The Chinese economy advanced 4.9% yoy in Q3 2020, faster than a 3.2% expansion in Q2 but below forecasts of a 5.2% growth. For full 2020, the country's GDP expanded 2.3 percent, the slowest pace in more than four decades. The government also aims for an urban unemployment rate of approximately 5.5% and plans to create more than 11 million new urban jobs. For the first nine months of the year, the economy expanded 0.7%, recovering all the ground it lost in the first half, with the primary industry increasing 2.3%, the secondary 0.9% and the services sector 0.4%. Tom Hancock. IMF forecasts the US GDP to reach $22,289 billion and GDP per capita to reach $67,082 by 2020. The Primary Industry includes Farming, Forestry, Animal Husbandry, and Fishery and accounts for around 9 percent of GDP. The modest growth target leaves policymakers with more flexibility to boost quality economic growth and confront risks accumulating in the financial system, multiple analysts said. Publish your articles and forecasts in our website. This site uses cookies to optimize functionality and give you the best possible experience. Adjust font size: Staff members work at a workshop of Skyworth in Guangzhou, south China… China's GDP … in Commodity News 10/03/2021. Meantime, China's 2021 defense spending will rise 6.8% yoy to CNY 1.35 trillion, sixth year in a row of single-digit increase. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. China's economy is projected to expand by 8.4 percent in 2021, the International Monetary Fund (IMF) said Tuesday. Direct access to our calendar releases and historical data. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Industrial production went up 6.9%, also higher than expected and the biggest gain in 2020. The Gross Domestic Product (GDP) in China was worth 14342.90 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. It will be the only G20 economy to post GDP growth for last year, according to the IMF’s latest World Economic Outlook. IMF estimates China GDP PPP per capita to be $19,520 during 2019 and $21,082 during 2020. China reached all the Millennium Development Goals (MDGs) by 2015 and made a major contribution to the achievement of the MDGs globally. Retail sales rose 3.3% yoy in September, above forecasts and the highest reading so far this year. China's economy grew by 2.3 percent year on year in 2020, the National Bureau of Statistics (NBS) said in a statement on Sunday.. China has set its GDP growth rate at over 6 percent for 2021 as its economic recovery gathers steam, and will devote full energy to promoting reform, innovation and high-quality development, Premier Li Keqiang said Friday while delivering the report on the government's work at the fourth session of the 13th National People's Congress. From 1979 until 2010, China's average annual GDP growth was 9.91%, reaching a historical high of 15.2% in 1984 and a record low of 3.8% in 1990. Rising global demand for medical equipment and work-from-home technology has been boosting exports while government support including more fiscal spending, tax relief and cuts in lending rates and banks' reserve requirements has also helped to boost the recovery. China. China’s GDP expanded 2.3% last year, the weakest in 44 years but making it the only major economy to report growth. China’s GDP growth in the second quarter had slowed to 6.2%, the smallest gain since 1992, back when the country’s economy was first shifting into … China's GDP … China GDP PPP per capita 1980-2020. In 2020, China dropped a gross domestic product growth target from the premier's work report for the first time since 2002 after the pandemic devastated its economy. The data reached an all-time high of 15.3 % in Mar 1993 and a record low of -6.8 % in Mar 2020. China GDP during 1980 was $305 billion and GDP per capita was $309. The country’s GDP growth in 2007 was a staggering 14.2%, but this dropped to 9.7% and 9.5% respectively in the two years following. At least 12 provinces and cities have set economic targets for 2021 so far at their regional congresses, with the goals ranging from about 6% to above 10%. China’s GDP grew by 2.3 per cent last year despite the devastating effects of the pandemic, making it the only major economy in the world to post an expansion. China Real GDP Growth 1980-2020. China, the second-biggest economy in the world, has announced a cut to it's growth rate for 2012. GDP per Capita in China (with a population of 1,421,021,791 people) was $7,150 in 2017, an increase of $429 from $6,722 in 2016; this represents a change of 6.4% in GDP … After loosening in 2020, monetary policy will shift to a neutral stance in 2021, amid concerns of deepening structural imbalances. China’s newly announced GDP growth target for 2021 indicates that China is reverting to past growth drivers at the expense of reforming and reorienting its economy toward innovation and sustainable growth. Find Out, Online tool for visualization and analysis. We expect China's real GDP to expand by 8.5% in 2021, from 2.3% growth in 2020, underpinned by fiscal support for infrastructure, healthcare and consumption. