 2023. Archived from the original on 6 March 2023. Retrieved 6 March 2023.
  23. ^ "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
  24. ^ "Moody's affirms China's A1 rating, changes outlook to negative from stable". moodys.com. 5 December 2023. Archived from the original on 5 December 2023. Retrieved 5 December 2023.
  25. ^ "Fitch – Complete Sovereign Rating History". fitchratings.com. Archived from the original on 6 August 2017. Retrieved 25 February 2013.
  26. ^ "Scope affirms the People's Republic of China's A credit ratings, maintains Stable Outlook". Scope Ratings. 26 July 2024. Retrieved 26 July 2024.
  27. ^ "Money and Banking Statistics". Archived from the original on 4 November 2020. Retrieved 28 July 2019.
  28. ^ "Official reserve assets". pbc.gov.cn. Archived from the original on 30 January 2023. Retrieved 9 November 2019.
  29. ^ —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.
  30. ^ "GDP, current prices". www.imf.org. Retrieved 23 August 2024.
  31. ^ a b "Global Economy Watch - Projections > Real GDP / Inflation > Share of 2016 world GDP". PWC. Archived from the original on 19 October 2015. Retrieved 23 June 2017.
  32. ^ Tang, Frank; Wang, Orange (18 January 2022). "China GDP growth slows as population crisis, Covid-19 cloud economic outlook". South China Morning Post. Archived from the original on 5 December 2022. Retrieved 14 August 2022.
  33. ^ * 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
  34. ^ "China Widens Lead as World's Largest Manufacturer". thomasnet.com. Archived from the original on 27 July 2013. Retrieved 25 August 2013.
  35. ^ "China is the world's sole manufacturing superpower: A line sketch of the rise". 17 January 2024.
  36. ^ "China Is the World's Manufacturing Superpower". December 2024.
  37. ^ "China's Economy Is Catching Up to the U.S." Archived from the original on 17 March 2018. Retrieved 8 March 2018.
  38. ^ "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.
  39. ^ "High-technology exports". World Bank Open Data. Archived from the original on 15 April 2023. Retrieved 15 April 2023.
  40. ^ Our World in Data. "Research & development spending as a share of GDP". ourworldindata.org. Archived from the original on 18 May 2024. Retrieved 10 January 2024.
  41. ^ "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.
  42. ^ 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. Archived from the original on 6 March 2023. Retrieved 16 May 2022.
  43. ^ "intracen.org" (PDF). Archived from the original (PDF) on 30 October 2014.
  44. ^ "China's Free Trade Agreements". Archived from the original on 12 July 2009. Retrieved 25 April 2011.
  45. ^ "Global 500". Fortune Global 500. Archived from the original on 16 January 2023. Retrieved 3 August 2023.
  46. ^ "GFCI 36 Rank - Long Finance". www.longfinance.net. Retrieved 24 September 2024.
  47. ^ "Top 10 Largest Stock Exchanges in the World By Market Capitalization". ValueWalk. 19 February 2019. Archived from the original on 15 May 2019. Retrieved 28 November 2019.
  48. ^ "Allianz Global Wealth Report 2021" (PDF). Archived (PDF) from the original on 7 October 2021. Retrieved 5 March 2022.
  49. ^ Higgins, Tucker (24 January 2021). "China surpasses U.S. as largest recipient of foreign direct investment during Covid pandemic". CNBC. Archived from the original on 18 March 2021. Retrieved 18 March 2021.
  50. ^ "Foreign investment in China falls to lowest level on record". Nikkei Asia. Archived from the original on 19 December 2023. Retrieved 8 March 2024.
  51. ^ https://www.axios.com/2023/11/07/china-economy-negative-foreign-investments Archived 19 December 2023 at the Wayback Machine Foreign investment in China goes negative for first time in decades In Q3 2023 it was -$11.8 billion
  52. ^ Tjan, Sie Tek (18 September 2020). "China's outbound foreign investment posts modest Decline since Start of 2020". China Banking News. Archived from the original on 18 October 2020. Retrieved 16 October 2020.
  53. ^ Evie Steele (2 February 2024). "IMF Predicts China Economy Slowing Over Next Four Years". Voice of America. Archived from the original on 3 March 2024. Retrieved 20 February 2024.
  54. ^ 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.
  55. ^ "China's middle-income population passes 500 million mark: state-run newspaper". South China Morning Post. 3 March 2024. Archived from the original on 20 April 2024. Retrieved 20 April 2024.
  56. ^ "Home". Archived from the original on 24 April 2024. Retrieved 24 April 2024.


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).

From Wikipedia, the free encyclopedia · View on Wikipedia

Developed by Nelliwinne