Historical_GDP_of_the_People's_Republic_of_China

Historical GDP of China

Historical GDP of China

Overview of economic growth and decline in the East Asian country


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.

China's real GDP growth by decade since 1960s, with estimated rate for 2020s from the Bloomberg Terminal (WRGDCHIN)

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[3]

The gross domestic product of China in 2019 was RMB 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 has toppled America to become the biggest economy since 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[8]
(current price, revision based on the 4th economic census 2018)[9]
year GDP GDP per capita
based on mid-yr pop.[10]
Reference index
billions of GDP real
growth
(%)
GDP per capita real
growth
(%)
thousands
of mid-yr pop.
XRrate[11]
CNY USD CNY USD
p2023126,058.2117,888.975.289,35812,6815.21,410,7107.0467
r2022120,472.4017,911.183.085,31012,6833.01,412,1756.7261
r2021114,923.7017,813.498.481,37012,6138.41,412,3606.4515
r2020101,356.7014,694.492.271,82810,4132.01,411,1006.8976
r201998,651.5214,300.436.070,07810,1585.61,407,7456.8985
201891,928.1113,891.886.765,5349,9036.21,402,7606.6174
201783,203.5912,323.176.959,5928,8266.31,396,2156.7518
201674,639.5111,237.006.853,7838,0976.21,387,7906.6423
201568,885.8211,059.957.049,9228,0156.51,379,8606.2284
201464,356.3110,476.717.446,9127,6376.91,371,8606.1428
201359,296.329,574.427.843,4977,0237.31,363,2406.1932
201253,858.008,531.967.939,7716,3007.41,354,1906.3125
201148,794.027,554.669.636,2775,6179.11,345,0356.4588
201041,211.936,087.8810.630,8084,55110.11,337,7056.7695
200934,851.775,102.009.426,1803,8338.91,331,2606.8310
200831,924.464,596.699.724,1003,4709.11,324,6556.9451
200727,009.233,551.9814.220,4942,69513.61,317,8857.6040
200621,943.852,752.6812.716,7382,10012.11,311,0207.9718
200518,731.892,286.6911.414,3681,75410.71,303,7208.1917
200416,184.021,955.3510.112,4871,5099.41,296,0758.2768
200313,742.201,660.2910.010,6661,2899.31,288,4008.2770
200212,171.741,470.559.19,5061,1488.41,280,4008.2770
200111,086.311,339.418.38,7171,0537.51,271,8508.2770
200010,028.011,211.358.57,9429597.71,262,6458.2784
19999,056.441,094.007.77,2298736.81,252,7358.2783
19988,519.551,029.047.86,8608296.81,241,9358.2791
19977,971.50961.609.26,4817828.11,230,0758.2898
19967,181.36863.759.95,8987098.81,217,5508.3142
19956,133.99734.5211.05,0916109.81,204,8558.3510
19944,863.75564.3313.04,08147411.71,191,8358.6187
19933,567.32619.1113.93,02752512.61,178,4405.7620
19922,719.45493.1414.22,33442312.81,164,9705.5146
19912,200.56413.389.31,9123597.81,150,7805.3233
19901,887.29394.573.91,6633482.41,135,1854.7832
19891,717.97456.294.21,5364082.61,118,6503.7651
19881,518.04407.8511.21,3783709.41,101,6303.7221
19871,217.46327.0911.71,1233029.91,084,0353.7221
19861,037.62300.528.99732827.31,066,7903.4528
1985909.89309.8413.486629511.91,051,0402.9366
1984727.85312.7815.270230213.81,036,8252.3270
1983602.09304.7510.85882989.21,023,3101.9757
1982537.34283.939.05332827.31,008,6301.8925
1981493.58289.575.14972923.7993,8851.7045
1980458.76306.177.84683126.5981,2351.4984
1979410.05263.707.64232726.1969,0051.5550
1978367.87218.5011.738522910.4956,1651.6836
1977325.00174.947.63441856.2943,4601.8578
1976298.86153.94-1.6321165-3.2930,6901.9414
1975303.95163.438.73321796.8916,4001.8598
1974282.77144.182.33141600.1900,3501.9612
1973275.62138.547.83131575.4881,9401.9894
1972255.24113.693.82961321.3862,0302.2451
1971245.6999.807.12921194.0841,1102.4618
1970227.9792.6019.327911315.8818,3202.4618
1969196.2279.7116.924710013.8796,0302.4618
1968174.4170.85-4.122591-6.7774,5102.4618
1967179.4272.88-5.723897-8.2754,5502.4618
1966188.8776.7210.72571047.9735,4002.4618
1965173.4070.4417.02429814.5715,1902.4618
1964146.9959.7118.22108515.5698,3602.4618
1963124.8350.7110.3183747.4682,3402.4618
1962116.2247.21-5.717571-6.6665,7702.4618
1961123.2350.06-16.218776-26.4660,3302.4618
1960147.0159.728.022089-0.2667,0702.4618
1959144.7555.319.0217836.9666,0102.6170
1958131.2350.4021.32017718.4653,2402.6040
1957107.1441.145.1168652.4637,4102.6040
1956103.0739.5815.01666412.5621,4702.6040
195591.1635.016.9150584.9608,6602.6040
195485.9833.024.3144551.7595,3102.6040
195382.4431.6615.61425513.5581,3902.6040
195267.9130.5511954568,9102.2227

GDP by industries

More information Components of GDP by Industries (Revision based on the 4th Economic Census 2018) ...

