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China
China

Economy

China

Budget

revenues

$2.684 trillion (2022 est.) note: revenues of the central government (excluding grants) converted to US dollars using the average official exchange rate for the specified year

expenditures

$4.893 trillion (2019 est.)

Exports

note: balance of payments - current dollar exports of goods and services

Exports 2022

$3.719 trillion (2022 est.)

Exports 2023

$3.508 trillion (2023 est.)

Exports 2024

$3.793 trillion (2024 est.)

Imports

note: balance of payments - current dollar imports of goods and services

Imports 2022

$3.142 trillion (2022 est.)

Imports 2023

$3.122 trillion (2023 est.)

Imports 2024

$3.254 trillion (2024 est.)

Industries

global leader in gross industrial output value; sectors include mining and ore processing, iron, steel, aluminum, and other metals, coal; machinery manufacturing; defense production; textiles and apparel; petroleum; cement; chemicals; fertilizers; consumer goods (comprising footwear, toys, and electronics); food processing; transportation machinery, including cars, railcars and locomotives, ships, and aircraft; telecommunications devices, commercial space launch systems, satellites

Labor force

note: count of individuals aged 15 and above who are employed or actively seeking employment

773.88 million (2024 est.)

Public debt

note: official statistics; the figures encompass both central and local government debt, including liabilities officially acknowledged in the 2011 report by China's National Audit Office; these figures do not account for policy bank bonds, Ministry of Railway liabilities, or debts related to the China Asset Management Company

Public debt 2017

47% of GDP (2017 est.)

Remittances

note: monetary transfers and remuneration exchanged between resident and non-resident individuals/households/entities

Remittances 2022

0.1% of GDP (2022 est.)

Remittances 2023

0.2% of GDP (2023 est.)

Remittances 2024

0.2% of GDP (2024 est.)

Exchange rates

Currency

Renminbi yuan (RMB) per US dollar -

Exchange rates 2020

6.901 (2020 est.)

Exchange rates 2021

6.449 (2021 est.)

Exchange rates 2022

6.737 (2022 est.)

Exchange rates 2023

7.084 (2023 est.)

Exchange rates 2024

7.197 (2024 est.)

Debt - external

note: current US dollar value of external debt

Debt - external 2023

$488.114 billion (2023 est.)

Economic overview

the world’s second-largest economy in terms of nominal GDP; leading the globe in exports and manufacturing; historically robust growth is now decelerating; facing issues such as an aging workforce, low productivity, rising youth unemployment, a struggling real estate market, and public debt; characterized by state-driven economic regulations and substantial infrastructure initiatives

Unemployment rate

note: percentage of the labor force that is actively looking for work

Unemployment rate 2022

5% (2022 est.)

Unemployment rate 2023

4.7% (2023 est.)

Unemployment rate 2024

4.6% (2024 est.)

Exports - partners

note: leading five export partners based on their share of total exports

USA 13%, Hong Kong 8%, Japan 5%, Germany 5%, S. Korea 4% (2023)

Imports - partners

note: leading five import partners based on their share of total imports

S. Korea 7%, USA 7%, Japan 6%, Australia 6%, Russia 6% (2023)

Real GDP per capita

note: figures represented in 2021 dollars

Real GDP per capita 2022

$21,500 (2022 est.)

Real GDP per capita 2023

$22,700 (2023 est.)

Real GDP per capita 2024

$23,800 (2024 est.)

Real GDP growth rate

note: annual GDP growth rate percentage based on constant local currency

Real GDP growth rate 2022

3.1% (2022 est.)

Real GDP growth rate 2023

5.4% (2023 est.)

Real GDP growth rate 2024

5% (2024 est.)

Agricultural products

note: top ten agricultural products ranked by volume

maize, rice, vegetables, wheat, sugarcane, potatoes, cucumbers/gherkins, tomatoes, watermelons, pork (2023)

Exports - commodities

note: leading five export commodities ranked by dollar value

broadcasting equipment, computers, integrated circuits, garments, machine parts (2023)

Imports - commodities

note: leading five import commodities ranked by dollar value

crude petroleum, integrated circuits, iron ore, gold, natural gas (2023)

Current account balance

note: balance of payments - net trade along with primary and secondary income in current dollars

Current account balance 2022

$443.374 billion (2022 est.)

Current account balance 2023

$263.382 billion (2023 est.)

Current account balance 2024

$423.919 billion (2024 est.)

Taxes and other revenues

note: central government tax revenue expressed as a percentage of GDP

7.6% (of GDP) (2023 est.)

GDP (official exchange rate)

note: figures are in current dollars according to the official exchange rate

$18.744 trillion (2024 est.)

GDP - composition, by end use

note: totals may not equal 100% due to rounding or deficiencies in data collection

household consumption

39.6% (2023 est.)

government consumption

17.2% (2023 est.)

investment in inventories

0.6% (2023 est.)

investment in fixed capital

40.5% (2023 est.)

exports of goods and services

19.1% (2023 est.)

imports of goods and services

-17% (2023 est.)

Population below poverty line

note: percentage of the population living below the national poverty threshold

0% (2020 est.)

Average household expenditures

on food

21.2% of household expenditures (2023 est.)

on alcohol and tobacco

3.2% of household expenditures (2023 est.)

Inflation rate (consumer prices)

note: annual percentage change based on consumer price indices

Inflation rate (consumer prices) 2022

2% (2022 est.)

Inflation rate (consumer prices) 2023

0.2% (2023 est.)

Inflation rate (consumer prices) 2024

0.2% (2024 est.)

Industrial production growth rate

note: annual percentage change in industrial value added based on constant local currency

5.3% (2024 est.)

Real GDP (purchasing power parity)

note: figures represented in 2021 dollars

Real GDP (purchasing power parity) 2022

$30.361 trillion (2022 est.)

Real GDP (purchasing power parity) 2023

$32.005 trillion (2023 est.)

Real GDP (purchasing power parity) 2024

$33.598 trillion (2024 est.)

Youth unemployment rate (ages 15-24)

male

16.5% (2024 est.)

note: percentage of the labor force aged 15-24 that is seeking employment

total

15.2% (2024 est.)

female

13.5% (2024 est.)

Reserves of foreign exchange and gold

note: holdings of gold (valued at year-end prices)/foreign currency/special drawing rights expressed in current dollars

Reserves of foreign exchange and gold 2022

$3.307 trillion (2022 est.)

Reserves of foreign exchange and gold 2023

$3.45 trillion (2023 est.)

Reserves of foreign exchange and gold 2024

$3.456 trillion (2024 est.)

GDP - composition, by sector of origin

note: totals may not equal 100% due to unallocated consumption not reflected in sector-reported data

industry

36.5% (2024 est.)

services

56.7% (2024 est.)

agriculture

6.8% (2024 est.)

Household income or consumption by percentage share

note: percentage share of income received by the lowest and highest 10% of the population

lowest 10%

3.2% (2021 est.)

highest 10%

28.2% (2021 est.)

Gini Index coefficient - distribution of family income

note: index (0-100) measuring income distribution; higher values indicate greater inequality

Gini Index coefficient - distribution of family income 2021

35.7 (2021 est.)

Explore China

CommunicationsEnergyEnvironmentGeographyGovernmentIntroductionMilitary & SecurityPeople & SocietySpaceTransnational IssuesTransportation