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{{Short description|None}}
{{About|the economy of the People's Republic of China|the economy of the Republic of China|Economy of Taiwan|other uses}}
{{Use American English|date=August 2019}}{{Use dmy dates|date=February 2024}}
{{Infobox economy
| country = China
| image = Pudong Shanghai November 2017 panorama.jpg
| caption = [[Shanghai]], the [[financial center]] of China
| currency = [[Renminbi]] (CNY, [[Yen and yuan sign|¥]])
| year = [[Calendar year]]
| organs = [[World Trade Organization|WTO]], [[BRICS]], [[Shanghai Cooperation Organisation|SCO]], [[Asia-Pacific Economic Cooperation|APEC]], [[Regional Comprehensive Economic Partnership|RCEP]], [[G-20 major economies|G20]], [[Group of 77|G77]] and others
| group = {{plainlist|
[[Developing country]]<ref name="IMF 2024">{{Cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=924,&s=NGDP_R,NGDP_RPCH,NGDP,NGDPD,PPPGDP,NGDP_D,NGDPRPC,NGDPRPPPPC,NGDPPC,NGDPDPC,PPPPC,PPPSH,PPPEX,NID_NGDP,NGSD_NGDP,PCPI,PCPIPCH,PCPIE,PCPIEPCH,TM_RPCH,TMG_RPCH,TX_RPCH,TXG_RPCH,LUR,LP,GGR,GGR_NGDP,GGX,GGX_NGDP,GGXCNL,GGXCNL_NGDP,GGSB,GGSB_NPGDP,GGXONLB,GGXONLB_NGDP,GGXWDG,GGXWDG_NGDP,NGDP_FY,BCA,BCA_NGDPD,&sy=2021&ey=2028&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |title=World Economic Outlook Database, October 2023 Edition. (China) |publisher=[[International Monetary Fund]] |website=IMF.org |date=22 October 2024 |access-date=11 November 2024 |archive-date=20 October 2023 |archive-url=https://web.archive.org/web/20231020125313/https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=924,&s=NGDP_R,NGDP_RPCH,NGDP,NGDPD,PPPGDP,NGDP_D,NGDPRPC,NGDPRPPPPC,NGDPPC,NGDPDPC,PPPPC,PPPSH,PPPEX,NID_NGDP,NGSD_NGDP,PCPI,PCPIPCH,PCPIE,PCPIEPCH,TM_RPCH,TMG_RPCH,TX_RPCH,TXG_RPCH,LUR,LP,GGR,GGR_NGDP,GGX,GGX_NGDP,GGXCNL,GGXCNL_NGDP,GGSB,GGSB_NPGDP,GGXONLB,GGXONLB_NGDP,GGXWDG,GGXWDG_NGDP,NGDP_FY,BCA,BCA_NGDPD,&sy=2021&ey=2028&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |url-status=live }}</ref>
*[[List of countries by GNI (nominal) per capita#Upper-middle-income group|Upper-middle income country]]<ref>{{Cite web |title=World Bank Country and Lending Groups – World Bank Data Help Desk |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |access-date=4 January 2024 |website=datahelpdesk.worldbank.org |archive-date=28 October 2019 |archive-url=https://web.archive.org/web/20191028223324/https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |url-status=live }}</ref> 
*[[Newly industrialised country]]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019 |archive-url=https://web.archive.org/web/20160821172227/https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |archive-date=21 August 2016 |url-status=live }}</ref>
}}
| population = {{Decrease}} 1,409,050,000 (2024)<ref name="IMFWEOCT">{{Cite web
|url=https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=924,536,544,548,948,518,853,566,578,537,582,&s=NGDP_RPCH,NGDPD,NGDPRPC,NGDPRPPPPC,NGDPPC,NGDPDPC,PPPPC,LP,&sy=2022&ey=2029&ssm=0&scsm=1&scc=1&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1
|title=World Economic Outlook database: October 2024
|publisher=[[International Monetary Fund]]
|website=imf.org
|access-date=4 November 2024}}</ref>
| gdp = {{plainlist|
* {{increase}} $18.273 trillion ([[GDP (nominal)|nominal]]; 2024)<ref name="IMFWEOCT"/><ref name="IMFWEOCN">{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=924,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,&sy=2022&ey=2029&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |title=World Economic Outlook database: October 2024 |publisher=[[International Monetary Fund]] |website=imf.org |access-date=11 November 2024 |archive-date=25 June 2024 |archive-url=https://web.archive.org/web/20240625071843/https://www.imf.org/en/Publications/WEO/weo-database/2024/April/weo-report?c=924,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,&sy=2022&ey=2029&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |url-status=live }}</ref>
* {{increase}} $37.072 trillion ([[Purchasing power parity|PPP]]; 2024)<ref name="IMFWEOCN"/>}}
| gdp rank = {{plainlist|
* [[List of countries by GDP (nominal)|2nd (nominal; 2024)]]
* [[List of countries by GDP (PPP)|1st (PPP; 2024)]]}}
| growth = {{plainlist|
* 5.3%&nbsp;(2023)
* 4.8%&nbsp;(2024)
* 4.5%&nbsp;(2025 est.)<ref name="IMFWEOCT"/>
}}
| per capita = {{plainlist|
* {{increase}} $12,969 (nominal; 2024)<ref name="IMFWEOCT"/>
* {{increase}} $26,310 (PPP; 2024)<ref name="IMFWEOCT"/>
}}
| per capita rank = {{plainlist|
* [[List of countries by GDP (nominal) per capita|70th (nominal; 2024)]]
* [[List of countries by GDP (PPP) per capita|74th (PPP; 2024)]]
}}
| sectors = {{plainlist|
* [[Primary sector of the economy|Agriculture]]: 7.1%
* [[Secondary sector of the economy|Industry]]: 38.3%
* [[Tertiary sector of the economy|Services]]: 54.6%
* (2023)<ref name="NBS Data">{{cite web|url=https://data.stats.gov.cn/english/easyquery.htm?cn=C01|title=National Data|publisher=[[National Bureau of Statistics of China]]|date=1 March 2022|access-date=23 March 2022|archive-date=11 August 2021|archive-url=https://web.archive.org/web/20210811224037/https://data.stats.gov.cn/english/easyquery.htm?cn=C01|url-status=live}}</ref>
}}
| components = {{plainlist|
* Household consumption: 39.2%
* Government consumption: 16.5%
* Investment in fixed capital: 41.4%
* Investment in inventories: 0.7%
* Exports of goods and services: 18.9%
* Imports of goods and services: -14.3%
* Net exports: 2.1% 
* (2023)<ref name="NBS Data" />}}
| inflation = 1.0% (2024)<ref name="IMFWEOCN"/>
| poverty = {{DecreasePositive}} 17% on less than $6.85/day (2021)<ref>{{cite web |url=https://data.worldbank.org/indicator/SI.POV.UMIC?locations=CN |title=Poverty headcount ratio at $6.85 a day (2017 PPP) (% of population) - China |publisher=[[World Bank]] |website=data.worldbank.org |access-date=22 Oct 2024 |archive-date=23 January 2022 |archive-url=https://web.archive.org/web/20220123163900/https://data.worldbank.org/indicator/SI.POV.UMIC?locations=CN |url-status=live }}</ref>
| gini = {{DecreasePositive}} 35.7 {{color|darkorange|medium}} (2021)<ref>{{cite web|url=https://data.worldbank.org/indicator/SI.POV.GINI?locations=CN&most_recent_year_desc=true|title=Gini index – China|publisher=World Bank|access-date=24 May 2022|archive-date=19 March 2024|archive-url=https://web.archive.org/web/20240319005643/https://data.worldbank.org/indicator/SI.POV.GINI?locations=CN&most_recent_year_desc=true|url-status=live}}</ref>{{refn|group=note|Higher income inequality is partly driven by unequal regional income distribution.}}
| hdi = {{plainlist|
* {{increase}} 0.788 {{color|green|high}} (2022) ([[List of countries by Human Development Index|75th]])<ref name="cnhdi">{{Cite web |date=13 March 2024 |title=Human Development Report 2023/2024 |url=https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf|url-status=live |archive-url=https://web.archive.org/web/20240313164319/https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf |archive-date=13 March 2024 |access-date=26 July 2024 |publisher=[[United Nations Development Programme]] |language=en}}</ref>
* {{increase}} 0.662 {{color|darkorange|medium}} (2022) [[List of countries by inequality-adjusted HDI|IHDI (66th)]]<ref name="cnhdi"/>}}
| labor = {{plainlist|
* {{decrease}} 779,890,786 (2023)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=CN |title=Labor force, total – China |publisher=[[World Bank]] & [[International Labour Organization|ILO]] |website=data.worldbank.org |access-date=22 September 2020 |archive-url=https://web.archive.org/web/20191111103544/https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=CN |archive-date=11 November 2019 |url-status=live }}</ref> ([[List of countries by labor force|1st]])
* {{increase}} 67.3% employment rate (2019)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=CN&name_desc=false |title=Employment to population ratio, 15+, total (%) (national estimate) – China |publisher=[[World Bank]] & ILO |website=data.worldbank.org |access-date=22 September 2020 |archive-date=6 March 2023 |archive-url=https://web.archive.org/web/20230306101443/https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=CN&name_desc=false |url-status=live }}</ref>
}}
| cpi = {{DecreaseNegative}} 42 out of 100 points (2023)<ref name="ti_2023">{{cite web |url=https://www.transparency.org/en/cpi/2023 |title=CPI 2023 |date=30 January 2024 |publisher=[[Transparency International]] |access-date=30 January 2024 |archive-date=4 February 2023 |archive-url=https://web.archive.org/web/20230204001659/https://www.transparency.org/en/cpi/2023 |url-status=live }}</ref> ([[Corruption Perceptions Index#Ranking over Time|rank 76th]])
| average gross salary = [[List of Asian countries by average wage|US$ 1,305<small> (urban non-private sector)</small><br /> US$ 747<small> (urban private sector)</small>]] per month (2022)
| average net salary = [[List of Asian countries by average wage|US$ 1,002<small> (urban non-private sector)</small><br /> US$ 578<small> (urban private sector)</small>]] per month (2022)
| occupations = {{plainlist|
* [[Primary sector of the economy|Agriculture]]: 22.8%
* [[Secondary sector of the economy|Industry]]: 29.1%
* [[Tertiary sector of the economy|Services]]: 48.1%
* (2023)<ref name="NBS Data" />
}}
| unemployment = {{plainlist|
* {{DecreasePositive}} 5.2% (December 2023)<ref>{{Cite news|url=https://english.news.cn/20240117/8dafe751e38549c493bd74fa9666f3ea/c.html|title=China's unemployment rate drops to 5.2 pct in 2023|newspaper=[[Xinhua News Agency]]|date=17 January 2024|access-date=17 January 2024|archive-date=17 January 2024|archive-url=https://web.archive.org/web/20240117092449/http://english.news.cn/20240117/8dafe751e38549c493bd74fa9666f3ea/c.html|url-status=live}}</ref>
* {{DecreasePositive}} 14.2% youth unemployment (May 2024, 16 to 24 year olds)<ref>{{cite web | url=https://www.barrons.com/amp/articles/china-s-youth-jobless-rate-fell-in-may-c1a61cb6 | title=China's Youth Jobless Rate Fell in May | website=[[Barron's]] | date=19 June 2024 | access-date=24 June 2024 | archive-date=24 June 2024 | archive-url=https://web.archive.org/web/20240624152534/https://www.barrons.com/amp/articles/china-s-youth-jobless-rate-fell-in-may-c1a61cb6 | url-status=live }}</ref> 
}}
| consumption = {{increase}} 55.7% of GDP (2023)<ref name="NBS Data" />
| gfcf = {{increase}} 42.1% of GDP (2023)<ref name="NBS Data" />
| savings = {{increase}} 43.46% of GDP (2024)<ref name="IMF 2023">{{Cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=924,&s=NGDP_R,NGDP_RPCH,NGDP,NGDPD,PPPGDP,NGDP_D,NGDPRPC,NGDPRPPPPC,NGDPPC,NGDPDPC,PPPPC,PPPSH,PPPEX,NID_NGDP,NGSD_NGDP,PCPI,PCPIPCH,PCPIE,PCPIEPCH,TM_RPCH,TMG_RPCH,TX_RPCH,TXG_RPCH,LUR,LP,GGR,GGR_NGDP,GGX,GGX_NGDP,GGXCNL,GGXCNL_NGDP,GGSB,GGSB_NPGDP,GGXONLB,GGXONLB_NGDP,GGXWDG,GGXWDG_NGDP,NGDP_FY,BCA,BCA_NGDPD,&sy=2021&ey=2028&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |title=World Economic Outlook Database, October 2023 Edition. (China) |publisher=[[International Monetary Fund]] |website=IMF.org |date=10 October 2023 |access-date=10 October 2023 |archive-date=20 October 2023 |archive-url=https://web.archive.org/web/20231020125313/https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=924,&s=NGDP_R,NGDP_RPCH,NGDP,NGDPD,PPPGDP,NGDP_D,NGDPRPC,NGDPRPPPPC,NGDPPC,NGDPDPC,PPPPC,PPPSH,PPPEX,NID_NGDP,NGSD_NGDP,PCPI,PCPIPCH,PCPIE,PCPIEPCH,TM_RPCH,TMG_RPCH,TX_RPCH,TXG_RPCH,LUR,LP,GGR,GGR_NGDP,GGX,GGX_NGDP,GGXCNL,GGXCNL_NGDP,GGSB,GGSB_NPGDP,GGXONLB,GGXONLB_NGDP,GGXWDG,GGXWDG_NGDP,NGDP_FY,BCA,BCA_NGDPD,&sy=2021&ey=2028&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |url-status=live }}</ref>
| industries = {{hlist|item_style=white-space: | [[High-technology]], [[mining]] and [[ore processing]], [[iron]], [[steel]], [[aluminum]], and other metals, [[renewable energy]], [[coal]]; machine building; [[armaments]]; [[textiles]] and [[apparel]]; [[petroleum]]; [[cement]]; [[chemicals]]; [[fertilizer]]; consumer products (including [[footwear]], [[toys]], and [[electronics]]); [[Defense (military)|defence]], [[information technology]], [[Artificial intelligence industry in China|artificial intelligence]], [[agribusiness]], [[food processing]]; [[Material-handling equipment|transportation equipment]], including [[automobiles]], [[railcars]] and [[locomotives]], [[ships]], [[aircraft]]; [[biotechnology]], [[pharmaceutical]], [[telecommunications equipment]], [[space exploration]], commercial [[Launch vehicle|space launch vehicles]], [[satellites]] }}
| exports = $3.380 trillion (2023)<ref name="China Customs">{{cite web |title = Total Value of Import and Export Commodities by Major Countries (Regions) in January-December 2023 (US Dollar Value) |url = http://guangzhou.customs.gov.cn/customs/302249/zfxxgk/2799825/302274/302275/5624373/index.html |publisher = customs.gov.cn |access-date = 12 January 2024 }}{{Dead link|date=August 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
| export-goods = {{ublist|[[Agricultural]] products 2.2%|[[Fuels]] and [[mining]] products 2.4%|[[Manufacturers]] 74.3%|Others 0.1%<ref name="WTO">{{cite web |title = China – WTO Statistics Database |url = http://stat.wto.org/CountryProfile/WSDBCountryPFView.aspx?Country=CN |publisher = [[World Trade Organization]] |access-date = 1 March 2017 |archive-url = https://web.archive.org/web/20170901203117/http://stat.wto.org/CountryProfile/WSDBCountryPFView.aspx?Country=CN |archive-date = 1 September 2017 |url-status = live }}</ref>
}}
| export-partners = {{ublist
|{{flag|ASEAN}} 15.5%
|{{flag|European Union}} 14.8%
|{{flag|United States}} 14.8%
|{{flag|Hong Kong}} 8.12%
|{{flag|Japan}} 4.66%
|{{flag|South Korea}} 4.40%
|{{flag|India}} 3.48%
|{{flag|Russia}} 3.28%
|Others 30.96%<ref name="China Customs"/>}}
| imports = $2.557 trillion (2023)<ref name="China Customs"/>
| import-goods = {{ublist|[[Agricultural]] products 7.5%|[[Fuels]] and [[mining]] products 21.3%|[[Manufacturers]] 64.4%|Others 4.8%<ref name="WTO"/>}}
| import-partners = {{ublist
|{{flag|ASEAN}} 15.18%
|{{flag|European Union}} 11.02%
|{{flag|Taiwan}} 7.80%
|{{flag|United States}} 6.42%
|{{flag|South Korea}} 6.33%
|{{flag|Japan}} 6.28%
|{{flag|Australia}} 6.08%
|{{flag|Russia}} 5.05%
|Others 35.48%<ref name="China Customs"/>
}}
| current account = {{plainlist| 
* {{decrease}} $272.5 billion (2023)<ref name="IMF 2023"/>
* {{decrease}} 1.4% of GDP (2023)<ref name="IMF 2023"/>
}}
| yield curve = 10-Year Bond 2.831% (April 2023)<ref>{{Cite web|url=https://yield.chinabond.com.cn/cbweb-pbc-web/pbc/more?locale=en_US|title=CGB Yield Curve and Others|website=yield.chinabond.com.cn}}</ref>
| pmi = {{plainlist|   
* {{decrease}} 49.10 Manufacturing (February 2024)<ref>{{Cite web|url=https://ycharts.com/indicators/china_pmi|title=China PMI|website=ycharts.com|access-date=18 April 2023|archive-date=18 April 2023|archive-url=https://web.archive.org/web/20230418185232/https://ycharts.com/indicators/china_pmi|url-status=live}}</ref>
* {{Increase}} 51.40 Non-Manufacturing (February 2024)<ref>{{Cite web|url=https://ycharts.com/indicators/china_non_manufacturing_pmi|title=China Non-Manufacturing PMI|website=ycharts.com|access-date=18 April 2023|archive-date=18 April 2023|archive-url=https://web.archive.org/web/20230418185231/https://ycharts.com/indicators/china_non_manufacturing_pmi|url-status=live}}</ref>
}}
| FDI = {{plainlist|
* {{increase}} Inward: $181&nbsp;billion (2021)<ref name="UNFDI">{{cite web|title=UNCTAD 2022|url=https://unctad.org/system/files/official-document/tdstat47_en.pdf|access-date=6 January 2022|website=UNCTAD|archive-date=12 December 2022|archive-url=https://web.archive.org/web/20221212074134/https://unctad.org/system/files/official-document/tdstat47_en.pdf|url-status=live}}</ref>
* {{increase}} Outward: $145&nbsp;billion (2021)<ref name="UNFDI"/>
}}
| gross external debt = {{DecreasePositive}} $2.38 trillion (September 2023){{cn|date=February 2024}}
| debt = {{plainlist| 
* {{increaseNegative}} ¥103.987 trillion
* {{increaseNegative}} 82.9% of GDP (2023)<ref name="IMF 2023"/>
}}
| revenue = ¥33.229 trillion<ref name="IMF 2023"/><br />26.5% of GDP (2023)
| expenses = ¥42.140 trillion<ref name="IMF 2023"/><br />33.6% of GDP (2023)
| balance = {{plainlist|  
* 2.8% of GDP (2023)<ref>{{cite news | url=https://www.cnbc.com/2023/03/05/china-sets-gdp-target-of-around-5percent-for-2023.html | title=China sets GDP target of 'around 5%' for 2023 | newspaper=CNBC | date=4 March 2023 | access-date=6 March 2023 | archive-date=6 March 2023 | archive-url=https://web.archive.org/web/20230306051643/https://www.cnbc.com/2023/03/05/china-sets-gdp-target-of-around-5percent-for-2023.html | url-status=live }}</ref> 
}}
| credit = {{plainlist|  
* [[Standard & Poor's]]:<ref>{{cite web|title = Sovereigns rating list|publisher = Standard & Poor's|url = https://www.spratings.com/documents/20184/908545/US_SV_Webcast_ChinaFeb117_Article1/afd8741b-75b9-4dcc-b497-010e2313616b|date = 26 January 2017|access-date = 26 September 2017|quote = On Jan. 26, 2017, S&P Global Ratings affirmed the 'AA-' long-term and 'A-1+' short-term sovereign credit ratings on China. The outlook on the long-term rating remains negative|archive-url = https://web.archive.org/web/20170926100729/https://www.spratings.com/documents/20184/908545/US_SV_Webcast_ChinaFeb117_Article1/afd8741b-75b9-4dcc-b497-010e2313616b|archive-date = 26 September 2017|url-status = live}}</ref>
* A+ (Domestic)
* A+ (Foreign)
* A+ (T&C Assessment)
* Outlook: Stable
----
* [[Moody's]]:<ref>{{cite web |url=https://www.moodys.com/research/Moodys-affirms-Chinas-A1-rating-changes-outlook-to-negative-from--PR_481753 |title=Moody's affirms China's A1 rating, changes outlook to negative from stable |date=5 December 2023 |website=moodys.com |access-date=5 December 2023 |archive-date=5 December 2023 |archive-url=https://web.archive.org/web/20231205095552/https://www.moodys.com/research/Moodys-affirms-Chinas-A1-rating-changes-outlook-to-negative-from--PR_481753 |url-status=live }}</ref>
* A1
* Outlook: Negative
----
* [[Fitch Group|Fitch]]:<ref>{{cite web |url = http://www.fitchratings.com/web_content/ratings/sovereign_ratings_history.xls |title = Fitch – Complete Sovereign Rating History |website = fitchratings.com |access-date = 25 February 2013 |archive-url = https://web.archive.org/web/20170806061311/https://www.fitchratings.com/web_content/ratings/sovereign_ratings_history.xls |archive-date = 6 August 2017 |url-status = live }}</ref>
* A+
* Outlook: Negative
----
* Scope:<ref>{{cite web<!--|url=https://www.scoperatings.com/ratings-and-research/rating/EN/177538-->|title=Scope affirms the People's Republic of China's A credit ratings, maintains Stable Outlook|date=26 July 2024|website=Scope Ratings|access-date=26 July 2024|url=https://www.scoperatings.com/ratings-and-research/rating/EN/177538}}</ref>
* A
* Outlook: Stable
}}
<!--|aid = Recipient: $1.12 per capita (2008)<ref>{{cite web |url = http://data.worldbank.org/indicator/DT.ODA.ODAT.PC.ZS|title=2008|publisher=[[World Bank]]|access-date=28 February 2012}}</ref>--><!--NO LONGER APPLIES, SEE SOURCE ABOVE.-->| reserves = {{Increase}} $3.3 trillion (2023)<ref>{{cite web|url=http://www.pbc.gov.cn/diaochatongjisi/116219/116319/3750274/3750284/index.html|title=Money and Banking Statistics|access-date=28 July 2019|archive-date=4 November 2020|archive-url=https://web.archive.org/web/20201104123211/http://www.pbc.gov.cn/diaochatongjisi/116219/116319/3750274/3750284/index.html|url-status=live}}</ref><ref>{{cite web|url=http://www.pbc.gov.cn/diaochatongjisi/resource/cms/2019/11/2019110715580915686.htm|title=Official reserve assets|website=pbc.gov.cn|access-date=9 November 2019|archive-date=30 January 2023|archive-url=https://web.archive.org/web/20230130192037/http://www.pbc.gov.cn/diaochatongjisi/resource/cms/2019/11/2019110715580915686.htm|url-status=live}}</ref> ([[List of countries by foreign-exchange reserves|1st]])
| cianame = china
| spelling = US
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The '''economy of the People's Republic of China''' is a [[Developing country|developing]] [[Mixed economy|mixed]] [[socialist market economy]], incorporating [[Industrial policy|industrial policies]] and strategic [[Five-year plans of China|five-year plans]].<ref name="China_mixed"> 
—Xu, Chenggang. "The Fundamental Institutions of China's Reforms and Development." [[Journal of Economic Literature]], vol. 49, no. 4, [[American Economic Association]], 2011, pp. 1076–151, {{JSTOR|23071664}}.<br />
—Nee, Victor, and Sonja Opper. "Political Capital in a Market Economy." Social Forces, vol. 88, no. 5, [[Oxford University Press]], 2010, pp. 2105–32, {{JSTOR|40927540}}.<br />
—Shue Tuck Wong & Sun Sheng Han (1998) Whither China's Market Economy? The Case of Lijin Zhen, [[Geographical Review]], 88:1, 29–46, {{doi|10.1111/j.1931-0846.1998.tb00094.x}}<br />
—Gregory C. Chow (2005) The Role of Planning in China's Market Economy, Journal of Chinese Economic and Business Studies, 3:3, 193–203, {{doi| 10.1080/14765280500317866}}<br />
—HUA, HUANG. "The Market Economy in China." Security Dialogue, vol. 24, no. 2, [[SAGE Publications]], Ltd., 1993, pp. 175–79, {{JSTOR|44471339}}.<br />
—Chow, Gregory C. "Development of a More Market-Oriented Economy in China." Science, vol. 235, no. 4786, [[American Association for the Advancement of Science]], 1987, pp. 295–99, {{JSTOR|1698592}}.</ref> China is the world's second [[List of countries by GDP (nominal)|largest economy by nominal GDP]], behind the United States, and since 2017 has been the [[List of countries by past and projected GDP (PPP)#IMF estimates between 2010 and 2019|world's largest economy]] when measured by [[purchasing power parity]] (PPP).<ref>{{Cite web |title= GDP, current prices |url=https://www.imf.org/external/datamapper/PPPGDP@WEO/OEMDC/ADVEC/WEOWORLD |access-date=2024-08-23 |website=www.imf.org}}</ref>{{refn|group=note|GDP figures exclude [[Taiwan]], and the [[Special administrative regions of China|special administrative regions]] of [[Hong Kong]] and [[Macau]]}} China accounted for 19% of the [[global economy]] in 2022 in PPP terms,<ref name="PWC"/> and around 18% in nominal terms in 2022.<ref name="PWC">{{cite web|url=http://www.pwc.com/gx/en/issues/economy/global-economy-watch/projections.html|website=PWC|title=Global Economy Watch - Projections > Real GDP / Inflation > Share of 2016 world GDP|access-date=23 June 2017|archive-date=19 October 2015|archive-url=https://web.archive.org/web/20151019092523/http://www.pwc.com/gx/en/issues/economy/global-economy-watch/projections.html|url-status=live}}</ref><ref>{{Cite news |last1=Tang |first1=Frank |last2=Wang |first2=Orange |date=18 January 2022 |title=China GDP growth slows as population crisis, Covid-19 cloud economic outlook |language=en |website=South China Morning Post |url=https://www.scmp.com/economy/china-economy/article/3163720/china-gdp-growth-2021-beats-expectations-narrowing-gap-us |access-date=14 August 2022 |archive-date=5 December 2022 |archive-url=https://web.archive.org/web/20221205193835/https://www.scmp.com/economy/china-economy/article/3163720/china-gdp-growth-2021-beats-expectations-narrowing-gap-us |url-status=live }}</ref> The economy consists of [[State-owned enterprises of China|state-owned enterprises]] (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector which contribute approximately 60% of the GDP, 80% of urban employment and 90% of new jobs, the system also consist of a high degree of openness to foreign businesses. According to the annual data of major economic indicators released by the [[National Bureau of Statistics of China|National Bureau of Statistics]] since 1952, China's GDP grew by an average of 6.17% per year in the 26 years from 1953 to 1978. China implemented [[Chinese economic reform|economic reform]] in 1978, and from 1979 to 2023, the [[Historical GDP of China|country's GDP growth rate]] grew by an average of 8.93% per year in the 45 years since its implementing economic reform. According to preliminary data released by the authorities, China's GDP in 2023 was CN¥126.06 trillion (US$ 17.89 trillion)<ref name="rmb-rate">For the exchange rate of the latest year, refer to the Statistical Communiqué of that year {{cite press release |title=Statistical communiqué of the People's Republic of China on the national economic and social development |publisher=China NBS |url=https://www.stats.gov.cn/english/PressRelease/202402/t20240228_1947918.html |access-date=June 7, 2024 |url-status=live |archive-url=https://web.archive.org/web/20240305035331/https://www.stats.gov.cn/english/PressRelease/202402/t20240228_1947918.html |archive-date=5 March 2024}};  Refer to the national statistical database for the historical exchange rates {{cite press release |title=national data - annual - foreign tarde and economic cooperation - reference exchange rate of renminbi (period average) |publisher=China NBS |url=https://data.stats.gov.cn/english |access-date=June 7, 2024 |url-status=live |archive-url=https://web.archive.org/web/20240126151622/https://data.stats.gov.cn/english/ |archive-date=26 January 2024}}, and for the historical exchange rates also published on the statistical yearbooks {{cite press release |title=statistical yearbooks (Chinese / English) |publisher=China NBS |url=http://www.stats.gov.cn/sj/ndsj |access-date=June 7, 2024 |url-status=live |archive-url=https://web.archive.org/web/20240209042837/https://www.stats.gov.cn/sj/ndsj/ |archive-date=9 February 2024}}</ref> with a real GDP increase of at least 5.2% from 2022.<ref name="annual GDP">the '''annual data of China'GDP''': published on  China NBS National data. {{cite press release |url=https://data.stats.gov.cn/english/ |title=National data - annual - national accounts - Gross Domestic Product |publisher=China NBS |date=March 2024 |access-date=June 7, 2024 |archive-date=26 January 2024 |archive-url=https://web.archive.org/web/20240126151622/https://data.stats.gov.cn/english/ |url-status=live }}</ref><ref>{{cite web |last1=Edward |first1=Cunningham |title= What is the future of China's private sector?
 |url=https://www.hks.harvard.edu/faculty-research/policy-topics/international-relations-security/what-future-chinas-private-sector#:~:text=CHINA'S%20PRIVATE%20SECTOR%20is%20often,and%2090%25%20of%20new%20jobs. |website=hks.harvard.edu |publisher=harvard |access-date=9 September 2024 |archive-url=https://web.archive.org/web/20240612064032/https://www.hks.harvard.edu/faculty-research/policy-topics/international-relations-security/what-future-chinas-private-sector |archive-date=12 June 2024}}</ref>

China is the world's [[List of countries by manufacturing output|largest manufacturing industrial economy]] and [[List of countries by exports|exporter of goods]]. Its production exceeds that of the nine next largest manufacturers combined.<ref>{{cite web |title=China Widens Lead as World's Largest Manufacturer |url=http://news.thomasnet.com/IMT/2013/03/14/china-widens-lead-as-worlds-largest-manufacturer/ |url-status=live |archive-url=https://web.archive.org/web/20130727123309/http://news.thomasnet.com/IMT/2013/03/14/china-widens-lead-as-worlds-largest-manufacturer/ |archive-date=27 July 2013 |access-date=25 August 2013 |publisher=thomasnet.com}}</ref><ref>{{cite web |title=China is the world's sole manufacturing superpower: A line sketch of the rise|url=https://cepr.org/voxeu/columns/china-worlds-sole-manufacturing-superpower-line-sketch-rise}}</ref> However, [[List of countries by trade-to-GDP ratio|exports as a percentage of GDP]] has steadily dropped to just around 20%, reflecting its decreasing importance to the Chinese economy. Nevertheless, it remains the largest trading nation in the world and plays a prominent role in [[international trade]].<ref>{{cite news |title=China's Economy Is Catching Up to the U.S. |url=https://www.bloomberg.com/graphics/2016-us-vs-china-economy/ |url-status=live |archive-url=https://web.archive.org/web/20180317161514/https://www.bloomberg.com/graphics/2016-us-vs-china-economy/ |archive-date=17 March 2018 |access-date=8 March 2018}}</ref><ref>{{cite web |date=12 April 2017 |title=Trade recovery expected in 2017 and 2018, amid policy uncertainty |url=http://www.wto.org/english/news_e/pres17_e/pr791_e.htm |url-status=live |archive-url=https://web.archive.org/web/20170703010617/https://www.wto.org/english/news_e/pres17_e/pr791_e.htm |archive-date=3 July 2017 |access-date=22 June 2017 |publisher=World Trade Organization |location=Geneva, Switzerland}}</ref> Manufacturing has been transitioning toward high-tech industries such as [[Electric vehicle|electric vehicles]], [[renewable energy]], [[telecommunications]] and [[Information technology|IT]] equipment, and services has also grown as a percentage of GDP. It is also the world's [[List of largest consumer markets|fastest-growing consumer market]] and [[List of countries by imports|second-largest importer of goods]].<ref>{{cite web |title=China: Fastest Growing Consumer Market in the World |date=2 December 2013 |url=http://blog-imfdirect.imf.org/2013/12/02/china-fastest-growing-consumer-market-in-the-world/ |url-status=live |archive-url=https://web.archive.org/web/20131202175550/http://blog-imfdirect.imf.org/2013/12/02/china-fastest-growing-consumer-market-in-the-world/ |archive-date=2 December 2013 |access-date=8 December 2013 |publisher=IMF direct – The IMF Blog}}</ref> China is also the world's largest consumer of numerous commodities, and accounts for about half of global consumption of metals.<ref>{{Cite journal |last1=Baffes |first1=John |last2=Kabundi |first2=Alain Ntumba |last3=Nagle |first3=Peter Stephen Oliver |last4=Ohnsorge |first4=Franziska Lieselotte |date=26 June 2018 |title=The role of major emerging markets in global commodity demand |journal=Policy Research Working Paper Series |url=https://ideas.repec.org/p/wbk/wbrwps/8495.html |language=en |access-date=16 May 2022 |archive-date=6 March 2023 |archive-url=https://web.archive.org/web/20230306101528/https://ideas.repec.org/p/wbk/wbrwps/8495.html |url-status=live }}</ref> China is a net importer of services products.<ref>{{Cite web |title=''intracen.org'' |url=http://www.intracen.org/uploadedFiles/intracenorg/Content/Exporters/Sectors/Service_exports/Trade_in_services/China_ServicesBrief.pdf |url-status=dead |archive-url=https://web.archive.org/web/20141030203611/http://www.intracen.org/uploadedFiles/intracenorg/Content/Exporters/Sectors/Service_exports/Trade_in_services/China_ServicesBrief.pdf |archive-date=30 October 2014}}</ref> China was the largest recipient of [[foreign direct investment]] (FDI) in the world as of 2020, receiving inflows of $163{{spaces}}billion.<ref>{{Cite news|last=Higgins|first=Tucker|date=24 January 2021|title=China surpasses U.S. as largest recipient of foreign direct investment during Covid pandemic|work=CNBC|url=https://www.cnbc.com/2021/01/24/china-received-more-foreign-investment-last-year-than-us-un-says.html|access-date=18 March 2021|archive-date=18 March 2021|archive-url=https://web.archive.org/web/20210318002542/https://www.cnbc.com/2021/01/24/china-received-more-foreign-investment-last-year-than-us-un-says.html|url-status=live}}</ref> but more recently, inbound FDI has fallen sharply to negative levels.<ref>{{Cite web |title=Foreign investment in China falls to lowest level on record |url=https://asia.nikkei.com/Economy/Foreign-investment-in-China-falls-to-lowest-level-on-record |access-date=2024-03-08 |website=[[Nikkei Asia]] |language=en-GB |archive-date=19 December 2023 |archive-url=https://web.archive.org/web/20231219152809/https://asia.nikkei.com/Economy/Foreign-investment-in-China-falls-to-lowest-level-on-record |url-status=live }}</ref><ref>https://www.axios.com/2023/11/07/china-economy-negative-foreign-investments {{Webarchive|url=https://web.archive.org/web/20231219152810/https://www.axios.com/2023/11/07/china-economy-negative-foreign-investments |date=19 December 2023 }} Foreign investment in China goes negative for first time in decades In Q3 2023 it was -$11.8 billion</ref> It has the second [[List of countries by FDI abroad|largest outbound FDI]], at US$136.91 billion for 2019.<ref>{{Cite news|last=Tjan|first=Sie Tek|date=18 September 2020|title=China's outbound foreign investment posts modest Decline since Start of 2020|work=China Banking News|url=http://www.chinabankingnews.com/2020/09/18/chinas-outbound-foreign-investment-posts-modest-decline-since-start-of-2020/|access-date=16 October 2020|archive-date=18 October 2020|archive-url=https://web.archive.org/web/20201018044745/https://www.chinabankingnews.com/2020/09/18/chinas-outbound-foreign-investment-posts-modest-decline-since-start-of-2020/|url-status=dead}}</ref> 

