Do you think China’s economic growth has been a positive thing for the world? Accumulated quarterly GDP estimation is formed. Visualizing China's Economic Growth in the Past 30 Years. The research utilized the World Bank's method as a reference, and made numerous appropriate adjustments based on China's national condition. E-mail me the best content from Howmuch.net, Select the way you want to use our Visualization. Share this article on Twitter and let your friends know. According to the IMF, on a per capita income basis, China ranked 73rd by GDP (PPP) per capita in 2019. Want to use our visualization online, including on open publications like blogs, news sites, etc.? We also used the World Bank to determine high and low income countries. Share Details. News All News. China attains maximum gdp growth rate of 19.30% in year 1970 and minimum -27.27% in 1961. During the 2008-17 period, China’s GDP growth rate was highest in 2010 at 10.6%. For the analysis of the other G20 economies, select a country page: View a high-resolution version of this graphic here. China’s economy grew by 6% in the third quarter, the slowest annual rate in 30 years. In China, the peak of 10.6% of GDP Growth over the past 7 years occurred in 2010. China’s real gross domestic product (GDP) grew at an average annual rate of nearly 10%.1 According to the World Bank, China has “experienced the fastest sustained expansion by a major economy in history—and has lifted more than 800 million people out of poverty.”2 China has emerged as a major global economic power. President Trump is famous for his trade war, even if a deal seems like it could happen anytime now. 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. Instead of GDP growth, Li announced other targets including a 3.5% increase in inflation, more than 9m new urban jobs and a registered urban unemployment rate of … This article also includes historical GDP growth. The GDP growth rate shows whether the country’s economy is flourishing or taking a dive. The growth rate continued to hover at the weakest in nearly three decades. U.S. national debt, on the other hand, tends to grow no matter what the economy is doing. 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. China GDP is at a current level of 13.61T, up from 12.14T one year ago. China’s economy grew by 6.1 per cent in 2019, the lowest annual growth rate for 29 years, the National Bureau of Statistics announced on Friday. Eurozone in 2018 making China the world's third largest economy after the European Union and United States. This lets us measure growth rates in real terms over the last 30 years. The U.S. economy is only 2.09 times bigger than it was in 1989. 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. China’s growth rate surpassed every other measure we found, from the Dow Jones Industrial Average, to rich and poor countries, and even U.S. debt. A negative growth rate indicates contraction. China started to study and then implement a new system of national economic accounting. Report: World Development Indicators: Category: GDP Region: China: Source: World Bank: Stats. The value of the Dow Jones Industrial Average ebbs and flows with recessions, recently reaching an all-time high before contracting a little to 4.45 times the size it was 30 years ago. The Chinese economy grew an underwhelming 6% in quarter three, its weakest rate in at least 27 years. GDP Growth Rate in China averaged 1.75 percent from 2010 until 2020, reaching an all time high of 11.70 percent in the second quarter of 2020 and a record low of -10 percent in the first quarter of 2020. Our visualization puts things in perspective. menu. When comparing Fengbo Zhang's GDP measurement in the 1980s and the GDP in 1997 by the NBS and Japan's cooperative research, the two are found to be very consistent; the deviation rate each year is very slight, between only 0.1% and 7%. It’s an open question how long it will take China to double yet again given these challenges, especially given the recent headlines about slowing down. US tariffs having ‘major effect’ on companies ‘wanting to leave China’, says Trump . The Euro area and other high income countries, including the U.S., have grown much slower than China. 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. It’s also critical to understand how the U.S. is still the biggest economy, by a lot. China GDP 13.61T USD for 2018 Overview; Interactive Chart; Level Chart. Switzerland gdp growth rate for 2016 was 1.72%, a … Past performance is no guarantee of future results, as everyone knows. This is the first GDP data which was published by China. These will be for sale soon. Chart: 70 Years of China’s Economic Growth. China Real GDP by Year. China's GDP was $14.4 trillion (99 trillion Yuan) in 2019. The money supply increased right along with it, created on the books of its state-owned banks. Four international agencies including WB, EIU, IMF, and UN give forecasts with the GDP Growth declining after 2018. In 2016, the 2008 SNA was formally brought into use.[1]. Label. GDP (constant 2010 US$) 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 … 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. GDP growth (annual %) World Bank national accounts data, and OECD National Accounts data files. Another interesting storyline in our visual is how China’s rise has been steady and one-directional, but the Dow Jones Industrial Average and American debt levels have ebbed and flowed over the decades. China's yearly growth rate could fall below 2%, economist warns . It’s more than 14 times as big as it was in 1989. 