China - Economy
How is the economy of China? Based on the information we have, China has a
world’s second-largest economy by nominal GDP; global leader in exports and manufacturing; historically strong growth slowing; challenges of aging workforce, weak productivity, rising youth unemployment, struggling property sector, and public debt; state-sponsored economic controls and infrastructure investments
. Key agricultural products in this country include: maize, rice, vegetables, wheat, sugarcane, potatoes, cucumbers/gherkins, tomatoes, watermelons, pork (2023).More about the economy of China
| Labor force | 773.88 million (2024 est.) |
|---|---|
| Industrial production growth rate | 5.3% (2024 est.) |
| 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 |
| Population below poverty line | 0% (2020 est.) |
| Taxes and other revenues | 7.6% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Renminbi yuan (RMB) per US dollar - |
| Exchange rates 2024 | 7.197 (2024 est.) |
| Exchange rates 2023 | 7.084 (2023 est.) |
| Exchange rates 2022 | 6.737 (2022 est.) |
| Exchange rates 2021 | 6.449 (2021 est.) |
| Exchange rates 2020 | 6.901 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $488.114 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $3.456 trillion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $3.45 trillion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $3.307 trillion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $423.919 billion (2024 est.) |
| Current account balance 2023 | $263.382 billion (2023 est.) |
| Current account balance 2022 | $443.374 billion (2022 est.) |
| Public debt | |
| Public debt 2017 | 47% of GDP (2017 est.) |
| Budget | |
| Revenues | $2.684 trillion (2022 est.) note: central government revenues (excluding grants) converted to US dollars at average official exchange rate for year indicated |
| Expenditures | $4.893 trillion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 0.2% of GDP (2024 est.) |
| Remittances 2023 | 0.2% of GDP (2023 est.) |
| Remittances 2022 | 0.1% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 3.2% (2021 est.) |
| Highest 10% | 28.2% (2021 est.) |
| Average household expenditures | |
| On food | 21.2% of household expenditures (2023 est.) |
| On alcohol and tobacco | 3.2% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $3.254 trillion (2024 est.) |
| Imports 2023 | $3.122 trillion (2023 est.) |
| Imports 2022 | $3.142 trillion (2022 est.) |
| Imports (partners) | S. Korea 7%, USA 7%, Japan 6%, Australia 6%, Russia 6% (2023) |
| Comodities Imports force | crude petroleum, integrated circuits, iron ore, gold, natural gas (2023) |
| Exports | |
| Imports 2024 | $3.254 trillion (2024 est.) |
| Imports 2023 | $3.122 trillion (2023 est.) |
| Imports 2022 | $3.142 trillion (2022 est.) |
| Exports (partners) | USA 13%, Hong Kong 8%, Japan 5%, Germany 5%, S. Korea 4% (2023) |
| Comodities Exports force | broadcasting equipment, computers, integrated circuits, garments, machine parts (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $33.598 trillion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $32.005 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $30.361 trillion (2022 est.) |
| GDP (official exchange rate) | $18.744 trillion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $23,800 (2024 est.) |
| Real GDP per capita 2023 | $22,700 (2023 est.) |
| Real GDP per capita 2022 | $21,500 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 6.8% (2024 est.) |
| Industry | 36.5% (2024 est.) |
| Services | 56.7% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 39.6% (2023 est.) |
| Government consumption | 17.2% (2023 est.) |
| Investment in fixed capital | 40.5% (2023 est.) |
| Investment in inventories | 0.6% (2023 est.) |
| Exports of goods and services | 19.1% (2023 est.) |
| Imports of goods and services | -17% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 4.6% (2024 est.) |
| Unemployment rate 2023 | 4.7% (2023 est.) |
| Unemployment rate 2022 | 5% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 15.2% (2024 est.) |
| Male | 16.5% (2024 est.) |
| Female | 13.5% (2024 est.) |
All Important Facts about China
Want to know more about China? Check all different factbooks for China below.