China has the world's [[List of countries by foreign-exchange reserves|largest foreign-exchange reserves]] worth $3.1{{spaces}}trillion,<ref>{{cite web |url=http://www.safe.gov.cn/safe/2020/0207/15340.html |title=官方储备资产 (Official reserve assets) |access-date=29 October 2020 |archive-date=10 April 2020 |archive-url=https://web.archive.org/web/20200410222608/http://www.safe.gov.cn/safe/2020/0207/15340.html |url-status=live }}</ref> but if the foreign assets of China's state-owned commercial banks are included, the value of China's reserves rises to nearly $4{{spaces}}trillion.<ref>{{cite news |url=https://www.economist.com/finance-and-economics/2020/10/31/if-chinas-economy-is-so-strong-why-isnt-its-currency-stronger |title=If China's economy is so strong, why isn't its currency stronger? |newspaper=[[The Economist]] |access-date=29 October 2020 |archive-date=29 October 2020 |archive-url=https://web.archive.org/web/20201029191209/https://www.economist.com/finance-and-economics/2020/10/31/if-chinas-economy-is-so-strong-why-isnt-its-currency-stronger |url-status=live }}</ref> China faced a mild economic slowdown during the [[2007–2008 financial crisis]] and initiated a massive [[Chinese economic stimulus program|stimulus package]], which helped to regain its economic growth. More recently, the imposition of the "3 Red Lines" on developer borrowing has sparked a real estate crisis and has raised questions on the accuracy of China's claims for the severity of this crisis.<ref>{{Cite news |date=2023-01-06 |title=China May Ease 'Three Red Lines' Property Rules in Big Shift |url=https://www.bloomberg.com/news/articles/2023-01-06/china-may-ease-three-red-lines-property-rules-in-drastic-shift |access-date=2024-07-10 |work=Bloomberg.com |language=en |archive-date=15 August 2024 |archive-url=https://web.archive.org/web/20240815133957/https://www.bloomberg.com/news/articles/2023-01-06/china-may-ease-three-red-lines-property-rules-in-drastic-shift |url-status=live }}</ref><ref>{{Cite web |last=He |first=Laura |date=2023-10-06 |title=Analysis: China's economy will be hobbled for years by the real estate crisis {{!}} CNN Business |url=https://www.cnn.com/2023/10/06/economy/china-economy-real-estate-crisis-intl-hnk/index.html |access-date=2024-07-10 |website=CNN |language=en |archive-date=16 December 2023 |archive-url=https://web.archive.org/web/20231216185106/https://www.cnn.com/2023/10/06/economy/china-economy-real-estate-crisis-intl-hnk/index.html |url-status=live }}</ref><ref>{{Cite web |title=China's bursting housing bubble is doing more damage than official data suggest |url=https://fortune.com/2023/08/17/china-home-sales-worse-than-official-data-real-estate-crisis/ |access-date=2024-07-10 |website=Fortune |language=en |archive-date=24 December 2023 |archive-url=https://web.archive.org/web/20231224200721/https://fortune.com/2023/08/17/china-home-sales-worse-than-official-data-real-estate-crisis/ |url-status=live }}</ref> China's economic growth is [[Chinese economic crises (2020–present)|slowing down]] in the 2020s as it deals with a range of challenges from a [[Aging of China|rapidly aging population]], [[Unemployment in China|higher unemployment]] and a [[Chinese property sector crisis (2020–present)|property crisis]].<ref>{{cite web|author=Evie Steele|url=https://www.voanews.com/a/imf-predicts-china-economy-slowing-over-next-four-years/7468960.html|title=IMF Predicts China Economy Slowing Over Next Four Years|work=[[Voice of America]]|date=2024-02-02|access-date=20 February 2024|archive-date=3 March 2024|archive-url=https://web.archive.org/web/20240303150607/https://www.voanews.com/a/imf-predicts-china-economy-slowing-over-next-four-years/7468960.html|url-status=live}}</ref> China has the world's [[Gold reserve#Officially reported holdings|sixth largest gold reserve]], with over 2,000 tonnes of gold.<ref>{{cite web |date=5 March 2024 |title=World Official Gold Holdings - International Financial Statistics, March 2024 |url=https://www.gold.org/download/file/7739/World_official_gold_holdings_as_of_Mar2024_IFS.xlsx |url-access=registration |access-date=8 March 2024 |website=World Gold Council}}</ref> It spends [[List of sovereign states by research and development spending|around 2.43% of GDP]] on advance [[research and development]] across various sectors of the economy.<ref>{{cite web |author=Our World in Data |url=https://ourworldindata.org/grapher/research-spending-gdp |title=Research & development spending as a share of GDP |website=ourworldindata.org |access-date=2024-01-10 |archive-date=18 May 2024 |archive-url=https://web.archive.org/web/20240518101321/https://ourworldindata.org/grapher/research-spending-gdp |url-status=live }}</ref><ref name="unctad">{{cite web |author=Organisation for Economic Co-operation and Development |url=https://data.oecd.org/rd/gross-domestic-spending-on-r-d.htm |title=Gross domestic spending on R&D |website=data.oecd.org |access-date=2024-01-10 |archive-date=14 January 2017 |archive-url=https://web.archive.org/web/20170114013730/https://data.oecd.org/rd/gross-domestic-spending-on-r-d.htm |url-status=dead }}</ref>

With 791 million workers, the Chinese [[labor force]] was [[List of countries by labour force|the world's largest]] as of 2021, according to ''[[The World Factbook]]''. In 2022, China was ranked the [[Global Innovation Index|11th most innovative]] country in the world, 3rd in Asia & Oceania region and 2nd for countries with a population of over 100 million. It is the only middle-income economy and the only [[newly industrialized economy]] in the top 30.<ref name="Dutta 2022">{{Cite book |title=Global Innovation Index 2022 – Which are the most innovative countries |url=https://www.wipo.int/global_innovation_index/en/2022/index.html |access-date=29 September 2022 |doi=10.34667/tind.46596 |language=en |last1=Dutta |first1=Soumitra |last2=Lanvin |first2=Bruno |last3=Wunsch-Vincent |first3=Sacha |last4=León |first4=Lorena Rivera |last5=World Intellectual Property Organization |year=2022 |publisher=World Intellectual Property Organization |isbn=9789280534320 |archive-date=3 December 2022 |archive-url=https://web.archive.org/web/20221203061259/https://www.wipo.int/global_innovation_index/en/2022/index.html |url-status=live }}</ref><ref>{{Cite book|last=Dominik |first=Boddin|title=The Role of Newly Industrialized Economies in Global Value Chains|publisher=International Monetary Fund|year=2016}}</ref> It also leads in several measures of global [[patent filings]],<ref>{{cite web |url=https://www.wipo.int/pressroom/en/articles/2020/article_0005.html |title=China Becomes Top Filer of International Patents in 2019 Amid Robust Growth for WIPO's IP Services, Treaties and Finances |date=7 April 2020 |publisher=[[World Intellectual Property Organization]] |access-date=7 April 2020 |quote= |archive-date=1 November 2020 |archive-url=https://web.archive.org/web/20201101010556/https://www.wipo.int/pressroom/en/articles/2020/article_0005.html |url-status=live }}</ref><ref>{{cite web |url=https://www.reuters.com/article/us-un-patents-idUSKCN2AU0TM |title=China extends lead over U.S. in global patents filings, U.N. says |author=Emma Farge |date=2 March 2021 |website= |publisher=[[Reuters]] |access-date=2 March 2021 |archive-date=2 March 2021 |archive-url=https://web.archive.org/web/20210302092700/https://www.reuters.com/article/us-un-patents-idUSKCN2AU0TM |url-status=live }}</ref> as well as research and scientific output.<ref>{{Cite web |last=Wagner |first=Caroline |date=2023-01-10 |title=China now publishes more high-quality science than any other nation – should the US be worried? |url=http://theconversation.com/china-now-publishes-more-high-quality-science-than-any-other-nation-should-the-us-be-worried-192080 |access-date=2024-04-20 |website=The Conversation |language=en-US |archive-date=20 April 2024 |archive-url=https://web.archive.org/web/20240420095953/http://theconversation.com/china-now-publishes-more-high-quality-science-than-any-other-nation-should-the-us-be-worried-192080 |url-status=live }}</ref> It is also the world's largest [[high technology]] exporter.<ref>{{Cite web |title=High-technology exports |url=https://data.worldbank.org/indicator/TX.VAL.TECH.CD?most_recent_value_desc=true |access-date=2023-04-15 |website=World Bank Open Data |archive-date=15 April 2023 |archive-url=https://web.archive.org/web/20230415193053/https://data.worldbank.org/indicator/TX.VAL.TECH.CD?most_recent_value_desc=true |url-status=live }}</ref> China has the [[List of sovereign states by financial assets|second-largest financial assets in the world]], valued at $17.9 trillion as of 2021.<ref>{{Cite web |title=Allianz Global Wealth Report 2021 |url=https://www.eulerhermes.com/content/dam/onemarketing/ehndbx/eulerhermes_com/en_gl/erd/publications/pdf/2021_10_07_Global-Wealth-Report.pdf |access-date=5 March 2022 |archive-date=7 October 2021 |archive-url=https://web.archive.org/web/20211007105917/https://www.eulerhermes.com/content/dam/onemarketing/ehndbx/eulerhermes_com/en_gl/erd/publications/pdf/2021_10_07_Global-Wealth-Report.pdf |url-status=live }}</ref> {{As of|2022}}, China was second in the world in [[List of countries by number of billionaires|total number of billionaires]].<ref>{{Cite book |last=Zhao |first=Suisheng |title=The dragon roars back : transformational leaders and dynamics of Chinese foreign policy |date=2023 |publisher=[[Stanford University Press]] |isbn=978-1-5036-3088-8 |location=Stanford, California |pages=219–220 |oclc=1331741429}}</ref> and second in millionaires with 6.2 million. China has the largest middle-class in the world, with over 500 million people earning over RMB 120,000 a year.<ref>{{Cite web |date=2024-03-03 |title=China's middle-income population passes 500 million mark: state-run newspaper |url=https://www.scmp.com/economy/china-economy/article/3253995/chinas-middle-income-population-passes-500-million-mark-says-state-owned-newspaper |access-date=2024-04-20 |website=[[South China Morning Post]] |language=en |archive-date=20 April 2024 |archive-url=https://web.archive.org/web/20240420092524/https://www.scmp.com/economy/china-economy/article/3253995/chinas-middle-income-population-passes-500-million-mark-says-state-owned-newspaper |url-status=live }}</ref> 

China has bilateral [[free trade agreement]]s with [[List of bilateral free-trade agreements#China, People's Republic of China|many nations]] and is a member of the [[Regional Comprehensive Economic Partnership]] (RCEP).<ref>{{cite web |title=China's Free Trade Agreements |url=http://fta.mofcom.gov.cn/english/index.shtml |access-date=25 April 2011 |url-status=dead |archive-url=https://web.archive.org/web/20090712092832/http://fta.mofcom.gov.cn/english/index.shtml |archive-date=12 July 2009 }}</ref> China is widely regarded as the "powerhouse of manufacturing" or "the factory of the world".<ref>* Bijun Wang & Xiang Li (2017) From world factory to world investor: the new way of China integrating into the world, China Economic Journal, 10:2, 175–193, {{doi|10.1080/17538963.2017.1320047}}
* Chen Li, Mee Kam Ng, Yuanzhou Tang & Tung Fung (2022) From a 'World Factory' to China's Bay Area: A Review of the Outline of the Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, Planning Theory & Practice, 23:2, 310–314, {{doi|10.1080/14649357.2021.1958539}} 
* Mees, H. (2016). China as the World's Factory. In: The Chinese Birdcage. [[Palgrave Macmillan]], New York. {{doi|10.1057/978-1-137-58886-9_3}}
* {{cite journal |title=How much did China's emergence as "the world's factory" contribute to its national income? |journal=[[China Economic Review]] |volume=69 |at=101658 |year=2021 |issn=1043-951X |doi=10.1016/j.chieco.2021.101658 |author1=Yuwan Duan |author2=Erik Dietzenbacher |author3=Bart Los |author4=Cuihong Yang |s2cid=237676638 |url=https://pure.rug.nl/ws/files/177928128/1_s2.0_S1043951X21000766_main.pdf |access-date=29 March 2023 |archive-date=5 April 2023 |archive-url=https://web.archive.org/web/20230405214434/https://pure.rug.nl/ws/files/177928128/1_s2.0_S1043951X21000766_main.pdf |url-status=live }}</ref> Of the world's [[Fortune Global 500|500 largest companies]], 142 are headquartered in China.<ref>{{Cite web |title=Global 500 |url=https://fortune.com/ranking/global500/ |access-date=3 August 2023 |website=[[Fortune Global 500]] |language=en |archive-date=16 January 2023 |archive-url=https://web.archive.org/web/20230116163740/https://fortune.com/ranking/global500/ |url-status=live }}</ref> It has four of the world's top ten [[Global Financial Centres Index|most competitive financial centers]]<ref name="Long Finance 2020">{{cite web |date=September 2020 |title=The Global Financial Centres Index 28 |url=https://www.longfinance.net/media/documents/GFCI_28_Full_Report_2020.09.25_v1.1.pdf |access-date=26 September 2020 |publisher=Long Finance |archive-date=9 October 2022 |archive-url=https://ghostarchive.org/archive/20221009/https://www.longfinance.net/media/documents/GFCI_28_Full_Report_2020.09.25_v1.1.pdf |url-status=live }}</ref> and three of the world's ten [[List of stock exchanges|largest stock exchange]]s (both by [[market capitalization]] and by [[trade volume]]).<ref name="ValueWalk 2019">{{cite web |date=19 February 2019 |title=Top 10 Largest Stock Exchanges in the World By Market Capitalization |url=https://www.valuewalk.com/2019/02/top-10-largest-stock-exchanges/ |access-date=28 November 2019 |website=ValueWalk |language=en-US |archive-date=15 May 2019 |archive-url=https://wayback.archive-it.org/all/20190515114023/https://www.valuewalk.com/2019/02/top-10-largest-stock-exchanges/ |url-status=live }}</ref> [[Welfare in China|Public social expenditure in China]] was around 10% of GDP.<ref>{{cite web | url=https://www.oecd-ilibrary.org/sites/b36b37b5-en/index.html?itemId=/content/component/b36b37b5-en | title=Home | access-date=24 April 2024 | archive-date=24 April 2024 | archive-url=https://web.archive.org/web/20240424070749/https://www.oecd-ilibrary.org/sites/b36b37b5-en/index.html?itemId=/content/component/b36b37b5-en | url-status=live }}</ref> Additionally, the public [[pension]] expenditure in China accounted for 5.2% of GDP.<ref>{{Cite web |url=https://pensionresearchcouncil.wharton.upenn.edu/wp-content/uploads/2019/03/WP-2019-6-Fang-and-Feng.pdf |title=The Chinese Pension System |author1=Hanming Fang|author2=Jin Feng|access-date=24 April 2024 |archive-date=12 June 2019 |archive-url=https://web.archive.org/web/20190612013909/https://pensionresearchcouncil.wharton.upenn.edu/wp-content/uploads/2019/03/WP-2019-6-Fang-and-Feng.pdf |url-status=live }}</ref>

==History==
{{main|Economic history of China before 1912|Economic history of China (1912–1949)|Economic history of China (1949–present)}}
[[File:1 AD to 2003 AD Historical Trends in global distribution of GDP China India Western Europe USA Middle East.png|thumb|The global contribution to world's GDP by major economies from 1 CE to 2003 CE according to Angus Maddison's estimates.<ref>{{Cite book |last=Maddison |first=Angus |url=https://books.google.com/books?id=a-JGGp2suQUC&q=angus+maddison |title=Contours of the World Economy 1-2030 AD: Essays in Macro-Economic History |date=2007-09-20 |publisher=[[Oxford University press]] |isbn=978-0-19-164758-1 |language=en |access-date=3 November 2024}}</ref> Up until the 18th century, China and India were the two largest economies by GDP output.]]

[[File:Economic growth of China.jpg|thumb|GDP per capita in China from 1000 to 2018]]
Historically, China was one of the [[List of regions by past GDP (PPP)|world's foremost economic powers]] for most of the two-millennia ''[[Pax Sinica]]'' from [[Economic history of China before 1912|the 1st until the 19th century]].<ref name="Maddison 2008">{{Cite book |last=Maddison |first=Angus |author-link=Angus Maddison |url=https://archive.org/details/chineseeconomicp00madd |title=Chinese Economic Performance in the Long Run: 960-2030 AD |publisher=Organization for Economic Cooperation and Development |year=2008 |isbn=978-9264037625 |pages=[https://archive.org/details/chineseeconomicp00madd/page/n44 43] |url-access=limited}}</ref><ref>{{cite book |first=Angus |last=Maddison |author-link=Angus Maddison |edition=2nd |isbn=978-92-64-03762-5 |url=http://browse.oecdbookshop.org/oecd/pdfs/product/4107091e.pdf |title=Chinese Economic Performance in the Long Run |archive-url=https://web.archive.org/web/20141015212817/http://browse.oecdbookshop.org/oecd/pdfs/product/4107091e.pdf |archive-date=15 October 2014 |url-status=dead |series=Development Centre Studies |page=29 |publisher=OECD |year=2007}} See the "Table 1.3. Levels of Chinese and European GDP Per Capita, 1–1700 AD" in page 29, Chinese GDP Per Capita was 450 and European GDP Per Capital was 422 in 960AD. Chinese GDP Per Capita was 600 while European was 576. During this time, Chinese per capita income rose by about a third.</ref> China accounted for around one-quarter to one-third of global GDP until the mid-1800s. China's share of global GDP was one-third in 1820 as the Industrial Revolution was beginning in Great Britain.<ref>{{cite web|last=Thompson|first=Derek|date=19 June 2012|title=The Economic History of the Last 2,000 Years in 1 Little Graph |website=The Atlantic |url=https://www.theatlantic.com/business/archive/2012/06/the-economic-history-of-the-last-2-000-years-in-1-little-graph/258676/ |access-date=9 December 2017 |archive-url=https://web.archive.org/web/20200924192008/https://www.theatlantic.com/business/archive/2012/06/the-economic-history-of-the-last-2-000-years-in-1-little-graph/258676/|archive-date=24 September 2020 |url-status=live}}</ref><ref>{{Cite book |last=Holcombe|first=Charles|title=A History of East Asia: From the Origins of Civilization to the Twenty-First Century |publisher=Cambridge University Press |year=2010 |isbn=978-0521731645 |page=1}}</ref><ref>{{Cite book |last=Hu |first=Angang |year=2006|url=https://archive.org/details/economicsocialtr00huan |title=Economic and Social Transformation in China: Challenges and Opportunities|publisher=Routledge|isbn=978-0415380676|pages=[https://archive.org/details/economicsocialtr00huan/page/n30 12]–13|url-access=limited}}</ref><ref>{{Cite book|last1=Arnander |first1=Christopher|title=Betrayed Ally: China in the Great War |last2=Wood |first2=Frances |publisher=Pen and Sword|year=2016 |isbn=978-1473875012|publication-date=28 September 2016|page=20}}</ref> China's GDP in 1820 was six times as large as Britain's, the largest economy in Europe{{snd}}and almost twenty times the GDP of the nascent United States.<ref>{{cite web|date=10 November 2014|title=12 Facts on China's Economic History|website=The Globalist|url=https://www.theglobalist.com/12-facts-on-chinas-economic-history/|url-status=live|archive-url=https://web.archive.org/web/20200924192008/https://www.theglobalist.com/12-facts-on-chinas-economic-history/|archive-date=24 September 2020|access-date=26 February 2018}}</ref>

At the end of the [[Chinese Civil War]], the economy was devastated.<ref name="Karl 2010">{{Cite book |last=Karl |first=Rebecca E. |title=Mao Zedong and China in the twentieth-century world : a concise history |date=2010 |publisher=[[Duke University Press]] |isbn=978-0-8223-4780-4 |location=Durham [NC] |pages=75 |oclc=503828045}}</ref> As the defeated [[Kuomintang's retreat to Taiwan|Nationalists fled]] to Taiwan, they stripped China of liquid assets including gold, silver, and the country's [[Foreign-exchange reserves of China|dollar reserves]].<ref name="Karl 2010" /> By the time the KMT was defeated, commerce had been destroyed, the national currency rendered valueless, and the economy was based on barter.<ref name="Karl 2010" />

The People's Republic of China's development from one of the poorest countries to one of the largest economies was the quickest of any country.<ref>{{Cite book |last=Liu |first=Zongyuan Zoe |title=Sovereign Funds: How the Communist Party of China Finances its Global Ambitions |publisher=The Belknap Press of [[Harvard University Press]] |year=2023 |isbn=9780674271913 |pages= |doi=10.2307/jj.2915805 |jstor=jj.2915805|s2cid=259402050 }}</ref>{{Rp|page=11}} From 1949 until the [[Chinese economic reform]] in 1978, the economy was state-led with market activity remaining underground.<ref name="Frost 2023">{{Cite journal |last1=Frost |first1=Adam K. |last2=Li |first2=Zeren |date=31 July 2023 |title=Markets under Mao: Measuring Underground Activity in the Early PRC |journal=[[The China Quarterly]] |volume=258 |language=en |pages=309–328 |doi=10.1017/S0305741023001133 |issn=0305-7410 |doi-access=free}}</ref> Economic reforms began under [[Deng Xiaoping]].<ref name="Frost 2023" /> [[China]] subsequently became the world's [[List of countries by real GDP growth rate|fastest-growing major economy]], with [[Historical GDP of China|growth rates averaging 10%]] over 30 years.<ref>{{cite news |author1=Nelson D. Schwartz |author2=Rachel Abrams |date=24 August 2015 |title=Advisers Work to Calm Fearful Investors |work=The New York Times |url=https://www.nytimes.com/2015/08/25/business/dealbook/advisers-work-to-calm-fearful-investors.html |url-status=live |access-date=25 August 2015 |archive-url=https://web.archive.org/web/20150826025315/http://www.nytimes.com/2015/08/25/business/dealbook/advisers-work-to-calm-fearful-investors.html |archive-date=26 August 2015 |quote=Even the most pessimistic observers think China will still grow by{{spaces}}4 or{{spaces}}5 percent}}</ref><ref>{{cite web |date=16 April 2013 |title=Report for Selected Countries and Subjects |url=http://www.imf.org/external/pubs/ft/weo/2013/01/weodata/weorept.aspx?sy=1980&ey=2018&sort=country&ds=.&br=1&pr1.x=40&pr1.y=0&c=924&s=NGDP_RPCH%2CPPPPC&grp=0&a= |url-status=live |archive-url=https://web.archive.org/web/20131102170742/http://www.imf.org/external/pubs/ft/weo/2013/01/weodata/weorept.aspx?sy=1980&ey=2018&sort=country&ds=.&br=1&pr1.x=40&pr1.y=0&c=924&s=NGDP_RPCH%2CPPPPC&grp=0&a= |archive-date=2 November 2013 |access-date=16 April 2013 |publisher=International Monetary Fund}}</ref> Many scholars consider the [[Beijing Consensus|Chinese economic model]] as an example of [[authoritarian capitalism]],<ref>{{Cite book |last=McGregor |first=James |url=https://books.google.com/books?id=scM57r29sJUC&dq=china+authoritarian+capitalism&pg=PR11 |title=No Ancient Wisdom, No Followers: The Challenges of Chinese Authoritarian Capitalism |date=6 November 2012 |publisher=Easton Studio Press, LLC |isbn=978-1-935212-81-2 |language=en |access-date=26 February 2023 |archive-date=8 April 2023 |archive-url=https://web.archive.org/web/20230408054406/https://books.google.com/books?id=scM57r29sJUC&dq=china%20authoritarian%20capitalism&pg=PR11 |url-status=live }}</ref><ref>{{Cite journal |last1=Gruin |first1=Julian |last2=Knaack |first2=Peter |date=15 April 2020 |title=Not Just Another Shadow Bank: Chinese Authoritarian Capitalism and the 'Developmental' Promise of Digital Financial Innovation |journal=New Political Economy |volume=25 |issue=3 |pages=370–387 |doi-access=free |doi=10.1080/13563467.2018.1562437 |issn=1356-3467 |s2cid=159282907 |hdl=11245.1/336bf4c0-6cf3-402d-a0ed-da06b78edc9c |hdl-access=free}}</ref> [[state capitalism]]<ref>{{Cite web |last=Andrew Szamosszegi and Cole Kyle |title=An Analysis of State-owned Enterprises and State Capitalism in China |url=https://static1.squarespace.com/static/5e41c6f5227c7b05e81bb87a/t/5ebc4f41cb51d10a41c54989/1589399365069/AZS-CK-China-SOE.pdf |website=U.S.-China Economic and Security Review Commission |access-date=26 February 2023 |archive-date=2 April 2023 |archive-url=https://web.archive.org/web/20230402000007/https://static1.squarespace.com/static/5e41c6f5227c7b05e81bb87a/t/5ebc4f41cb51d10a41c54989/1589399365069/AZS-CK-China-SOE.pdf |url-status=live }}</ref> or [[party-state capitalism]].<ref>{{Cite journal |last1=Pearson |first1=Margaret |last2=Rithmire |first2=Meg |last3=Tsai |first3=Kellee S. |date=1 September 2021 |title=Party-State Capitalism in China |journal=[[Current History]] |language=en |volume=120 |issue=827 |pages=207–213 |doi=10.1525/curh.2021.120.827.207 |issn=0011-3530 |doi-access=free}}</ref><ref>{{Cite journal |last1=Pearson |first1=Margaret M. |last2=Rithmire |first2=Meg |last3=Tsai |first3=Kellee S. |date=1 October 2022 |title=China's Party-State Capitalism and International Backlash: From Interdependence to Insecurity |journal=[[International Security]] |language=en |volume=47 |issue=2 |pages=135–176 |doi=10.1162/isec_a_00447 |issn=0162-2889 |doi-access=free}}</ref>

China brought more people out of extreme poverty than any other country in history<ref>{{cite news |date=13 October 2017 |title=China lifting 800 million people out of poverty is historic: World Bank |work=Business Standard India |agency=Press Trust of India |url=https://www.business-standard.com/article/international/china-lifting-800-million-people-out-of-poverty-is-historic-world-bank-117101300027_1.html |access-date=22 February 2019 |archive-date=22 February 2019 |archive-url=https://web.archive.org/web/20190222153513/https://www.business-standard.com/article/international/china-lifting-800-million-people-out-of-poverty-is-historic-world-bank-117101300027_1.html |url-status=live }}</ref><ref>{{cite book |title=Four Decades of Poverty Reduction in China: Drivers, Insights for the World, and the Way Ahead |date=2022 |publisher=World Bank Publications |isbn=9781464818783 |location= |page=ix |quote=By any measure, the speed and scale of China's poverty reduction is historically unprecedented.}}</ref>—between 1978 and 2018, China reduced extreme poverty by 800 million.<ref>{{cite web |title=China's Approach to Reduce Poverty: Taking Targeted Measures to Lift People out of Poverty |url=https://www.un.org/development/desa/dspd/wp-content/uploads/sites/22/2018/05/31.pdf |access-date=21 February 2019 |publisher=United Nations |archive-date=20 March 2019 |archive-url=https://web.archive.org/web/20190320032755/https://www.un.org/development/desa/dspd/wp-content/uploads/sites/22/2018/05/31.pdf |url-status=live }}</ref> Between 1981 and 2019, the  percentage of the population living in [[extreme poverty]] decreased from 88.1% to 0.2%.<ref name="POVCAL">{{cite web |url=https://data.worldbank.org/indicator/SI.POV.DDAY?locations=CN&name_desc=true |title=Regional aggregation using 2017 PPP and $2.15/day poverty line |publisher=[[World Bank]] |website=iresearch.worldbank.org |access-date=13 May 2022}}</ref> Its [[current account surplus]] increased by a factor of 53 between 1982 and 2021, from $5.67{{spaces}}billion to $317{{spaces}}billion.<ref>{{cite web |title=Current account balance (BoP, current US$) – China |url=https://data.worldbank.org/indicator/BN.CAB.XOKA.CD?locations=CN |access-date=18 March 2021 |website=worldbank.org |publisher=[[World Bank]] |archive-date=3 December 2020 |archive-url=https://web.archive.org/web/20201203073715/https://data.worldbank.org/indicator/BN.CAB.XOKA.CD?locations=CN |url-status=live }}</ref> During this time, China also became an industrial powerhouse, moving beyond initial successes in low-wage sectors like [[clothing]] and [[footwear]] to the increasingly sophisticated production of [[computers]], [[pharmaceuticals]], and [[automobiles]]. China's factories generated $3.7{{spaces}}trillion real manufacturing value added, more than the US, South Korea, Germany and the UK combined. China's manufacturing sector benefits from one of the world's largest domestic markets, immense manufacturing scale, and highly developed manufacturing supply chains.<ref>{{cite web |date=19 August 2020 |title=China's Next Leap in Manufacturing |url=https://www.bcg.com/publications/2018/china-next-leap-in-manufacturing |access-date=18 March 2021 |website=bcg.com |publisher=Boston Consulting Group |archive-date=31 March 2021 |archive-url=https://web.archive.org/web/20210331054215/https://www.bcg.com/publications/2018/china-next-leap-in-manufacturing |url-status=live }}</ref> It also has two ([[Guangdong–Hong Kong–Macau Greater Bay Area|Shenzhen-Hong Kong-Guangzhou]] and [[Beijing]] in the 2nd and 3rd spots respectively) of the global top{{spaces}}5 science and technology clusters, which is more than any other country.<ref name="Dutta 2022" /><ref>{{Cite book |title=Global Innovation Index 2022: Switzerland, the U.S., and Sweden lead the Global Innovation Ranking; China Approaches Top 10 |url=https://www.wipo.int/pressroom/en/articles/2022/article_0011.html |access-date=29 September 2022 |doi=10.34667/tind.46596 |language=en |last1=Dutta |first1=Soumitra |last2=Lanvin |first2=Bruno |last3=Wunsch-Vincent |first3=Sacha |last4=León |first4=Lorena Rivera |last5=World Intellectual Property Organization |year=2022 |publisher=World Intellectual Property Organization |isbn=9789280534320 |archive-date=29 September 2022 |archive-url=https://web.archive.org/web/20220929064258/https://www.wipo.int/pressroom/en/articles/2022/article_0011.html |url-status=live }}</ref>