1961 - 2019. China’s economy started to grow in 1989 and hasn’t let up, double in size roughly every 8 to 10 years. we can issue a permission document, granting non-exclusive rights to reproduce, store, publish, & distribute. GDP Annual Growth Rate in China averaged 9.23 percent from 1989 until 2020, reaching an all time high of 15.30 percent in the first quarter of 1993 and a record low of -6.80 percent in the first quarter of 2020. In 1986, as the first citizen of the People's Republic of China to receive a Ph.D. in economics from an overseas country, Dr. 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. 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. 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. Give us credit as your source, "HowMuch.net, a financial literacy website", Copy this link to your website (Image is included here). India reached an all time high of 9.63% in 1988 and a record low of -5.24% in 1979. The following table shows the GDP of … China’s economy grows at slowest rate in nearly 30 years. GDP growth rate was negative in five and four years for China and India, respectively. No matter the economic climate, U.S. debt levels continue to grow, almost quadrupling in inflation-adjusted dollars over the last 30 years. China GDP Growth Rate Is Slowest in Five Years Economy Grew at a Slower Pace of 7.3% in the Third Quarter Economic growth a will be a focus at China’s fourth plenum, a … Additionally, the research compared MPS and SNA, looking at the results from the two systems from analyzing Chinese economy. dollar are based on the World Economic Outlook Database October 2019, "Chinese Macroeconomic Structure and Policy" (June 1988), List of Chinese administrative divisions by GDP per capita, List of Chinese administrative divisions by GDP, Comparison between Chinese provinces and sovereign states by GDP PPP, List of country subdivisions by GDP over 100 billion US dollars, China NBS Announcement: GDP Revision according to SNA2008 (Chinese), China revises Historical GDP according to SNA2008, "Annual > Indicators > National Accounts > Gross Domestic Product", https://www.bloomberg.com/news/articles/2018-03-06/china-s-economy-is-set-to-overtake-combined-euro-area-this-year, "National Economy was Generally Stable in 2019 with Main Projected Targets for Development Achieved", China NBS: National data - annual - national accounts - Gross Domestic Product, Statistical Communiqué of the People's Republic of China on the 2017 National Economic and Social Development, "Download WEO Data: October 2019 Edition", United Nations: National Accounts Main Aggregates Database - Latest Data Upload (December 2015), World bank / World Development Indicators (, United Nations: National Accounts main aggregates database (loaded on December 2015), List of top international rankings by country, Grasping the large, letting go of the small, China Banknote Printing and Minting Corporation, National Development and Reform Commission, Ministry of Industry and Information Technology, State-owned Assets Supervision and Administration Commission, State Administration for Industry and Commerce, China Council for the Promotion of International Trade, All-China Federation of Industry and Commerce, Guangdong-Hong Kong-Macau Greater Bay Area, Mainland and Hong Kong Closer Economic Partnership Arrangement, Mainland and Macau Closer Economic Partnership Arrangement, Regional Comprehensive Economic Partnership, History of trade of the People's Republic of China, https://en.wikipedia.org/w/index.php?title=Historical_GDP_of_China&oldid=996877451, Economic history of the People's Republic of China, All Wikipedia articles in need of updating, Wikipedia articles in need of updating from January 2012, Creative Commons Attribution-ShareAlike License, Ta-Chung Liu, Kung-Chia Yeh: The Economy of the Chinese Mainland. 10 Year Treasury Rate; S&P 500 Dividend Yield; S&P 500 Earnings; S&P 500 Historical Prices; more; multpl. In depth view into China GDP including historical data from 1960, charts and stats. Components of GDP by Industries (Revision based on the 4th Economic Census 2018), List of China GDP by three International organizations, comparison for percentage share of world nominal GDP, comparison of Nominal GDP per capita by year, comparison for percentage share of world nominal GDP, Comparative data of three International organizations, the historical PPP GDP figures of Mainland China and exchange rates of Chinese yuan to Int'l. This was down from 6.4% in the first quarter and 6.2% in the second. China GDP Annual Growth Rate History. From agrarian economy to global superpower in half a century—China’s transformation has been an economic success story unlike any other. By Zhou Lanxu | China Daily | Updated: 2019-10-19 03:28 [Photo/VCG] China's GDP growth slowed to 6.0 percent year-on-year in the third quarter, the lowest quarterly expansion in 27 years. the following is the quarterly GDP list. China gdp growth … 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. We found U.S. debt numbers from The Balance. For example, the debt-to-GDP ratio shows how large debt levels aren’t necessarily a bad thing if a country’s economy is likewise enormous. We adjusted all of these figures to reflect 2019 dollars, allowing us to create a true apples-to-apples comparison across time. (Bloomberg) -- China revised down its official GDP growth rate for 2019 to 6% from 6.1%, mainly due to a lower estimate for manufacturing output, a change that will make it slightly easier for officials to report economic expansion this year. Despite the slowdown, the growth rate for 2018 exceeded the target of about 6.5% set by the Chinese government. Send requests to: permissions@howmuch.net. If you adjust numbers for purchasing … If you'd like to use our visualization in books, magazines, reports, educational materials, etc. The research also included international comparisons. License: CC BY-4.0 Line Bar Map. Princeton N. J. Princeton University Press, This page was last edited on 29 December 2020, at 01:10. This is a change of 12.06% from one year ago. 