Historical GDP of China

Last updated

This article includes a list of China's historical gross domestic product (GDP) values, the market value of all final goods and services produced by a nation in a given year. The GDP dollar estimates presented here are either calculated at market or government official exchange rates (nominal), or derived from purchasing power parity (PPP) calculations. This article also includes historical GDP growth. Unless otherwise specified, the GDP per capita here is based on the average population. The annual average population or mid-year population is the average of the resident population at the end of the two consecutive years.

Contents

In 1985, the State Council of China (SCC) approved the establishment of a SNA (System of National Accounting), using GDP to measure the national economy. China started to study and then implement a new system of national economic accounting. In 1986, as the first citizen of the People's Republic of China to receive a Ph.D. in economics from an overseas country, Fengbo Zhang headed Chinese Macroeconomic Research - the key research project of the seventh five-year plan, as well as completing and publishing the Chinese GDP data according to China's own research and calculations. A summary of the above events has been included in the book "Chinese Macroeconomic Structure and Policy" (June 1988) edited by Fengbo Zhang, and collectively authored by the Research Center of the SCC. This is the first GDP data which was published by China.

The research utilized the World Bank's method as a reference, and made numerous appropriate adjustments based on China's national condition. The GDP also has been converted to U.S. dollar-based data by utilizing the moving average exchange rate. The research systematically completed China's GDP and GDP per capita from 1952 to 1986 and analyzed growth rate, the change and contribution rates of each component. The research also included international comparisons. Additionally, the research compared MPS and SNA, looking at the results from the two systems from analyzing Chinese economy. This achievement created the foundation for China GDP research.

The SCC issued "The notice regarding implementation of System of National Accounting" in August 1992, the Western SNA system officially is introduced to China, replaced Soviet Union's MPS system, Western economic indicator GDP became China's most important economic indicator. Based on Dr. Fengbo Zhang's research, in 1997, the National Bureau of Statistics of China (NBS), in collaboration with Hitotsubashi University of Japan, re-estimated China's GDP Data from 1952 up to 1995 based on the SNA principal. In 2016, the 2008 SNA was formally brought into use. [1]

During this period, there were many data adjustments, with weighting factors undergoing significant changes along with each year's comparable price amendments, statistical method significant changes result in the substantial deviation. Even with science and technology as advanced as it is today, the single item survey is allowed at least ±3%, or a total of 6% deviation. Despite the extremely difficult conditions of a destroyed economy, blank theory, a lack of data, and simple methods in the 1980s, there is so little deviation for such a long period of time and the comprehensiveness of the national economic indicator, indicates that the research conducted by Fengbo Zhang with the support of the extensive group he trained is extremely rigorous, and their result very precise. [2] Xie Fuzhan, former director, and Ma Jiantang, current director of the NBS, both participated in Dr. Fengbo Zhang's research project in the 1980s, as assistant researcher and graduate student, respectively, of the Research Center of the SCC.

Current status

Proportion of world (countries with data) nominal GDP for the countries with the top 10 highest nominal GDP in 2018, from 1980 to 2018 with IMF projections until 2024 Historical top 10 nominal GDP proportion 2018.svg
Proportion of world (countries with data) nominal GDP for the countries with the top 10 highest nominal GDP in 2018, from 1980 to 2018 with IMF projections until 2024

The gross domestic product of China in 2019 was CN¥  99.08651 trillion, [4] or US$ 14.4 trillion (nominal). [5]

China's nominal GDP surpassed that of Italy in 2000, France in 2005, the United Kingdom in 2006, Germany in 2007, Japan in 2010 and that of the Eurozone in 2018 making China the world's third largest economy after the European Union and United States. [6] But adjusting for purchasing power parity (PPP), China became the world's second largest economy as early as 1999 surpassing Japan, and surpassed America’s in 2014. [7]

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. 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 NBS data