China has sustained growth due to export relations, its [[manufacturing sector]], and low-wage workers.<ref name="CIAWFCH">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/china/ |title=The World Factbook |publisher=[[Central Intelligence Agency]] |website=CIA.gov |access-date=5 April 2019 |archive-date=20 December 2021 |archive-url=https://web.archive.org/web/20211220073104/https://www.cia.gov/the-world-factbook/countries/china/ |url-status=live }}</ref>  China's was the only major world economy to experience GDP growth in 2020, when its GDP increased by 2.3%.<ref name="Marquis 2022">{{Cite book |last1=Marquis |first1=Christopher |title=Mao and Markets: The Communist Roots of Chinese Enterprise |last2=Qiao |first2=Kunyuan |date=15 November 2022 |publisher=Yale University Press |isbn=978-0-300-26883-6 |pages= |doi=10.2307/j.ctv3006z6k |jstor=j.ctv3006z6k |author-link=Christopher Marquis |s2cid=253067190}}</ref> However, it posted one of its worst economic performances in decades because of the [[COVID-19 pandemic in China|COVID-19 pandemic]] in 2022.<ref>{{Cite web |last=He |first=Laura |date=17 January 2023 |title=China posts one of its worst economic performances in decades because of Covid |website=[[CNN]] |url=https://www.cnn.com/2023/01/16/business/china-gdp-2022-hnk-intl/index.html |access-date=21 April 2023 |language=en |archive-date=15 August 2024 |archive-url=https://web.archive.org/web/20240815134005/https://www.cnn.com/2023/01/16/business/china-gdp-2022-hnk-intl/index.html |url-status=live }}</ref> In 2023, [[International Monetary Fund|IMF]] predicted China to continue being one of the fastest growing major economies.<ref>{{cite web |title=A Rocky Recovery |work=World Economic Outlook |url=https://www.imf.org/en/Publications/WEO/Issues/2023/04/11/world-economic-outlook-april-2023 |quote=The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID |publisher=[[International Monetary Fund]] |date=April 2023 |access-date=11 April 2023 |archive-date=13 April 2023 |archive-url=https://web.archive.org/web/20230413022436/https://www.imf.org/en/Publications/WEO/Issues/2023/04/11/world-economic-outlook-april-2023 |url-status=live }}</ref> China's economy is both a contributor to rising global greenhouse gas (GHG) emissions causing climate change and severely [[economic impacts of climate change|affected by its adverse impacts]], although its per capita emissions are still much lower than developed economies such as the United States.<ref name="World Bank">{{Cite web |last=World Bank |title=China Country Climate and Development Report |url=https://openknowledge.worldbank.org/bitstream/handle/10986/38136/FullReport.pdf?sequence=2&isAllowed=y |access-date=10 October 2022 |archive-date=14 October 2022 |archive-url=https://web.archive.org/web/20221014033908/https://openknowledge.worldbank.org/bitstream/handle/10986/38136/FullReport.pdf?sequence=2&isAllowed=y |url-status=live }}</ref>

==Regional economies==
{{see also|Megalopolises in China|List of cities in China}}
[[File:ChinaGDPdist.jpg|thumb|Distribution of GDP in mainland China]]
China's unequal [[Transport in China|transportation system]], combined with important differences in the availability of [[Natural resource|natural]] and [[human resources]] and in industrial [[infrastructure]], has produced significant variations in the regional economies of China.<ref>{{cite journal|title=China's regional disparities: Experience and policy☆|journal=Review of Development Finance|year=2011|doi=10.1016/j.rdf.2010.10.001|last1=Fan|first1=Shenggen|last2=Kanbur|first2=Ravi|last3=Zhang|first3=Xiaobo|volume=1|pages=47–56|doi-access=free|hdl=1813/58114|hdl-access=free | issn = 1879-9337 }}</ref> The economic development of [[Shenzhen]] has caused the city to be referred to as the world's next [[Silicon Valley]].<ref>{{cite news |title=Shenzhen is a hothouse of innovation |newspaper=The Economist |url=https://www.economist.com/news/special-report/21720076-copycats-are-out-innovators-are-shenzhen-hothouse-innovation |url-status=live |access-date=13 January 2018 |archive-url=https://web.archive.org/web/20180114020350/https://www.economist.com/news/special-report/21720076-copycats-are-out-innovators-are-shenzhen-hothouse-innovation |archive-date=14 January 2018}}</ref><ref>{{cite journal |last=Murphy |first=Flynn |date=17 May 2017 |title=China's Silicon Valley |journal=Nature |volume=545 |issue=7654 |pages=S29–S31 |bibcode=2017Natur.545S..29M |doi=10.1038/545S29a |pmid=28514437 |doi-access=free}}</ref>

[[Economic development]] has generally been more rapid in [[List of places on the coastline of the People's Republic of China|coastal provinces]] than in the interior and there are large disparities in [[per capita income]] between regions. The three wealthiest regions are the [[Yangtze Delta]] in East China; the [[Pearl River Delta]] in South China; and&nbsp;[[Jing-Jin-Ji]] region in North China. It is the rapid development of these areas that is expected to have the most significant effect on the Asian regional economy as a whole and Chinese government policy is designed to remove the obstacles to accelerated growth in these wealthier regions. By 2035, China's four cities ([[Shanghai]], Beijing, [[Guangzhou]] and Shenzhen) are projected to be among the global top ten largest cities by [[nominal GDP]] according to a report by Oxford Economics.<ref>{{cite web|title=These will be the most important cities by 2035|url=https://www.weforum.org/agenda/2019/10/cities-in-2035/|access-date=2 November 2020|website=World Economic Forum|date=31 October 2019|language=en|archive-date=3 November 2020|archive-url=https://web.archive.org/web/20201103162218/https://www.weforum.org/agenda/2019/10/cities-in-2035/|url-status=live}}</ref>

===GDP by administrative division===
{{main|List of Chinese administrative divisions by GDP}}

{{Static row numbers}}
{| class="wikitable sortable static-row-numbers col2center" style="text-align:right;"
|+ List of 31 provinces in mainland China by Nominal GDP in 2022 ({{small|billions of GDP}})<ref name="NBS Data" />

|- class="static-row-header" style="text-align:center;vertical-align:bottom;"
!provinces!!{{abbr|CN¥|Chinese yuan}}!!{{abbr|US$|US dollar}}!!{{small|share <br>(%)}}

|- class="static-row-header " style="font-weight:bold;" style="font-weight:bold;" 
! style="text-align:center" |[[Mainland China|China<br>{{small|(mainland)}}]]||141,020.72||19,700.70||100
|-
| align="left" |[[Guangdong]]||13,911.86||2,119.67||10.67 
|-
| align="left" |[[Jiangsu]]||12,287.56||1,826.85||10.15 
|-
| align="left" |[[Shandong]]||8,743.51||1,299.94||7.22 
|-
| align="left" |[[Zhejiang]]||7,771.54||1,155.43||6.42 
|-
| align="left" |[[Henan]]||6,134.51||912.05||5.07 
|-
| align="left" |[[Sichuan]]||10,674.98||1,843.73||4.69 
|-
| align="left" |[[Hubei]]||5,373.49||798.90||4.44 
|-
| align="left" |[[Fujian]]||5,310.99||789.61||4.39 
|-
| align="left" |[[Hunan]]||4,867.04||723.61||4.02 
|-
| align="left" |[[Anhui]]||4,504.50||669.70||3.72 
|-
| align="left" |[[Shanghai]]||4,465.28||663.87||3.69 
|-
| align="left" |[[Hebei]]||4,237.04||629.94||3.50 
|-
| align="left" |[[Beijing]]||4,161.10||618.65||3.44 
|-
| align="left" |[[Shaanxi]]||3,277.27||487.25||2.71 
|-
| align="left" |[[Jiangxi]]||3,207.47||476.87||2.65 
|-
| align="left" |[[Chongqing]]||2,912.90||433.07||2.41 
|-
| align="left" |[[Liaoning]]||2,897.51||430.79||2.39 
|-
| align="left" |[[Yunnan]]||2,895.42||430.48||2.39 
|-
| align="left" |[[Guangxi]]||2,630.09||391.03||2.17 
|-
| align="left" |[[Shanxi]]||2,564.26||381.24||2.12 
|-
| align="left" |{{small|[[Inner Mongolia]]}}||2,315.87||344.31||1.91 
|-
| align="left" |[[Guizhou]]||2,016.46||299.80||1.67 
|-
| align="left" |[[Xinjiang]]||1,774.13||263.77||1.47 
|-
| align="left" |[[Tianjin]]||1,631.13||242.51||1.35 
|-
| align="left" |{{small|[[Heilongjiang]]}}||1,590.10||236.41||1.31 
|-
| align="left" |[[Jilin]]||1,307.02||194.32||1.08 
|-
| align="left" |[[Gansu]]||1,120.16||166.54||0.93 
|-
| align="left" |[[Hainan]]||681.82||101.37||0.56 
|-
| align="left" |[[Ningxia]]||506.96||75.37||0.42 
|-
| align="left" |[[Qinghai]]||361.01||53.67||0.30 
|-
| align="left" |[[Tibet Autonomous Region|Tibet]]||213.26||31.71||0.18 
|}

===Hong Kong and Macau===
{{main|Economy of Hong Kong|Economy of Macau}}

In accordance with the [[one country, two systems]] policy, the economies of the former British colony of Hong Kong and Portuguese colony of Macau formally preserve a capitalist system separate from mainland China.<ref>{{Cite news |last=Pomfret |first=James |last2= |first2= |date=27 June 2022 |title=Explainer: Hong Kong's rocky political road since the 1997 handover |language=en |work=[[Reuters]] |url=https://www.reuters.com/world/asia-pacific/hong-kongs-rocky-political-road-since-1997-handover-2022-06-27/ |access-date=29 July 2023 |archive-date=29 July 2023 |archive-url=https://web.archive.org/web/20230729175126/https://www.reuters.com/world/asia-pacific/hong-kongs-rocky-political-road-since-1997-handover-2022-06-27/ |url-status=live }}</ref><ref>{{Cite news |last=Campbell |first=Matthew |date=29 July 2023 |title=What Happens to Hong Kong When 'One Country, Two Systems' Expires in 2047 |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2019-08-27/countdown-to-2047-what-will-happen-to-hong-kong-quicktake#xj4y7vzkg |access-date=29 July 2023 |archive-date=9 March 2022 |archive-url=https://web.archive.org/web/20220309061214/https://www.bloomberg.com/news/articles/2019-08-27/countdown-to-2047-what-will-happen-to-hong-kong-quicktake#xj4y7vzkg |url-status=live }}</ref>

===Regional development===
{{Regional economic strategies of the People's Republic of China}}
These strategies are aimed at the relatively underdeveloped regions of China in an attempt to address unequal development:
* [[China Western Development]], designed to increase the economic situation of the western provinces through investment and development of natural resources.
* [[Revitalize Northeast China]], to rejuvenate the industrial bases in [[Northeast China]]. It covers the three provinces of [[Heilongjiang]], [[Jilin]], and [[Liaoning]], as well as the five eastern [[Prefecture (China)|prefectures]] of [[Inner Mongolia]].
* [[Rise of Central China Plan]], to accelerate the development of its central regions. It covers six provinces: [[Shanxi]], [[Henan]], [[Anhui]], [[Hubei]], [[Hunan]], and [[Jiangxi]].
* [[Third Front (China)|Third Front]] of the Cold War period, which focused on the southwestern provinces.

==Government==
[[File:Graph of Major Developing Economies by Real GDP per capita at PPP 1990-2013.png|thumb|upright=1.35|China and other major developing economies by [[List of countries by GDP (PPP) per capita|GDP per capita at purchasing-power parity]] (1990–2013) as the rapid economic growth of China (blue) is readily apparent<ref>{{cite web|title=World Bank World Development Indicators |url=http://data.worldbank.org/data-catalog/world-development-indicators|publisher=World Bank|access-date=8 December 2014|archive-url=https://web.archive.org/web/20160820022146/http://data.worldbank.org/data-catalog/world-development-indicators|archive-date=20 August 2016 |url-status=live}}</ref>]]

The [[Chinese Communist Party]] (CCP) describes China's economic system as the [[socialist market economy]]. To guide economic development, the Chinese central government adopts [[Five-year plans of China|five-year plans]] that detail its economic priorities and essential policies. The [[fourteenth five-year plan]] (2021–2025) is currently being implemented, placing an emphasis on consumption-driven growth and technological self-sufficiency while China transitions from being an upper middle-income economy to a high-income economy.<ref>{{cite news |date=30 October 2020 |title=Five-year plan: China moves to technology self-sufficiency |url=https://www.scmp.com/news/china/politics/article/3107709/five-year-plan-china-officials-flesh-out-details-plenum |access-date=18 March 2021 |work=[[South China Morning Post]] |publisher= |archive-date=18 March 2021 |archive-url=https://web.archive.org/web/20210318182236/https://www.scmp.com/news/china/politics/article/3107709/five-year-plan-china-officials-flesh-out-details-plenum |url-status=live }}</ref>

The [[public sector]] plays a central role in China's economy.<ref>{{cite book |title=The Basic Economic System of China |isbn=978-981-13-6894-3 |last1=Pei |first1=Changhong |last2=Yang |first2=Chunxue |last3=Yang |first3=Xinming |date=4 July 2019 |publisher=Springer |url=https://www.springer.com/gp/book/9789811368943 |access-date=13 June 2020 |archive-date=13 June 2020 |archive-url=https://web.archive.org/web/20200613182937/https://www.springer.com/gp/book/9789811368943 |url-status=live }}</ref> This development is also in line with the planning goals of the Chinese central government to achieve the [[Two Centenaries]], namely the material goal of China becoming a [[Moderately prosperous society|moderately prosperous society in all respects]] by 2021 and the modernization goal of China becoming a "strong, democratic, civilized, harmonious and modern socialist country" by 2049, the 100th anniversary of the founding of the People's Republic.<ref>{{Cite news |last=Nathan |first=Andrew |date=25 June 2021 |title=An Anxious 100th Birthday for China's Communist Party |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/an-anxious-100th-birthday-for-chinas-communist-party-11624635205 |access-date=23 May 2023 |archive-date=26 May 2023 |archive-url=https://web.archive.org/web/20230526152309/https://www.wsj.com/articles/an-anxious-100th-birthday-for-chinas-communist-party-11624635205 |url-status=live }}</ref> China retains state control over the [[commanding heights of the economy]] in key industries like infrastructure, telecommunications, and finance despite significant marketization of the economy since [[reform and opening up]].<ref name="Heilmann 2018">{{Cite book |last=Heilmann |first=Sebastian |author-link=Sebastian Heilmann |title=Red Swan: How Unorthodox Policy-Making Facilitated China's Rise |date=2018 |publisher=[[The Chinese University of Hong Kong Press]] |isbn=978-962-996-827-4 |doi=10.2307/j.ctv2n7q6b |jstor=j.ctv2n7q6b}}</ref>{{Rp|page=20}} Specific mechanisms implementing government control of the commanding heights of the economy include public property rights, pervasive administrative involvement, and CCP supervision of senior managers.<ref name="Heilmann 2018" />{{Rp|page=20}}

The state is more likely to intervene in areas where the prices of goods and services are socially and politically sensitive.<ref name="Li 2024" />{{Rp|page=105}} For example, China's government intervenes more actively in the commercial banking sector than in private equity, where significantly fewer households participate.<ref name="Li 2024" />{{Rp|page=100}} The state's involvement in the allocation of finance, contracts, and resources facilitates Chinese government efforts to minimize the effects of market volatility.<ref name="Garlick 2024" />{{Rp|page=3}}

Local governments' level of authority and autonomy in economic decision-making is high, and they have played a major role in national economic development.<ref name=":6">{{Cite book |last=Lan |first=Xiaohuan |title=How China Works: An Introduction to China's State-led Economic Development |publisher=[[Palgrave MacMillan]] |year=2024 |isbn=978-981-97-0079-0 |translator-last=Topp |translator-first=Gary |doi=10.1007/978-981-97-0080-6}}</ref>{{Rp|page=1}} Local governments may also offer incentives or subsidies to attract business.<ref name=":6" />{{Rp|page=41}} One common tax incentive is "three tax-free and three half-tax", through which businesses can be allowed not to pay corporate income tax for their first three years of operation, and paying half rate for the next three years.<ref name=":6" />{{Rp|page=41}} 
[[File:Worlds regions by total wealth(in trillions USD), 2018.jpg|thumb|upright=1.35|Worlds regions by total wealth (in trillions USD), 2018]]
[[File:China's share of global export.svg|thumb|upright=1.35 |China's share of global export 1990–2019]]

=== State-owned enterprises ===
{{Main|State-owned enterprises of China}}

China's SOEs perform important functions that benefit the state.<ref name="Pieke 2022">{{Cite book |title=CPC Futures The New Era of Socialism with Chinese Characteristics |date=2022 |publisher=[[National University of Singapore Press]] |isbn=978-981-18-5206-0 |editor1=Frank N. Pieke |location=Singapore |pages=138 |doi=10.56159/eai.52060 |oclc=1354535847 |editor2=Bert Hofman |doi-access=free}}</ref> Academic Wendy Leutert writes, "They contribute to central and local governments revenues through dividends and taxes, support urban employment, keep key input prices low, channel capital towards targeted industries and technologies, support sub-national redistribution to poorer interior and western provinces, and aid the state's response to natural disasters, financial crises and social instability."<ref name="Pieke 2022" />

Almost 867,000 enterprises in China have a degree of state ownership, according to [[Franklin Allen]] of [[Imperial College London]].<ref name=":1">{{Cite news |date=July 11, 2024 |title=Xi Jinping really is unshakeably committed to the private sector |url=https://www.economist.com/finance-and-economics/2024/07/11/xi-jinping-really-is-unshakeably-committed-to-the-private-sector |url-access=subscription |access-date=2024-07-13 |newspaper=[[The Economist]] |issn=0013-0613 |archive-date=15 August 2024 |archive-url=https://web.archive.org/web/20240815134009/https://www.economist.com/finance-and-economics/2024/07/11/xi-jinping-really-is-unshakeably-committed-to-the-private-sector |url-status=live }}</ref> As of 2017, China has more SOEs than any other country, and the most SOEs among large national companies.<ref name="Pieke 2022" /> State-owned enterprises accounted for over 60% of China's market capitalization in 2019<ref>{{cite web |last=Hissey |first=Ian |date=17 December 2019 |title=Investing in Chinese State-Owned Enterprises |url=https://insight.factset.com/investing-in-chinese-state-owned-enterprises |access-date=15 March 2021 |website=insight.factset.com |archive-date=18 April 2021 |archive-url=https://web.archive.org/web/20210418192639/https://insight.factset.com/investing-in-chinese-state-owned-enterprises |url-status=live }}</ref> and generated 40% of China's GDP of US$15.98{{spaces}}trillion dollars (101.36 trillion yuan) in 2020, with domestic and foreign private businesses and investment accounting for the remaining 60%.<ref>{{cite web |last=Tjan |first=Sie Tek |date=21 May 2020 |title=How reform has made China's state-owned enterprises stronger |url=https://www.weforum.org/agenda/2020/05/how-reform-has-made-chinas-state-owned-enterprises-stronger/ |access-date=19 October 2020 |website=www.weforum.org |archive-date=11 October 2020 |archive-url=https://web.archive.org/web/20201011152937/https://www.weforum.org/agenda/2020/05/how-reform-has-made-chinas-state-owned-enterprises-stronger/ |url-status=live }}</ref><ref>{{cite web |last=CBNEditor |date=18 January 2021 |title=China's GDP Breaches 100 Trillion Yuan Threshold after Posting 2.3% Growth in 2020, Disposable Income up 4.7% |url=https://www.chinabankingnews.com/2021/01/18/chinas-gdp-breaches-100-trillion-yuan-threshold-after-posting-2-3-growth-in-2020-disposable-income-up-4-7/ |access-date=13 April 2021 |website=China Banking News |language=en-US |archive-date=7 May 2021 |archive-url=https://web.archive.org/web/20210507021126/https://www.chinabankingnews.com/2021/01/18/chinas-gdp-breaches-100-trillion-yuan-threshold-after-posting-2-3-growth-in-2020-disposable-income-up-4-7/ |url-status=dead }}</ref> As of the end of 2019, the total assets of all China's SOEs, including those operating in the financial sector, reached US$58.97{{spaces}}trillion In 2015.<ref>{{cite web |last=Tjan |first=Sie Tek |date=17 October 2020 |title=China State Firms' Assets grow even as the Government presses for lighter debt |url=https://www.caixinglobal.com/ |access-date=19 October 2020 |website=www.caixinglobal.com |archive-date=7 January 2022 |archive-url=https://web.archive.org/web/20220107171324/https://www.caixinglobal.com/ |url-status=live }}</ref> Ninety-one (91) of these SOEs belong to the 2020 Fortune Global 500 companies.<ref>{{cite web |last=Tjan |first=Sie tek |date=18 August 2020 |title=The Biggest but not the Strongest: China's place in the Fortune Global 500 |url=https://www.csis.org/ |access-date=19 October 2020 |website=www.csis.org |archive-date=24 May 2023 |archive-url=https://web.archive.org/web/20230524062114/https://www.csis.org/ |url-status=live }}</ref> {{As of|2023}}, private firms only represent 37% of the country's top-100 listed firms, according to the [[Peterson Institute for International Economics]].<ref name=":1" />

===Disputes over economic data===
There exists disputes over reliability of official economic data. Foreign and some Chinese sources have claimed that official Chinese government statistics overstate China's economic growth.<ref name="Tang 2017">{{cite web |date=20 January 2017 |title=Can you still trust China's economic data after province admits cooking books? |url=https://www.scmp.com/news/china/economy/article/2063906/can-you-still-trust-chinas-economic-data-after-province-admits |url-status=live |archive-url=https://web.archive.org/web/20190813160839/https://www.scmp.com/news/china/economy/article/2063906/can-you-still-trust-chinas-economic-data-after-province-admits |archive-date=13 August 2019 |access-date=19 November 2019 |last=Tang |first=Frank |website=South China Morning Post}}</ref> However, several Western academics and institutions have stated that China's economic growth is higher than indicated by official figures.<ref name="Fernald 2013" /> Others, such as the [[Economist Intelligence Unit]], state that while there's evidence China's GDP data is "smoothed", they believe that China's nominal and real GDP data are broadly accurate.<ref>{{Cite web |date=4 March 2021 |title=Recent challenges in reading China's GDP |url=https://www.eiu.com/n/recent-challenges-in-reading-chinas-gdp/ |access-date=18 August 2022 |website=Economist Intelligence Unit |language=en-GB |archive-date=18 August 2022 |archive-url=https://web.archive.org/web/20220818104747/https://www.eiu.com/n/recent-challenges-in-reading-chinas-gdp/ |url-status=live }}</ref> Still others, state that reported GDP growth is irreconcilable with data coming out of China.<ref>{{Cite web |last1=Rosen |first1=Daniel H. |last2=Wright |first2=Logan |last3=Vest |first3=Charlie |last4=Quinn |first4=Rogan |date=2023-12-29 |title=Through the Looking Glass: China's 2023 GDP and the Year Ahead |url=https://rhg.com/research/through-the-looking-glass-chinas-2023-gdp-and-the-year-ahead/ |access-date=2024-07-21 |website=Rhodium Group |language=en-GB |archive-date=21 July 2024 |archive-url=https://web.archive.org/web/20240721161551/https://rhg.com/research/through-the-looking-glass-chinas-2023-gdp-and-the-year-ahead/ |url-status=live }}</ref> In 2024, the [[United States Department of Agriculture]] stopped relying on official Chinese government data over reliability concerns.<ref>{{Cite news |date=2024-03-27 |title=Gap in China's Soybean Trade Casts Doubt on Data Reliability |url=https://www.bloomberg.com/news/articles/2024-03-27/discrepancy-in-china-s-soy-trade-casts-doubt-on-data-reliability |access-date=2024-08-05 |work=[[Bloomberg News]] |language=en |archive-date=27 March 2024 |archive-url=https://web.archive.org/web/20240327095814/https://www.bloomberg.com/news/articles/2024-03-27/discrepancy-in-china-s-soy-trade-casts-doubt-on-data-reliability |url-status=live }}</ref> According to 2007 documents obtained by WikiLeaks, [[Liaoning]] Party Secretary and future Premier [[Li Keqiang]] said he is far from confident in the country's GDP estimates, calling them "man-made" and unreliable and that data releases, especially the GDP numbers, should be used "for reference only".<ref>{{cite web |title=Is China Cooking the Books on Economic Expansion? {{pipe}} Civic |url=https://www.usnews.com/news/articles/2015/11/02/is-china-cooking-the-books-on-economic-expansion |url-status=live |archive-url=https://web.archive.org/web/20180420010707/https://www.usnews.com/news/articles/2015/11/02/is-china-cooking-the-books-on-economic-expansion |archive-date=20 April 2018 |access-date=19 April 2018 |website=US News}}</ref> In its place, he developed the [[Li Keqiang index]] is an alternative measurement of Chinese economic performance that uses three variables he preferred.<ref>{{cite web |date=12 September 2017 |title=Some Alternative Methods for Tracking Chinese GDP |url=https://www.stlouisfed.org/on-the-economy/2017/september/some-alternative-methods-tracking-chinese-gdp |access-date=6 May 2020 |website=Federal Reserve Bank of St. Louis |archive-date=31 July 2020 |archive-url=https://web.archive.org/web/20200731001627/https://www.stlouisfed.org/on-the-economy/2017/september/some-alternative-methods-tracking-chinese-gdp |url-status=live }}</ref> 

Chinese provinces and cities have long been suspected of cooking their numbers, with the focus on local government officials, whose performance are often assessed based on how well their respective economies have performed.<ref>{{Cite news |last1=Woo |first1=Yawen Chen |date=17 January 2018 |title=Another Chinese city admits 'fake' economic data |newspaper=Reuters |url=https://www.reuters.com/article/us-china-economy-data-idUSKBN1F60I1 |url-status=live |access-date=19 November 2019 |archive-url=https://web.archive.org/web/20190813160840/https://www.reuters.com/article/us-china-economy-data-idUSKBN1F60I1 |archive-date=13 August 2019 |via=www.reuters.com}}</ref> Local governments have come under increased scrutiny over the last few years over economic data, with CCP general secretary [[Xi Jinping]] stating that economic data forgery "not only hurt our judgment of the economic situation, but also seriously undermined the Communist Party's ideas and truth-seeking style".<ref name="Tang 2017" /><ref>{{cite web |date=16 January 2018 |title=Why Chinese officials are coming clean over cooking the books |url=https://www.scmp.com/news/china/economy/article/2128484/why-chinese-officials-are-suddenly-coming-clean-over-cooking |url-status=live |archive-url=https://web.archive.org/web/20191002180057/https://www.scmp.com/news/china/economy/article/2128484/why-chinese-officials-are-suddenly-coming-clean-over-cooking |archive-date=2 October 2019 |access-date=19 November 2019 |website=South China Morning Post}}</ref>

According to a 2019 research paper published by the [[Brookings Institution]] adjusting the historical GDP time series using [[value-added tax]] data, which the authors said are "highly resistant to fraud and tampering",<ref>{{cite web |author1=Wei Chen |author2=Xilu Chen |author3=Chang-Tai Hsieh |author4=Zheng (Michael) Song|date=7 March 2019|title=A forensic examination of China's national accounts |url=https://www.brookings.edu/bpea-articles/a-forensic-examination-of-chinas-national-accounts/|url-status=live|archive-url=https://web.archive.org/web/20190720135504/https://www.brookings.edu/bpea-articles/a-forensic-examination-of-chinas-national-accounts/ |archive-date=20 July 2019|access-date=20 July 2019|website=Brookings|language=en-US}}</ref><ref name="Wildau 2019">{{cite web|last=Wildau |first=Gabriel|date=7 March 2019|title=China's economy is 12% smaller than official data say, study finds |url=https://www.ft.com/content/961b4b32-3fce-11e9-b896-fe36ec32aece|url-status=live|archive-url=https://web.archive.org/web/20190720135501/https://www.ft.com/content/961b4b32-3fce-11e9-b896-fe36ec32aece|archive-date=20 July 2019 |access-date=20 July 2019|website=Financial Times|language=en-GB}}</ref> China's economic growth may have been overstated by 1.7 percent each year between 2008 and 2016, meaning that the government may have been overstating the size of the Chinese economy by 12–16 percent in 2016.<ref name="Wildau 2019" /><ref>{{Cite news |url=https://www.economist.com/finance-and-economics/2019/03/07/chinas-economy-might-be-nearly-a-seventh-smaller-than-reported|title=China's economy might be nearly a seventh smaller than reported|date=7 March 2019|newspaper=The Economist|access-date=20 July 2019|issn=0013-0613|archive-url=https://web.archive.org/web/20190720135459/https://www.economist.com/finance-and-economics/2019/03/07/chinas-economy-might-be-nearly-a-seventh-smaller-than-reported|archive-date=20 July 2019|url-status=live}}</ref>

Several Western academics and institutions have supported the claim that China's economy is likely to be underestimated.<ref name="Clark 2020">{{Cite journal|last1=Clark|first1=Hunter|last2=Pinkovskiy|first2=Maxim|last3=Sala-i-Martin|first3=Xavier|date=1 August 2020|title=China's GDP growth may be understated|journal=China Economic Review|language=en|volume=62|page=101243|doi=10.1016/j.chieco.2018.10.010|s2cid=157898394|issn=1043-951X|url=http://www.nber.org/papers/w23323.pdf|access-date=19 November 2019|archive-date=2 May 2019|archive-url=https://web.archive.org/web/20190502110429/https://www.nber.org/papers/w23323.pdf|url-status=live}}</ref><ref>{{cite web|last=Chandran|first=Nyshka|date=16 October 2015|title=These guys think China's economy is much larger|url=https://www.cnbc.com/2015/10/15/chinas-economy-is-likely-larger-than-you-think.html|access-date=25 October 2020|website=CNBC|language=en|archive-date=28 October 2020|archive-url=https://web.archive.org/web/20201028051333/https://www.cnbc.com/2015/10/15/chinas-economy-is-likely-larger-than-you-think.html|url-status=live}}</ref><ref name="Arvind 2011">{{cite web |last=Arvind |first=Subramanian |date=13 January 2011 |title=Is China Already Number One? New GDP Estimates |website=[[Peterson Institute for International Economics]] (PIIE) |language=en |url=https://www.piie.com/blogs/realtime-economic-issues-watch/china-already-number-one-new-gdp-estimates |access-date=25 October 2020 |archive-date=26 October 2020 |archive-url=https://web.archive.org/web/20201026213020/https://www.piie.com/blogs/realtime-economic-issues-watch/china-already-number-one-new-gdp-estimates |url-status=live }}</ref><ref name="Fernald 2013">{{Cite journal |last1=Fernald |first1=John G. |last2=Malkin |first2=Israel |last3=Spiegel |first3=Mark M. |date=2013 |title=On the reliability of Chinese output figures |journal=FRBSF Economic Letter |language=en |url=https://ideas.repec.org/a/fip/fedfel/y2013imar25n2013-08.html |access-date=25 October 2020 |archive-date=27 October 2020 |archive-url=https://web.archive.org/web/20201027164253/https://ideas.repec.org/a/fip/fedfel/y2013imar25n2013-08.html |url-status=live }}</ref><ref name="Rosen 2015">{{Cite book |first1=Daniel |last1=Rosen |title=Broken Abacus? A More Accurate Gauge of China's Economy |first2=Beibei |last2=Bao |publisher=Center for Strategic and International Studies |year=2015 |isbn=978-1442240841 |pages=X-XV}}</ref><ref>{{cite web |last=Allison |first=Graham |date=15 October 2020 |title=China Is Now the World's Largest Economy. We Shouldn't Be Shocked. |url=https://nationalinterest.org/feature/china-now-world%E2%80%99s-largest-economy-we-shouldn%E2%80%99t-be-shocked-170719 |access-date=25 October 2020 |website=The National Interest |language=en |archive-date=16 December 2020 |archive-url=https://web.archive.org/web/20201216131946/https://nationalinterest.org/feature/china-now-world%E2%80%99s-largest-economy-we-shouldn%E2%80%99t-be-shocked-170719 |url-status=live }}</ref><ref>{{Cite journal |last1=Williamson |first1=Peter J.|last2=Hoenderop |first2=Simon|last3=Hoenderop |first3=Jochem|date=3 April 2018|title=An alternative benchmark for the validity of China's GDP growth statistics |journal=Journal of Chinese Economic and Business Studies |volume=16 |issue=2 |pages=171–191 |doi=10.1080/14765284.2018.1438867 |s2cid=158464860|issn=1476-5284}}</ref> A paper by the US-based [[National Bureau of Economic Research]] claimed that China's economic growth may be higher than what is reported by official statistics.<ref>{{cite web|date=April 2017|title=China'S GDP Growth May Be Understated|url=https://www.nber.org/system/files/working_papers/w23323/w23323.pdf|access-date=26 January 2021|website=National Bureau of Economic Research|archive-date=9 October 2022|archive-url=https://ghostarchive.org/archive/20221009/https://www.nber.org/system/files/working_papers/w23323/w23323.pdf|url-status=live}}</ref> An article by Hunter Clarka, Maxim Pinkovskiya and [[Xavier Sala-i-Martin]] published by the [[Elsevier Science Direct]] in 2018 employs an innovative method of satellite-recorded nighttime lights, which the authors claim to be a best-unbiased predictor of the economic growth in Chinese cities. The results suggest that the Chinese economic growth rate is higher than the official reported data.<ref name="Clark 2020" />

Satellite measurements of [[light pollution]] are used by some analysts to model Chinese economic growth and suggest growth rate numbers in Chinese official data are more reliable, though are likely to be smoothed.<ref>{{cite web|date=14 September 2017|title=Estimating Chinese GDP Using Night-Lights Data|url=https://www.stlouisfed.org/on-the-economy/2017/september/estimating-chinese-gdp-using-night-lights-data|access-date=6 May 2020|website=Federal Reserve Bank of St. Louis|archive-date=30 July 2020|archive-url=https://web.archive.org/web/20200730230110/https://www.stlouisfed.org/on-the-economy/2017/september/estimating-chinese-gdp-using-night-lights-data|url-status=live}}</ref> According to an article by the [[Federal Reserve Bank of St. Louis]], China's official statistics are of a high quality compared to other developing, middle-income and low-income countries. In 2016, China was at the 83rd percentile of middle and low-income countries, up from the 38th percentile in 2004.<ref>{{cite web|date=11 September 2017|title=Challenges in Measuring China's Economic Growth|url=https://www.stlouisfed.org/on-the-economy/2017/september/challenges-measuring-china-economic-growth|access-date=29 October 2020|website=Federal Reserve Bank of St. Louis|archive-date=29 October 2020|archive-url=https://web.archive.org/web/20201029044941/https://www.stlouisfed.org/on-the-economy/2017/september/challenges-measuring-china-economic-growth|url-status=live}}</ref> A study by the [[Federal Reserve Bank of San Francisco]] found that China's official GDP statistics are "significantly and positively correlated" with externally verifiable measures of economic activity such as import and export data from China's trade partners, suggesting that China's economic growth was no slower than the official figures indicated.<ref name="Fernald 2013" />