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. National Income and Economic Development, 1933–1959. Real GDP takes into account inflation, so you can compare the GDP of different years. In fact, there’s been a U.S. national debt boom over the last few years even with a strong economy. 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. [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 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. Before the 2008-09 global banking crisis, China’s GDP increased by an average of 10% per year for 30 years. President Trump constantly warns about China as a threat to the world. As of 2019, China's public sector accounted for 63% of total employment. We arrived at the numbers behind our visual by pulling from a few different sources. Then, uneven reduction until 2018 has followed. Published Tue, Feb 4 2020 6:37 AM EST Updated Tue, Feb 4 2020 8:52 AM EST. It’s important to keep in mind how these figures are all relative, and there are lots of other ways to measure and compare wealth between countries. It’s more than 14 times as big as it was in 1989. Do you want to republish our data visualizations and/or articles? During period 1961 to 2018, China grew by more than 10% in 22 years while India never. Nominal GDP reflects the prices for the year in which the goods were produced. But how should we understand the rapid rise of China on the global economic stage? China has the world's fastest-growing major economy, with growth rates averaging 10% over 30 years. Today, China is the world’s second largest economy, making up 16% of $86 trillion global GDP in nominal terms. China’s growth rate surpassed every other measure we found, from the Dow Jones Industrial Average, to rich and poor countries, and even U.S. debt. This achievement created the foundation for China GDP research. [6] But adjusting for purchasing power parity (PPP), China become the world's second largest economy as early as 1999 surpassing Japan, and has toppled America to become the biggest economy since 2014.[7]. News China's GDP growth slows to 27-year low. 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. The stock market obviously contracts during recessions before recovering, but it’s only 4.45 times as big as it was 30 years ago. dollar are based on the World Economic Outlook Database April 2019, the historical PPP GDP figures of Mainland China and exchange rates of Chinese yuan to Int'l. In 2019, the growth in real gross domestic product (GDP) in China amounted to about 6.11 percent. 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. “Our current forecast has GDP growing at about 6% y/y in H2, bringing growth to between 2% and 2.5% in 2020, followed by over 8% growth next year. The gross domestic product of China in 2019 was CN¥ 99.08651 trillion,[4] or US$14.4 trillion (nominal). Elliot Smith @ElliotSmithCNBC. Quarterly GDP growth rate slowest in 27 years. Switzerland gdp growth rate for 2019 was 0.93%, a 1.82% decline from 2018. China’s economy started to grow in 1989 and hasn’t let up, double in size roughly every 8 to 10 years. This lets us measure growth rates in real terms over the last 30 years. It’s grown 14.12 times in size since 1989. … US economy achieved the highest growth rate of 2.9% in 2015 (WorldBank). Switzerland gdp growth rate for 2018 was 2.75%, a 0.95% increase from 2017. Its GDP was 12.2 Trillion dollars in 2017 (World Bank). While GDP growth crossed over 3% in a few quarters the past three years, on a full year basis GDP growth hit a high point of 2.9% in 2018, the year that Trump’s tax cut took effect. We will email you when we're ready, just drop your address in the box. First, we grabbed GDP growth figures from the World Bank and returns from the Dow Jones Industrial Average from macrotrends. Yet the economy is still expected to meet its annual growth target as policy support strengthens, analysts said. Switzerland gdp growth rate for 2017 was 1.80%, a 0.08% increase from 2016. Basic Info. China’s economy has grown significantly faster than every measure on our visual. Last 12 readings. 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's growth dropped last quarter to its lowest level in nearly three decades, as the world's second largest economy continues to feel the pain from the trade war with the United States. Not only quarterly GDP estimation by industries is established but also quarterly GDP estimation at expenditure approach is being studied. 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 GDP also has been converted to U.S. dollar-based data by utilizing the moving average exchange rate. The National Bureau of Statistics of China released the new data on Friday, the same day it announced that the country's GDP growth has fallen to its lowest level in nearly 30 years. China takes American jobs, adds to the national trade deficit and steals intellectual property. [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. China gdp growth rate for 2019 was 6.11%, a 0.64% decline from 2018. Thanks for your interest in purchasing a high-quality poster of this visualization. China's quarterly GDP estimation was formally established in 1992. 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. Even if nothing happens and tariffs continue to escalate, multinational companies are still dropping buckets of money to invest in China. Latest Releases and Calendar Events. China is able to post such impressive growth numbers because it started as an agrarian economy in 1989, and then transformed into a manufacturing powerhouse. 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