China GDP during 1980 was $305 billion and GDP per capita was $309. 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. 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, the primary sector went up 3 percent, with live pig inventory surging 31 percent. 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. Still, China is likely to be the only major economy to avoid contraction due to the COVID-19 shocks. According to preliminary data, the growth of real gross domestic product (GDP) in China amounted to about 2.3 percent in 2020. (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. The Trading Economics Application Programming Interface (API) provides direct access to our data. 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. 1961 - 2019. Growth in retail sales edged lower to 9.0 percent in 2018 from 10.2 percent in 2017, reflecting weaker auto sales. China. Considering the first half of the year, the economy contracted by 1.6 percent over the same period of 2019. China's economy is measured by its gross domestic product. The article lists China's province-level divisions by gross domestic product (GDP). This site uses cookies to optimize functionality and give you the best possible experience. Direct access to our calendar releases and historical data. Although Chi… If you continue to navigate this website beyond this page, cookies will be placed on your browser. See how China's GDP has changed since 1980 China has set its 2021 economic growth target at more than 6%, Premier Li Keqiang said in his annual work report on Friday. 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. China reported GDP growth of 2.3% last year — the only major economy to expand amid the coronavirus pandemic. 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. Download historical data for 20 million indicators using your browser. As the second-largest economy in the world, China has seen an average growth rate of 9.52% between 1989 and 2019. World Bank national accounts data, and OECD National Accounts data files. 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. 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. In 2020, the country's GDP expanded 2.3%, the slowest pace in more than four decades. 1989-2020 Data | 2021-2023 Forecast | Calendar. GDP growth (annual %) - China. 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. 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. 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). 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. 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 … 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. 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. Industrial production went up 6.9%, also higher than expected and the biggest gain in 2020. GDP per capita growth (annual %) - China. China's GDP … 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. That's roughly 8% more than in 2018. Also, real estate investment grew 7 percent, with residential rising 7.6 percent and office building 5.4 percent. Publish your articles and forecasts in our website. China’s GDP grew 2.3% in 2020, the lowest since 1976. 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. The country had recently launched a private housing market. 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. 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 … The Secondary sector, which includes Industry (40 percent of GDP) and Construction (9 percent of GDP) is the most important. The chart below provides China GDP PPP per capita data from 1980 to 2020. 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. Industry advanced 2.6 percent, with manufacturing rising 3.4 percent, utilities 2 percent and mining 0.5 percent. 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 divergence means China will … In 2019, growth totaled $22.5 trillion, the largest in the world. 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. China targets GDP growth of over 6% in 2021 0 Comment(s) Print E-mail Xinhua, March 5, 2021. Retail sales rose 3.3% yoy in September, above forecasts and the highest reading so far this year. World Bank national accounts data, and OECD National Accounts data files. 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. China’s lower-than-expected GDP growth could impact steel demand. 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. Find Out, Online tool for visualization and analysis. 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. China's top economic adviser, Li Keqiang, announced on Friday that the country had set a GDP target of more than 6% for 2021. 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 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 … 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. Tom Hancock. 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's economy grew more than expected last year, even as the rest of the world was upended by the coronavirus pandemic. License: CC BY-4.0 Line Bar Map. 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. 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. China reported GDP growth of 2.3% last year — the only major economy to expand amid the coronavirus pandemic. The country's official economic figures are often doubted for their accuracy. In China, Gross Domestic Product is divided by three sectors: Primary, Secondary and Tertiary. The country's official economic figures are often doubted for their accuracy. 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. To learn more about cookies, click here. 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. Label. IMF forecasts the US GDP to reach $22,289 billion and GDP per capita to reach $67,082 by 2020. 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. 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.
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