The study by [[Daniel H. Rosen]] and Beibei Bao, published by the [[Center for Strategic and International Studies]] in 2015, showed that GDP in 2008 was actually 13–16 percent bigger than the official data, while 2013 GDP was accurately at $10.5{{spaces}}trillion rather than the official figure at $9.5{{spaces}}trillion.<ref name="Rosen 2015" /> According to a research conducted by [[Arvind Subramanian]], a former economist at the [[International Money Fund|International Money Fund (IMF)]] and a senior fellow at the [[Peterson Institute for International Economics]], the size of the Chinese economy by [[Purchasing power parity|Purchasing Power Parity]] in 2010 was about $14.8 trillion rather than an official estimate at $10.1 trillion by IMF, meaning that China's GDP was underestimated by 47 percent.<ref name="Arvind 2011"/>

===National debt===
{{main|National debt of China}}

In 2022, China's total government debt stood at approximately {{Renminbi}} 94 trillion ({{USD}} 14 trillion), equivalent to about 77.1% of [[GDP]].<ref name="IMFWEO" /> In 2014, many analysts expressed concern over the overall size of China's government debt.<ref>[https://www.economist.com/news/leaders/21625785-its-debt-will-not-drag-down-world-economy-it-risks-zombifying-countrys-financial "The great hole of China"] {{Webarchive|url=https://web.archive.org/web/20170830143801/https://www.economist.com/news/leaders/21625785-its-debt-will-not-drag-down-world-economy-it-risks-zombifying-countrys-financial|date=30 August 2017}}, ''[[The Economist]]'', 18 October 2014</ref><ref>Kenneth Rapoza (9 May 2015), [https://www.forbes.com/sites/kenrapoza/2015/05/09/chinas-total-debt-load-now-over-280-of-gdp/#6830ce8367ab "China's Total Debt Load Now Over 280% Of GDP"] {{Webarchive|url=https://web.archive.org/web/20170923051419/https://www.forbes.com/sites/kenrapoza/2015/05/09/chinas-total-debt-load-now-over-280-of-gdp/#6830ce8367ab|date=23 September 2017}}, ''[[Forbes]]''</ref><ref>Ye Xie (15 July 2015), [https://www.bloomberg.com/news/articles/2015-07-15/china-s-debt-to-gdp-ratio-just-climbed-to-a-new-record-high "China's Debt-to-GDP Ratio Just Climbed to a Record High"] {{Webarchive|url=https://web.archive.org/web/20170410043752/https://www.bloomberg.com/news/articles/2015-07-15/china-s-debt-to-gdp-ratio-just-climbed-to-a-new-record-high|date=10 April 2017}}, ''[[Bloomberg News|Bloomberg]]''</ref><ref>Adair Turner (3 December 2015), [http://www.weforum.org/agenda/2015/12/how-will-china-tackle-its-debt-dilemma "How will China tackle its debt dilemma?"] {{Webarchive|url=https://web.archive.org/web/20160312021342/http://www.weforum.org/agenda/2015/12/how-will-china-tackle-its-debt-dilemma|date=12 March 2016}}, [[Institute for New Economic Thinking]], [[World Economic Forum]]</ref> At the end of 2014, the International Monetary Fund reported that China's general government gross debt-to-GDP ratio was 41.44 percent.<ref>[http://www.imf.org/external/pubs/ft/scr/2015/cr15234.pdf "People's Republic of China 2015 Article IV Consultation{{snd}}Press Release; Staff Report; and Statement by the Executive Director for the PRC"] {{Webarchive|url=https://web.archive.org/web/20160316161828/http://www.imf.org/external/pubs/ft/scr/2015/cr15234.pdf|date=16 March 2016}} IMF Country Report No. 15/234</ref><ref>[http://www.imf.org/external/pubs/ft/weo/2015/02/weodata/weorept.aspx?sy=2010&ey=2017&scsm=1&ssd=1&sort=country&ds=.&br=1&c=924&s=NGDPD%2CNGDPDPC%2CGGXWDG_NGDP&grp=0&a=&pr.x=51&pr.y=12 World Economic Outlook Database, October 2015] {{Webarchive|url=https://web.archive.org/web/20160312011155/http://www.imf.org/external/pubs/ft/weo/2015/02/weodata/weorept.aspx?sy=2010&ey=2017&scsm=1&ssd=1&sort=country&ds=.&br=1&c=924&s=NGDPD,NGDPDPC,GGXWDG_NGDP&grp=0&a=&pr.x=51&pr.y=12|date=12 March 2016}}, IMF</ref> In 2015, a report by the International Monetary Fund concluded that China's public debt is relatively low "and on a stable path in all standard stress tests except for the scenario with contingent liability shocks", such as "a large-scale bank recapitalization or financial system bailout to deal, for example, with a potential rise in [[Non-performing loan|NPLs]] from deleveraging".<ref>IMF Country Report No. 15/234, [https://www.imf.org/external/pubs/ft/scr/2015/cr15234.pdf People's Republic of China: Staff Report for the 2015 Article IV Consultation] {{Webarchive|url=https://web.archive.org/web/20160316161828/http://www.imf.org/external/pubs/ft/scr/2015/cr15234.pdf|date=16 March 2016}} (7 July 2015).</ref> Per the [[State Administration of Foreign Exchange]]'s 2019 [[balance of payments]] report, the external debt balance of the entire Chinese government at year end was 2% of GDP.<ref name=":6" />{{Rp|page=104}}

Chinese authorities have dismissed analysts' worries, insisting "the country still has room to increase government debt".<ref>Xiaoyi Shao and Lisa Twaronite (7 March 2016), [http://uk.reuters.com/article/uk-china-economy-budget-idUKKCN0W90A2 "China's fiscal income to slow but room for more government debt{{snd}}Finance Minister"] {{Webarchive|url=https://web.archive.org/web/20160312011820/http://uk.reuters.com/article/uk-china-economy-budget-idUKKCN0W90A2|date=12 March 2016}}, [[Reuters]]</ref> Former Fed Chairman [[Ben Bernanke]], earlier in 2016, commented that "the{{spaces}}... debt pile facing China [is] an 'internal' problem, given the majority of the borrowings was issued in local currency.<ref>Joyce Ho (19 January 2016), [http://asia.nikkei.com/Politics-Economy/Economy/Bernanke-downplays-China-impact-on-world-economy "Bernanke downplays China impact on world economy"] {{Webarchive|url=https://web.archive.org/web/20160312010453/http://asia.nikkei.com/Politics-Economy/Economy/Bernanke-downplays-China-impact-on-world-economy|date=12 March 2016}} [[The Nikkei|Nikkei Asian Review]]</ref> A 2019 survey by the [[OECD]] found that China's corporate debt is higher than other major countries.<ref>{{Cite book |url=https://www.oecd-ilibrary.org/economics/oecd-economic-surveys-china-2019_eco_surveys-chn-2019-en |title=OECD Economic Surveys: China 2019 |date=16 May 2019 |isbn=9789264312258 |page=10 |doi=10.1787/eco_surveys-chn-2019-en |access-date=28 June 2019 |archive-url=https://web.archive.org/web/20191026145906/https://www.oecd-ilibrary.org/economics/oecd-economic-surveys-china-2019_eco_surveys-chn-2019-en |archive-date=26 October 2019 |url-status=live |s2cid=241605811}}</ref>

[[Shadow banking]] has risen in China, posing risks to the financial system.<ref>Noah Smith, [http://www.bloombergview.com/articles/2016-01-07/be-scared-of-china-s-debt-not-its-crashing-stocks Be Scared of China's Debt, Not Its Stocks] {{Webarchive|url=https://web.archive.org/web/20160429155129/http://www.bloombergview.com/articles/2016-01-07/be-scared-of-china-s-debt-not-its-crashing-stocks|date=29 April 2016}}, ''[[Bloomberg View]]'' (7 January 2016).</ref><ref>[https://www.wsj.com/articles/chinese-banks-look-to-shadow-banking-for-growth-1446199671 Chinese Banks Look to Shadow Banking for Growth: Risks increase as third-quarter earnings show banks pushing deeper into gray markets] {{Webarchive|url=https://web.archive.org/web/20170710025112/https://www.wsj.com/articles/chinese-banks-look-to-shadow-banking-for-growth-1446199671|date=10 July 2017}}, ''The Wall Street Journal'' (30 October 2015), p. 76.</ref> Off the books debt is a grey area, but estimates place the amount for local governments alone as high as $9 trillion<ref>{{Cite news |date=2023-08-24 |title=China's LGFV Insiders Say $9 Trillion Debt Problem Is Worsening |url=https://www.bloomberg.com/news/articles/2023-08-24/china-local-government-debt-has-investors-worried-about-bond-defaults |access-date=2024-07-10 |work=Bloomberg.com |language=en |archive-date=7 February 2024 |archive-url=https://web.archive.org/web/20240207195217/https://www.bloomberg.com/news/articles/2023-08-24/china-local-government-debt-has-investors-worried-about-bond-defaults |url-status=live }}</ref> or 63 trillion yuan, up from estimates of around 30 trillion yuan in 2020.<ref>{{Cite web |last=JIA |first=Yuxuan |title=China's local govt debt in 2020 was 50% higher than WB, IMF estimates: David Daokui Li |url=https://www.eastisread.com/p/chinas-local-govt-debt-in-2020-was |access-date=2024-07-10 |website=www.eastisread.com |language=en |archive-date=25 December 2023 |archive-url=https://web.archive.org/web/20231225001554/https://www.eastisread.com/p/chinas-local-govt-debt-in-2020-was |url-status=live }}</ref>

===Regulatory environment and government revenues===
{{main|Taxation in China}}

Though China's economy has expanded rapidly, its regulatory environment has not kept pace. Since Deng Xiaoping's open market reforms, the growth of new businesses has outpaced the government's ability to regulate them. This has created a situation where businesses, faced with mounting competition and poor oversight, take drastic measures to increase [[profit margin]]s, often at the expense of [[consumer safety]]. This issue became more prominent in 2007, with a number of restrictions being placed on problematic Chinese exports by the United States.<ref>An, Alex and An, David, "Media control and the Erosion of an Accountable Party-State in China". ''China Brief'', 7 October 2008. [http://www.jamestown.org/china_brief/article.php?articleid=2374463] {{dead link|date=April 2018|bot=InternetArchiveBot|fix-attempted=yes}}</ref>

==== Anti-monopoly and competition law ====
The Chinese technology sector has been characterized as being dominated by few, larger entities including [[Ant Group]] and Tencent.<ref>{{cite web |last=Lung |first=Tiffany |title=How China's Antitrust And Monopoly Probe Will Disrupt Tech Titans In Retail |url=https://www.forbes.com/sites/tiffanylung/2021/12/31/how-chinas-antitrust-and-monopoly-probe-will-disrupt-tech-titans-in-retail/ |access-date=3 January 2021 |website=Forbes |language=en |archive-date=2 January 2021 |archive-url=https://web.archive.org/web/20210102230023/https://www.forbes.com/sites/tiffanylung/2021/12/31/how-chinas-antitrust-and-monopoly-probe-will-disrupt-tech-titans-in-retail/ |url-status=live }}</ref> There have been attempts by the [[Xi Jinping Administration]] to enforce [[Competition law|economic competition rules]], and probes into Alibaba and Tencent have been launched by Chinese economic regulators.<ref>{{Cite news |last=Zhong |first=Raymond |date=24 December 2020 |title=With Alibaba Investigation, China Gets Tougher on Tech |url=https://www.nytimes.com/2020/12/23/business/alibaba-antitrust-jack-ma.html |access-date=3 January 2021 |work=The New York Times |language=en-US |issn=0362-4331 |archive-date=24 December 2020 |archive-url=https://web.archive.org/web/20201224030815/https://www.nytimes.com/2020/12/23/business/alibaba-antitrust-jack-ma.html |url-status=live }}</ref>

The crackdown on tech giants and internet companies during the [[2020–2021 Xi Jinping Administration reform spree]] were followed with calls by the [[Politburo Standing Committee of the Chinese Communist Party|Politburo]] against monopolistic practices by commercial retail giants like [[Alibaba Group|Alibaba]].<ref>{{cite web |last=澎湃新闻 |date=18 December 2020 |title=中央经济工作会议：强化反垄断和防止资本无序扩张 |url=https://tech.sina.com.cn/roll/2020-12-18/doc-iiznezxs7652263.shtml |access-date=3 January 2021 |website=tech.sina.com.cn}}</ref>

In March 2021, Xi stated China would strengthen its [[Competition law|antitrust]] enforcement in an effort to advance what he described as the healthy and sustainable development of the platform economy.<ref name=":Zhang" />{{Rp|page=100}} Two major institutional changes resulted.<ref name=":Zhang" />{{Rp|page=100}} In November 2021, China upgraded the bureaucratic status of the [[State Administration for Market Regulation]]'s  antitrust bureau.<ref name=":Zhang" />{{Rp|pages=100-101}} In June 2022, it made major amendments to the [[Anti Monopoly Law of China|Anti-Monopoly Law]], including explicit language focused on regulation of the platform economy.<ref name=":Zhang" />{{Rp|page=101}}

==Data==
{{see also|Historical GDP of China}}{{Update|part=section|date=December 2023}}
The following table shows the main economic indicators in 1980–2022 (with IMF staff estimates in 2023–2028). Inflation below 5% is in green.<ref name="IMFWEO">{{Cite web |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report |website=IMF |access-date=11 October 2023 |archive-date=2 January 2024 |archive-url=https://web.archive.org/web/20240102105412/https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report |url-status=live }}</ref>
{| class="wikitable" style="text-align:center;"
!Year
!GDP
<small>(in Bil. US$PPP)</small>
!GDP per capita
<small>(in US$ PPP)</small>
!GDP
<small>(in Bil. US$nominal)</small>
!GDP per capita
<small>(in US$ nominal)</small>
!GDP growth
<small>(real)</small>
!Inflation rate
<small>(in Percent)</small>
!Unemployment
<small>(in Percent)</small>
!Government debt
<small>(in % of GDP)</small>
|-
|1980
|302.8
|306.7
|303.0
|307.0
|{{Increase}}7.9%
|n/a
|4.9%
|n/a
|-
|1981
|{{Increase}}348.3
|{{Increase}}348.1
|{{Decrease}}288.7
|{{Decrease}}288.5
|{{Increase}}5.1%
|{{Increase}}2.5%
|{{DecreasePositive}}3.8%
|n/a
|-
|1982
|{{Increase}}403.1
|{{Increase}}396.6
|{{Decrease}}284.6
|{{Decrease}}280.0
|{{Increase}}9.0%
|{{Increase}}2.0%
|{{DecreasePositive}}3.2%
|n/a
|-
|1983
|{{Increase}}464.1
|{{Increase}}450.6
|{{Increase}}305.4
|{{Increase}}296.5
|{{Increase}}10.8%
|{{Increase}}2.0%
|{{DecreasePositive}}2.3%
|n/a
|-
|1984
|{{Increase}}554.0
|{{Increase}}530.9
|{{Increase}}314.
|{{Increase}}301.1
|{{Increase}}15.2%
|{{Increase}}2.7%
|{{DecreasePositive}}1.9%
|n/a
|-
|1985
|{{Increase}}648.7
|{{Increase}}612.8
|{{Decrease}}310.1
|{{Decrease}}293.0
|{{Increase}}13.5%
|{{IncreaseNegative}}9.3%
|{{DecreasePositive}}1.8%
|n/a
|-
|1986
|{{Increase}}718.6
|{{Increase}}668.4
|{{Decrease}}300.9
|{{Decrease}}279.3
|{{Increase}}8.6%
|{{IncreaseNegative}}6.5%
|{{IncreaseNegative}}2.0%
|n/a
|-
|1987
|{{Increase}}822.5
|{{Increase}}752.6
|{{Increase}}327.7
|{{Increase}}299.8
|{{Increase}}11.7%
|{{IncreaseNegative}}7.3%
|{{Steady}}2.0%
|n/a
|-
|1988
|{{Increase}}946.9
|{{Increase}}852.9
|{{Increase}}408.7
|{{Increase}}368.1
|{{Increase}}11.2%
|{{IncreaseNegative}}18.8%
|{{Steady}}2.0%
|n/a
|-
|1989
|{{Increase}}1,025.4
|{{Increase}}909.8
|{{Increase}}458.2
|{{Increase}}406.5
|{{Increase}}4.2%
|{{IncreaseNegative}}18.0%
|{{IncreaseNegative}}2.6%
|n/a
|-
|1990
|{{Increase}}1,105.1
|{{Increase}}966.6
|{{Decrease}}396.6
|{{Decrease}}346.9
|{{Increase}}3.9%
|{{Increase}}3.1%
|{{DecreasePositive}}2.5%
|n/a
|-
|1991
|{{Increase}}1,248.7
|{{Increase}}1,078.1
|{{Increase}}413.2
|{{Increase}}356.8
|{{Increase}}9.3%
|{{Increase}}3.4%
|{{DecreasePositive}}2.3%
|n/a
|-
|1992
|{{Increase}}1,459.6
|{{Increase}}1,245.7
|{{Increase}}492.1
|{{Increase}}420.0
|{{Increase}}14.3%
|{{IncreaseNegative}}6.4%
|{{Steady}}2.3%
|n/a
|-
|1993
|{{Increase}}1,701.5
|{{Increase}}1,435.7
|{{Increase}}617.4
|{{Increase}}521.0
|{{Increase}}13.9%
|{{IncreaseNegative}}14.7%
|{{IncreaseNegative}}2.6%
|n/a
|-
|1994
|{{Increase}}1,964.3
|{{Increase}}1,639.0
|{{Decrease}}561.7
|{{Decrease}}468.7
|{{Increase}}13.0%
|{{IncreaseNegative}}24.1%
|{{IncreaseNegative}}2.8%
|n/a
|-
|1995
|{{Increase}}2,225.5
|{{Increase}}1,837.4
|{{Increase}}731.0
|{{Increase}}603.5
|{{Increase}}11.0%
|{{IncreaseNegative}}17.1%
|{{IncreaseNegative}}2.9%
|21.6%
|-
|1996
|{{Increase}}2,491.0
|{{Increase}}2,035.3
|{{Increase}}860.5
|{{Increase}}703.1
|{{Increase}}9.9%
|{{IncreaseNegative}}8.3%
|{{IncreaseNegative}}3.0%
|{{DecreasePositive}}21.4%
|-
|1997
|{{Increase}}2,768.3
|{{Increase}}2,239.3
|{{Increase}}958.0
|{{Increase}}774.9
|{{Increase}}9.2%
|{{Increase}}2.8%
|{{IncreaseNegative}}3.1%
|{{DecreasePositive}}20.6%
|-
|1998
|{{Increase}}3,019.4
|{{Increase}}2,420.1
|{{Increase}}1,024.2
|{{Increase}}820.9
|{{Increase}}7.9%
|{{Increase}}-0.8%
|{{Steady}}3.1%
|{{IncreaseNegative}}20.7%
|-
|1999
|{{Increase}}3,297.1
|{{Increase}}2,621.2
|{{Increase}}1,088.3
|{{Increase}}865.2
|{{Increase}}7.7%
|{{Increase}}-1.4%
|{{Steady}}3.1%
|{{IncreaseNegative}}21.9%
|-
|2000
|{{Increase}}3,657.5
|{{Increase}}2,885.7
|{{Increase}}1,205.5
|{{Increase}}951.2
|{{Increase}}8.5%
|{{Increase}}0.4%
|{{Steady}}3.1%
|{{IncreaseNegative}}23.0%
|-
|2001
|{{Increase}}4,051.0
|{{Increase}}3,174.1
|{{Increase}}1,333.6
|{{Increase}}1,045.0
|{{Increase}}8.3%
|{{Increase}}0.7%
|{{IncreaseNegative}}3.6%
|{{IncreaseNegative}}24.6%
|-
|2002
|{{Increase}}4,489.1
|{{Increase}}3,494.7
|{{Increase}}1,465.8
|{{Increase}}1,141.1
|{{Increase}}9.1%
|{{Increase}}-0.8%
|{{IncreaseNegative}}4.0%
|{{IncreaseNegative}}25.9%
|-
|2003
|{{Increase}}5,036.5
|{{Increase}}3,897.4
|{{Increase}}1,657.0
|{{Increase}}1,282.2
|{{Increase}}10.0%
|{{Increase}}1.2%
|{{IncreaseNegative}}4.3%
|{{IncreaseNegative}}26.8%
|-
|2004
|{{Increase}}5,694.7
|{{Increase}}4,381.0
|{{Increase}}1,949.4
|{{Increase}}1,499.7
|{{Increase}}10.1%
|{{Increase}}3.9%
|{{DecreasePositive}}4.2%
|{{DecreasePositive}}26.4%
|-
|2005
|{{Increase}}6,542.3
|{{Increase}}5,003.4
|{{Increase}}2,290.0
|{{Increase}}1,751.4
|{{Increase}}11.4%
|{{Increase}}1.8%
|{{Steady}}4.2%
|{{DecreasePositive}}26.3%
|-
|2006
|{{Increase}}7,601.3
|{{Increase}}5,782.8
|{{Increase}}2,754.1
|{{Increase}}2,095.2
|{{Increase}}12.7%
|{{Increase}}1.5%
|{{DecreasePositive}}4.1%
|{{DecreasePositive}}25.6%
|-
|2007
|{{Increase}}8,918.9
|{{Increase}}6,750.2
|{{Increase}}3,555.7
|{{Increase}}2,691.0
|{{Increase}}14.2%
|{{Increase}}4.8%
|{{DecreasePositive}}4.0%
|{{IncreaseNegative}}29.2%
|-
|2008
|{{Increase}}9,961.9
|{{Increase}}7,501.3
|{{Increase}}4,577.3
|{{Increase}}3,446.7
|{{Increase}}9.6%
|{{IncreaseNegative}}5.9%
|{{IncreaseNegative}}4.2%
|{{DecreasePositive}}27.2%
|-
|2009
|{{Increase}}10,972.8
|{{Increase}}8,222.4
|{{Increase}}5,089.0
|{{Increase}}3,813.4
|{{Increase}}9.4%
|{{Increase}}-0.7%
|{{IncreaseNegative}}4.3%
|{{IncreaseNegative}}34.6%
|-
|2010
|{{Increase}}12,283.0
|{{Increase}}9,160.2
|{{Increase}}6,033.8
|{{Increase}}4,499.8
|{{Increase}}10.6%
|{{Increase}}3.3%
|{{DecreasePositive}}4.1%
|{{DecreasePositive}}33.9%
|-
|2011
|{{Increase}}13,735.7
|{{Increase}}10,180.9
|{{Increase}}7,492.2
|{{Increase}}5,553.2
|{{Increase}}9.6%
|{{IncreaseNegative}}5.4%
|{{Steady}}4.1%
|{{DecreasePositive}}33.8%
|-
|2012
|{{Increase}}15,137.5
|{{Increase}}11,136.9
|{{Increase}}8,539.6
|{{Increase}}6,282.7
|{{Increase}}7.8%
|{{Increase}}2.6%
|{{Steady}}4.1%
|{{IncreaseNegative}}34.4%
|-
|2013
|{{Increase}}16,277.4
|{{Increase}}11,905.1
|{{Increase}}9,624.9
|{{Increase}}7,039.6
|{{Increase}}7.8%
|{{Increase}}2.6%
|{{Steady}}4.1%
|{{IncreaseNegative}}37.0%
|-
|2014
|{{Increase}}17,200.7
|{{Increase}}12,496.3
|{{Increase}}10,524.2
|{{Increase}}7,645.9
|{{Increase}}7.4%
|{{Increase}}2.0%
|{{Steady}}4.1%
|{{IncreaseNegative}}40.0%
|-
|2015
|{{Increase}}17,880.3
|{{Increase}}12,926.2
|{{Increase}}11,113.5
|{{Increase}}8,034.3
|{{Increase}}7.0%
|{{Increase}}1.4%
|{{Steady}}4.1%
|{{IncreaseNegative}}41.5%
|-
|2016
|{{Increase}}18,701.7
|{{Increase}}13,432.0
|{{Increase}}11,226.9
|{{Increase}}8,063.4
|{{Increase}}6.9%
|{{Increase}}2.0%
|{{DecreasePositive}}4.0%
|{{IncreaseNegative}}50.7%
|-
|2017
|{{Increase}}19,814.1
|{{Increase}}14,151.8
|{{Increase}}12,265.3
|{{Increase}}8,760.3
|{{Increase}}6.9%
|{{Increase}}1.6%
|{{DecreasePositive}}3.9%
|{{IncreaseNegative}}55.0%
|-
|2018
|{{Increase}}21,660.2
|{{Increase}}15,412.0
|{{Increase}}13,841.8
|{{Increase}}9,848.9
|{{Increase}}6.8%
|{{Increase}}2.1%
|{{DecreasePositive}}3.8%
|{{IncreaseNegative}}56.7%
|-
|2019
|{{Increase}}23,360.8
|{{Increase}}16,567.0
|{{Increase}}14,340.6
|{{Increase}}10,170.1
|{{Increase}}6.0%
|{{Increase}}2.9%
|{{DecreasePositive}}3.6%
|{{IncreaseNegative}}60.4%
|-
|2020
|{{Increase}}24,196.3
|{{Increase}}17,134.7
|{{Increase}}14,862.6
|{{Increase}}10,525.0
|{{Increase}}2.2%
|{{Increase}}2.4%
|{{IncreaseNegative}}4.2%
|{{IncreaseNegative}}70.1%
|-
|2021
|{{Increase}}27,419.5
|{{Increase}}19,410.6
|{{Increase}}17,759.3
|{{Increase}}12,572.1
|{{Increase}}8.5%
|{{Increase}}0.9%
|{{DecreasePositive}}4.0%
|{{IncreaseNegative}}71.8%
|-
|2022
|{{Increase}}30,217.0
|{{Increase}}21,392.0
|{{Increase}}17,886.3
|{{Increase}}12,813.7
|{{Increase}}3.0%
|{{Increase}}1.9%
|{{IncreaseNegative}}4.2%
|{{IncreaseNegative}}77.1%
|-
|2023
|{{Increase}}33,015.0
|{{Increase}}23,382.4
|{{Decrease}}17,700.9
|{{Increase}}13,721.1
|{{Increase}}5.2%
|{{Increase}}2.0%
|{{DecreasePositive}}4.1%
|{{IncreaseNegative}}82.4%
|-
|2024
|{{Increase}}35,258.6
|{{Increase}}24,991.1
|{{Increase}}18,560.0
|{{Increase}}14,800.6
|{{Increase}}4.5%
|{{Increase}}2.2%
|{{DecreasePositive}}3.9%
|{{IncreaseNegative}}87.2%
|-
|2025
|{{Increase}}37,394.5
|{{Increase}}26,536.2
|{{Increase}}19,781.7
|{{Increase}}15,901.1
|{{Increase}}4.1%
|{{Increase}}2.2%
|{{DecreasePositive}}3.8%
|{{IncreaseNegative}}92.0%
|-
|2026
|{{Increase}}39,598.5
|{{Increase}}28,144.0
|{{Increase}}21,059.8
|{{Increase}}17,082.9
|{{Increase}}4.0%
|{{Increase}}2.2%
|{{DecreasePositive}}3.7%
|{{IncreaseNegative}}96.4%
|-
|2027
|{{Increase}}41,777.4
|{{Increase}}29,749.6
|{{Increase}}22,291.1
|{{Increase}}18,316.9
|{{Increase}}3.6%
|{{Increase}}2.2%
|{{DecreasePositive}}3.6%
|{{IncreaseNegative}}100.8%
|-
|2028
|{{Increase}}44,027.8
|{{Increase}}31,424.4
|{{Increase}}23,603.8
|{{Increase}}19,622.7
|{{Increase}}3.4%
|{{Increase}}2.2%
|{{DecreasePositive}}3.5%
|{{IncreaseNegative}}104.9%
|}

===Inflation===
[[File:Chinese inflation.webp|thumb|upright=1.35|Chinese inflation 1987–2022]]Pork is an important part of the Chinese economy with a per capita consumption of 90 grams per day. The worldwide rise in the price of animal feed associated with increased production of ethanol from corn resulted in steep rises in pork prices in China in 2007. Increased cost of production interacted badly with increased demand resulting from rapidly rising wages. The state responded by subsidizing pork prices for students and the urban poor and called for increased production. Release of pork from the nation's strategic pork reserve was considered.<ref>{{cite news |author=Keith Bradsher |date=8 June 2007 |title=Rise in China's Pork Prices Signals End to Cheap Output |newspaper=[[The New York Times]] |page=C1 |url=https://www.nytimes.com/2007/06/08/business/worldbusiness/08prices.html |access-date=27 January 2019 |archive-url=https://web.archive.org/web/20190227133132/https://www.nytimes.com/2007/06/08/business/worldbusiness/08prices.html |archive-date=27 February 2019 |url-status=live }}</ref>

===Investment cycles===
[[File:Beijing Financial Street (overlook).jpg|thumb|[[Beijing Financial Street]]]]
Chinese investment has always been highly cyclical.<ref>{{cite book|title=China's Economic Development: The Interplay of Scarcity and Ideology|last=Eckstein|first=Alexander|year=1976 |publisher=University of Michigan Press|isbn=978-0-472-08310-7}}</ref>

In China, the majority of investment is carried out by entities that are at least partially state-owned. Most of these are under the control of local governments. Thus, booms are primarily the result of [[perverse incentives]] at the local-government level.<ref>{{cite book |title=Animal Spirits with Chinese Characteristics: Investment Booms and Busts in the World's Emerging Economic Giant|last=DeWeaver |first=Mark|year=2012 |publisher=Palgrave Macmillan|isbn=978-0230115699}}</ref> Unlike entrepreneurs in a free-enterprise economy, Chinese local officials are motivated primarily by political considerations. As their performance evaluations are based, to a large extent, on GDP growth within their jurisdictions, they have a strong incentive to promote large-scale investment projects.<ref>Zhou, Li'an (2004), "Jinsheng Boyi Zhong Zhengfu Guanyuan de Jili yu Hezuo" [Cooperation and Government Officials' Incentives in Promotion Competitions], ''Jingji Yanjiu [Economic Research]'', 6: 33–40.</ref><ref>Zhou, Li'an (2007), "Zhongguo Difang Guanyuan de Jinsheng Jinbiaosai Moshi Yanjiu" [A Tournament Model of Local Government Official Promotions], ''Jingji Yanjiu [Economic Research]'', 7: 36–50.</ref>

A typical cycle begins with a relaxation of central government credit and industrial policy. This allows local governments to push investment aggressively, both through state-sector entities they control directly and by offering investment-promotion incentives to private investors and enterprises outside their jurisdictions.<ref>Jin, Sanlin (2004), "Chengben Ruanyueshu Shi Touzi Guore de Zhongyau Yuanyin" [Soft Budget Constraints Are an Important Cause of Investment Overheating], ''Zhongguo Touzi [China Investment]'', June: 37–39.</ref> The resulting boom puts upward pressure on prices and may also result in shortages of key inputs such as coal and electricity (as was the case in 2003).<ref>{{cite book|title=Zenme You Guo Re Le? Xin Yilun Jingji Bodong yu Hongguan Tiaokong Fenxi [Why Is There Overheating Yet Again? The New Round of Economic Fluctuation and an Analysis of Macroeconomic Adjustment] |author1=Fan Gang |author2=Zhang Xiaojing |year=2004|publisher=Jiangxi People's Publishing House|isbn=978-7-210-03077-5}}</ref> Once inflation has risen to a level at which it begins to threaten social stability, the central government will intervene by tightening enforcement of industrial and credit policy. Projects that went ahead without required approvals will be halted. Bank lending to particular types of investors will be restricted. Credit then becomes tight and investment growth begins to decline.<ref>DeWeaver, 2012</ref>

== Financial and banking system ==
{{main|Banking in China|Foreign-exchange reserves of China|Hedge fund industry in China|China Venture Capital Association}}
[[File:China bond yields.webp|thumb|upright=1.35|China bond yields
{{legend-line|#00A2FF solid 3px|30 year bond}}
{{legend-line|#61D836 solid 3px|10 year bond}}
{{legend-line|#929292 solid 3px|2 year bond}}
{{legend-line|#F8BA00 solid 3px|1 year bond}}
]]

China has the world's largest total banking sector assets of around $45.838{{spaces}}trillion (309.41{{spaces}}trillion CNY) with $42.063{{spaces}}trillion in total deposits and other liabilities.<ref>{{cite web |last=Tjan |first=Sie Tek |date=15 September 2020 |title=Assets and Liabilities Statistics of Financial Institutions as of 2nd quarter 2020 |url=http://www.pbc.gov.cn/diaochatongjisi/116219/116319/3959050/3959049/index.html |archive-url=https://web.archive.org/web/20201018140626/http://www.pbc.gov.cn/diaochatongjisi/116219/116319/3959050/3959049/index.html |archive-date=18 October 2020 |access-date=16 October 2020 |website=pbc.gov.cn}}</ref> Most of China's financial institutions are state-owned and governed.<ref>p.205 Chiu and Lewis Reforming China's State-Owned Enterprises and Banks 2006</ref> The chief instruments of [[finance|financial]] and [[fiscal policy|fiscal]] control are the [[People's Bank of China]] (PBC) and the [[Ministry of Finance (China)|Ministry of Finance]], both under the authority of the [[State Council of the People's Republic of China|State Council]]. The People's Bank of China replaced the [[Central Bank of China]] in 1950 and gradually took over [[private bank]]s. It fulfills many of the functions of other [[central bank|central]] and [[commercial bank]]s. It issues the currency, controls circulation, and plays an important role in disbursing budgetary expenditures. Additionally, it administers the accounts, payments, and receipts of government organizations and other bodies, which enables it to exert thorough supervision over their financial and general performances in consideration of the government's economic plans. The PBC is also responsible for [[international trade]] and other overseas [[Financial transaction|transactions]]. [[Remittance]]s by [[overseas Chinese]] are managed by the [[Bank of China]] (BOC), which has a number of branch offices in several countries.{{Citation needed|date=February 2021}}