Annual GDP

China's Historical Nominal GDP for 1952–present (current price) [8]
(the revised data released by NBS according to the results of the fifth national economic census in 2023) [9]
yearGDPGDP per capita
based on mid-yr pop. [10]
Reference index
billions of GDPreal
growth
(%)
GDP per capitareal
growth
(%)
thousands
of mid-yr pop.
ExRate
[11]
CNY USD CNYUSD
p2024134,908.4018,943.295.095,74913,4455.11,408,9757.1217
2023129,427.1718,367.065.491,74613,0205.51,410,7107.0467
2022123,402.9418,346.883.187,38512,9923.11,412,1756.7261
2021117,382.3018,194.578.683,11112,8828.51,412,3606.4515
2020103,486.7615,003.302.373,33810,6322.11,411,1006.8976
2019100,587.2414,581.036.171,45310,3585.71,407,7456.8985
201893,601.0114,144.686.866,72610,0836.31,402,7606.6174
201784,738.2912,550.476.960,6918,9896.21,396,2156.7518
201676,119.3011,459.786.854,8498,2586.21,387,7906.6423
201570,251.1511,279.167.050,9128,1746.41,379,8606.2284
201465,578.2910,675.637.547,8027,7826.81,371,8606.1428
201360,366.049,747.157.844,2817,1507.11,363,2406.1932
201254,751.068,673.447.940,4316,4057.11,354,1906.3125
201149,570.767,674.929.536,8555,7068.91,345,0356.4588
201041,925.336,193.2710.631,3414,63010.11,337,7056.7695
200935,452.165,189.899.426,6313,8998.91,331,2606.8310
200832,431.784,669.749.724,4833,5259.11,324,6556.9451
200727,417.973,605.7314.220,8052,73613.61,317,8857.6040
200622,257.842,792.0712.716,9772,130121,311,0207.9718
200518,990.752,318.2911.514,5671,77810.81,303,7208.1917
200416,422.801,984.2010.112,6711,5319.51,296,0758.2768
200313,937.731,683.9110.110,8181,3079.41,288,4008.2770
200212,331.191,489.819.29,6311,1648.51,280,4008.2770
200111,215.731,355.058.38,8181,0657.51,271,8508.2770
200010,130.861,223.778.68,0249697.71,262,6458.2784
19999,137.891,103.847.77,2948816.81,252,7358.2783
19988,586.391,037.127.96,9148356.91,241,9358.2791
19978,022.50967.769.36,5227878.21,230,0758.2898
19967,221.06868.5210.05,9317138.81,217,5508.3142
19956,164.94738.2311.05,1176139.81,204,8558.3510
19944,886.22566.9313.14,10047611.81,191,8358.6187
19933,581.97621.6513.93,04052812.61,178,4405.7620
19922,729.56494.9714.32,34342512.91,164,9705.5146
19912,207.09414.619.41,9183607.91,150,7805.3233
19901,890.96395.333.91,6663482.41,135,1854.7832
19891,721.00457.094.21,5384082.61,118,6503.7651
19881,520.64408.5411.21,3803719.41,101,6303.7221
19871,219.61327.6711.71,1253029.91,084,0353.7221
19861,039.52301.078.99742827.31,066,7903.4528
1985911.59310.4113.486729511.91,051,0402.9367
1984729.24313.3815.270330213.71,036,8252.3270
1983603.25305.3310.85902999.21,023,3101.9757
1982538.36284.479.05342827.41,008,6301.8925
1981494.47290.015.14982923.8993,8851.7050
1980459.57306.717.84683126.5981,2351.4984
1979410.72264.157.64242736.2969,0051.5549
1978368.48218.8611.738522910.2956,1651.6836
1977325.54175.237.63451866.1943,4601.8578
1976299.36154.20-1.6322166-3.1930,6901.9414
1975304.43163.698.73321796.8916,4001.8598
1974283.22144.412.33151610.2900,3501.9612
1973276.06138.777.83131575.3881,9401.9894
1972255.65113.873.82971321.3862,0302.2451
1971246.0899.967.12931194.2841,1102.4618
1970228.3492.7519.327911316.1818,3202.4618
1969196.5779.8516.924710013.7796,0302.4618
1968174.7470.98-4.022692-6.5774,5102.4618
1967179.7473.01-5.723897-8.1754,5502.4618
1966189.2076.8510.72571047.6735,4002.4618
1965173.7270.5717.02439914.2715,1902.4618
1964147.2759.8218.22118615.5698,3602.4618
1963125.0950.8110.3183747.6682,3402.4618
1962116.4747.31-5.617571-6.3665,7702.4618
1961123.4950.16-27.318776-26.5660,3302.4618
1960147.3359.8522190-0.2667,0702.4618
1959145.0555.439.0218836.9666,0102.6170
1958131.4950.5021.32017718.4653,2402.6040
1957107.3541.235.1168652.4637,4102.6040
1956103.2639.6515.01666412.7621,4702.6040
195591.3135.076.9150584.6608,6602.6040
195486.1233.074.3145561.8595,3102.6040
195382.5931.7215.61425513.1581,3902.6040
195268.0230.6012054568,9102.2227