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. The tertiary sector expanded 2.1 percent. Despite the grave and complex challenges posed by the COVID-19 pandemic, China managed to bring its economic growth back to a pre-pandemic rate, the only major economy in the world that pocketed positive economic growth. According to preliminary data, the growth of real gross domestic product (GDP) in China amounted to about 2.3 percent in 2020. China's economy grew more than expected last year, even as the rest of the world was upended by the coronavirus pandemic. GDP (constant 2010 US$) GDP (current US$) GDP (constant LCU) GDP: linked series (current LCU) GDP, PPP (constant 2017 international $) GDP (current LCU) GDP, PPP (current international $) GDP per capita growth (annual … Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). China gdp growth rate for 2019 was 6.11%, a 0.64% decline from 2018. Chinese leaders announced that the world’s second-largest economy intends to keep consumer price inflation at around 3% and seeks a budget deficit goal of about 3.2% of GDP. In China, Gross Domestic Product is divided by three sectors: Primary, Secondary and Tertiary. Based on the current price, the country's average annual GDP growth in these 32 years was 15.8%, reaching an historical high of 36.41% in 1994 and a record low of 6.25% in 1999. "China unexpectedly set a GDP growth target, but at a relatively low level," wrote Iris Pang, chief economist for Greater China at ING. The latest GDP reports show that of the U.S. fell by 2.3% in 2020, while China's grew by 2.3% amid the coronavirus pandemic. As the second-largest economy in the world, China has seen an average growth rate of 9.52% between 1989 and 2019. 2013: Belt and Road Initiative China’s ambitious plans to develop road, rail, and sea routes across 152 countries is scheduled for completion by 2049—in time for the PRC’s 100th anniversary. For the first time in decades, China's five-year plan to 2025 lacks a target for average growth, but annual goals will be made. China Foreign Exchange Reserves Below Forecasts, China Composite PMI Highest in 3 Months: Caixin, China Manufacturing Growth at 11-Month Low: Caixin, China Non Manufacturing PMI Highest in 4 Months: NBS, China Manufacturing Growth at 3-Month High: NBS, China Industrial Profits Soar in January-February, China Keeps Benchmark LPR Steady for 11th Month, China's Economic Recovery Not Solid Yet: NBS, Italy Construction Sector Growth at Over 14-Year High, French Construction Sector Falls the Least in 9 Months, US 10-Year Treasury Yield Below 14-Month Highs, UK Stocks Extend Gains to Over 1-Year High, Japanese Yen Lifts Further from Yearly Lows, France Posts Widest Current Account Gap in 5 Months. IMF forecasts China GDP to reach $15,462 billion and GDP per capita to reach $10,971 by 2020.The US GDP during 1980 was $2,857 billion and GDP per capita was $12,553. China targets GDP growth of over 6% in 2021 0 Comment(s) Print E-mail Xinhua, March 5, 2021. The figure is 0.3 percentage points above the IMF's January prediction and would mark the country's strongest growth rate since 2011, according to the latest World Economic Outlook (WEO) released at the start of the IMF's and World Bank's spring meetings. China has set its 2021 economic growth target at more than 6%, Premier Li Keqiang said in his annual work report on Friday. Despite the lower-than-expected reading, there are signs the expansion is finally extending to consumption after a state-backed industrial recovery. Chinese leaders announced that the world’s second-largest economy intends to keep consumer price inflation at around 3% and seeks a budget deficit goal of about 3.2% of GDP. The Chinese economy is on track to expand further in 2021 amid continued policy support and vaccine rollouts after a series of stimulus measures and early containment of COVID-19 helped the nation become the only major