Indicators of economy in ChinaThe essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,183 USD per capita. GDP in China, on the other hand, reached USD 12,439 per capita, or 17.734 trillion USD for the whole country. China is one of the world's largest economies and is currently at rank 2. If this is calculated per inhabitant, taking purchasing power parity into account, then China ranks 77th in the list of the richest countries.
Inflation in China in 2022 was around 1.97%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.
The index for perceived corruption in the public sector is 45, which is below average by global standards.
Back to overview: China
Impact of the COVID-19 pandemicOverall, the gross domestic product in China in 2020 increased from 14.280 trillion US dollars to 14.688 trillion US dollars. Certainly, there have been shifts in numerous sectors of the economy, but a 2.9 percent increase has been rather unusual this year. While most countries have suffered significant losses, China has certainly held its own. The unemployment rate rose from 4.6 to 5.0 percent. The inflation rate fell from 2.9 percent previously to 2.4 percent by the end of 2020.
Income and purchasing powerThe average monthly income in China is 990 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 42.4 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in China than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 70.9 percent less.
However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.
Unemployment rates in percentages 1991 - 2022
Economic performance 2021
|GDP||17.734 tn USD||12,439.10 USD||17.177 tn USD||33,384.92 USD|
|Gross national product||16.785 tn USD||11,773.49 USD||16.895 tn USD||32,835.37 USD|
In the Global Innovation Index, China ranked 11th in 2022 with 55.3 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 297 originate from China. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2022 were:
Rank 2: ICBC (Beijing)
Rank 5: China Construction Bank (Beijing)
Rank 8: Agricultural Bank of China (Beijing)
Rank 13: Bank of China (Beijing)
Rank 17: Ping An Insurance Group (Shenzhen)
Rank 21: PetroChina (Beijing)
Rank 24: China Merchants Bank (Shenzhen)
Rank 28: Tencent Holdings (Shenzhen)
Rank 30: Postal Savings Bank Of China (PSBC) (Beijing)
Rank 33: Alibaba Group (Hangzhou)
Development of gross domestic product in trillions of USD 1960 - 2021
Imports and Exports 2021
|Imports||3.091 tn USD||2,168.44 USD||8.916 tn USD||17,329.02 USD|
|Exports||3.554 tn USD||2,493.07 USD||9.554 tn USD||18,569.19 USD|
Development of imports and exports in billions of USD 1982 - 2021