GDP by industries

Quarterly GDP

China's quarterly GDP estimation was formally established in 1992. Afterwards, following the development of SNA of China, quarterly GDP is successively standardized and improved in estimation methodology, accounting classification, accounting procedure, release time and data quality control. Accumulated quarterly GDP estimation is formed. Not only quarterly GDP estimation by industries is established but also quarterly GDP estimation at expenditure approach is being studied. the following is the quarterly GDP list.

List of China's quarterly Nominal GDP 1992–present
(current price, revision based on the 5th economic census 2023, [9] in billions of CNY) [12]
yearquarter 1quarter 2quarter 3quarter 4sum
GDPreal growth
% (YOY)
GDPreal growth
% (YOY)
GDPreal growth
% (YOY)
GDPreal growth
% (YOY)
GDPgrowth (%)
at current price
real growth
(%)
p202430,476.185.332,883.764.734,175.804.637,372.625.4134,908.354.25.0
202329,236.884.731,623.756.532,844.075.035,722.485.3129,427.174.95.4
202227,717.584.829,911.150.831,539.964.034,234.243.0123,402.945.13.1
202125,505.5218.928,797.928.129,796.195.533,282.674.5117,382.3013.48.6
202020,967.11-6.825,345.003.226,991.024.930,183.626.5103,486.762.92.3
201922,145.396.424,619.396.125,602.326.028,220.145.9100,587.247.56.1
201820,573.536.922,804.246.923,879.686.726,343.566.593,601.0110.56.8
201718,527.447.020,566.567.021,675.536.923,968.766.884,738.2911.36.9
201616,573.536.818,500.226.719,483.756.721,561.796.876,119.308.46.8
201515,417.147.117,188.707.118,011.877.019,633.446.970,251.157.17.0
201414,353.947.615,946.247.716,860.177.318,417.947.465,578.298.67.5
201313,187.977.914,611.397.615,497.217.917,069.477.760,366.0410.37.8
201211,937.758.113,349.127.714,038.407.515,425.808.154,751.0610.57.9
201110,621.8910.112,077.689.912,856.159.314,015.038.749,570.7618.29.5
20108,912.5012.210,107.5010.710,779.299.912,126.049.941,925.3318.310.6
20097,534.136.48,535.568.29,133.0010.610,249.4711.935,452.169.39.4
20087,060.9611.67,996.5011.08,366.839.59,007.507.132,431.7818.39.7
20075,808.0613.66,575.1014.97,049.4114.27,985.4013.927,417.9723.214.2
20064,783.1712.45,341.5313.65,682.0512.26,451.0812.522,257.8417.212.7
20054,107.9211.24,539.9811.14,868.1710.95,474.6812.418,990.7515.611.5
20043,510.7810.63,925.1811.64,244.809.84,742.038.816,422.8017.810.1
20033,028.2011.23,297.829.23,577.8310.14,033.8810.113,937.7313.010.1
20022,666.609.02,955.078.93,166.449.73,543.079.212,331.199.99.2
20012,439.069.52,701.788.62,866.208.03,208.697.511,215.7310.78.3
20002,156.918.82,427.719.22,597.388.92,948.867.610,130.8610.98.6
19991,955.119.02,175.137.92,325.587.72,682.076.89,137.896.47.7
19981,820.547.32,044.977.02,194.567.92,526.329.28,586.397.07.9
19971,680.8110.21,928.0810.12,062.988.72,350.648.68,022.5011.19.3
19961,472.0611.01,723.979.41,870.559.32,154.4710.37,221.0617.110.0
19951,218.2312.01,468.5211.01,624.1810.51,854.0110.86,164.9426.211.0
1994942.4114.21,153.2713.41,292.5413.11,498.0112.14,886.2236.413.1
1993686.6315.3839.0413.5942.3113.01,113.9914.23,581.9731.213.9
1992528.49650.79721.84828.442,729.5623.714.3