economy in the world to avoid a GDP decline last year. Each province's GDP is listed in both the national currency renminbi (CN¥), and at nominal U.S. dollar values according to annual average exchange rates and according to purchasing power parity (PPP). License: CC BY-4.0 Line Bar Map. GDP growth (annual %) - China. In 2019, growth totaled $22.5 trillion, the largest in the world. To learn more about cookies, click here. Download historical data for 20 million indicators using your browser. China's economy, which was the first to be hit by the coronavirus pandemic and early to recover from its impact, grew 2.3 per cent in 2020, registering the lowest annual growth rate in 45 years. That's roughly 8% more than in 2018. China has set its 2021 economic growth target at more than 6%, Premier Li Keqiang said in his annual work report on Friday. Beijing aims to achieve the … The country had recently launched a private housing market. Analysts also expect a faster recovery in China than elsewhere, bolstering its position in the world economy and continuing to close the gap with the West in terms of income and GDP … 1961 - 2019. It will be the only G20 economy to post GDP growth for last year, according to the IMF’s latest World Economic Outlook. Chinese Premier Li: China Targets 2021 GDP Growth Of Above 6% - 2021 CPI Target Around 3% - Sees 2021 Budget Deficit At Around 3.2% Of GDP Chinese Premier Li: Keeps Wording On Monetary, Fiscal Policy Unchanged - Targets Surveyed Jobless Rate At 5.5% In 2021 - Will Keep Yuan Exchange Rate Basically Stable Chinese Premier Li: To Promote Sino-US Trade Ties On Basis Of Mutual Respect - Will … In 2020, China dropped a gross domestic product growth target from the premier's work report for the first time since 2002 after the pandemic devastated its economy. Growth in retail sales edged lower to 9.0 percent in 2018 from 10.2 percent in 2017, reflecting weaker auto sales. Considering the first half of the year, the economy contracted by 1.6 percent over the same period of 2019. In 2020, China dropped a gross domestic product growth target from the premier's work report for the first time since 2002 after the pandemic devastated its economy. Label. Real GDP Growth YoY data in China is updated quarterly, available from Mar 1992 to Dec 2020, with an average rate of 9.0 %. The chart below provides China GDP PPP per capita data from 1980 to 2020. The country became the first major economy to report growth following the coronavirus pandemic, as factories and stores reopened following months of coronavirus-induced restrictions. In the fourt quarter of 2020, the growth of the real gross domestic product (GDP) in China ranged at 6.5 percent compared to the same quarter of the previous year. China’s lower-than-expected GDP growth could impact steel demand. World Bank national accounts data, and OECD National Accounts data files. Although Chi… Still, the country was the only major economy to expand amid the fallout of the pandemic. In 2019, growth totaled $22.5 trillion, the largest in the world. The article lists China's province-level divisions by gross domestic product (GDP). The latest reading matched pre-pandemic growth rates, with industrial output rising the most in 3-1/2 years in December. The National Bureau of Statistics provides Real GDP Index, at previous year prices. See how China's GDP has changed since 1980 The country's official economic figures are often doubted for their accuracy. The Secondary sector, which includes Industry (40 percent of GDP) and Construction (9 percent of GDP) is the most important. The allocation will be used to boost the military's strategic capacity and preparedness across the board, amid challenges ranging from Taiwan to US missions in the South China Sea. China’s GDP grew 2.3% in 2020, the lowest since 1976. 1989-2020 Data | 2021-2023 Forecast | Calendar. China's top economic adviser, Li Keqiang, announced on Friday that the country had set a GDP target of more than 6% for 2021. GDP growth has averaged nearly 10% a yearthe fastest sustained expansion by a major economy in historyand more than 850 million people have lifted themselves out of poverty. World Bank national accounts data, and OECD National Accounts data files. China gdp growth … The Chinese economy grew by 3.2 percent year-on-year in the second quarter of 2020, rebounding from a record 6.8 percent contraction in the previous three-month period and beating market consensus of a 2.5 percent expansion. The GDP value of China represents 