Other financial institutions that are crucial, include the [[China Development Bank]] (CDB), which funds economic development and directs [[foreign direct investment|foreign investment]]; the [[Agricultural Bank of China]] (ABC), which provides for the agricultural sector; the [[China Construction Bank]] (CCB), which is responsible for capitalizing a portion of overall investment and for providing [[capital fund]]s for certain industrial and construction enterprises; and the [[Industrial and Commercial Bank of China]] (ICBC), which conducts ordinary commercial transactions and acts as a [[savings bank]] for the public.{{Citation needed|date=February 2021}} China initiated the founding of the [[Asian Infrastructure Investment Bank]] in 2015 and the [[Silk Road Fund]] in 2014, an investment fund of the Chinese government to foster increased investment and provide financial supports in countries along the [[One Belt, One Road]].<ref>{{cite web|title=Silk Road Fund|url=http://www.silkroadfund.com.cn/enweb/23775/23767/index.html|access-date=26 October 2020|website=www.silkroadfund.com.cn|archive-date=30 October 2020|archive-url=https://web.archive.org/web/20201030152213/http://www.silkroadfund.com.cn/enweb/23775/23767/index.html|url-status=dead}}</ref>

[[File:Shanghai Stock Exchange 8.jpg|thumb|left|[[Shanghai Stock Exchange]] (SSE)]]
China's economic reforms greatly increased the economic role of the [[Banking in China|banking system]]. In theory any enterprises or individuals can go to the banks to obtain loans outside the state plan, in practice, 75% of state bank loans go to [[Government-owned corporation|State Owned Enterprises]]. (SOEs)<ref>p.11 Chiu and Lewis Reforming China's State Owned Enterprises and Banks 2006</ref> Even though nearly all investment [[capital (economics)|capital]] was previously provided on a [[Grant (money)|grant]] basis according to the state plan, policy has since the start of the reform shifted to a loan basis through the various state-directed financial institutions. It is estimated that, as of 2011, 14 trillion Yuan in loans was outstanding to local governments. Much of that total is believed by outside observers to be nonperforming.<ref>{{cite news|last=Tatlow|first=Didi Kirsten |url=https://www.nytimes.com/2011/09/22/business/global/more-stimulus-may-not-be-an-option-for-china.html|newspaper=The New York Times|date=21 September 2011|access-date=22 September 2011 |title=More Stimulus May Not Be an Option for China |archive-url=https://web.archive.org/web/20110922160129/http://www.nytimes.com/2011/09/22/business/global/more-stimulus-may-not-be-an-option-for-china.html|archive-date=22 September 2011|url-status=live}}</ref> Increasing amounts of funds are made available through the banks for economic and commercial purposes. Foreign sources of capital have also increased. China has received loans from the [[World Bank]] and several [[China and the United Nations|United Nations]] programs, as well as from countries (particularly [[Sino-Japanese relations|Japan]]) and, to a lesser extent, commercial banks. [[Hong Kong]] has been a major conduit of this investment, as well as a source itself. On 23 February 2012, the PBC evinced its inclination to liberalize its capital markets when it circulated a telling ten-year timetable.<ref>{{cite news |newspaper=The Economist|date=3 March 2012|title=The bees get busy|url=http://www.economist.com/node/21548967|access-date=3 March 2012 |archive-url=https://web.archive.org/web/20120303141243/http://www.economist.com/node/21548967|archive-date=3 March 2012|url-status=live}}</ref> Following on the heels of this development, Shenzhen banks were able to launch cross-border yuan remittances for individuals, a significant shift in the PBC's [[capital control]] strictures since Chinese nationals had been previously barred from transferring their yuan to overseas account.<ref>{{cite news |author=Lingling Wei|newspaper=The Wall Street Journal |title=Yuan Move Chips at Capital Controls|date=29 February 2012 |url=https://blogs.wsj.com/chinarealtime/2012/02/29/yuan-move-chips-at-capital-controls/|access-date=4 August 2017|archive-url=https://web.archive.org/web/20170923095604/https://blogs.wsj.com/chinarealtime/2012/02/29/yuan-move-chips-at-capital-controls/|archive-date=23 September 2017|url-status=live}}</ref>

China has four of the world's top ten most competitive [[Global Financial Centres Index|financial centers]] ([[Shanghai]], [[Hong Kong]], [[Beijing]], and [[Shenzhen]]), more than any other country.<ref name="Long Finance 2020" /> China has three of the world's ten [[List of stock exchanges|largest stock exchange]]s ([[Shanghai Stock Exchange|Shanghai]], [[Hong Kong Stock Exchange|Hong Kong]] and [[Shenzhen Stock Exchange|Shenzhen]]), both by [[market capitalization]] and by [[trade volume]].<ref name="ValueWalk 2019" /><ref>{{cite web |title=Monthly Reports – World Federation of Exchanges |url=https://www.world-exchanges.org/our-work/statistics |url-status=live |archive-url=https://web.archive.org/web/20190912130053/https://www.world-exchanges.org/our-work/statistics |archive-date=12 September 2019 |access-date=6 September 2019 |publisher=[[World Federation of Exchanges|WFE]]}}</ref> As of 12 October 2020, the total market capitalization of mainland Chinese stock markets, consisting of the Shanghai Stock Exchange and Shenzhen Stock Exchange, topped US$10{{spaces}}trillion, excluding the Hong Kong Stock Exchange, with about US$5.9{{spaces}}trillion.<ref>{{Cite news |last=Tjan |first=Sie Tek |date=13 October 2020 |title=China's stock market tops $10 trillion |work=Bloomberg |url=https://www.bloomberg.com/news/articles/2020-10-13/china-s-stock-market-tops-10-trillion-for-first-time-since-2015 |access-date=22 October 2020 |archive-date=31 October 2020 |archive-url=https://web.archive.org/web/20201031042855/https://www.bloomberg.com/news/articles/2020-10-13/china-s-stock-market-tops-10-trillion-for-first-time-since-2015 |url-status=live }}</ref>

As of the end of June 2020, foreign investors had bought a total of US$440{{spaces}}billion in Chinese stocks, representing about 2.9% of the total value, and indicating that foreign investors scooped up a total of US$156.6{{spaces}}billion in the stocks just in the first half of 2020.<ref>{{Cite news |last=Tjan |first=Sie Tek |date=7 July 2020 |title=Overseas investor snap up Chinese stocks so fast, they are hitting foreign ownership caps such as home appliance maker Midea |work=Th South China Morning Post |url=https://www.scmp.com/business/markets/article/3092204/overseas-investors-snap-chinese-shares-so-fast-they-are-hitting |access-date=22 October 2020 |archive-date=20 October 2020 |archive-url=https://web.archive.org/web/20201020200441/https://www.scmp.com/business/markets/article/3092204/overseas-investors-snap-chinese-shares-so-fast-they-are-hitting |url-status=live }}</ref> The total value of China's bond market topped US$15.4{{spaces}}trillion, ranked above that of Japan and the U.K., and second only to that of the U.S. with US$40{{spaces}}trillion, as of the beginning of September 2020.<ref>{{Cite news |last=Tjan |first=Sie Tek |date=3 September 2020 |title=China moves to ease Access to $15.4 Trillion Bond Market |work=Caixin Global |url=https://www.caixinglobal.com/2020-09-03/china-moves-to-ease-foreign-access-to-154-trillion-bond-market-101600571.html#:~:text=Update%3A%20China%20Moves%20to%20Ease%20Foreign%20Access%20to%20%2415.4%20Trillion%20Bond%20Market,-By%20Peng%20Qinqin&text=China's%20top%20financial%20regulators%20unveiled,and%20bolster%20domestic%20financial%20markets. |access-date=20 October 2020 |archive-date=28 October 2020 |archive-url=https://web.archive.org/web/20201028023811/https://www.caixinglobal.com/2020-09-03/china-moves-to-ease-foreign-access-to-154-trillion-bond-market-101600571.html#:~:text=Update%3A%20China%20Moves%20to%20Ease%20Foreign%20Access%20to%20%2415.4%20Trillion%20Bond%20Market,-By%20Peng%20Qinqin&text=China's%20top%20financial%20regulators%20unveiled,and%20bolster%20domestic%20financial%20markets. |url-status=live }}</ref> As of the end of September 2020, foreign holdings of Chinese bonds reached US$388{{spaces}}billion, or 2.5%, of the total value, notwithstanding an increase by 44.66% year on year.<ref>{{cite web |last=Tjan |first=Sie Tek |date=19 October 2020 |title=China greenlights Shenzhen to issue Offshore Local Government Bonds |url=https://www.yicaiglobal.com/ |access-date=20 October 2020 |archive-date=19 October 2020 |archive-url=https://web.archive.org/web/20201019011258/https://www.yicaiglobal.com/ |url-status=live }}</ref>

===Stock markets===
[[File:Shanghai Composite Index.webp|thumb|upright=1.35|Shanghai Composite Index 1991–2022]]
As of at least 2024, China has the second largest equity markets and futures markets in the world, as well as the third largest bond market.<ref name=":Curtis&Klaus" />{{Rp|page=153}}

China's stock market exchanges include the [[Beijing Stock Exchange]], the Shanghai Stock Exchange (including the [[Shanghai Stock Exchange STAR Market|STAR Market]]), the Shenzhen Stock Exchange, and the Hong Kong Stock Exchange. China's stock market is relatively underdeveloped compared to other aspects of its economy.<ref name="Jin 2023">{{Cite book |last=Jin |first=Keyu |title=The New China Playbook: Beyond Socialism and Capitalism |date=2023 |publisher=Viking |isbn=978-1-9848-7828-1 |location=New York |author-link=Keyu Jin}}</ref>{{Rp|pages=148–150}}

To be listed on China's stock exchange, companies must demonstrate good financial standing (including sustained profitability), solid corporate governance (for example, with a board of independent directors, supervisory board, auditing, and no history of misreporting or fraud) and have a market capitalization equivalent to at least US$4 million.<ref name="Marquis 2022" />{{Rp|pages=271–272}}

The government regulates [[Initial public offering|initial public offerings]], encouraging them when the market is high in an effort to cool down prices and prohibiting them when the market is low.<ref name="Li 2024" />{{Rp|page=109}}

When the stock markets re-opened in the PRC period in 1990, most of the listed companies were state-owned enterprises; this was part of an experiment in subjecting SOEs to market discipline.<ref name="Jin 2023" />{{Rp|pages=152–153}} The Shanghai and Shenzhen stock exchanges were under municipal control and termed "experimental points" until 1997.<ref name="Heilmann 2018"/>{{Rp|pages=102–103}} In 1997, the central government brought the exchanges under central government control and affirmed that the exchanges had a legitimate role in the socialist market economy.<ref name="Heilmann 2018" />{{Rp|page=102}}

In 2015, a [[2015–2016 Chinese stock market turbulence|stock market plunge]] in China eliminated $2 trillion of global stock market value.<ref name="Jin 2023" />{{Rp|page=147}}

===Currency system===
{{see also|Renminbi}}
[[File:USD-CNY exchange rate.webp|thumb|upright=1.35|[[United States dollar|USD]]/[[Renminbi|CNY]] exchange rate 1981–2022]]
The renminbi ("people's currency") is the currency of China, denominated as the [[Yuan (currency)|yuan]], subdivided into 10{{spaces}}[[Chinese yuan|jiao]] or 100{{spaces}}[[Chinese yuan|fen]]. The renminbi is issued by the People's Bank of China, the monetary authority of China. The [[ISO 4217]] abbreviation is CNY, although also commonly abbreviated as "RMB". As of 2005, the yuan was generally considered by outside observers to be undervalued by about 30–40%.<ref>[https://fpc.state.gov/documents/organization/57797.pdf "China's Currency: Brief Overview of U.S. Options] {{Webarchive|url=https://web.archive.org/web/20170923051121/https://fpc.state.gov/documents/organization/57797.pdf |date=23 September 2017 }} CRS Report for Congress by Jonathan E. Sanford [[Congressional Research Service]] [[The Library of Congress]] Order Code RS22338 29 November 2005</ref><ref>{{cite journal|last=Lipman|first=Joshua Klein|title=Law of Yuan Price: Estimating Equilibrium of the Renminbi|journal=Michigan Journal of Business|date=April 2011|volume=4|issue=2|url=http://michiganjb.org/issues/42/text42b.pdf|access-date=23 May 2011|archive-url=https://web.archive.org/web/20110727082626/http://michiganjb.org/issues/42/text42b.pdf|archive-date=27 July 2011|url-status=dead}}</ref> However, in 2017, the IMF stated that the yuan was correctly valued.<ref>{{cite web|url=https://www.forbes.com/sites/timworstall/2015/05/26/bad-news-for-allegations-of-currency-manipulation-imf-says-chinas-yuan-correctly-valued/#6d0300a77ee2|title=Bad News For Allegations of Currency Manipulation: IMF Says China's Yuan Correctly Valued|first=Tim|last=Worstall|website=[[Forbes]]|access-date=22 August 2017|archive-url=https://web.archive.org/web/20170923051556/https://www.forbes.com/sites/timworstall/2015/05/26/bad-news-for-allegations-of-currency-manipulation-imf-says-chinas-yuan-correctly-valued/#6d0300a77ee2|archive-date=23 September 2017|url-status=live}}</ref>

The renminbi is held in a floating [[exchange-rate]] system managed primarily against the [[US dollar]]. On 21 July 2005, China revalued its currency by 2.1% against the US dollar and, since then has moved to an exchange rate system that references a basket of currencies and has allowed the renminbi to fluctuate at a daily rate of up to half a percent.{{Citation needed|date=February 2021}}

There is a complex relationship between China's [[balance of trade]], inflation, measured by the [[consumer price index]] and the value of its currency. Despite allowing the value of the yuan to "float", China's central bank has decisive ability to control its value with relationship to other currencies. Inflation in 2007, reflecting sharply rising prices for meat and fuel, is probably related to the worldwide rise in commodities used as animal feed or as fuel. Thus rapid rises in the value of the yuan permitted in December 2007 are possibly related to efforts to mitigate inflation by permitting the renminbi to be worth more.<ref>Keith Bradsher )29 December 2007), [https://www.nytimes.com/2007/12/29/business/worldbusiness/29yuan.html "China Lets Currency Appreciate a Bit Faster"] {{Webarchive|url=https://web.archive.org/web/20170208035615/http://www.nytimes.com/2007/12/29/business/worldbusiness/29yuan.html |date=8 February 2017 }} ''[[The New York Times]]''</ref> An article published in International Review of Economics & Finance in 2010 by Mete Feridun (University of Greenwich Business School) and his colleagues provide empirical evidence that financial development fosters economic growth in China.<ref>Jalil, Abdul, Feridun, Mete and Ma, Ying (2010) Finance-growth nexus in China revisited: New evidence from principal components and ARDL bounds tests. ''International Review of Economics & Finance'', 19 (2). pp. 189–195. ISSN 1059-0560 (doi:10.1016/j.iref.2009.10.005)</ref>

During the week of 10 August 2015, against the background of a slowing Chinese economy and appreciation of the U.S. dollar, the People's Bank of China devalued the renminbi by about 5%.<ref>{{cite news |author1=Neil Gough |title=China Seeks to Calm Markets as It Devalues Currency for 3rd Consecutive Day |url=https://www.nytimes.com/2015/08/14/business/international/china-devalues-its-currency-renminbi-for-a-third-consecutive-day.html |work=The New York Times |date=13 August 2015 |access-date=13 August 2015 |quote=...{{spaces}}policy makers say they will give market forces greater sway over currency's value. The official exchange rate will be set based on the renminbi's trading performance.{{spaces}}... |archive-url=https://web.archive.org/web/20150813105240/http://www.nytimes.com/2015/08/14/business/international/china-devalues-its-currency-renminbi-for-a-third-consecutive-day.html |archive-date=13 August 2015 |url-status=live }}</ref> The devaluation was accomplished by pegging the official rate to closing market rates. A market-based "representative" exchange rate against the U.S. dollar is one of the requirements for designation of a currency as one with [[special drawing rights|Special Drawing Rights]] (SDR) by the International Monetary Fund (IMF), one of China's goals.<ref>{{cite news |title=Progress for Reform as Yuan Inches toward SDR |url=http://english.caixin.com/2015-08-19/100841370.html |publisher=Caixin |date=19 August 2015 |access-date=19 August 2015 |archive-url=https://web.archive.org/web/20150821024521/http://english.caixin.com/2015-08-19/100841370.html |archive-date=21 August 2015 |url-status=live }}</ref> Since the late-2000s, China has sought to [[Internationalization of the renminbi|internationalize the renminbi]].<ref>{{cite web|title=Currency Reform|url=http://www.brookings.edu/~/media/research/files/papers/2013/04/china-global-currency-financial-reform-kroeber/china-global-currency-financial-reform-kroeber.pdf|url-status=live|archive-url=https://web.archive.org/web/20150402101541/http://www.brookings.edu/~/media/research/files/papers/2013/04/china-global-currency-financial-reform-kroeber/china-global-currency-financial-reform-kroeber.pdf|archive-date=2 April 2015|access-date=28 March 2015|website=brookings.edu}}</ref> As of 2013, the RMB is the 8th most widely traded currency in the world.<ref>{{cite web|title=RMB now 8th most widely traded currency in the world|url=http://www.swift.com/about_swift/shownews?param_dcr=news.data/en/swift_com/2013/PR_RMB_september.xml|publisher=[[Society for Worldwide Interbank Financial Telecommunication]]|access-date=10 October 2013|archive-url=https://web.archive.org/web/20151105223715/http://www.swift.com/about_swift/shownews?param_dcr=news.data%2Fen%2Fswift_com%2F2013%2FPR_RMB_september.xml|archive-date=5 November 2015|url-status=live}}</ref> In November 2015 in advance of [[2015 G-20 Antalya summit|G-20]] and IMF meetings, IMF director [[Christine Lagarde]] announced her support for adding the yuan to the SDR currency basket. The announcement gave 'green-light' to official approval at 30 November IMF meeting.<ref>Talley, Ian,[https://www.wsj.com/articles/chinese-yuan-should-be-an-imf-reserve-currency-christine-lagarde-says-1447459802 "Chinese Yuan Should Be an IMF Reserve Currency, Christine Lagarde Says"] {{Webarchive|url=https://web.archive.org/web/20160910074450/http://www.wsj.com/articles/chinese-yuan-should-be-an-imf-reserve-currency-christine-lagarde-says-1447459802 |date=10 September 2016 }}, ''The Wall Street Journal'', 13 November 2015, retrieved 14 November 2015.</ref> The internationalization of the Chinese economy continues to affect the standardized economic forecast officially launched in China by the [[Purchasing Managers Index]] in 2005.

==Sectors==
According to [[Fortune Global 500|Fortune Global]], of the world's [[Fortune Global 500|500 largest companies]], 135 are headquartered in China.<ref>{{Cite web |title=Global 500 |url=https://fortune.com/ranking/global500/ |access-date=11 July 2024 |website=Fortune |language=en |archive-date=16 January 2023 |archive-url=https://web.archive.org/web/20230116163740/https://fortune.com/ranking/global500/ |url-status=live }}</ref> As of 2023, mainland China and Hong Kong were home to 324 largest listed companies measured by [[revenue]] in the [[Forbes Global 2000|Fortune Global 2000]], ranking second globally.<ref>{{Cite web |title=The Global 2000 2022 |url=https://www.forbes.com/lists/global2000/ |access-date=14 June 2022 |website=Forbes |language=en |archive-date=13 May 2021 |archive-url=https://web.archive.org/web/20210513204015/https://www.forbes.com/lists/global2000/ |url-status=live }}</ref> China is also home to more than two hundred privately held technology startups (tech unicorns), each with a valuation of over $1{{spaces}}billion, the highest number in the world.<ref>{{cite news |date=23 October 2019 |title=Chinese report counts 206 unicorns. That's more than America |publisher=CNN |url=https://www.cnn.com/2019/10/23/tech/china-unicorns-united-states |access-date=18 March 2021 |archive-date=9 July 2021 |archive-url=https://web.archive.org/web/20210709184415/https://www.cnn.com/2019/10/23/tech/china-unicorns-united-states |url-status=live }}</ref>

===Agriculture===
{{Main|Agriculture in China}}

{{More citations needed section|date=January 2021}}

[[File:Jiangxia-peanuts-9707.jpg|thumb|left|[[Peanut]] harvest in [[Jiangxia District]], [[Hubei]]]]

China is the world's largest producer and consumer of agricultural products{{snd}}and some 300 million Chinese [[farm]] workers are in the industry, mostly laboring on pieces of land about the size of U.S. farms. Virtually all [[arable land]] is used for food [[crop]]s. China is the world's largest producer of [[rice]] and is among the principal sources of [[wheat]], corn ([[maize]]), [[tobacco]], [[soybeans]], [[potato]]es, [[sorghum]], [[peanut]]s, [[tea]], [[millet]], [[barley]], [[oilseed]], [[pork]], and [[fish]]. Major non-food crops, including cotton, other fibers, and [[oilseed]]s, furnish China with a small proportion of its foreign trade revenue. Agricultural exports, such as vegetables and fruits, fish and shellfish, grain and meat products, are exported to Hong Kong. Yields are high because of [[intensive cultivation]], for example, China's cropland area is only 75% of the U.S. total, but China still produces about 30% more crops and livestock than the United States. China hopes to further increase agricultural production through improved plant stocks, [[fertilizer]]s, and technology.

According to the government statistics issued in 2005,<ref>{{cite web |title=Output of Farming, Animal Husbandry and Fishery|publisher=China Statistical Book|year=2005 |url=http://www.allcountries.org/china_statistics/13_2_output_of_farming_animal_husbandry.html|access-date=19 November 2009|archive-url=https://web.archive.org/web/20101204081540/http://www.allcountries.org/china_statistics/13_2_output_of_farming_animal_husbandry.html |archive-date=4 December 2010|url-status=live}}</ref> after a drop in the yield of farm crops in 2000, output has been increasing annually.

[[File:China-wheat-prod.png|thumb|upright=1.35|Production of [[wheat]] from 1961 to 2004 (data from [[FAO]] in 2005, y-axis: production in metric tons)]]
According to the United Nations [[World Food Programme]], in 2022, China fed eighteen percent of the world's population with only seven percent of the world's [[arable land]].<ref>{{Cite web |date=31 March 2023 |title=China {{!}} World Food Programme |url=https://www.wfp.org/countries/china |access-date=9 July 2023 |website=www.wfp.org |language=en |archive-date=9 July 2023 |archive-url=https://web.archive.org/web/20230709034546/https://www.wfp.org/countries/china |url-status=live }}</ref>

[[Animal husbandry]] constitutes the second most important component of agricultural production. China is the world's leading producer of pigs, chickens, and eggs, and it also has sizable herds of sheep and cattle. Since the mid-1970s, greater emphasis has been placed on increasing the [[livestock]] output. China has a long tradition of ocean and freshwater fishing and of [[aquaculture]]. [[Pond raising]] has always been important and has been increasingly emphasized to supplement coastal and inland [[fisheries]] threatened by [[overfishing]] and to provide such valuable export commodities as [[prawn]]s. China is also unmatched in the size and reach of its fishing armada with anywhere from 200,000 to 800,000 boats, some as far afield as Argentina. Fueled primarily by government subsidies, its growth and activities have largely gone unchecked.<ref>Urbina, Ian. "[https://slate.com/news-and-politics/2020/09/beijing-fishing-fleet-subsidies-north-korea.html How China's Massive Fishing Fleet Is Transforming the World's Ocean] {{Webarchive|url=https://web.archive.org/web/20200924093850/https://slate.com/news-and-politics/2020/09/beijing-fishing-fleet-subsidies-north-korea.html |date=24 September 2020 }}." www.slate.com. Slate. Retrieved 2 September 2020</ref>

[[File:Chiling - P1260474.JPG|thumb|Timber transported from a woodlot in the hills of [[Zhangpu County]], Fujian]]
Environmental problems such as floods, drought, and erosion pose serious threats to farming in many parts of the country. The wholesale destruction of forests gave way to an energetic [[reforestation]] program that proved inadequate, and forest resources are still fairly meagre.<ref>[http://www.iges.or.jp/en/fc/pdf/activity/plantation_china.pdf Plantation Study in China: Research Outline] {{webarchive|url=https://web.archive.org/web/20080216014926/http://www.iges.or.jp/en/fc/pdf/activity/plantation_china.pdf |date=16 February 2008 }} Forest Conservation Project, Institute for Global Environmental Strategies, Japan; February 2006.</ref> The principal forests are found in the [[Qinling|Qin Mountains]] and the central mountains and on the [[Yunnan–Guizhou Plateau]]. Because they are inaccessible, the Qinling forests are not worked extensively, and much of the country's [[timber]] comes from [[Heilongjiang]], [[Jilin]], [[Sichuan]], and [[Yunnan]].

[[Western China]], comprising [[Tibet Autonomous Region|Tibet]], [[Xinjiang]], and [[Qinghai]], has little agricultural significance except for areas of [[floriculture]] and [[cattle raising]]. Rice, China's most important crop, is dominant in the southern provinces and many of the farms here yield two [[harvests]] a year. In the north, wheat is of the greatest importance, while in [[central China]] wheat and rice vie with each other for the top place. [[Millet]] and [[kaoliang]] (a variety of grain sorghum) are grown mainly in the northeast and some central provinces, which, together with some northern areas, also provide considerable quantities of [[barley]]. Most of the [[soybean]] crop is derived from the north and the northeast; corn (maize) is grown in the center and the north, while [[tea]] comes mainly from the warm and humid hilly areas of the south. Cotton is grown extensively in the central provinces, but it is also found to a lesser extent in the southeast and in the north. [[Tobacco]] comes from the center and parts of the south. Other important crops are potatoes, [[sugar beet]]s, and oilseeds.

[[File:Daye-pond-system-fishermen-0078-rotated.jpg|thumb|Fish ponds near [[Daye, Hubei]]]]
In the past decade, the government has been encouraging agricultural mechanization and [[land consolidation]] to raise yields and compensate for the loss of rural workers who have migrated to the cities.<ref>{{cite news|last1=Stanway |first1=David|title=Analysis: China turns to machines as farmers seek fresh fields |url=https://www.reuters.com/article/us-china-agriculture-mechanisation/analysis-china-turns-to-machines-as-farmers-seek-fresh-fields-idUSBRE8AC15P20121114|access-date=26 November 2017|work=Reuters|date=14 November 2012|archive-url=https://web.archive.org/web/20171201032547/https://www.reuters.com/article/us-china-agriculture-mechanisation/analysis-china-turns-to-machines-as-farmers-seek-fresh-fields-idUSBRE8AC15P20121114|archive-date=1 December 2017|url-status=live}}</ref> According to statistics by the UN Food and Agriculture Organization, the annual growth rate of agricultural mechanization in China is 6.4%. By 2014, the integrated mechanization rate had risen to nearly 60%, with the rate for wheat surpassing 90% and that for maize approaching 80%.<ref>{{cite web |last1=Cheng|first1=Fang |title=Development of Agricultural Mechanization in China |url=https://forum2017.iamo.de/microsites/forum2017.iamo.de/fileadmin/presentations/B5_Fang.pdf|website=Eurasian Food Economy Forum 2017 |publisher=UN Food and Agriculture Organization|access-date=26 November 2017|archive-url=https://web.archive.org/web/20171201034946/https://forum2017.iamo.de/microsites/forum2017.iamo.de/fileadmin/presentations/B5_Fang.pdf |archive-date=1 December 2017|url-status=live}}</ref> In addition to standard agricultural equipment like tractors, China's agriculture cooperatives have begun using high-tech equipment, including unmanned aerial vehicles, which are used to spay crops with pesticides.<ref>{{cite web|last1=Schaer|first1=Lilian|title=China powers up: The world's most populous country gets serious about farming machinery |url=https://www.country-guide.ca/2017/03/24/china-gets-serious-about-farm-machinery/50781/|website=Country Guide|date=24 March 2017|access-date=26 November 2017|archive-url=https://web.archive.org/web/20171201043537/https://www.country-guide.ca/2017/03/24/china-gets-serious-about-farm-machinery/50781/|archive-date=1 December 2017|url-status=live}}</ref> Good progress has been made in increasing [[water conservancy]], and about half the cultivated land is under irrigation.

In the late 1970s and early 1980s, economic reforms were introduced. First of all this began with the shift of farming work to a [[responsibility system|system of household responsibility]] and a phasing out of [[collective farming|collectivized agriculture]]. Later this expanded to include a gradual liberalization of price controls; [[fiscal policy|fiscal]] [[decentralization]]; massive privatization of state enterprises, thereby allowing a wide variety of [[private enterprise]]s in the [[service sector|services]] and [[light manufacturing]]; the foundation of a diversified [[banking system]] (but with large amounts of state control); the development of a [[stock market]]; and the opening of the economy to increased [[foreign trade]] and [[foreign direct investment|foreign investment]].

