News All News. Report: World Development Indicators: Category: GDP Region: China: Source: World Bank: Stats. It’s more than 14 times as big as it was in 1989. 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. 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. View a high-resolution version of this graphic here. It’s also critical to understand how the U.S. is still the biggest economy, by a lot. Give us credit as your source, "HowMuch.net, a financial literacy website", Copy this link to your website (Image is included here). According to the IMF, on a per capita income basis, China ranked 73rd by GDP (PPP) per capita in 2019. This is a change of 12.06% from one year ago. Send requests to: permissions@howmuch.net. The gross domestic product of China in 2019 was CN¥ 99.08651 trillion,[4] or US$14.4 trillion (nominal). China has the world's fastest-growing major economy, with growth rates averaging 10% over 30 years. China GDP is at a current level of 13.61T, up from 12.14T one year ago. 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 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. Latest Releases and Calendar Events. Additionally, the research compared MPS and SNA, looking at the results from the two systems from analyzing Chinese economy. No matter the economic climate, U.S. debt levels continue to grow, almost quadrupling in inflation-adjusted dollars over the last 30 years. 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. 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. China’s economy started to grow in 1989 and hasn’t let up, double in size roughly every 8 to 10 years. 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. Want to use our visualization online, including on open publications like blogs, news sites, etc.? U.S. national debt, on the other hand, tends to grow no matter what the economy is doing. … 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. Switzerland gdp growth rate for 2017 was 1.80%, a 0.08% increase from 2016. 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. 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. We also used the World Bank to determine high and low income countries. We adjusted all of these figures to reflect 2019 dollars, allowing us to create a true apples-to-apples comparison across time. 1961 - 2019. China’s economy started to grow in 1989 and hasn’t let up, double in size roughly every 8 to 10 years. 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. Share Details. (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. China's GDP was $14.4 trillion (99 trillion Yuan) in 2019. For the analysis of the other G20 economies, select a country page: This achievement created the foundation for China GDP research. [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 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. China Real GDP by Year. 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. The U.S. economy is only 2.09 times bigger than it was in 1989. we can issue a permission document, granting non-exclusive rights to reproduce, store, publish, & distribute. During the 2008-17 period, China’s GDP growth rate was highest in 2010 at 10.6%. The GDP also has been converted to U.S. dollar-based data by utilizing the moving average exchange rate. Our visualization puts things in perspective. Elliot Smith @ElliotSmithCNBC. Despite the slowdown, the growth rate for 2018 exceeded the target of about 6.5% set by the Chinese government. Its GDP was 12.2 Trillion dollars in 2017 (World Bank). 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. Accumulated quarterly GDP estimation is formed. Real GDP takes into account inflation, so you can compare the GDP of different years. The money supply increased right along with it, created on the books of its state-owned banks. 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. Share this article on Twitter and let your friends know. Published Tue, Feb 4 2020 6:37 AM EST Updated Tue, Feb 4 2020 8:52 AM EST. 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. 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. US tariffs having ‘major effect’ on companies ‘wanting to leave China’, says Trump . The Chinese economy grew an underwhelming 6% in quarter three, its weakest rate in at least 27 years. 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