China - Economy
How is the economy of China? Based on the information we have, China has a 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. Key agricultural products in this country include: maize, rice, vegetables, wheat, sugarcane, potatoes, cucumbers/gherkins, tomatoes, watermelons, pork (2022).
More about the economy of China
| Labor force | 779.246 million (2023 est.) |
|---|---|
| Industrial production growth rate | 3.58% (2023 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 | 7.7% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Renminbi yuan (RMB) per US dollar - |
| 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.) |
| Exchange rates 2019 | 6.908 (2019 est.) |
| Debt - external | |
| Debt - external 2022 | $408.967 billion (2022 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $3.45 trillion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $3.307 trillion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $3.428 trillion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $252.987 billion (2023 est.) |
| Current account balance 2022 | $443.374 billion (2022 est.) |
| Current account balance 2021 | $352.886 billion (2021 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 2023 | 0.28% of GDP (2023 est.) |
| Remittances 2022 | 0.15% of GDP (2022 est.) |
| Remittances 2021 | 0.13% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.1% (2020 est.) |
| Highest 10% | 29.4% (2020 est.) |
| Average household expenditures | |
| On food | 20.1% of household expenditures (2022 est.) |
| On alcohol and tobacco | 3% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $3.125 trillion (2023 est.) |
| Imports 2022 | $3.142 trillion (2022 est.) |
| Imports 2021 | $3.094 trillion (2021 est.) |
| Imports (partners) | US 7%, South Korea 7%, Japan 6%, Australia 6%, China 6% (2022) |
| Comodities Imports force | crude petroleum, integrated circuits, iron ore, natural gas, gold (2022) |
| Exports | |
| Imports 2023 | $3.125 trillion (2023 est.) |
| Imports 2022 | $3.142 trillion (2022 est.) |
| Imports 2021 | $3.094 trillion (2021 est.) |
| Exports (partners) | US 15%, Hong Kong 7%, Japan 5%, Germany 4%, South Korea 4% (2022) |
| Comodities Exports force | broadcasting equipment, integrated circuits, computers, garments, machine parts (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $31.227 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $29.683 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $28.822 trillion (2021 est.) |
| GDP (official exchange rate) | $17.795 trillion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $22,100 (2023 est.) |
| Real GDP per capita 2022 | $21,000 (2022 est.) |
| Real GDP per capita 2021 | $20,400 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 7.1% (2023 est.) |
| Industry | 38.3% (2023 est.) |
| Services | 54.6% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 37.4% (2022 est.) |
| Government consumption | 16.1% (2022 est.) |
| Investment in fixed capital | 41.9% (2022 est.) |
| Investment in inventories | 1.2% (2022 est.) |
| Exports of goods and services | 19.7% (2023 est.) |
| Imports of goods and services | -17.6% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 4.67% (2023 est.) |
| Unemployment rate 2022 | 4.98% (2022 est.) |
| Unemployment rate 2021 | 4.55% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 15.7% (2023 est.) |
| Male | 16.9% (2023 est.) |
| Female | 14.2% (2023 est.) |
All Important Facts about China
Want to know more about China? Check all different factbooks for China below.