===Housing and construction===
{{main|Real estate in China}}

In 2010, China became the world's largest market for construction.<ref name=":Curtis&Klaus">{{Cite book |last1=Curtis |first1=Simon |title=The Belt and Road City: Geopolitics, Urbanization, and China's Search for a New International Order |last2=Klaus |first2=Ian |publisher=[[Yale University Press]] |isbn=9780300266900 |location=New Haven and London |publication-date=2024 |doi=10.2307/jj.11589102 |jstor=jj.11589102}}</ref>{{Rp|page=112}} It has remained the world's largest through at least 2024.<ref name=":Curtis&Klaus" />{{Rp|page=112}}

The real estate industry is about 20% of the Chinese economy.<ref>{{Cite news |date=18 December 2023 |title=China's Real Estate Meltdown Is Battering Middle Class Wealth |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2023-12-17/china-s-shrinking-household-wealth-families-strive-to-save-nest-eggs |access-date=18 December 2023 |archive-date=17 December 2023 |archive-url=https://web.archive.org/web/20231217235133/http://www.bloomberg.com/news/articles/2023-12-17/china-s-shrinking-household-wealth-families-strive-to-save-nest-eggs |url-status=live }}</ref> As of 2023, real property accounts for 60% of Chinese household assets.<ref name="Jin 2023" />{{Rp|page=161}} Also as of 2023, China has the highest rate of home ownership in the world.<ref name="Jin 2023" />{{Rp|page=170}} 90% of urban households own their home.<ref name="Jin 2023" />{{Rp|page=170}}

Compared to other nations, investing in stock markets and other assets is harder due to currency controls within the country. As a result, many Chinese citizens own multiple properties, as they are one of the few ways in which it is comparatively easy to grow and preserve wealth. Due to this, many economists have speculated about a property bubble within the Chinese economy<ref>{{Cite news|date=25 January 2021|title=Can China's long property boom hold?|newspaper=The Economist|url=https://www.economist.com/finance-and-economics/2021/01/25/can-chinas-long-property-boom-hold|access-date=28 March 2021|issn=0013-0613|archive-date=28 March 2021|archive-url=https://web.archive.org/web/20210328035103/https://www.economist.com/finance-and-economics/2021/01/25/can-chinas-long-property-boom-hold|url-status=live}}</ref> On 16 July 2020, the Wall Street Journal reported that the housing market within the Chinese economy had grown to US$52 trillion, eclipsing the US 2008 housing market before the [[Financial crisis of 2007–2008|Financial Crisis]].<ref>{{Cite news|author1=Stella Yifan Xie|author2=Mike Bird|date=17 July 2020|title=The $52 Trillion Bubble: China Grapples With Epic Property Boom|language=en-US|work=The Wall Street Journal|issn=0099-9660|url=https://www.wsj.com/articles/china-property-real-estate-boom-covid-pandemic-bubble-11594908517|access-date=28 March 2021|archive-date=28 March 2021|archive-url=https://web.archive.org/web/20210328051747/https://www.wsj.com/articles/china-property-real-estate-boom-covid-pandemic-bubble-11594908517|url-status=live}}</ref>

Despite the possibility of a housing bubble, many people still choose to invest their assets in real estate market. On 19 December 2021, according to a report by McKinsey Global Institute, China's net worth reached $120 trillion in 2020 to overtake the U.S.'s $89 trillion as a red-hot real estate market drove up property value.<ref>{{Cite web |title=China overtakes U.S. in national net worth to grab top spot |url=https://asia.nikkei.com/Economy/China-overtakes-U.S.-in-national-net-worth-to-grab-top-spot |access-date=18 April 2022 |website=Nikkei Asia |language=en-GB |archive-date=17 April 2022 |archive-url=https://web.archive.org/web/20220417142934/https://asia.nikkei.com/Economy/China-overtakes-U.S.-in-national-net-worth-to-grab-top-spot |url-status=live }}</ref>

===Energy and mineral resources===
{{see also|Energy policy of China}}
[[File:Electricity production in China.svg|thumb|Electricity production in China 1980–2019|upright=1.35]]
<div class="floatright" style="width:20em; border: 1px solid #a2a9b1; background-color: #f8f9fa; margin: 0.5em 0 0.5em 1em;	padding: 0.2em;">'''Electricity:'''
* Production: 6.5 trillion kWh (2017)<ref>{{cite web|url=https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy/downloads.html|title=Downloads {{pipe}} Energy economics {{pipe}} Home|website=BP global|access-date=15 June 2018|archive-url=https://web.archive.org/web/20180615135258/https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy/downloads.html|archive-date=15 June 2018|url-status=live}}</ref>
* Consumption: 7.7620 trillion kWh (2020)<ref name="NBS Data" />
* Exports: 21.8 billion kwh (2020)<ref name="NBS Data" />
* Imports: 6.2 billion kwh (2015)<ref name="NBS Data" />

'''Electricity – production by source (2023):<ref>{{Cite web |last= |first= |date=8 May 2024 |title=Global Electricity Review 2024: Analysis of key power sector emitters in 2023 |url=https://ember-energy.org/latest-insights/global-electricity-review-2024/major-countries-and-regions/ |url-status=live |archive-url=https://web.archive.org/web/20240514030823/https://ember-climate.org/insights/research/global-electricity-review-2024/major-countries-and-regions/ |archive-date=14 May 2024 |access-date=21 May 2024 |website=[[Ember (non-profit organisation)|Ember]]}}</ref>'''
* Coal: 60.5%
* Hydro: 13.2%
* Wind: 9.4%
* Solar: 6.2%
* Nuclear: 4.6%
* Natural gas: 3.3%
* Bioenergy: 2.2%

'''Oil:'''
* Production: {{convert|3527000|oilbbl/d|abbr=on}} (2022)
* Consumption: {{convert|6534000|oilbbl/d|abbr=on}} (2005) and expected {{convert|9300000|oilbbl/d|abbr=on}} in 2030
* Exports: {{convert|443300|oilbbl/d|abbr=on}} (2005)
* Imports: {{convert|10170000|oilbbl/d|abbr=on}} (2022)<ref>{{cite news |last=Chen |first=Aizhu |title=China 2022 crude oil imports fall for second year despite Q4 pickup |url=https://www.reuters.com/markets/commodities/china-dec-crude-oil-imports-3rd-highest-yr-2022-imports-down-09-2023-01-13/ |access-date=23 May 2023 |work=[[Reuters]] |date=13 January 2023 |archive-date=26 May 2023 |archive-url=https://web.archive.org/web/20230526152308/https://www.reuters.com/markets/commodities/china-dec-crude-oil-imports-3rd-highest-yr-2022-imports-down-09-2023-01-13/ |url-status=live }}</ref>
* Net imports: {{convert|2740000|oilbbl/d}} (2005)
* Proved reserves: {{convert|16.3|Goilbbl|abbr=on}} (1 January 2006)

'''Natural gas:'''
* Production: 47.88&nbsp;km<sup>3</sup> (2005 est.)
* Consumption: 44.93&nbsp;km<sup>3</sup> (2005 est.)
* Exports: 2.944&nbsp;km<sup>3</sup> (2005)
* Imports: 0 m<sup>3</sup> (2005)
* Proved reserves: 1,448&nbsp;km<sup>3</sup> (1 January 2006 est.)</div>

China has [[natural resources]] with an estimated worth of $23{{spaces}}trillion, 90% of which are [[coal]] and [[rare earth metals]].<ref>{{cite web |last=Anthony |first=Craig |date=12 September 2016 |title=10 Countries with the Most Natural Resources |url=http://www.investopedia.com/articles/markets-economy/090516/10-countries-most-natural-resources.asp |url-status=live |archive-url=https://web.archive.org/web/20170916072056/http://www.investopedia.com/articles/markets-economy/090516/10-countries-most-natural-resources.asp |archive-date=16 September 2017 |access-date=15 September 2017 |publisher=[[Investopedia]]}}</ref> Over the years, large subsidies were built into the price structure of certain commodities and these subsidies grew substantially in the late 1970s and 1980s.<ref>Hiroshi Satō. ''Unemployment, Inequality and Poverty in Urban China''. (2006) Routledge. {{ISBN|0-415-33872-7}}</ref> Since 1980, China's energy production has grown dramatically, as has the proportion allocated to domestic consumption. Some 80 percent of all power is generated from fossil fuel at [[thermal plant]]s, with about 17 percent at [[hydroelectric]] installations; only about two percent is from [[Nuclear power|nuclear energy]], mainly from plants located in [[Guangdong]] and [[Zhejiang]].<ref>[[World Nuclear Association]]. [http://www.world-nuclear.org/info/inf63.html Nuclear Power in China] {{Webarchive|url=https://web.archive.org/web/20130212223045/http://www.world-nuclear.org/info/inf63.html |date=12 February 2013 }} (November 2007)</ref> Though China has rich overall energy potential, most have yet to be developed. In addition, the geographical distribution of energy puts most of these resources relatively far from their major industrial users. The northeast is rich in [[coal]] and [[oil]], the central part of north China has abundant coal, and the southwest has immense [[hydroelectric potential]]. But the industrialized regions around [[Guangzhou]] and the [[Yangtze River|Lower Yangtze]] region around Shanghai have too little energy, while there is relatively little [[heavy industry]] located near major energy resource areas other than in the southern part of the northeast.

Due in large part to environmental concerns, China has wanted to shift China's current [[energy mix]] from a heavy reliance on coal, which accounts for 70–75% of China's energy, toward greater reliance on oil, [[natural gas]], [[Renewable energy in China|renewable energy]], and [[Nuclear power in China|nuclear power]]. China has closed thousands of [[coal mines]] over the past five to ten years to cut [[overproduction]]. According to Chinese statistics, this has reduced coal production by over 25%. As of at least 2023, solar power has become cheaper than coal-fired power in China.<ref name="Li 2024" />{{Rp|page=167}}

Since 1993, China has been a net importer of oil, a large portion of which comes from the Middle East. Imported oil accounts for 20% of the processed [[Crude oil|crude]] in China.{{cn|date=June 2024}} Net imports are expected to rise to 3.5 million [[barrel (unit)|barrels]] (560,000{{spaces}}m<sup>3</sup>) per day by 2010.{{cn|date=June 2024}} China is interested in diversifying the sources of its oil imports and has invested in oil fields around the world. China is developing oil imports from [[Central Asia]] and has invested in [[Kazakhstan]]i [[oil field]]s.<ref>{{Cite book |title=Regional Connection under the Belt and Road Initiative: The Prospects for Economic and Financial Cooperation |date=26 October 2018 |publisher=Routledge |isbn=978-0-429-46717-2 |editor-last=Cheung |editor-first=Fanny M. |edition=1st |language=en |doi=10.4324/9780429467172-5 |editor-last2=Hong |editor-first2=Ying-yi |doi-access=free}}</ref> Beijing also plans to increase China's natural gas production, which currently accounts for only 3% of China's total energy consumption and incorporated a natural gas strategy in its [[Tenth Five-Year Plan (People's Republic of China)|10th Five-Year Plan]] (2001–2005), with the goal of expanding gas use from a 2% share of total energy production to 4% by 2005 (gas accounts for 25% of U.S. energy production).{{cn|date=June 2024}}

Since the early 2000s, China's clean energy sector has rapidly developed.<ref name="Lewis 2023">{{Cite book |last=Lewis |first=Joanna I. |title=Cooperating for the Climate: Learning from International Partnerships in China's Clean Energy Sector |date=2023 |publisher=The [[MIT Press]] |isbn=978-0-262-54482-5 |location=Cambridge, Massachusetts}}</ref>{{Rp|page=23}} This growth has enabled renewable energy to have an important role in China's international cooperation, including [[South-South Cooperation|South-South cooperation]] in which China is a major source of clean energy technology transfer to other developing countries.<ref name="Lewis 2023" />{{Rp|pages=4, 23}} As of at least 2023, China is the world's leading producer of solar panels and wind turbines.<ref name="Li 2024" />{{Rp|page=167}}

The [[Eleventh Five-Year Plan (People's Republic of China)|11th Five-Year Program]] (2006–10), announced in 2005 and approved by the National People's Congress in March 2006, called for greater energy conservation measures, including development of renewable energy sources and increased attention to environmental protection. Guidelines called for a 20% reduction in energy consumption per unit of GDP by 2010. Moving away from coal towards cleaner energy sources including oil, natural gas, renewable energy, and nuclear power is an important component of China's development program. Beijing also intends to continue to improve energy efficiency and promote the use of [[clean coal technology]]. China has abundant hydroelectric resources; the Three Gorges Dam, for example, will have a total capacity of 18 gigawatts when fully on-line (projected for 2009). In addition, the share of electricity generated by nuclear power is projected to grow from 1% in 2000 to 5% in 2030. China's renewable energy law, which went into effect in 2006, calls for 10% of its energy to come from renewable energy sources by 2020.{{cn|date=June 2024}}

By 2010, rapidly rising wages and a general increase in the standard of living had put increased energy use on a collision course with the need to reduce [[Greenhouse gas|carbon emissions]] in order to control [[global warming]].<ref name="World Bank" /> There were diligent efforts to increase [[Efficient energy use|energy efficiency]] and increase use of [[Renewable energy|renewable sources]]; over 1,000 inefficient power plants had been closed, but projections continued to show a dramatic rise in carbon emissions from burning [[fossil fuel]]s.<ref>Keith Bradsher (5 July 2010), [https://www.nytimes.com/2010/07/05/business/global/05warm.html "China Fears Consumer Class Impact on Global Warming"] {{Webarchive|url=https://web.archive.org/web/20160723022158/http://www.nytimes.com/2010/07/05/business/global/05warm.html|date=23 July 2016}}, ''[[The New York Times]]''</ref>

[[File:World fossil carbon dioxide emissions six top countries and confederations.png|thumb|upright=1.35|Historical annual [[List of countries by carbon dioxide emissions|CO<sub>2</sub> emissions]] for the top six countries and confederations]]While not the largest source of historical cumulative emissions, today China accounts for one quarter of global greenhouse gas emissions.<ref>{{Cite web |title=China's Greenhouse Gas Emissions Exceeded the Developed World for the First Time in 2019 |url=https://rhg.com/research/chinas-emissions-surpass-developed-countries/ |access-date=24 March 2023 |website=Rhodium Group |date=6 May 2021 |language=en-US |archive-date=17 June 2021 |archive-url=https://web.archive.org/web/20210617173916/https://rhg.com/research/chinas-emissions-surpass-developed-countries/ |url-status=live }}</ref> On a per capita basis, China's emissions in 2019 (9 tonnes {{CO2}}-equivalent [t{{chem2|CO2e}}] per year) surpass those of the European Union (7.6 t{{chem2|CO2e}}) but remain slightly below the Organisation for Economic Co-operation and Development (OECD) average (10.7 t{{chem2|CO2e}}) and well below the United States average (17.6 t{{chem2|CO2e}}). However, the carbon intensity of China's GDP—the amount of carbon used to generate a unit of output—remains relatively high.<ref name="World Bank" /> To avoid the long-term socioeconomic cost<ref>{{Cite web |title=Welcome to World Bank Intranet |url=https://message.worldbank.org/isp_error_page.htm |url-status=dead |archive-url=https://web.archive.org/web/20150721013337/http://siteresources.worldbank.org/INTEAPREGTOPENVIRONMENT/Resources/China_Cost_of_Pollution.pdf |archive-date=21 July 2015 |website=message.worldbank.org}}</ref> of environmental [[pollution in China]],<ref>{{Cite web |title= China's Environmental Crisis|last=Xu|first=Beina|url=http://www.cfr.org/china/chinas-environmental-crisis/p12608 |url-status=dead |archive-url=https://web.archive.org/web/20150820225353/http://www.cfr.org/china/chinas-environmental-crisis/p12608 |archive-date=20 August 2015}}</ref><ref>{{cite web |title=Worst air pollution in China and the U.S. |url=https://www.washingtonpost.com/world/worst-air-pollution-in-china-and-the-us/2014/02/02/6362127e-8c5b-11e3-833c-33098f9e5267_graphic.html |url-status=live |archive-url=https://web.archive.org/web/20151117025744/https://www.washingtonpost.com/world/worst-air-pollution-in-china-and-the-us/2014/02/02/6362127e-8c5b-11e3-833c-33098f9e5267_graphic.html |archive-date=17 November 2015 |access-date=16 August 2015 |via=www.washingtonpost.com}}</ref> it has been suggested by [[Nicholas Stern, Baron Stern of Brentford|Nicholas Stern]] and Fergus Green of the [[Grantham Research Institute on Climate Change and the Environment]] that the economy of China be shifted to more advanced industrial development with low carbon dioxide emissions and better allocation of national resources to innovation and R&D for sustainable economic growth in order to reduce the impact of China's heavy industry. This is in accord with the planning goals of the central government.<ref>{{cite web|url=http://www.lse.ac.uk/GranthamInstitute/wp-content/uploads/2014/05/Green-and-Stern-policy-paper-May-20141.pdf|title=An innovative and sustainable growth path for China: a critical decade|author1=Fergus Green|author2=Nicholas Stern |archive-url=https://web.archive.org/web/20151117025334/http://www.lse.ac.uk/GranthamInstitute/wp-content/uploads/2014/05/Green-and-Stern-policy-paper-May-20141.pdf|archive-date=17 November 2015|quote='...{{spaces}}China is{{spaces}}... planning to grow its high technology and high value-added industries. It is championing seven "strategic emerging industries": energy efficient and environmental technologies; new energy; new-energy vehicles; next generation information technology; biotechnology; advanced equipment manufacture; and new materials.'|url-status=live<!--as of 23 sep 2024-->}}</ref> Contrary to the publicized goals, China is building a large number of coal fired power plants and it carbon emissions could further increase.<ref>{{Cite news |last=Davidson |first=Helen |date=2023-08-29 |title=China continues coal spree despite climate goals |url=https://www.theguardian.com/world/2023/aug/29/china-coal-plants-climate-goals-carbon |access-date=2024-07-10 |work=The Guardian |language=en-GB |issn=0261-3077 |archive-date=15 August 2024 |archive-url=https://web.archive.org/web/20240815134009/https://www.theguardian.com/world/2023/aug/29/china-coal-plants-climate-goals-carbon |url-status=live }}</ref><ref>{{cite web |url=https://www.npr.org/2023/03/02/1160441919/china-is-building-six-times-more-new-coal-plants-than-other-countries-report-fin |title=China is building six times more new coal plants than other countries, report finds |website=npr.org |date=2023-03-02 |archive-url=https://web.archive.org/web/20231218163338/https://www.npr.org/2023/03/02/1160441919/china-is-building-six-times-more-new-coal-plants-than-other-countries-report-fin |archive-date=18 December 2023 }}</ref>

====Mining====
{{Excerpt|Mining industry of China}}

====Hydroelectric resources====
{{main|Hydroelectricity in China}}

[[File:Dreischluchtendamm hauptwall 2006.jpg|thumb|Three Gorges Dam]]
China has an abundant potential for [[hydroelectric power]] production due to its considerable river network and mountainous terrain. Most of the total hydroelectric capacity is situated in the [[Southwest China|southwest of the country]], where coal supplies are poor but [[energy demand|demand for energy]] is rising swiftly. The potential in the northeast is fairly small, but it was there that the first hydroelectric stations were built{{snd}}by the Japanese during its occupation of [[Manchuria]].<ref>[http://www.ieee.org/portal/cms_docs_iportals/iportals/aboutus/history_center/publications/power/Chapter2.pdf Case Study of Electrification: China] {{Webarchive|url=https://web.archive.org/web/20080216014910/http://www.ieee.org/portal/cms_docs_iportals/iportals/aboutus/history_center/publications/power/Chapter2.pdf |date=16 February 2008 }} Worldwide Electrification from the 1950s to the 1970s. (Chapter 2; page 33).</ref>

Thirteen years in construction at a cost of $24{{spaces}}billion, the immense [[Three Gorges Dam]] across the [[Yangtze|Yangtze River]] was essentially completed in 2006 and produced more than 100TWh of energy in 2018.

====Coal====
{{main|Coal in China}}

[[File:Coal mine in Inner Mongolia 002.jpg|thumb|Coal mining in [[Inner Mongolia]]]]
China is well endowed with mineral resources,<ref>[[MSN Encarta]]. [http://encarta.msn.com/encyclopedia_761574726_3/Asia.html Asia: Mineral Resources]. [https://web.archive.org/web/20040104083400/http://encarta.msn.com/encyclopedia_761574726_3/Asia.html Archived] 31 October 2009.</ref> the most important of which is [[coal]]. China's mineral resources include large reserves of [[coal]] and [[iron ore]], plus adequate to abundant supplies of nearly all other industrial [[minerals]]. Although coal deposits are widely scattered (some coal is found in every province), most of the total is located in the northern part of the country. The province of [[Shanxi]], in fact, is thought to contain about half of the total; other important coal-bearing provinces include [[Heilongjiang]], [[Liaoning]], [[Jilin]], [[Hebei]], and [[Shandong]].<ref name="TED">TED Case Studies. [http://www.american.edu/TED/chincoal.htm China and Coal] {{Webarchive|url=https://web.archive.org/web/20170212013651/http://www1.american.edu/TED/CHINCOAL.HTM |date=12 February 2017 }}</ref> Apart from these northern provinces, significant quantities of coal are present in [[Sichuan]], and there are some deposits of importance in [[Guangdong]], [[Guangxi]], [[Yunnan]], and [[Guizhou]].<ref name="TED" /> A large part of the country's reserves consists of good [[bituminous coal]], but there are also large deposits of [[lignite]]. [[Anthracite]] is present in several places (especially [[Liaoning]], [[Guizhou]], and [[Henan]]), but overall, it is not very significant.<ref>{{cite book|last1=Heping|first1=Xie|first2=Tad S. |last2=Golosinski |title=Mining Science and Technology '99|publisher=Taylor & Francis|year=1999 |pages=252–256|isbn=978-90-5809-067-6}}</ref>

To ensure a more even distribution of coal supplies and to reduce the strain on the less than adequate [[transportation]] network, the authorities pressed for the development of a large number of small, locally run [[coal mining|mines]] throughout the country. This campaign was energetically pursued after the 1960s, with the result that thousands of small pits have been established, and they produce more than half the country's coal. This output, however, is typically expensive and is used for local consumption. It has also led to a less than stringent implementation of safety measures in these unregulated mines, which cause several thousands of deaths each year.<ref>{{cite journal |last1=Creedy |first1=David|last2=Lijie |first2=Wang |last3=Xinquan |first3=Zhou |last4=Haibin |first4=Liu |last5=Campbell |first5=Gary |title=Transforming China's coal mines: A case history of the Shuangliu Mine|journal=Natural Resources Forum|volume=30|issue=1 |pages=15–26 |publisher=Blackwell Publishing|date=February 2006|doi=10.1111/j.1477-8947.2006.00154.x|bibcode=2006NRF....30...15C }}</ref>

[[Coal]] makes up the bulk of China's energy consumption (70% in 2005, 55% in 2021), and China is the largest producer and consumer of coal in the world. As China's economy continues to grow, China's coal demand is projected to rise significantly. Although coal's share of China's overall energy consumption will decrease, coal consumption will continue to rise in absolute terms. China's continued and increasing reliance on coal as a power source has contributed significantly to putting China on the path to becoming the world's largest emitter of [[acid rain]]-causing [[sulfur dioxide]] and [[greenhouse gas]]es, including [[carbon dioxide]].

====Oil and natural gas====
{{main|Petroleum industry in China}}

[[File:China-Today oil reserves and demand-en.svg|thumb|upright=1.35|Chinese oil reserves]]
China's onshore [[oil]] resources are mostly located in the [[Northeast China|Northeast]] and in [[Xinjiang]], [[Gansu]], [[Qinghai]], [[Sichuan]], [[Shandong]], and [[Henan]] provinces. [[Oil shale]] is found in a number of places, especially at [[Fushun]] in Liaoning, where the deposits overlie the coal reserves, as well as in Guangdong. High quality [[Light crude oil|light oil]] has been found in the [[Pearl River (China)|Pearl River]] estuary of the [[South China Sea]], the [[Qaidam Basin]] in Qinghai, and the [[Tarim Basin]] in Xinjiang. The country consumes most of its oil output but does export some crude oil and oil products. China has explored and developed oil deposits in the [[South China Sea]] and [[East China Sea]], the [[Yellow Sea]], the [[Gulf of Tonkin]], and the [[Bohai Sea]].

In 2013, the pace of China's economic growth exceeded the domestic oil capacity and floods damaged the nation's oil fields in the middle of the year. Consequently, China imported oil to compensate for the supply reduction and surpassed the US in September 2013 to become the world's largest importer of oil.<ref>{{cite news |date=10 October 2013 |title=China overtakes US as the biggest importer of oil |url=https://www.bbc.co.uk/news/business-24475934 |url-status=live |archive-url=https://web.archive.org/web/20131010171123/http://www.bbc.co.uk/news/business-24475934 |archive-date=10 October 2013 |access-date=11 October 2013 |work=[[BBC News]]}}</ref>

The total extent of China's [[natural gas reserves]] is unknown, as relatively little exploration for natural gas has been done.<ref>[[Xinhua]]. [http://www.chinadaily.com.cn/english/doc/2004-11/25/content_394888.htm China to calculate oil and gas reserves] {{Webarchive|url=https://web.archive.org/web/20080120061634/http://www.chinadaily.com.cn/english/doc/2004-11/25/content_394888.htm |date=20 January 2008 }} 25 November 2004.</ref> Sichuan accounts for almost half of the known natural gas reserves and production.<ref>{{cite web |url=http://www.chinapage.com/power/oil-gas/puguang-gasfield.html |title=Puguang Named 2nd Largest Gas Field |publisher=Chinapage.com |access-date=28 February 2012 |url-status=dead |archive-url=https://web.archive.org/web/20130508002954/http://www.chinapage.com/power/oil-gas/puguang-gasfield.html |archive-date=8 May 2013 }}</ref> Most of the rest of China's natural gas is associated gas produced in the Northeast's major oil fields, especially [[Daqing oilfield]]. Other gas deposits have been found in the Qaidam Basin, [[Hebei]], [[Jiangsu]], [[Shanghai]], and [[Zhejiang]], and offshore to the southwest of [[Hainan]].<ref>Kaoru YAMAGUCHI, Keii CHO. [http://eneken.ieej.or.jp/en/data/pdf/221.pdf Natural Gas in China] {{Webarchive|url=https://web.archive.org/web/20071031083248/http://eneken.ieej.or.jp/en/data/pdf/221.pdf |date=31 October 2007 }} IEEJ: August 2003.</ref> According to an article published in Energy Economics in 2011 by economists Mete Feridun (University of Greenwich) and Abdul Jalil (Wuhan University in China), financial development in China has not taken place at the expense of environmental pollution and financial development has led to a decrease in environmental pollution. Authors conclude that carbon emissions are mainly determined by income, energy consumption and trade openness and their findings confirm the existence of an Environmental Kuznets Curve in the case of China.<ref>Jalil, Abdul and Feridun, Mete (2011) "The impact of growth, energy and financial development on the environment in China: a cointegration analysis". ''Energy Economics'', 33 (2). pp. 284–291. ISSN 0140-9883 (doi:10.1016/j.eneco.2010.10.003)</ref>

====Metals and nonmetals====
[[Iron ore]] reserves are found in most provinces, including [[Hainan]]. Gansu, Guizhou, southern Sichuan, and Guangdong provinces have rich deposits. The largest mined reserves are located north of the [[Yangtze|Yangtze River]] and supply neighboring iron and steel enterprises. With the exception of [[nickel]], [[chromium]], and [[cobalt]], China is well supplied with [[ferroalloy]]s and [[manganese]]. Reserves of [[tungsten]] are also known to be fairly large. [[Copper]] resources are moderate, and high-quality ore is present only in a few deposits. Discoveries have been reported from [[Ningxia]]. [[Lead]] and [[zinc]] are available, and [[bauxite]] resources are thought to be plentiful. China's [[antimony]] reserves are the largest in the world. [[Tin]] resources are plentiful, and there are fairly rich deposits of gold. China is the world's fifth largest producer of [[gold]] and in the early 21st century became an important producer and exporter of rare metals needed in high-technology industries.

China also produces a fairly wide range of [[Nonmetal (chemistry)|nonmetal]]lic minerals. One of the most important of these is [[salt]], which is derived from coastal [[evaporation]] sites in Jiangsu, Hebei, Shandong, and Liaoning, as well as from extensive salt fields in Sichuan, Ningxia, and the Qaidam Basin. There are important deposits of [[phosphate]] rock in a number of areas, Jiangxi, Guangxi, Yunnan and Hubei. Production has been accelerating every year. As of 2013 China is producing 97,000,000 metric tons of phosphate rock a year.<ref>{{cite web|url=https://minerals.usgs.gov/minerals/pubs/commodity/phosphate_rock/mcs-2014-phosp.pdf|title=Phosphate Rock Statistics and Information|access-date=15 June 2017|archive-url=https://web.archive.org/web/20170513090847/https://minerals.usgs.gov/minerals/pubs/commodity/phosphate_rock/mcs-2014-phosp.pdf|archive-date=13 May 2017|url-status=live}}</ref> [[Pyrite]]s occur in several places; Liaoning, Hebei, Shandong, and Shanxi have the most important deposits. China also has large resources of [[fluorite]] ([[fluorspar]]), [[gypsum]], [[asbestos]], and has the world's largest reserves and production of [[cement]], clinker and limestone.

===Industry and manufacturing===
{{further|Industry of China|Technological and industrial history of China|Made in China}}
[[File:China Railways HXD1B Manufacture Factory.jpg|thumb|China Railway HXD1B Manufactured by [[CRRC]]]]
[[File:CR400BF-GZ-5205@IFP (20220213095454).jpg|thumb|[[Fuxing (train)|Fuxing]] high speed train produced by [[CRRC]]]]
[[File:COMAC B-001A May 2017.jpg|thumb|[[C919]] developed by Chinese aerospace manufacturer [[Comac]]]]
China has a strong global position in the production of industrial goods and some of its companies are global leader in the areas of steel, solar energy, and telecommunications accessories.<ref name="Sebena 2023" />{{Rp|page=131}} {{As of|2023}}, industry accounts for 38.3% of China's GDP.<ref name="NBS Data" /> From 2010 until at least 2023, China produces more industrial goods than any other country.<ref name="Garlick 2024">{{Cite book |last=Garlick |first=Jeremy |title=Advantage China: Agent of Change in an Era of Global Disruption |date=2024 |publisher=[[Bloomsbury Academic]] |isbn=978-1-350-25231-8}}</ref>{{Rp|page=1}} As of 2023, China manufactures approximately one fifth of the world's total output of industrial products.<ref name="Sebena 2023" />{{Rp|page=133}}

Major industries include mining and ore processing; [[iron]] and [[steel]]; [[aluminium]]; [[coal]]; [[machinery]]; [[armaments]]; [[textiles]] and [[apparel]]; [[petroleum]]; [[cement]]; [[chemical]]; [[fertilizers]]; [[food processing]]; [[automobile]]s and other transportation equipment including rail cars and locomotives, ships, and aircraft; [[consumer products]] including [[footwear]], [[toy]]s, and [[electronics]]; [[telecommunications]] and [[information technology]].

Since the founding of the People's Republic, industrial development has been given considerable attention; as of 2011 46% of China's national output continued to be devoted to investment; a percentage far higher than any other nation.<ref>{{cite news |title=Facing Protests, China's Business Investment Slows |url=https://www.nytimes.com/2012/11/07/business/global/facing-protests-chinas-business-investment-may-be-cooling.html |newspaper=The New York Times |date=6 November 2012 |author=Keith Bradsher |access-date=7 November 2012 |archive-url=https://web.archive.org/web/20121107090110/http://www.nytimes.com/2012/11/07/business/global/facing-protests-chinas-business-investment-may-be-cooling.html |archive-date=7 November 2012 |url-status=live }}</ref> Among the various industrial branches the [[machine]]-building and [[metallurgy|metallurgical]] industries have received the highest priority. These two areas alone now account for about 20–30 percent of the total gross value of industrial output.<ref>{{cite web |url=http://www.florida-agriculture.com/pubs/pubform/pdf/Florida_Forestry_China_Trade_Mission_Report.pdf |title=Florida Forestry China Trade Mission Report |access-date=28 February 2012 |archive-url=https://web.archive.org/web/20120306203818/http://www.florida-agriculture.com/pubs/pubform/pdf/Florida_Forestry_China_Trade_Mission_Report.pdf |archive-date=6 March 2012 |url-status=live }}</ref> In these, as in most other areas of industry, however, [[innovation]] has generally suffered at the hands of a system that has rewarded increases in gross output rather than improvements in variety, sophistication and quality. China, therefore, still imports significant quantities of specialized steels. Overall industrial output has grown at an average rate of more than ten percent per year, having surpassed all other sectors in [[economic growth]] and degree of [[modernization]].<ref>{{cite web |url=http://www.chinability.com/Industrial%20output.htm |title=Industrial output growth 1978–2006 |publisher=Chinability.com |access-date=28 February 2012 |archive-url=https://web.archive.org/web/20120228235331/http://www.chinability.com/Industrial%20output.htm |archive-date=28 February 2012 |url-status=dead }}</ref>

Following its 2001 entry into the World Trade Organization, China quickly developed a reputation as the "world's factory" through its manufacturing exports.<ref name=":6" />{{Rp|page=256}} The complexity of its exports increased over time, and as of 2019 it accounts for approximately 25% of all high tech goods produced globally.<ref name=":6" />{{Rp|page=256}}

The predominant focus of development in the [[chemical industry]] is to expand the output of chemical [[fertilizer]]s, [[plastics]], and [[synthetic fiber]]s. The growth of this industry has placed China among the world's leading producers of [[nitrogenous]] fertilizers. In the [[consumer goods]] sector the main emphasis is on textiles and [[clothing]], which also form an important part of China's exports. Textile manufacturing, a rapidly growing proportion of which consists of synthetics, account for about ten percent of the gross industrial output and continues to be important, but less so than before. The industry tends to be scattered throughout the country, but there are a number of important [[textile industry in China|textile centers]], including [[Shanghai]], [[Guangzhou]], and [[Harbin]].<ref>{{cite web |url=http://www.allcountries.org/china_statistics/14_19_output_of_major_industrial_products.html |title=14–19: Output of Major Industrial Products |publisher=Allcountries.org |date=26 April 2006 |access-date=28 February 2012 |archive-url=https://web.archive.org/web/20120211212156/http://www.allcountries.org/china_statistics/14_19_output_of_major_industrial_products.html |archive-date=11 February 2012 |url-status=live }}</ref><ref>[http://www.china.org.cn/english/2003/Feb/54962.htm Shanghai's GDP Keeps Growing] {{Webarchive|url=https://web.archive.org/web/20050830103443/http://www.china.org.cn/english/2003/Feb/54962.htm |date=30 August 2005 }} Xinhua News Agency 1{{spaces}}February 2003.</ref> There is a [[Growing consumer culture of China|growing consumer culture in China]].

As of at least 2024, China has significant industrial capacity in excess of its domestic needs.<ref name="Garlick 2024" />{{Rp|page=34}} The government has sought to alleviate industrial capacity by channeling it abroad, including through the [[Belt and Road Initiative]].<ref name="Garlick 2024" />{{Rp|page=34}}

====Steel industry====
{{main|Steel industry in China|List of steel producers|List of countries by steel production}}

[[File:Guangfa Securities Headquarters taken in November 2018.jpg|thumb|upright|Skyscrapers of [[Guangzhou]]]]
In 2020, China produced over 1053 million tonnes of steel, over half of the world total. This was an increase of 5.6% over the previous year as global steel production fell by 0.9%. China's share of global crude steel production increased from 53.3% in 2019 to 56.5% in 2020. Decreasing -2.1% in 2021.<ref>{{cite web |url=https://www.worldsteel.org/media-centre/press-releases/2021/Global-crude-steel-output-decreases-by-0.9--in-2020.html |title=Global crude steel output decreases by 0.9% in 2020 |publisher=worldsteel.org |date=26 January 2021 |access-date=10 February 2022 |archive-date=10 January 2022 |archive-url=https://web.archive.org/web/20220110011833/https://www.worldsteel.org/media-centre/press-releases/2021/Global-crude-steel-output-decreases-by-0.9--in-2020.html |url-status=live }}</ref>

[[Iron ore]] production kept pace with steel production in the early 1990s but was soon outpaced by imported iron ore and other metals in the early 2000s. Steel production, an estimated 140 million tons in 2000 increased to 419 million tons in 2006 and 928 million tons by 2018.

China was the top exporter of steel in the world in 2018; export volumes in 2018 were 66.9 million tons, a nine percent decrease over the previous year. It again decreased in 2021 to 66.2 million tons.<ref>[http://english.people.com.cn/90001/6590861.html Steel exports fall in 2008{{snd}}People's Daily Online] {{Webarchive|url=https://web.archive.org/web/20091102151634/http://english.people.com.cn/90001/6590861.html |date=2 November 2009 }}. English.people.com.cn (12 February 2009). Retrieved on 6 August 2010.</ref> The decline slowed China's decade-old steel export growth. As of 2012 steel exports faced widespread [[Dumping (pricing policy)|anti-dumping taxes]] and had not returned to pre-2008 levels.<ref>{{cite web|url=https://www.trade.gov/steel/countries/pdfs/exports-china.pdf|title=Steel Exports Report: China|website=US Department of Commerce|access-date=23 June 2019|archive-date=23 June 2019|archive-url=https://web.archive.org/web/20190623005352/https://www.trade.gov/steel/countries/pdfs/exports-china.pdf|url-status=dead}}</ref> Domestic demand remained strong, particularly in the developing west where steel production in [[Xinjiang]] was expanding.<ref>{{cite news |title=In China's Floundering Steel Sector, the Burden of Politics |url=https://www.nytimes.com/2012/05/04/business/global/in-chinas-floundering-steel-sector-the-burden-of-politics.html |newspaper=The New York Times |date=3 May 2012 |agency=Reuters |access-date=4 May 2012 |archive-url=https://web.archive.org/web/20120505212532/http://www.nytimes.com/2012/05/04/business/global/in-chinas-floundering-steel-sector-the-burden-of-politics.html |archive-date=5 May 2012 |url-status=live }}</ref>

Of the 45 largest steel producing companies in the world, 21 are Chinese, including the world's largest, [[China Baowu Steel Group]].

