The Chinese economy advanced 7.9 percent year-on-year in Q2 of 2021, slowing sharply from a record 18.3 percent growth in Q1 and missing market consensus of 8.1 percent. A slowdown in factory activity, higher raw material costs, and new COVID-19 outbreaks in some regions all weighed on the recovery momentum. During the first half of the year, the economy grew by 12.7 percent, amid a low base effect from last year's coronavirus-triggered slump. China has set an economic growth target of “above 6 percent” for 2021 after expanding the least in over four decades of 2.3% in 2020. Analysts generally believe the country is on track to meet the growth target for the year although the economy is expected to slow slightly in the second half of 2021 as consumers globally start to spend more on services, hitting China’s export sector. Still, upbeat retail sales for June suggest consumer spending in China remains resilient. source: National Bureau of Statistics of China

GDP Annual Growth Rate in China averaged 9.27 percent from 1989 until 2021, reaching an all time high of 18.30 percent in the first quarter of 2021 and a record low of -6.80 percent in the first quarter of 2020. This page provides - China GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. China GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.

GDP Annual Growth Rate in China is expected to be 6.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China GDP Annual Growth Rate is projected to trend around 5.90 percent in 2022 and 5.40 percent in 2023, according to our econometric models.

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China GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
7.90 18.30 18.30 -6.80 1989 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-10-19 02:00 AM Q3 4.9% 3.2% 5.2% 5.1%
2021-01-18 02:00 AM Q4 6.5% 4.9% 6.1% 5.9%
2021-04-16 02:00 AM Q1 18.3% 6.5% 19% 19.1%
2021-07-15 02:00 AM Q2 7.9% 18.3% 8.1% 8.3%
2021-10-18 02:00 AM Q3 7.9% 6.3%


News Stream
China Q2 GDP Growth Slows More than Expected
The Chinese economy advanced 7.9 percent year-on-year in Q2 of 2021, slowing sharply from a record 18.3 percent growth in Q1 and missing market consensus of 8.1 percent. A slowdown in factory activity, higher raw material costs, and new COVID-19 outbreaks in some regions all weighed on the recovery momentum. During the first half of the year, the economy grew by 12.7 percent, amid a low base effect from last year's coronavirus-triggered slump. China has set an economic growth target of “above 6 percent” for 2021 after expanding the least in over four decades of 2.3% in 2020. Analysts generally believe the country is on track to meet the growth target for the year although the economy is expected to slow slightly in the second half of 2021 as consumers globally start to spend more on services, hitting China’s export sector. Still, upbeat retail sales for June suggest consumer spending in China remains resilient.
2021-07-15
China GDP Grows at Record Pace in Q1
The Chinese economy advanced 18.3 percent year-on-year in the March quarter 2021, accelerating sharply from a 6.5 percent growth in the fourth quarter and compared with market consensus of 19 percent. This was the strongest pace of expansion since the series began in 1992, boosted by strengthening domestic and global demand, strict virus containment measures, and continued fiscal and monetary support. The latest reading reflected a low comparison base in 2020 when activity plunged due to the COVID-19 shocks. For 2021, China expects the economy to grow by more than 6%. However, the services sector and smaller firms still faced challenges, while consumer inflation was likely to remain moderate, National Bureau of Statistics spokeswoman Liu Aihua said. In 2020, the country's GDP expanded 2.3%, the slowest pace in more than four decades.
2021-04-16
China Sets 2021 GDP Growth Target at Over 6%
China has set its 2021 economic growth target at more than 6%, Premier Li Keqiang said in his annual work report on Friday. Chinese leaders announced that the world’s second-largest economy intends to keep consumer price inflation at around 3% and seeks a budget deficit goal of about 3.2% of GDP. The government also aims for an urban unemployment rate of approximately 5.5% and plans to create more than 11 million new urban jobs. In 2020, the country's GDP expanded 2.3%, the slowest pace in more than four decades. Meantime, China's 2021 defense spending will rise 6.8% yoy to CNY 1.35 trillion, sixth year in a row of single-digit increase. The allocation will be used to boost the military's strategic capacity and preparedness across the board, amid challenges ranging from Taiwan to US missions in the South China Sea.
2021-03-05
China 2020 GDP Grows 2.3%
The Chinese economy advanced 6.5 percent year-on-year in the December quarter, after a 4.9 percent growth in the third quarter and above market consensus of 6.1 percent. The latest reading matched pre-pandemic growth rates, with industrial output rising the most in 3-1/2 years in December. For full 2020, the country's GDP expanded 2.3 percent, the slowest pace in more than four decades. Still, China is likely to be the only major economy to avoid contraction due to the COVID-19 shocks. In 2020, the primary sector went up 3 percent, with live pig inventory surging 31 percent. Industry advanced 2.6 percent, with manufacturing rising 3.4 percent, utilities 2 percent and mining 0.5 percent. The tertiary sector expanded 2.1 percent. Also, real estate investment grew 7 percent, with residential rising 7.6 percent and office building 5.4 percent.
2021-01-18

China GDP Annual Growth Rate
In China, Gross Domestic Product is divided by three sectors: Primary, Secondary and Tertiary. The Primary Industry includes Farming, Forestry, Animal Husbandry, and Fishery and accounts for around 9 percent of GDP. The Secondary sector, which includes Industry (40 percent of GDP) and Construction (9 percent of GDP) is the most important. The Tertiary sector accounts for the remaining 44 percent of total output and consist of Wholesale and Retail Trades; Transport, Storage, and Post; Financial Intermediation; Real Estate; Hotel and Catering Services and Others.