Quarterly GDP by US dollars

Comparative data of three International organizations


List of China Nominal GDP by three International organizations ( millions of GDP )
Year UN (January 2024)
(GDP by Expenditure Approach) [13]
WB (March 2024) [14] IMF (April 16, 2024) [15]
CNYUSDExRateCNYUSDExRateCNYUSDExRate
2022121,020,72017,963,1716.7372121,020,72417,963,1716.7372120,247,10017,848,5406.7371
2021114,923,70017,820,4596.4490114,923,69817,820,4606.4490114,528,29317,759,3076.4489
2020101,356,70014,687,7446.9008101,356,70014,687,7446.9008102,562,83714,862,5646.9007
201998,651,50014,279,9666.908498,651,52014,279,9376.908499,070,84014,340,6006.9084
201891,928,11013,894,9076.616091,928,11313,894,8186.616091,577,43013,841,8106.6160
201783,203,59012,310,4906.758883,203,59512,310,4096.758882,898,28012,265,3306.7587
201674,639,51011,233,3156.644574,639,50611,233,2776.644574,598,05011,226,9006.6446
201568,885,82011,061,5736.227568,885,82211,061,5536.227569,209,37011,113,5106.2275
201464,356,31010,475,6256.143464,356,31010,475,6836.143464,654,80010,524,2406.1434
201359,296,3209,570,4706.195859,296,3239,570,4066.195859,634,4509,624,9306.1958
201253,858,0008,532,1866.312353,857,9958,532,2306.312353,903,9908,539,5806.3123
201148,794,0207,551,5466.461548,794,0187,551,5006.461548,410,9307,492,2106.4615
201041,211,9306,087,1926.770341,211,9266,087,1646.770340,850,5406,033,8306.7703
200934,851,7705,101,6906.831434,851,7745,101,7036.831434,765,0305,088,9906.8314
200831,924,4604,594,3376.948731,924,4614,594,3076.948731,806,7604,577,2806.9488
200727,009,2303,550,3277.607527,009,2323,550,3437.607527,049,9403,555,6607.6076
200621,943,8502,752,1197.973421,943,8472,752,1327.973421,959,7502,754,1507.9733
200518,731,8902,285,9618.194318,731,8902,285,9668.194318,765,7502,290,0208.1946
200416,184,0201,955,3478.276816,184,0161,955,3478.276816,135,5601,949,4508.2770
200313,742,2001,660,2808.277013,742,2031,660,2888.277013,714,6701,656,9608.2770
200212,171,7401,470,5578.277012,171,7421,470,5508.277012,132,6701,465,8308.2770
200111,086,3101,339,4018.277111,086,3121,339,3968.277111,038,8401,333,6508.2772
200010,028,0101,211,3318.278510,028,0141,211,3478.27849,979,9001,205,5308.2784
19999,056,4401,094,0048.27839,056,4381,093,9978.27839,009,5101,088,3508.2781
19988,519,5501,029,0618.27908,519,5511,029,0438.27918,479,0801,024,1708.2790
19977,971,500961,6018.28987,971,504961,6048.28987,941,580957,9918.2898
19967,181,360863,7498.31427,181,363863,7478.31427,154,150860,4688.3143
19956,133,990734,4858.35146,133,989734,5488.35076,105,040730,9968.3517
19944,863,750564,3228.61874,863,745564,3258.61874,841,030561,6868.6187
19933,567,320619,1165.76203,567,323444,7318.02133,557,600617,4335.7619
19922,719,450493,1375.51462,719,453426,9166.37002,714,030492,1485.5147
19912,200,560413,3765.32342,200,563383,3735.74002,199,720413,2095.3235
19901,887,290394,5664.78321,887,287360,8585.23001,896,930396,5904.7831
19891,717,970456,2873.76511,717,974347,7684.94001,725,050458,1803.7650
19881,518,040407,8453.72211,518,039312,3544.86001,521,050408,6633.7220
19871,217,460327,0903.72211,217,459272,9734.46001,219,800327,7283.7220
19861,037,620300,5163.45281,037,615300,7583.45001,039,030300,9203.4528
1985909,890309,8392.9367909,895309,4882.9400910,808310,1332.9368
1984727,850313,7232.3200727,850259,9472.8000729,014314,2302.3200
1983602,090304,7521.9757602,092230,6872.6100603,423305,4281.9757
1982537,340283,9251.8925537,335205,0902.6200538,632284,6011.8926
1981493,580289,5691.7045493,583195,8662.5200492,160288,6991.7048
1980458,760306,1671.4984458,758191,1492.4000454,052303,0041.4985
1979410,050263,6981.5550410,045178,2812.3000
1978367,870218,5021.6836367,870149,5412.4600