====Automotive industry====
{{main|Automotive industry in China}}

China is the world's largest automobile producer, manufacturing more than 30.16 million vehicles in 2023, with 4.91 million of those being exported overseas.<ref>{{Cite news |last=Lew |first=Linda |date=11 January 2024 |title=China Produces a Record 30 Million Cars and Exports Soar |url=https://www.bloomberg.com/news/articles/2024-01-11/china-produced-a-record-30-million-autos-in-2023-on-russian-exports |access-date=24 June 2024 |work=[[Bloomberg News]] |archive-date=1 May 2024 |archive-url=https://web.archive.org/web/20240501154215/https://www.bloomberg.com/news/articles/2024-01-11/china-produced-a-record-30-million-autos-in-2023-on-russian-exports |url-status=live }}</ref> {{As of|2024}}, China is the world's largest automobile market in terms of both sales and ownership.<ref name="Li 2024" />{{Rp|page=105}}

By 2006 China had become the world's third largest automotive vehicle manufacturer (after US and Japan) and the second largest consumer (only after the US). However, four years later, in 2010, China was manufacturing more vehicles than the U.S. and Japan combined. [[Automobile]] manufacturing has soared during the reform period. In 1975 only 139,800 automobiles were produced annually, but by 1985 production had reached 443,377, then jumped to nearly 1.1 million by 1992 and increased fairly evenly each year up until 2001, when it reached 2.3 million. In 2002 production rose to nearly 3.25 million and then jumped to 4.44 million in 2003, 5.07 million in 2004, 5.71 million in 2005, 7.28 million in 2006, 8.88 million in 2007, 9.35 million in 2008 and 13.83 million in 2009. China has become the number-one automaker in the world as of 2009. Domestic sales have kept pace with production. After respectable annual increases in the mid- and late 1990s, passenger car sales soared in the early 2000s.

In 2010, China became the world's largest automotive vehicle manufacturer as well as the largest consumer ahead of the [[United States]] with an estimated 18 million new cars sold.<ref>{{cite news |url=https://www.bloomberg.com/news/2011-01-10/china-2010-auto-sales-reach-18-million-extend-lead-update1-.html |title=China 2010 Auto Sales Reach 18 Million, Extend Lead |publisher=Bloomberg |date=10 January 2011 |access-date=27 December 2011 |archive-url=https://web.archive.org/web/20110622215636/http://www.bloomberg.com/news/2011-01-10/china-2010-auto-sales-reach-18-million-extend-lead-update1-.html |archive-date=22 June 2011 |url-status=live }}</ref>

China's automotive industry has been so successful that it began exporting car parts in 1999. China began to plan major moves into the automobile and components export business starting in 2005. A new [[Honda]] factory in [[Guangzhou]] was built in 2004 solely for the export market and was expected to ship 30,000 passenger vehicles to Europe in 2005. By 2004, twelve major foreign automotive manufacturers had [[joint-venture]] plants in China. They produced a wide range of automobiles, [[minivan]]s, [[sport utility vehicle]]s, [[bus]]es, and [[truck]]s. In 2003 China exported US$4.7{{spaces}}billion worth of vehicles and components. The vehicle export was 78,000 units in 2004, 173,000 units in 2005, and 340,000 units in 2006. The vehicle and component export is targeted to reach US$70{{spaces}}billion by 2010.{{Citation needed|date=February 2021}} China's exports of cars increased significantly since 2020, boosted by [[Plug-in electric vehicles in China|new energy vehicles]]. It overtook Germany and Japan in 2022 and 2023 respectively in vehicle exports, becoming the world's largest exporter of cars.<ref>{{Cite news |last=Peter |first=Hoskins |date=19 May 2023 |title=China overtakes Japan as world's top car exporter |url=https://www.bbc.com/news/business-65643064 |access-date=24 June 2024 |work=[[BBC News]] |archive-date=14 November 2023 |archive-url=https://web.archive.org/web/20231114000824/https://www.bbc.com/news/business-65643064 |url-status=live }}</ref>

The market for domestically produced cars, under a local name, is likely to continue to grow both inside China and outside. Companies such as [[Geely]], [[Qiantu Motor|Qiantu]] and [[Chery]] are constantly evaluating new international locations, both in developing and developed countries.<ref>Alon, Ilan, Marc Fetscherin, Marc Sardy (2008), "Geely Motors: A Chinese Automaker Enters International Markets", ''International Journal of Chinese Culture and Management'', 1 (4), 489–498.</ref>

==== Electric vehicle industry ====
{{main|Electric vehicle industry in China|Plug-in electric vehicles in China}}

[[File:BYD Han DM 001.jpg|thumb| [[BYD Han|BYD]] with Dual Mode hybrid engine]]
The electric vehicle industry in China is the largest in the world, accounting for around 58% of global consumption of EVs.<ref>{{Cite news |last=Oxford |first=Dwayne |date=20 April 2024 |title=Are Chinese electric vehicles taking over the world? |url=https://www.aljazeera.com/economy/2024/4/20/are-chinese-evs-taking-over-the-car-market |access-date=24 June 2024 |work=[[Al Jazeera]] |archive-date=24 June 2024 |archive-url=https://web.archive.org/web/20240624164438/https://www.aljazeera.com/economy/2024/4/20/are-chinese-evs-taking-over-the-car-market |url-status=live }}</ref> In 2023, CAAM reported China had sold 9.05 million passenger electric vehicles, consisting 6.26 million BEVs (battery-only EVs) and 2.79 million PHEV (plug-in hybrid electric vehicles).<ref name=":0">{{Cite web |date=12 January 2024 |title=Sales of New Energy Vehicles in December 2023 |url=http://en.caam.org.cn/Index/show/catid/66/id/2039.html |access-date=24 June 2024 |website=China Association of Automobile Manufacturers |archive-date=24 June 2024 |archive-url=https://web.archive.org/web/20240624164439/http://en.caam.org.cn/Index/show/catid/66/id/2039.html |url-status=live }}</ref> China also dominates the plug-in [[electric bus]] and [[light commercial vehicle]] market, reaching over 500,000 buses (98% of global stock) and 247,500 electric commercial vehicles (65% of global stock) in 2019,<ref>{{cite report |url=https://www.oecd-ilibrary.org/energy/global-ev-outlook-2020_d394399e-en |title=Global EV Outlook 2020: Entering the decade of electric drive? |author-link=International Energy Agency |author=IEA |series=Global EV Outlook |publisher=OECD Publishing |date=18 June 2020 |doi=10.1787/d394399e-en |isbn=9789264616226 |access-date=26 November 2023 |archive-date=26 November 2023 |archive-url=https://web.archive.org/web/20231126040228/https://www.oecd-ilibrary.org/energy/global-ev-outlook-2020_d394399e-en |url-status=live }} See Statistical annex, pp. 247–252 (See Tables A.1 and A.12). The global stock of plug-in electric passenger vehicles totaled 7.2 million cars at the end of 2019, of which, 47% were on the road in China. The stock of plug-in cars consist of 4.8 million battery electric cars (66.6%) and 2.4 million plug-in hybrids (33.3%). In addition, the stock of light commercial plug-in electric vehicles in use totaled 378 thousand units in 2019, and about half a million electric buses were in circulation, most of which are in China.</ref> and recording new sales of 447,000 commercial EVs in 2023.<ref name=":0" />

Plug-in electric vehicle (BEV and PHEV) sales were 37% of the overall automotive sales in China in 2023, with BEVs and PHEVs having 25% and 12% market share respectively. This is a significant increase from 2020, when plug-in electric vehicles accounted for only 6.3% of total sales.<ref>{{Cite web |last=Kane |first=Mark |date=5 February 2024 |title=China Plug-In Car Sales Hit A New 8 Million Record In 2023 |url=https://insideevs.com/news/707264/china-plugin-car-sales-2023/ |access-date=24 June 2024 |website=Inside EVs |archive-date=24 June 2024 |archive-url=https://web.archive.org/web/20240624164434/https://insideevs.com/news/707264/china-plugin-car-sales-2023/ |url-status=live }}</ref> The plug-in market in China was dominated by Chinese companies, with [[BYD Auto]] and [[SAIC Motor]] occupying the top two spots, and 5 out of the top 7 spots.<ref>{{cite web | url=https://insideevs.com/news/563375/china-plugin-car-sales-december2021/ | title=China Sets Massive Record: 500,000 Plug-In Cars Sold in December 2021 | access-date=6 April 2022 | archive-date=26 April 2022 | archive-url=https://web.archive.org/web/20220426180321/https://insideevs.com/news/563375/china-plugin-car-sales-december2021/ | url-status=live }}</ref>
[[File:Geographical distribution of the global battery supply chain.png|thumb|270px|Geographical distribution of the [[Electric vehicle supply chain|global battery supply chain]] in 2024.<ref>{{cite web |date=2024 |title=Batteries and secure energy transitions |url=https://www.iea.org/reports/batteries-and-secure-energy-transitions |publisher=IEA |location=Paris}}</ref>{{rp|58}}]]
The battery industry is closely related to the EV industry as [[Electric vehicle battery|batteries]] constitute around 1/3 of the cost of EVs<ref>{{cite web | url=https://asia.nikkei.com/Business/Materials/Japan-battery-material-producers-lose-spark-as-China-races-ahead2#selection-2549.353-2557.282 | title=Japan battery material producers lose spark as China races ahead | access-date=6 April 2022 | archive-date=4 April 2023 | archive-url=https://web.archive.org/web/20230404024529/https://asia.nikkei.com/Business/Materials/Japan-battery-material-producers-lose-spark-as-China-races-ahead2#selection-2549.353-2557.282 | url-status=live }}</ref> and around 80% of lithium-ion batteries in the world are used in EVs.<ref>{{cite news | url=https://www.woodmac.com/press-releases/global-lithium-ion-battery-capacity-to-rise-five-fold-by-2030/ | title=Global lithium-ion battery capacity to rise five-fold by 2030 | date=22 March 2022 | access-date=6 April 2022 | archive-date=2 April 2023 | archive-url=https://web.archive.org/web/20230402193229/https://www.woodmac.com/press-releases/global-lithium-ion-battery-capacity-to-rise-five-fold-by-2030/ | url-status=live }}</ref> The industry also has significant Chinese presence, with major players including world's largest [[CATL]], [[BYD Company|BYD]], CALB, Gotion, SVOLT and WeLion.<ref>{{cite web | url=https://www.electrive.com/2022/02/08/catl-outgrows-the-battery-competition/ | title=CATL outgrows the battery competition | date=8 February 2022 | access-date=6 April 2022 | archive-date=6 April 2022 | archive-url=https://web.archive.org/web/20220406103548/https://www.electrive.com/2022/02/08/catl-outgrows-the-battery-competition/ | url-status=live }}</ref>

====Semiconductor industry====
{{main|Semiconductor industry in China}}

The Chinese semiconductor industry, including [[Integrated circuit|IC]] design and manufacturing, forms a major part of China's IT industry. China's semiconductor industry consists of a wide variety of companies, from [[integrated device manufacturer]]s to [[Semiconductor fabrication plant|pure-play foundries]] to [[fabless semiconductor company|fabless semiconductor companies]]. [[Integrated device manufacturer]]s (IDMs) design and manufacture integrated circuits. [[Semiconductor fabrication plant|Pure-play foundries]] only manufacture devices for other companies, without designing them, while [[fabless semiconductor company|fabless semiconductor companies]] only design devices. Examples of Chinese IDMs are [[YMTC]] and [[Changxin Memory Technologies|CXMT]], examples of Chinese pure-play foundries are [[Semiconductor Manufacturing International Corporation|SMIC]], [[Hua Hong Semiconductor]] and [[Wingtech]], and examples of Chinese fabless companies are [[Zhaoxin]], [[HiSilicon]] and [[UNISOC]].

China is the currently the world's largest semiconductor market in terms of consumption. In 2020, China represented 53.7% of worldwide chip sales, or $239.45 billion out of $446.1 billion. However, a large percentage are imported from multinational suppliers. In 2020, imports took up 83.38% ($199.7 billion) of total chip sales. In response, the country has launched a number of initiatives to close the gap, including investing $150 billion into its domestic IC industry, with a "Made in China 2025" goal of 70% domestic production.<ref name="China Accelerates">{{Cite web|url = https://semiengineering.com/china-accelerates-foundry-power-semi-efforts/|title = China Accelerates Foundry, Power Semi Efforts|date = 22 November 2021|access-date = 14 March 2024|archive-date = 5 November 2022|archive-url = https://web.archive.org/web/20221105165907/https://semiengineering.com/china-accelerates-foundry-power-semi-efforts/|url-status = live}}</ref><ref>{{Cite web|url=https://semianalysis.com/the-impending-chinese-nand-apocalypse-ymtc-128-layer-nand-is-the-first-semiconductor-where-china-is-technologically-competitive/|title=The Impending Chinese NAND Apocalypse – YMTC 128 Layer NAND is the First Semiconductor Where China is Technologically Competitive|date=28 September 2021|access-date=29 March 2022|archive-date=7 May 2022|archive-url=https://web.archive.org/web/20220507092752/https://semianalysis.com/the-impending-chinese-nand-apocalypse-ymtc-128-layer-nand-is-the-first-semiconductor-where-china-is-technologically-competitive/|url-status=dead}}</ref><ref>{{Cite journal |last=Allen |first=Gregory C. |date=3 May 2023 |title=China's New Strategy for Waging the Microchip Tech War |url=https://www.csis.org/analysis/chinas-new-strategy-waging-microchip-tech-war |url-status=live |archive-url=https://web.archive.org/web/20230703142933/https://www.csis.org/analysis/chinas-new-strategy-waging-microchip-tech-war |archive-date=3 July 2023 |access-date=3 July 2023 |website=Center for Strategic and International Studies}}</ref>

China leads the world in terms of number of new fabs under construction, with 8 out of 19 worldwide in 2021, and 17 fabs in total are expected to start construction from 2021 to 2023. Total installed capacity of Chinese-owned chipmakers will also increase from 2.96 million wafers per month (wpm) in 2020 to 3.572 million wpm in 2021.<ref name="China Accelerates" />

====Other industries====
{{further|Electronics industry in China|Pharmaceutical industry in China|Shipping industry of China}}

Substantial investments were made in the manufacture of [[solar panel]]s and [[wind generator]]s by a number of companies, supported by liberal loans by banks and local governments. However, by 2012 manufacturing capacity had far outstripped domestic and global demand for both products, particularly solar panels, which were subjected to anti-dumping penalties by both the United States and Europe. The global oversupply has resulted in bankruptcies and production cutbacks both inside and outside China. China has budgeted $50{{spaces}}billion to subsidize production of solar power over the two decades following 2015 but, even at the sharply reduced price resulting from oversupply, as of 2012 cost of solar power in China remained three times that of power produced by conventional coal-fired power plants.<ref>{{cite news|author=Keith Bradsher|date=4 October 2012 |title=Glut of Solar Panels Poses a New Threat to China |url=https://www.nytimes.com/2012/10/05/business/global/glut-of-solar-panels-is-a-new-test-for-china.html|access-date=5 October 2012 |newspaper=The New York Times |archive-url=https://web.archive.org/web/20121005074556/http://www.nytimes.com/2012/10/05/business/global/glut-of-solar-panels-is-a-new-test-for-china.html|archive-date=5 October 2012|url-status=live}}</ref>
[[File:Huawei MateBook - Mobile World Congress 2016 (25472304356).jpg|thumb|[[Huawei MateBook series]] at a World Mobile Congress]]
China is the world's biggest sex toy producer and accounts for 70% of the worldwide sex toys production.<ref name="China Daily 2010">{{cite news |url=http://www.chinadaily.com.cn/business/2010-07/10/content_10090553.htm|title=Nation becomes world's biggest sex-toy producer|work=China Daily|date=10 July 2010|access-date=11 July 2010|url-status=dead|archive-url=https://web.archive.org/web/20100915045156/http://www.chinadaily.com.cn/business/2010-07/10/content_10090553.htm|archive-date=15 September 2010}}</ref> In the country, 1,000 manufacturers are active in this industry, which generates about two billion dollars a year.<ref name="China Daily 2010" />

As of 2011, China was the world's largest market for personal computers.<ref>{{cite news | first=Owen | last=Fletcher | url=https://www.wsj.com/articles/SB10001424053111903461304576525852486131230?mod=googlenews_wsj | work=The Wall Street Journal | title=China Passes U.S. as World's Biggest PC Market | date=24 August 2011 | access-date=3 August 2017 | archive-url=https://web.archive.org/web/20170923095604/https://www.wsj.com/articles/SB10001424053111903461304576525852486131230?mod=googlenews_wsj | archive-date=23 September 2017 | url-status=live }}</ref> China has the second largest reserve of computers in the world as of at least 2024.<ref name="Li 2024" />{{Rp|page=16-17}}

===Services===
Prior to the onset of economic reforms in 1978, China's services sector was characterized by state-operated [[Retailing|shops]], [[rationing]], and regulated prices{{snd}}with reform came private markets, individual entrepreneurs, and a commercial sector. The [[wholesale]] and [[retail]] trade has expanded quickly, with numerous [[shopping mall]]s, retail shops, restaurant chains and hotels constructed in urban areas. [[Public administration]] remains a main component of the service sector, while [[Tourism in China|tourism]] has become a significant factor in [[employment]] and a source of [[foreign exchange reserves|foreign exchange]].<ref>{{cite book|editor1-last=Alon |editor1-first=Ilan|title=Chinese Economic Transition and International Marketing Strategy|date=2003 |publisher=Praeger |location=Westport, CN |isbn=9781567205879 |url=https://books.google.com/books?id=hHvAi53-F8cC|access-date=11 November 2015|archive-url=https://web.archive.org/web/20160624043507/https://books.google.com/books?id=hHvAi53-F8cC&printsec=frontcover|archive-date=24 June 2016 |url-status=live}}</ref>

====Telecommunications====
{{main|Telecommunications in China|Telecommunications industry in China}}

The affordability of mobile phones and internet data in China has resulted in the number of mobile internet users in China surpassing the number of computer internet users.<ref>{{Cite book |last=Parzyan |first=Anahit |title=China and Eurasian Powers in a Multipolar World Order 2.0: Security, Diplomacy, Economy and Cyberspace |date=2023 |publisher=[[Routledge]] |editor-first=Mher |editor-last=Sahakyan |isbn=978-1-003-35258-7 |location=New York |chapter=China's Digital Silk Road: Empowering Capabilities for Digital Leadership in Eurasia |oclc=1353290533}}</ref>{{Rp|pages=178}}

By 2023, the number of Internet users in China increased to over 1.09 billion. The proportions of Chinese netizens accessing the Internet via mobile phones, desktop computers, laptop computers. TVs and tablet computers were 99.9%, 33.9%, 30.3%, 22.5% and 26.6%, respectively.<ref>{{Cite web |date=March 2024 |title=The 53rd Statistical Report on China's Internet Development |url=https://www.cnnic.com.cn/IDR/ReportDownloads/202405/P020240509518443205347.pdf |publisher=[[CNNIC]] |access-date=11 July 2024 |archive-date=11 July 2024 |archive-url=https://web.archive.org/web/20240711193443/https://www.cnnic.com.cn/IDR/ReportDownloads/202405/P020240509518443205347.pdf |url-status=live }}</ref>

==== Consumer internet ====
{{Main article|Internet in China}}
China's economy is one of the world's leaders in consumer internet and [[mobile payment]]s.<ref name="Sebena 2023">{{Cite book |last=Šebeňa |first=Martin |title=Contemporary China: a New Superpower? |publisher=[[Routledge]] |year=2023 |isbn=978-1-03-239508-1 |editor-last=Kironska |editor-first=Kristina |chapter=Technological Power |editor-last2=Turscanyi |editor-first2=Richard Q.}}</ref>{{Rp|page=130}} {{As of|2024}}, China has more [[Netizen|internet users]] than any other country.<ref name="Li 2024" />{{Rp|page=18}} Internet users in China generate large amounts of data, thereby providing a competitive benefit in the development of machine learning for artificial intelligence technology.<ref name="Li 2024" />{{Rp|page=18}}

Mobile payment methods via apps including [[Alipay]] and [[WeChat Pay]] were quickly adopted in China in part due to the relative lack of credit cards in the country.<ref name="Sebena 2023" />{{Rp|page=130}} This technological [[leapfrogging]] also led to a boom in online shopping and retail banking.<ref name="Sebena 2023" />{{Rp|page=130}}

==== Platform economy ====
China's platform economy has grown substantially since the early 2010s, with its transactional volume reaching RMB 3.7 trillion in 2021.<ref name=":Zhang" />{{Rp|page=155}} The platform economy has absorbed a large number of workers from China's decreasing manufacturing workforce and from its population of [[Migration in China|internal migrant]] workers.<ref name=":Zhang" />{{Rp|page=155}} As of  2020, 84 million people worked as platform economy service providers and 6 million were employees of platform companies.<ref name=":Zhang" />{{Rp|page=155}}

The platform economy sector is highly concentrated in [[Alibaba Group|Alibaba]] and [[Tencent]], both of which have ride-hailing and food delivery businesses as key assets in their investment portfolios.<ref name=":Zhang" />{{Rp|page=155}} Ride-hailing and food delivery businesses have significantly consolidated since 2016.<ref name=":Zhang" />{{Rp|pages=155-156}}

==== Mass media ====
{{See also|Mass media in China}}
In 2020, China's market for [[Cinema of China|films]] surpassed the U.S. market to become the largest such market in the world.<ref name="Li 2024">{{Cite book |last=Li |first=David Daokui |title=China's World View: Demystifying China to Prevent Global Conflict |date=2024 |publisher=[[W. W. Norton & Company]] |isbn=978-0393292398 |location=New York, NY |author-link=David Daokui Li}}</ref>{{Rp|page=16}}

====Tourism====
{{main|Tourism in China|List of World Heritage Sites in China}}
[[File:Norwegian tour group being led by guide at Temple of Heaven.jpg|thumb|A guide leads a group of Norwegian tourists to the [[Temple of Heaven]] in [[Beijing]]]]
China hosts the world's [[World Heritage Sites by country#Countries with major concentrations of World Heritage Sites|largest number]] of [[World Heritage Site]]s ([[List of World Heritage Sites in China|59]]). China's [[tourism industry]] is one of the fastest-growing industries in the national economy and is also one of the industries with a very distinct global competitive edge. According to the [[World Travel and Tourism Council]], travel and tourism directly contributed CNY 1,362 billion (US$216{{spaces}}billion) to the Chinese economy (about 2.6% of GDP).<ref>{{cite report |archive-url=https://web.archive.org/web/20131029184218/http://wttc.org/site_media/uploads/downloads/china2013.pdf |archive-date=29 October 2013 |url=http://wttc.org/site_media/uploads/downloads/china2013.pdf |title=China Travel & Tourism Economic Impact Report |year=2013 |publisher=[[World Travel and Tourism Council]]}}</ref> In 2011, total international tourist arrivals was 58 million, and international tourism receipts were US$48{{spaces}}billion.<ref>{{cite report |url=http://dtxtq4w60xqpw.cloudfront.net/sites/all/files/pdf/unwto_highlights13_en_lr.pdf |title=UNWTO Tourism Highlights |archive-url=https://web.archive.org/web/20130718115306/http://dtxtq4w60xqpw.cloudfront.net/sites/all/files/pdf/unwto_highlights13_en_lr.pdf |archive-date=18 July 2013 |publisher=[[World Tourism Organization]] |year=2013}}</ref>

The Chinese tourism industry has been hit hard by both the [[COVID-19 lockdowns]] and strained relations with many foreign nations.<ref>{{Cite web |last=Flannery |first=Russell |title=China's Domestic Tourism Shrinks Amid Covid Lockdowns |url=https://www.forbes.com/sites/russellflannery/2022/07/16/chinas-domestic-tourism-shrinks-amid-covid-lockdowns/ |access-date=2024-07-10 |website=Forbes |language=en |archive-date=18 December 2023 |archive-url=https://web.archive.org/web/20231218175530/https://www.forbes.com/sites/russellflannery/2022/07/16/chinas-domestic-tourism-shrinks-amid-covid-lockdowns/ |url-status=live }}</ref><ref>https://www.wsj.com/articles/worlds-biggest-tourism-spenders-arent-travelingand-may-not-for-years-3195de39 {{Webarchive|url=https://web.archive.org/web/20231218175524/https://www.wsj.com/articles/worlds-biggest-tourism-spenders-arent-travelingand-may-not-for-years-3195de39 |date=18 December 2023 }} Limited flights and other bottlenecks are keeping many Chinese from venturing abroad, depriving the world of needed spending</ref> Foreign flights into China, both for business and tourism are way down, especially from the US.<ref>{{Cite web |title=U.S.-China flights still down 94% as post-COVID recovery delayed |url=https://asia.nikkei.com/Business/Transportation/U.S.-China-flights-still-down-94-as-post-COVID-recovery-delayed |access-date=2024-07-10 |website=Nikkei Asia |language=en-GB |archive-date=18 December 2023 |archive-url=https://web.archive.org/web/20231218175524/https://asia.nikkei.com/Business/Transportation/U.S.-China-flights-still-down-94-as-post-COVID-recovery-delayed |url-status=live }}</ref><ref>{{Cite web |title=U.S. and China agree to double air connectivity |url=https://www.travelweekly.com/Travel-News/Airline-News/US-and-China-agree-to-double-air-connectivity |access-date=2024-07-10 |website=www.travelweekly.com |language=en |archive-date=18 August 2023 |archive-url=https://web.archive.org/web/20230818163656/https://www.travelweekly.com/Travel-News/Airline-News/US-and-China-agree-to-double-air-connectivity |url-status=live }}</ref><ref>{{Cite web |last=Gaines |first=Cork |title=Tourists are still not returning to China and that's not good for anybody |url=https://www.businessinsider.com/tourism-still-declining-in-china-2023-9 |access-date=2024-07-10 |website=Business Insider |language=en-US}}</ref> Recent much increased internal security activity decreases the desire of foreigners to live in China, or to go to China, for fear of being targeted and not allowed to leave. Thus many foreigners are leaving and others crossing it off as a travel destination.<ref>{{Cite web |last=Marsh |first=Jenni |date=2021-03-10 |title=As risk of being jailed in China grows, some Westerners cut ties with the country |url=https://www.cnn.com/2021/03/09/china/china-travel-foreigners-arbitrary-detention-hnk-dst-intl/index.html |access-date=2024-07-10 |website=CNN |language=en |archive-date=18 December 2023 |archive-url=https://web.archive.org/web/20231218182223/https://www.cnn.com/2021/03/09/china/china-travel-foreigners-arbitrary-detention-hnk-dst-intl/index.html |url-status=live }}</ref><ref>{{Cite news |last= |date=2023-05-02 |title=China 'barring thousands of citizens and foreigners from leaving country' |url=https://www.theguardian.com/world/2023/may/02/china-barring-thousands-of-citizens-and-foreigners-from-leaving-country |access-date=2024-07-10 |work=The Guardian |language=en-GB |issn=0261-3077 |archive-date=15 August 2024 |archive-url=https://web.archive.org/web/20240815134015/https://www.theguardian.com/world/2023/may/02/china-barring-thousands-of-citizens-and-foreigners-from-leaving-country |url-status=live }}</ref>

====Luxury goods====
{{main|Luxury goods of China}}

Hong Kong and Macau benefit from favorable taxation rules and are favored locations for tourists from elsewhere in China to purchase luxury goods like cosmetics, jewelry, and designer fashion goods.<ref name="Simpson 2023">{{Cite book |last=Simpson |first=Tim |title=Betting on Macau: Casino Capitalism and China's Consumer Revolution |date=2023 |publisher=[[University of Minnesota Press]] |isbn=978-1-5179-0031-1 |series=Globalization and Community series |location=Minneapolis}}</ref>{{Rp|page=116}}

[[Porcelain]] has long been one of China's most important luxury exports.<ref name="Simpson 2023" />{{Rp|page=226}} It was especially important to early trade between China and the West, with much of that trade being conducted through Macau.<ref name="Simpson 2023" />{{Rp|page=226}}

After a 2012 ban on government agencies purchasing luxury goods, often used as "gifts", sales of [[luxury goods of China|luxury goods in China]] remained strong but slowed, even falling slightly for luxury retailers in the 4th quarter of 2012,<ref name="Yunxu 2013">{{cite news |title=China's Frills and Posh Market Springs a Leak: Wealthy Chinese consumers continue to drive global demand for luxury goods, but the engine is losing steam |url=http://english.caixin.com/2013-02-26/100494654.html |publisher=Caixin |date=26 February 2013 |author=Qu Yunxu |access-date=26 February 2013 |archive-url=https://web.archive.org/web/20130302030136/http://english.caixin.com/2013-02-26/100494654.html |archive-date=2 March 2013 |url-status=live }}</ref> with sales of [[Shark fin soup|shark fin]]s and [[Edible bird's nest|edible swallow nest]]s, once staples of lavish government banquets, down sharply.<ref>{{cite news|title=Elite in China Face Austerity Under Xi's Rule|url=https://www.nytimes.com/2013/03/28/world/asia/xi-jinping-imposes-austerity-measures-on-chinas-elite.html|newspaper=The New York Times|date=27 March 2013|author=Andrew Jacobs|access-date=28 March 2013|archive-url=https://web.archive.org/web/20130328095140/http://www.nytimes.com/2013/03/28/world/asia/xi-jinping-imposes-austerity-measures-on-chinas-elite.html|archive-date=28 March 2013|url-status=live}}</ref>

Many shops in international travel destinations have specialized staff devoted to Chinese customers.<ref name="Yunxu 2013" />

== Income and wealth ==
{{See also|List of Chinese administrative divisions by GDP|List of Chinese administrative divisions by GDP per capita|List of Chinese prefecture-level cities by GDP per capita}}

China has the largest national proportion of the global middle class.<ref name=":6" />{{Rp|page=204}} As of 2020, China had 400 million middle-income citizens.<ref name="Li 2024" />{{Rp|page=159}} It is projected to reach 1.2 billion by 2027, making up one fourth of the world total.<ref>{{Cite book |last1=Kharas |first1=Homi |url=https://www.brookings.edu/wp-content/uploads/2020/10/FP_20201012_china_middle_class_kharas_dooley.pdf |title=China's Influence on the Global Middle Class |last2=Dooley |first2=Meagan |publisher=Brookings Institution |year=2020 |page=1 |access-date=8 November 2020 |archive-date=9 October 2022 |archive-url=https://ghostarchive.org/archive/20221009/https://www.brookings.edu/wp-content/uploads/2020/10/FP_20201012_china_middle_class_kharas_dooley.pdf |url-status=live }}</ref> According to a 2021 [[Pew Research Center]] survey, there were 23 million Chinese individuals with a per capita daily income of $50 or more, 242 million with a daily income between $20–50 per day, 493 million between $10–20, 641 million $2–10 per day, and 4 million under $2 per day; all the figures are expressed in [[International dollar|international dollars]] and 2011 purchasing power parity values.<ref>{{Cite web |last=Kochhar |first=Rakesh |date=18 December 2021 |title=In the pandemic, India's middle class shrinks and poverty spreads while China sees smaller changes |url=https://www.pewresearch.org/short-reads/2021/03/18/in-the-pandemic-indias-middle-class-shrinks-and-poverty-spreads-while-china-sees-smaller-changes/ |access-date=19 December 2023 |website=[[Pew Research Center]] |archive-date=5 December 2023 |archive-url=https://web.archive.org/web/20231205114312/https://www.pewresearch.org/short-reads/2021/03/18/in-the-pandemic-indias-middle-class-shrinks-and-poverty-spreads-while-china-sees-smaller-changes/ |url-status=live }}</ref> In 2022, the [[National Bureau of Statistics of China|National Bureau of Statistics]] reported that China's average disposable income per capita was ¥36,883, of which ¥20,590 was from wages and salaries, ¥6,175 was net business income, ¥3,227 was net income from property, and ¥6,892 was net transfer income.<ref>{{Cite web |date=18 January 2023 |title=Households' Income and Consumption Expenditure in 2022 |url=https://www.stats.gov.cn/english/PressRelease/202301/t20230118_1892303.html |access-date=19 December 2023 |website=[[National Bureau of Statistic of China]] |archive-date=8 December 2023 |archive-url=https://web.archive.org/web/20231208081437/https://www.stats.gov.cn/english/PressRelease/202301/t20230118_1892303.html |url-status=live }}</ref>