11.81 percent of the world economy. In China, the growth rate in GDP measures the change in the seasonally adjusted value of the goods and services produced by the Chinese economy during the quarter. World Bank national accounts data, and OECD National Accounts data files. China is the second-largest economy considering nominal GDP, at $14.14 trillion, and the largest using GDP (PPP), which is $27.31 trillion. Real per capita disposable income was 6.5 percent in 2018, in line with GDP growth, and China created 13.6 million new urban jobs in 2018, exceeding the 11 million target. However, a continuing fall in retail trade underlined weakness in consumer spending and the need for more support from Beijing to accelerate the economic recovery. The Tertiary sector accounts for the remaining 44 percent of total output and consist of Wholesale and Retail Trades; Transport, Storage, and Post; Financial Intermediation; Real Estate; Hotel and Catering Services and Others. China on Friday set a modest annual economic growth target, at above 6%, and pledged to create more jobs in cities than last year, as the world's second-biggest economy planned a careful course out of a year disrupted by COVID-19. China NBS data In 2020, China dropped a gross domestic product growth target from the premier's work report for the first time since 2002 after the pandemic devastated its economy. China's economy is measured by its gross domestic product. The country had recently launched a private housing market. This conservative approach could be an early indicator that China’s post-COVID economic recovery is not as solid as raw data indicates. Why China Can’t End Its Romance With GDP Growth Target By . (Bloomberg) — China’s provinces are targeting economic growth of at least 6% this year, with Hubei, the center of the coronavirus outbreak last year, expecting to hit double digits. China reported GDP growth of 2.3% last year — the only major economy to expand amid the coronavirus pandemic. Since initiating market reforms in 1978, China has shifted from a centrally-planned to a more market-based economy and has experienced rapid economic and social development. As China’s economy has matured, its real GDP growth has slowed significantly, from 14.2% in 2007 to 6.6% in 2018, and that growth is projected by the International Monetary Fund (IMF) to fall to 5.5% by 2024. The Chinese economy advanced 6.5 percent year-on-year in the December quarter, after a 4.9 percent growth in the third quarter and above market consensus of 6.1 percent. China reported GDP growth of 2.3% last year — the only major economy to expand amid the coronavirus pandemic. Last week, China reported 2.3% GDP growth for 2020, a stronger-than-expected number that showed a V-shaped recovery from a pandemic-induced economic slump that is still devastating most economies globally. Also, real estate investment grew 7 percent, with residential rising 7.6 percent and office building 5.4 percent. GDP Growth Rate in 2017 was 6.90%, representing a change of 655,855,828,215 US$ over 2016, when Real GDP was $9,505,156,930,655. The country's official economic figures are often doubted for their accuracy. China's economic growth has slumped to its lowest level in nearly three decades as the world's second largest economy feels the effects of a prolonged trade war with the United States. In 2020, the country's GDP expanded 2.3%, the slowest pace in more than four decades. The Trading Economics Application Programming Interface (API) provides direct access to our data. In 2020, the primary sector went up 3 percent, with live pig inventory surging 31 percent. Share Details. Still, China is likely to be the only major economy to avoid contraction due to the COVID-19 shocks. Industry advanced 2.6 percent, with manufacturing rising 3.4 percent, utilities 2 percent and mining 0.5 percent. In 2000, China’s GDP was just 11.8% of U.S. GDP. CEIC calculates Real GDP Growth from quarterly Real GDP Index. GDP growth (annual %) World Bank national accounts data, and OECD National Accounts data files. The divergence means China will … International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. During 2018, China GDP per capita on a purchasing power parity basis (GDP PPP per capita) was $18,110. GDP per capita growth (annual %) - China. Last week, China reported 2.3% GDP growth for 2020, a stronger-than-expected number that showed a V-shaped recovery from a pandemic-induced economic slump that is still devastating most economies globally.