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 4th economic census 2018,[9] in billions of CNY) [12]
year quarter 1 quarter 2 quarter 3 quarter 4 sum
GDPreal growth
% (YOY)
GDPreal growth
% (YOY)
GDPreal growth
% (YOY)
GDPreal growth
% (YOY)
GDPgrowth (%)
at current price
real growth
(%)
p202328,499.664.530,803.746.331,999.304.934,755.505.2126,058.204.65.2
r202227,034.454.829,244.670.430,794.213.933,399.072.9120,472.404.83.0
r202124,920.0218.728,284.928.329,128.815.232,589.944.3114,923.7013.48.4
r202020,524.48-6.924,834.773.126,435.574.829,561.886.4101,356.702.72.2
r201921,716.836.324,150.266.025,104.635.927,679.805.898,651.527.36.0
201820,203.576.922,396.226.923,447.436.725,880.896.591,928.1110.56.7
201718,186.777.020,195.037.021,278.936.923,542.876.883,203.5911.56.9
201616,241.006.918,140.826.819,101.066.821,156.626.974,639.518.46.8
201515,113.797.116,854.977.117,659.777.019,257.296.968,885.827.07.0
201414,075.987.515,648.967.616,548.477.218,082.897.364,356.318.57.4
201312,944.967.914,351.877.615,222.277.916,777.237.759,296.3210.17.8
201211,735.768.113,132.067.713,808.967.515,181.208.153,858.0010.47.9
201110,446.9910.211,889.5910.012,656.229.413,801.218.848,794.0218.49.6
20108,750.1312.29,934.7410.810,596.379.911,930.689.941,211.9318.210.6
20097,397.926.48,386.588.28,984.6910.610,082.5811.934,851.779.29.4
20086,937.3611.57,871.1810.98,246.019.58,869.907.131,924.4618.29.7
20075,715.9313.86,478.1615.06,948.2114.37,866.9313.927,009.2323.114.2
20064,707.8912.55,267.3313.75,606.4712.26,362.1612.521,943.8517.112.7
20054,045.3311.14,479.3111.14,804.7810.85,402.4812.418,731.8915.711.4
20043,454.4610.63,870.0811.64,185.509.84,673.988.816,184.0217.810.1
20032,982.5511.13,253.739.13,529.1910.03,976.7410.013,742.2012.910.0
20022,629.508.92,919.488.83,125.739.63,497.039.112,171.749.89.1
20012,408.649.52,672.668.62,833.338.03,171.687.511,086.3110.68.3
20002,132.998.72,404.349.12,571.258.82,919.437.510,028.0110.78.5
19991,936.198.92,156.777.92,305.087.62,658.396.79,056.446.37.7
19981,804.917.32,029.666.92,177.567.82,507.429.18,519.556.97.8
19971,668.9110.11,916.3610.02,050.098.62,336.158.67,971.5011.09.2
19961,462.8010.91,714.759.41,860.589.22,143.2410.37,181.3617.19.9
19951,211.1711.91,461.2911.01,616.4110.41,845.1210.86,133.9926.111.0
1994937.5114.11,148.1013.31,286.8013.11,491.3312.04,863.7536.313.0
1993683.4615.3835.7013.5938.5812.91,109.5914.13,567.3231.213.9
1992526.28648.43719.26825.482,719.4523.614.2

Quarterly GDP by US dollars

More information 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 2023)
(GDP by Expenditure Approach)[13]
WB (March 2023)[14] IMF (April 7, 2023)[15]
CNY USD XRrate CNY USD XRrate CNY USD XRrate
2021114,366,97017,734,1316.4490114,366,97017,734,0636.4490114,528.2917,759.316.4489
2020101,356,70014,687,7446.9008101,356,70014,687,6746.9008102,562.8414,862.566.9007
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. "IMF World Economic Outlook database". Retrieved 2020-01-28.
  2. International Monetary Fund (October 2020). "People's Republic of China". Retrieved 2 December 2020.
  3. Jamrisko, Michelle (6 March 2018). "China's Economy to Overtake Euro Zone This Year". Bloomberg. Retrieved 2022-05-02.
  4. 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.
  5. the annual data of China'GDP: published on China NBS National data. "National data - annual - national accounts - Gross Domestic Product" (Press release). China NBS. March 2021. Retrieved October 29, 2021.
  6. The mid-year population is the average at the end of the previous year and the end of the current year
  7. The annual average exchange rate of Chinese yuan (Renminbi) to the major currencies over the past years is published in China Statistical Yearbook"Annual Data" (Press release). China NBS. March 1, 2020. Retrieved October 25, 2021.; The annual average exchange rate of the RMB to the US dollar in the most recent year is published in the statistical communiqué of PR China on the national economic and social development of the year"Statistical Communiqués" (Press release). China NBS. February 28, 2021. Retrieved October 25, 2021.
  8. Quarterly GDP data: national data. stats.gov.cn. February 2020. Retrieved 27 February 2020.
  9. "National Accounts - Analysis of Main Aggregates (AMA)". unstats.un.org. United Nations Statistics Division. January 2023. Retrieved 25 April 2023.
  10. "World Economic Outlook Database, April 2023". IMF.org. International Monetary Fund. April 7, 2021. Retrieved 25 April 2023.

Further reading

  • Ta-Chung Liu, Kung-Chia Yeh: The Economy of the Chinese Mainland. National Income and Economic Development, 1933–1959. Princeton N. J. Princeton University Press

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