See also

References

  1. China NBS / Bulletin on Reforming China 's GDP Accounting and Data Release System: stats.gov.cn (12-Jan-17) or China NBS Announcement: GDP Revision according to SNA2008 (Chinese), China revises Historical GDP according to SNA2008 Archived 2016-10-16 at the Wayback Machine ; see finance.qq.com Archived 2017-03-12 at the Wayback Machine , sina.com.cn
  2. China Economic History
  3. "IMF World Economic Outlook database" . Retrieved 2020-01-28.
  4. National Bureau of Statistics of China. "Annual > Indicators > National Accounts > Gross Domestic Product". data.stats.gov.cn. Retrieved 2 December 2020.
  5. International Monetary Fund (October 2020). "People's Republic of China" . Retrieved 2 December 2020.
  6. Jamrisko, Michelle (6 March 2018). "China's Economy to Overtake Euro Zone This Year". Bloomberg. Retrieved 2022-05-02.
  7. the historical PPP GDP figures of Mainland China and exchange rates of Chinese yuan to Int'l. dollar are based on the World Economic Outlook Database April 2019 "Download WEO Data: April 2019 Edition" (Press release). International Monetary Fund. April 9, 2019. Retrieved April 29, 2019.
  8. 1 2 The data for 2023 and earlier years are annual data published in the NBS database after being revised based on the results of China's fifth national economic census in 2023 "National data / annual / national accounts / Gross Domestic Product" (Press release). China NBS. January 2025. Retrieved January 19, 2025.. The data for 2024 are preliminary estimated data released by NBS, and Based on the year-end population figures in 2023 (1,409,670 thousand people) and 2024 (1,408,280 thousand people), the mid-year population of mainland China in 2024 is 1,408,975 thousand people "National Economy Witnessed Steady Progress amidst Stability with Major Development Targets Achieved Successfully in 2024" (Press release). China NBS. January 17, 2025. Retrieved January 19, 2025..
  9. 1 2 3 Starting from 2025, all economic data on China published by NBS and released through the national data platform are revised based on the results of the fifth national economic census in 2023, including economic data for 2023 and previous years "National Economy Witnessed Steady Progress amidst Stability with Major Development Targets Achieved Successfully in 2024" (Press release). China NBS. January 17, 2025. Retrieved January 20, 2025..
  10. China uses the calendar year as its fiscal year, its official GDP per capita is based on mid-year population. The mid-year population is the average at the end of the previous year and the end of the current year
  11. 1 2 For the exchange rate of 2024, refer to China NBS "STATISTICAL COMMUNIQUÉ OF THE PEOPLE'S REPUBLIC OF CHINA ON THE 2024 NATIONAL ECONOMIC AND SOCIAL DEVELOPMENT" (Press release). statistics.gov.cn. February 28, 2025. Retrieved March 21, 2025.; Refer to the national statistical database for the historical exchange rates "national data - annual - foreign tarde and economic cooperation - reference exchange rate of renminbi (period average)" (Press release). China NBS. Retrieved January 19, 2025., and for the historical exchange rates also published on the statistical yearbooks "statistical yearbooks (Chinese / English)" (Press release). China NBS. Retrieved January 19, 2025.
  12. Quarterly GDP data: national data. stats.gov.cn. 2024. Retrieved 12 May 2024.
  13. "National Accounts - Analysis of Main Aggregates (AMA)". unstats.un.org. United Nations Statistics Division. January 2024. Retrieved 26 May 2024.
  14. "World Development Indicators (Metadata last updated on March 2023)". worldbank.org. World Bank. March 2024. Retrieved 26 May 2024.; also see GDP at market prices (current US$) or GDP (current LCU)
  15. "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund. April 16, 2024. Retrieved 3 June 2024.

Further reading