{{As of|2023|April}}, China was second in the world, after the US, in [[List of countries by number of billionaires|total number of billionaires]] and [[List of countries by number of millionaires|total number of millionaires]], with 495 Chinese billionaires<ref>{{cite web |title=Forbes World's Billionaires List: The Richest People in the World 2023 |url=https://www.forbes.com/billionaires/ |access-date=15 May 2023 |website=[[Forbes]] |archive-date=4 January 2019 |archive-url=https://web.archive.org/web/20190104180124/https://www.forbes.com/billionaires/list/3/ |url-status=live }}</ref> and 6.2 million millionaires in 2022.<ref>{{Cite book |last1=Shorrocks |first1=Anthony |url=https://www.credit-suisse.com/media/assets/corporate/docs/about-us/research/publications/global-wealth-databook-2022.pdf |title=Global Wealth Databook 2022 |last2=Davies |first2=James |last3=Lluberas |first3=Rodrigo |publisher=[[Credit Suisse]] Research Institute |year=2022 |author-link=Anthony Shorrocks |access-date=18 December 2023 |archive-date=19 October 2022 |archive-url=https://web.archive.org/web/20221019132159/https://www.credit-suisse.com/media/assets/corporate/docs/about-us/research/publications/global-wealth-databook-2022.pdf |url-status=live }}</ref> According to the Hurun Global Rich Report In 2020, China had the world's highest number of billionaires, which is more than the US and India combined,<ref>{{cite web |title=China Has More Billionaires Than U.S. And India Combined: Hurun Report – Caixin Global |url=https://www.caixinglobal.com/2020-02-26/china-has-more-billionaires-than-us-and-india-combined-hurun-report-101520792.html |access-date=8 November 2020 |website=www.caixinglobal.com |language=en |archive-date=2 November 2020 |archive-url=https://web.archive.org/web/20201102094722/https://www.caixinglobal.com/2020-02-26/china-has-more-billionaires-than-us-and-india-combined-hurun-report-101520792.html |url-status=live }}</ref> and as of March 2021, the number of billionaires in China reach 1,058 with the combined wealth of US$4.5{{spaces}}trillion.<ref name="Hurun 2021">{{cite web |title=Hurun Report – Info – Hurun Global Rich List 2021 |url=https://www.hurun.net/en-US/Info/Detail?num=LWAS8B997XUP |access-date=19 March 2021 |website=www.hurun.net}}</ref>   According to the 2019 Global Wealth Report by Credit Suisse Group, China surpassed the US in the wealth of the top ten percent of the world's population.<ref>{{Cite news |last=Tjan |first=Sie Tek |date=24 December 2020 |title=China surpasses the US in Wealth of Top 10% |work=The US News & World Report |url=https://www.usnews.com/news/best-countries/articles/2019-12-24/china-surpasses-the-us-in-wealth-of-top-10 |access-date=20 October 2020}}</ref>{{NoteTag|China had a hundred million wealthy people (each owning a net wealth of over US$110,000) and the US 99 million. At US$63.8 trillion as of end of 2019, representing a 17-fold increase from US$3.7 trillion in 2001, the total amount of China's household wealth stood behind only that of the US with US$105.6 trillion.}} In other words, as of 2019, a hundred million Chinese are in the top ten percent of the wealthiest individuals in the world{{snd}}those who have a net personal wealth of at least $110,000.<ref>{{cite web |last=Dawkins |first=David |date=21 October 2019 |title=China Overtakes U.S. In Global Household Wealth Rankings 'Despite' Trade Tensions – Report |url=https://www.forbes.com/sites/daviddawkins/2019/10/21/china-overtakes-us-in-global-household-wealth-rankings-despite-trade-tensionsreport/ |access-date=12 November 2019 |website=Forbes |language=en}}</ref>  According to the list in 2021, China is home to six of the world's top ten cities (Beijing, Shanghai, Shenzhen, Hong Kong, [[Hangzhou]] and [[Guangzhou]] in the 1st, 2nd, 4th, 5th, 8th and 9th spots, respectively) by the highest number of billionaires, which is more than any other country.<ref name="Hurun 2021" /> As of January 2021, China had 85 female billionaires, two-thirds of the global total.<ref>{{cite web |date=27 March 2021 |title=China is now home to two-thirds of the world's top women billionaires |url=https://www.scmp.com/news/people-culture/article/3127254/china-now-home-two-thirds-worlds-top-women-billionaires-four |access-date=26 November 2021 |website=South China Morning Post |language=en}}</ref>

The average income of a rural resident in China is 30% of the average income for an urban resident.<ref name="Li 2024" />{{Rp|page=191}}  The rural population is relatively older as the rural youth migrate to cities for higher earning jobs while the aged stay behind. Much of this rural population works small plots of land in order to survive and have little earning power. Former Chinese Premier Li Keqiang stated, in 2020, that 600 million Chinese live on or under 1,000 yuan per month.<ref>{{Cite web |title=China faces outcry after premier admits 40% of population struggles |url=https://www.ft.com/content/6e248944-8395-45ae-9008-a86e4ee40eee |access-date=2024-07-10 |website=www.ft.com}} </ref><ref>{{Cite web |date=2021-03-03 |title=China Claims It Has Eliminated Poverty But Is That True? |url=https://www.voanews.com/a/east-asia-pacific_voa-news-china_china-claims-it-has-eliminated-poverty-true/6202791.html |access-date=2024-07-10 |website=Voice of America |language=en}} </ref> At a conversion rate of 7 yuan to the dollar, this translates to $143 per month. A family of 3 at this income level would have a yearly income of $5,150. The difference in income is also a reflection of the difference in retirement payments to urban retirees versus rural retirees. Urban workers receive much more a month in retirement benefits on average compared to rural/farm workers who receive a pittance.<ref>{{Cite web |last=Liu |first=Zongyuan Zoe |date=2024-07-10 |title=China's Pensions System Is Buckling Under an Aging Population |url=https://foreignpolicy.com/2023/06/29/china-pensions-aging-demographics-economy/ |access-date=2024-07-10 |website=Foreign Policy |language=en-US}}</ref><ref>{{Cite web |title=China's social security system {{!}} China Labour Bulletin |url=https://clb.org.hk/en/content/china%E2%80%99s-social-security-system |access-date=2024-07-10 |website=clb.org.hk |language=en}}</ref> Despite income inequality in China, the absolute income of nearly all income groups has risen quickly.<ref name=":6" />{{Rp|page=204}} From 1988 to 2018, China's rural and urban populations had per capita increases in [[real income]] (i.e., accounting for inflation) of 8-10 times.<ref name=":6" />{{Rp|page=204}}

China's economic growth led to a major decrease in world inequality.<ref name=":6" />{{Rp|page=202}} Since China's Reform and Opening Up, more than 1 billion Chinese people have been lifted out of poverty.<ref name=":62">{{Cite book |last=Lan |first=Xiaohuan |title=How China Works: An Introduction to China's State-led Economic Development |publisher=[[Palgrave Macmillan]] |year=2024 |isbn=978-981-97-0079-0 |translator-last=Topp |translator-first=Gary |doi=10.1007/978-981-97-0080-6}}</ref>{{Rp|page=202}} The majority of global poverty reduction between 1981 and 2008 occurred in China.<ref name=":6" />{{Rp|page=202}} As academic Lan Xiaohuan writes, during that period, "the number of poor people in the world outside China remained more or less unchanged. It can therefore be concluded that achievements in global poverty reduction come mainly from China."<ref name=":6" />{{Rp|pages=202-203}}

In terms of domestic [[National saving|saving]], defined as combined saving of households, businesses, and governments, China is the world's largest saving country as of at least 2022.<ref>{{Cite book |last=Roach |first=Stephen |title=Accidental Conflict: America, China, and the Clash of False Narratives |date=2022 |publisher=[[Yale University Press]] |isbn=978-0-300-26901-7 |doi=10.2307/j.ctv2z0vv2v |jstor=j.ctv2z0vv2v |author-link=Stephen S. Roach |s2cid=252800309}}</ref>{{Rp|page=27}}

=== Wages ===
{{See also|Minimum wage in China}}
In 1979–1980, the state reformed factories by giving wage increases to workers, which was immediately offset by sharply rising [[inflation]] rates of 6–7%. The reforms also dismantled the iron rice bowl, which meant it witnessed a rise in unemployment in the economy. In 1979–80 there were twenty million unemployed people.<ref>Vice-Premier [[Li Xiannian]]'s speech, published in the [[Hong Kong newspaper]] ''Ming Pao'' on 14 June 1979.</ref>

Urban wages rose rapidly from 2004 to 2007, at a rate of 13 to 19% per year with average wages near $200/month in 2007.<ref>[http://www.stats.gov.cn/english/newsandcomingevents/t20071029_402440482.htm "Average Wage of On-Duty Staff and Workers in Urban Areas Jumped in the First Three Quarters"] {{webarchive|url=https://web.archive.org/web/20100717232344/http://www.stats.gov.cn/english/newsandcomingevents/t20071029_402440482.htm|date=17 July 2010}}. [[National Bureau of Statistics of China]]. 2007-10-29, 15:35:2.</ref> By 2016 the average monthly wage for workers engaged in manufacturing goods for export was $424. This wage, combined with other costs of doing business in China, had, more or less, equalized any Chinese cost advantage with respect to developed economies.<ref>{{cite news |last=Schuman |first=Michael |date=22 July 2016 |title=Is China Stealing Jobs? It May Be Losing Them, Instead |work=The New York Times |url=https://www.nytimes.com/2016/07/23/business/international/china-jobs-donald-trump.html |url-status=live |access-date=23 July 2016 |archive-url=https://web.archive.org/web/20160724050641/http://www.nytimes.com/2016/07/23/business/international/china-jobs-donald-trump.html |archive-date=24 July 2016}}</ref>

A law approved February 2013 will mandate a nationwide minimum wage at 40% average urban salaries to be phased in fully by 2015.<ref>[https://www.bbc.co.uk/news/business-21347819 "China promises rise in minimum wage to close income gap"] {{Webarchive|url=https://web.archive.org/web/20171127222220/http://www.bbc.co.uk/news/business-21347819|date=27 November 2017}} BBC News, 6 February 2013</ref>

=== Taxes ===
{{Main article|Taxation in China}}

The government's tax revenues primarily result from indirect taxes like the value added tax.<ref name=":Zhang">{{Cite book |last=Zhang |first=Angela Huyue |title=High Wire: How China Regulates Big Tech and Governs Its Economy |publisher=[[Oxford University Press]] |year=2024 |isbn=9780197682258 |doi=10.1093/oso/9780197682258.001.0001}}</ref>{{Rp|page=6}} [[Income tax in China|China's personal income tax]] accounts for about 6.5% of tax revenues, as of at least 2024.<ref name=":Zhang" />{{Rp|page=6}} It is a [[progressive tax]], with the top income tax bracket is taxed at 45% of income.<ref name=":Zhang" />{{Rp|page=6}} [[File:Shanghaid02.jpg|thumb|A window washer on a skyscraper in [[Shanghai]]]]
[[File:20040906yunankama.jpg|thumb|A worker makes ceramics in [[Yunnan]]]]
[[File:Alley with miner.jpg|thumb|A Chinese coal miner at the Jin Hua Gong Mine]]
==External trade==
{{main|History of trade of the People's Republic of China}}{{Further|List of the largest trading partners of China|List of exports of China|List of Chinese administrative divisions by exports|China–United States trade war}}
[[File:2006Chinese exports.PNG|thumb|upright=1.35|Global distribution of Chinese exports in 2006 as a percentage of the top market]]
International trade makes up a sizeable portion of China's overall economy. In 2010, China became the world's largest exporter, and has continued to be the world's largest exporter as of at least 2023.<ref>{{Cite book |last=Brown |first=Kerry |title=China Incorporated: The Politics of a World Where China is Number One |date=2023 |publisher=[[Bloomsbury Academic]] |isbn=978-1-350-26724-4 |location=London |author-link=Kerry Brown (historian)}}</ref>{{Rp|page=88}} It has [[free trade agreement]]s with several nations, including [[ASEAN–China Free Trade Area|ASEAN]], [[China–Australia Free Trade Agreement|Australia]], [[Cambodia]], [[New Zealand–China Free Trade Agreement|New Zealand]], [[Pakistan]], [[China–South Korea Free Trade Agreement|South Korea]] and [[Switzerland]].<ref>{{cite web |title=China, Switzerland sign free trade agreement |url=http://www.eubusiness.com/news-eu/china-switzerland.pqa |website=eubusiness.com |url-status=live |archive-url=https://web.archive.org/web/20131024102431/http://www.eubusiness.com/news-eu/china-switzerland.pqa/ |archive-date=24 October 2013 |access-date=14 November 2013}}</ref><ref>{{Cite web |title=China FTA Network |website=fta.mofcom.gov.cn |url=http://fta.mofcom.gov.cn/enarticle/chinacambodiaen/chinacambodiaennews/202112/46486_1.html |access-date=3 June 2022}}</ref> By 2020, China became the largest trading partner of more than 120 countries.<ref name="Jin 2023" />{{Rp|page=228}} {{As of|2022}}, China's [[List of the largest trading partners of China|largest trading partners]] are ASEAN, the European Union, Japan, South Korea, Taiwan, Australia, Russia, Brazil, India, Canada, and the United Kingdom.<ref name="China Customs" />

During the [[Cold War]], a meaningful segment of China's trade with the [[Third World]] was financed through grants, credits, and other forms of assistance. However, after [[Mao Zedong]]'s death in 1976, these efforts were scaled back. After which, trade with developing countries became negligible, though during that time, Hong Kong and [[Taiwan]] both began to emerge as major trading partners.

Since economic reforms began in the late 1970s, China sought to decentralize its foreign trade system to integrate itself into the international trading system. In November 1991, China joined the [[Asia-Pacific Economic Cooperation]] (APEC) group, which promotes [[free trade]] and cooperation in the economic, trade, investment, and technology spheres. China served as APEC chair in 2001, and Shanghai hosted the annual APEC leaders meeting in October of that year.

China became a member of the [[World Trade Organization]] in 2001.<ref>{{cite web |title=China – Member information |url=http://www.wto.org/english/thewto_e/countries_e/china_e.htm |url-status=live |archive-url=https://web.archive.org/web/20140901095845/http://www.wto.org/english/thewto_e/countries_e/china_e.htm |archive-date=1 September 2014 |access-date=28 August 2014 |publisher=WTO}}</ref> The completion of its accession protocol and Working Party Report paved the way for its entry into the WTO on 11 December 2001, after 16 years of negotiations, the longest in the history of the [[General Agreement on Tariffs and Trade]]. However, U.S. exporters continue to have concerns about fair market access due to China's restrictive trade policies and U.S. export restrictions. In October 2019, Chinese Vice Premier Han Zheng promised to further decrease tariffs and remove non-tariff barriers for global investors, he also welcomed multinational companies to invest more in China.<ref>{{Cite news|url=https://www.reuters.com/article/us-china-tariff-reduce-idUSKBN1WY08M|title=China to further reduce tariffs and remove non-tariff barriers for foreign investors: Xinhua|date=19 October 2019|work=Reuters|access-date=19 October 2019|language=en|archive-url=https://web.archive.org/web/20191019135448/https://www.reuters.com/article/us-china-tariff-reduce-idUSKBN1WY08M|archive-date=19 October 2019|url-status=live}}</ref>[[File:Jawaharlal Nehru Trust Port.jpg|thumb|With bilateral trade exceeding US$38.6{{spaces}}billion, China is India's largest trading partner<ref>[http://news.tootoo.com/Industry_News/Latest_News/20080325/79764.html China emerges India's top trade partner] {{Webarchive|url=https://web.archive.org/web/20080907234848/http://news.tootoo.com/Industry_News/Latest_News/20080325/79764.html |date=7 September 2008 }}. News.tootoo.com (25 March 2008). Retrieved on 6 August 2010.</ref> and shown here is a Chinese container ship unloading its cargo at [[Jawaharlal Nehru Port]], [[Navi Mumbai]], India]]
China's global trade exceeded $4.16{{spaces}}trillion at the end of 2013, having broken the hundred-billion mark in 1988 and half a trillion by 2001.  China global trade exceeded US$6 Trillion in 2021<ref>{{cite web|url=http://www.xinhuanet.com/english/20220114/d7db76814ffd47c0b50d2a8fab4988da/c.html |title=China's foreign trade hits new high in 2021-Xinhua |publisher=Xinhuanet.com |date=14 January 2022 |access-date=10 February 2022}}</ref>
The table below shows the average annual growth (in nominal US{{spaces}}dollar terms) of China's foreign trade during the reform era:<ref>{{cite web |date=15 November 2020 |title=Chinese foreign trade in figures |url=https://santandertrade.com/en/portal/analyse-markets/china/foreign-trade-in-figures |access-date=10 February 2022 |publisher=Santandertrade.com}}</ref>

{|class="wikitable sortable"
|-
!class="unsortable"|Period
!Two-way trade||Exports||Imports
|-
|1981–1985||+12.8%||+8.6%||+16.1%
|-
|1986–1990||+10.6%||+17.8%||+4.8%
|-
|1991–1995||+19.5%||+19.1%||+19.9%
|-
|1996–2000||+11.0%||+10.9%||+11.3%
|-
|2001–2005||+24.6%||+25.0%||+24.0%
|-
|2006–2010||+15.9%||+15.7%||+16.1%
|-
|2016–2021||+11.0%||
|}The vast majority of China's imports consists of industrial supplies and capital goods, notably machinery and high-technology equipment, the majority of which comes from the developed countries, primarily Japan{{Citation needed|date=March 2009}} and the United States{{Citation needed|date=March 2009}}. Regionally, almost half of China's imports come from East and Southeast Asia, and about a fourth of China's exports go to the same destinations{{Citation needed|date=March 2009}}. About 80 percent of China's exports consist of manufactured goods, most of which are textiles and electronic equipment, with agricultural products and chemicals constituting the remainder. Out of the five busiest [[port]]s in the world, three are in China. The U.S. trade deficit with China reached $233{{spaces}}billion in 2006, as imports grew 18%. China's share of total U.S. imports has grown from 7% to 15% since 1996.

[[China–Russia relations#Economic relations|Trade volume between China and Russia]] reached $29.1{{spaces}}billion in 2005, an increase of 37.1% compared with 2004. A spokesman for the [[Ministry of Commerce of the People's Republic of China|Ministry of Commerce]], Van Jingsun, said that the volume of trade between China and Russia could exceed forty billion dollars in 2007.<ref>{{cite news|title=Trade between China and Russia could exceed $40 bln in 2007|publisher=The Voice of Russia|date=2 August 2007|url=http://www.ruvr.ru/main.php?lng=eng&q=14378&cid=46&p=02.08.2007|archive-url=https://web.archive.org/web/20070927152209/http://www.ruvr.ru/main.php?lng=eng&q=14378&cid=46&p=02.08.2007|url-status=dead|archive-date=27 September 2007|access-date=4 August 2007}}</ref> China's export of machinery and electronic goods to Russia grew 70%, which is 24% of China's total export to Russia in the first eleven months of 2005. During the same time, China's export of high-tech products to Russia increased by 58%, and that is 7% of China's total exports to Russia. Also at that time period, border trade between the two countries reached $5.13{{spaces}}billion, growing 35% and accounting for nearly 20% of the total trade. Most of China's exports to Russia remain apparel and footwear. Russia is China's eighth largest trade partner and China is now Russia's fourth largest trade partner, and China now has over 750 investment projects in Russia, involving $1.05{{spaces}}billion. China's contracted investment in Russia totaled $368{{spaces}}million during January–September 2005, twice that in 2004. By 2022, trade between China and Russia reached a record $190 billion,<ref name="China Customs" /> with China becoming Russia's trading partner.<ref>{{Cite web |last=Prokopenko |first=Alexandra |date=2 February 2023 |title=The Risks of Russia's Growing Dependence on the Yuan |url=https://carnegieendowment.org/politika/88926 |access-date=2 March 2023 |website=[[Carnegie Endowment for International Peace]]}}</ref>

[[File:E7210-NN-kitaj-auto.jpg|thumb|Chinese cars at a dealer's lot in [[Nizhny Novgorod]], the traditional capital of the Russian automotive industry]]
Chinese imports from Russia are mainly those of energy sources, such as crude oil, which is mostly transported by rail, and electricity exports from neighboring Siberian and Far Eastern regions. In the near future, exports of both of these commodities are set to increase, as Russia is building the [[Eastern Siberia-Pacific Ocean oil pipeline]] with a branch going to the Chinese border, and Russian power grid monopoly UES is building some of its hydropower stations with a view of future exports to China.

Export growth has continued to be a major component supporting China's rapid economic growth. To increase exports, China pursued policies such as fostering the rapid development of foreign-invested factories, which assembled imported components into consumer goods for export and liberalizing trading rights. Particularly since 2000, the product complexity of China's exports have increased.<ref name=":6" />{{Rp|page=139}} This has been driven both by increasing technical capabilities and infrastructure as well as factors like China's business and legal environment.<ref name=":6" />{{Rp|page=139}} In its [[Eleventh five-year plan (China)|11th Five-Year Program]], adopted in 2005, China placed greater emphasis on developing a consumer demand-driven economy to sustain economic growth and address imbalances. 

China is a member of the [[Regional Comprehensive Economic Partnership]] (RCEP), the world's largest free-trade area which was signed into agreement in November 2020. The RCEP, which includes China, Japan, South Korea, Australia, New Zealand and the ASEAN nations, represents about a third of the world's population and 29% of global gross domestic product. The RCEP aims to eliminate tariffs on a variety of products within 20 years.<ref>{{Cite news|url=https://www.bbc.com/news/world-asia-54949260|title=RCEP: Asia-Pacific countries form world's largest trading bloc|date=16 September 2020|work=BBC|access-date=30 September 2020}}</ref> On 17 September 2021, China formally applied to join another large Asia-Pacific free-trade pact, the [[Comprehensive and Progressive Agreement for Trans-Pacific Partnership]] (CPTPP).<ref>{{Cite news |date=17 September 2021 |title=China applies to join Pacific trade pact to boost economic clout |work=[[Reuters]] |url=https://www.reuters.com/world/china/china-officially-applies-join-cptpp-trade-pact-2021-09-16/ |access-date=23 May 2023}}</ref>

==Foreign investment==
{{see also|Foreign Investment Law of the People's Republic of China|Qualified Domestic Institutional Investor|Qualified Foreign Institutional Investor|China Investment Promotion Agency|China Council for the Promotion of International Trade|Ministry of Commerce (China)}}
From 1992 until at least 2023, China has been either the number one or number two worldwide destination for foreign direct investment.<ref name="Li 2024" />{{Rp|page=81}} In 2022, China attracted $180 billion.<ref>{{Cite news |date=19 January 2023 |title=China Foreign Investment Posts Record Slump as Covid Zero Ended |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2023-01-19/china-foreign-investment-posts-record-slump-as-covid-zero-ended |access-date=15 May 2023}}</ref> As of the end of June 2020, FDI stock in China reached US$2.947{{spaces}}trillion, and China's outgoing FDI stock stood at US$2.128{{spaces}}trillion. The total foreign financial assets owned by China reached US$7.860{{spaces}}trillion, and its foreign financial liabilities US$5.716{{spaces}}trillion, making China the second largest creditor nation after Japan in the world.<ref>{{cite web |last=Tjan |first=Sie Tek |date=25 September 2020 |title=SAFE releases China's net International Investment Position (NIIP) as of the end of June 2020 |url=https://www.safe.gov.cn |access-date=19 October 2020 |website=www.safe.gov.cn}}</ref>

China's investment climate has changed dramatically with more than two decades of reform. In the early 1980s, China restricted foreign investments to export-oriented operations and required foreign investors to form joint-venture partnerships with Chinese firms. The [[Encouraged Industry Catalogue]] sets out the degree of foreign involvement allowed in various industry sectors. From the beginning of the reforms legalizing foreign investment, capital inflows expanded every year until 1999.<ref>China Statistical Yearbook 2007, Table 18-14: http://www.stats.gov.cn/tjsj/ndsj/2007/indexeh.htm {{Webarchive|url=https://web.archive.org/web/20081220113912/http://www.stats.gov.cn/tjsj/ndsj/2007/indexeh.htm |date=20 December 2008 }}</ref> Foreign-invested enterprises account for 58–60% of China's imports and exports.<ref>China Statistical Yearbook 2007, Table 18-13: http://www.stats.gov.cn/tjsj/ndsj/2007/indexeh.htm {{Webarchive|url=https://web.archive.org/web/20081220113912/http://www.stats.gov.cn/tjsj/ndsj/2007/indexeh.htm |date=20 December 2008 }}</ref>

Since the early 1990s, the government has allowed foreign investors to manufacture and sell a wide range of goods on the domestic market, eliminated time restrictions on the establishment of joint ventures, provided some assurances against [[nationalization]], allowed foreign partners to become chairs of [[joint venture]] boards, and authorized the establishment of wholly foreign-owned enterprises, now the preferred form of FDI. In 1991, China granted more preferential tax treatment for [[Wholly Foreign Owned Enterprise]]s and contractual ventures and for foreign companies, which invested in selected economic zones or in projects encouraged by the state.

China also authorized some foreign banks to open branches in Shanghai and allowed foreign investors to purchase special "B" shares of [[stock]] in selected companies listed on the Shanghai and Shenzhen Securities Exchanges. These "B" shares sold to foreigners carried no ownership rights in a company. In 1997, China approved 21,046 foreign investment projects and received over $45{{spaces}}billion in foreign direct investment. China revised significantly its laws on Wholly Foreign-Owned Enterprises and China Foreign Equity Joint Ventures in 2000 and 2001. The Vice Minister of Finance Zhu Guangyao announced, foreign investors will be allowed to own up to 51% on domestic financial service companies. Formerly foreign ownership was limited to a 49% stake in these firms.<ref>{{Cite news|url=https://www.faz.net/1.5285864|title=Öffnung des Finanzmarktes: Ausländer dürfen Mehrheit an chinesischen Banken übernehmen|newspaper=Faz.net|via=www.faz.net}}</ref>

Foreign investment remains a strong element in China's rapid expansion in world trade and has been an important factor in the growth of urban jobs. China's economic leadership on global capital flows emphasizes long-term infrastructure and development finance over short-term flows which, under the current order, have imposed large costs on many economies.<ref>{{cite journal |last1=Broz |first1=J. Lawrence |last2=Zhang |first2=Zhiwen |last3=Wang |first3=Gaoyang |title=Explaining Foreign Support for China's Global Economic Leadership |journal=International Organization |date=2020 |volume=74 |issue=3 |pages=417–452 |doi=10.1017/S0020818320000120|s2cid=226865956 }}</ref> In 1998, foreign-invested enterprises produced about 40% of China's exports, and foreign exchange reserves totaled about $145{{spaces}}billion. Foreign-invested enterprises today produce about half of China's exports (the majority of China's foreign investment come from Hong Kong, [[Macau]] and Taiwan), and China continues to attract large investment inflows. However, the Chinese government's emphasis on guiding FDI into manufacturing has led to market saturation in some industries, while leaving China's services sectors underdeveloped. From 1993 to 2001, China was the world's second-largest recipient of foreign direct investment (FDI) after the United States, receiving $39{{spaces}}billion in 1999 and $41{{spaces}}billion in 2000. China is now one of the leading FDI recipients in the world, receiving almost $80{{spaces}}billion in 2005 according to World Bank statistics. In 2006, China received $69.47{{spaces}}billion.<ref>{{cite news |url=http://www.iht.com/articles/2007/01/15/business/yuan.php |title=Foreign investment in China rebounds |work=International Herald Tribune |date=15 January 2007 |access-date=28 February 2012 |archive-url=https://web.archive.org/web/20071013101238/http://iht.com/articles/2007/01/15/business/yuan.php |archive-date=13 October 2007 |url-status=live }}</ref> By 2011, with the U.S. seeing a decline in foreign investment following the [[Financial crisis of 2007–08|2008 financial crisis]], China overtook it as the top destination for FDI, receiving over $280{{spaces}}billion that year.<ref>{{cite web|title = Foreign direct investment, net inflows (BoP, current US$) {{!}} Data {{!}} Table|url = http://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD?order=wbapi_data_value_2014+wbapi_data_value+wbapi_data_value-last&sort=desc|publisher = World Bank|access-date = 29 January 2016|archive-url = https://web.archive.org/web/20160217035319/http://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD?order=wbapi_data_value_2014+wbapi_data_value+wbapi_data_value-last&sort=desc|archive-date = 17 February 2016|url-status = live}}</ref>

Amid slowing economic conditions and a weakening yuan in 2015, December of that year saw a 5.8% drop in FDI to China.<ref>{{cite news |author = Enda Curran |author2 = Jonathan Browning |title = Foreign Investment into China Falls as Weaker Yuan Dents Inflows |url = https://www.bloomberg.com/news/articles/2016-01-20/foreign-investment-into-china-falls-as-weaker-yuan-dents-inflows |agency = Bloomberg |access-date = 29 January 2016 |archive-url = https://web.archive.org/web/20160202103521/http://www.bloomberg.com/news/articles/2016-01-20/foreign-investment-into-china-falls-as-weaker-yuan-dents-inflows |archive-date = 2 February 2016 |url-status = live }}</ref> While China's rank as the top receiver of FDI continued through 2014, the slowing of inbound investment in 2015 combined with a massive rebound in foreign investment to the United States resulted in the U.S. reclaiming its position as the top investment destination.<ref>{{cite news|title = U.S. Overtakes China as Top Destination for Foreign Investment|url = https://www.wsj.com/articles/u-s-overtakes-china-as-top-destination-for-foreign-investment-1453312933|newspaper = The Wall Street Journal|first = Paul|last = Hannon|access-date = 29 January 2016|archive-url = https://web.archive.org/web/20160126110952/http://www.wsj.com/articles/u-s-overtakes-china-as-top-destination-for-foreign-investment-1453312933|archive-date = 26 January 2016|url-status = live}}</ref> Data from the American Chamber of Commerce in China's ''[http://www.amchamchina.org/policy-advocacy/business-climate-survey/ 2016 China Business Climate Survey]'' confirms this trend, although it also demonstrates that China remains a top investment destination. This survey of over 500 members found that "China remains a top three investment priority for six out of ten member companies," though this is a decline from the 2012 high of eight out of ten respondents considering China a top priority.<ref>{{Cite book|title = 2016 China Business Climate Survey|publisher = American Chamber of Commerce in China|year = 2016|location = Beijing, China|page = 4|url = http://www.amchamchina.org/policy-advocacy/business-climate-survey/|access-date = 29 January 2016|archive-url = https://web.archive.org/web/20160210134259/http://www.amchamchina.org/policy-advocacy/business-climate-survey/|archive-date = 10 February 2016|url-status = live}}</ref>

[[Foreign exchange reserve of the People's Republic of China|Foreign exchange reserves]] totaled $155{{spaces}}billion in 1999 and $165{{spaces}}billion in 2000. Foreign exchange reserves exceeded $800{{spaces}}billion in 2005, more than doubling from 2003. Foreign exchange reserves were $819{{spaces}}billion at the end of 2005, $1.066{{spaces}}trillion at the end of 2006, $1.9{{spaces}}trillion by June 2008. In addition, by the end of September 2008 China replaced Japan for the first time as the largest foreign holder of US treasury securities with a total of $585{{spaces}}billion, vs Japan $573{{spaces}}billion. China's foreign exchange reserves are the [[List of countries by foreign exchange reserves|largest in the world]].<ref>{{cite web|url=https://www.cia.gov/library/publications/the-world-factbook/rankorder/2188rank.html|title=The World Factbook – Central Intelligence Agency|website=cia.gov|access-date=28 June 2019|archive-url=https://web.archive.org/web/20070613005020/https://www.cia.gov/library/publications/the-world-factbook/rankorder/2188rank.html|archive-date=13 June 2007|url-status=dead}}</ref>

As part of its WTO accession, China undertook to eliminate certain trade-related investment measures and to open up specified sectors that had previously been closed to foreign investment. New laws, regulations, and administrative measures to implement these commitments are being issued. Major remaining barriers to foreign investment include opaque and inconsistently enforced laws and regulations and the lack of a rules-based legal infrastructure. Warner Bros., for instance, withdrew its cinema business in China as a result of a regulation that requires Chinese investors to own at least a 51 percent stake or play a leading role in a foreign joint venture.<ref>[http://news.xinhuanet.com/english/2006-11/09/content_5310610.htm Warner Bros to withdraw from Chinese mainland] {{Webarchive|url=https://web.archive.org/web/20071013180017/http://news.xinhuanet.com/english/2006-11/09/content_5310610.htm |date=13 October 2007 }} (Xinhuanet.com, with source from China Radio International)</ref>

Another major development in the history of foreign investment in China was the establishment of the [[Shanghai Free Trade Zone]] in September 2013.<ref>[http://www.china-briefing.com/news/2013/09/28/china-releases-general-plan-and-regulations-for-the-shanghai-free-trade-zone.html "Shanghai's New Free Trade Zone{{snd}}General Plan and Regulations"] {{Webarchive|url=https://web.archive.org/web/20140225085323/http://www.china-briefing.com/news/2013/09/28/china-releases-general-plan-and-regulations-for-the-shanghai-free-trade-zone.html |date=25 February 2014 }}, ''China Briefing'', Shanghai, 28 September 2013</ref> The Zone is considered a testing ground for a number of economic and social reforms.<ref>{{cite news|url=http://www.dw.de/china-opens-free-trade-zone-in-shanghai/a-17121642|title=China opens free trade zone in Shanghai|publisher=Deutsche Welle|access-date=8 May 2014|archive-url=https://web.archive.org/web/20140708162731/http://www.dw.de/china-opens-free-trade-zone-in-shanghai/a-17121642|archive-date=8 July 2014|url-status=live}}</ref><ref>{{cite web |url=http://www.waigaoqiao.gov.cn/ |archive-url=https://web.archive.org/web/20010302131009/http://www.waigaoqiao.gov.cn/ |url-status=dead |archive-date=2 March 2001 |script-title=zh:中国（上海）自由贸易试验区门户网站 |trans-title=China (Shanghai) Pilot Free Trade Zone Portal|language=zh-cn |publisher=waigaoqiao.gov.cn}}</ref> Critically, foreign investment is controlled via a "negative list" approach, where FDI is permitted in all sectors unless explicitly prohibited by the inclusion of a given sector on the [[negative list of foreign investment in China|negative list]] published by the [[Shanghai Municipal Government]].<ref>[http://www.china-briefing.com/news/2013/09/30/shanghai-releases-negative-list-for-foreign-investment-in-shanghai-free-trade-zone.html "Shanghai Releases 'Negative List' for Foreign Investment in Shanghai Free Trade Zone"] {{Webarchive|url=https://web.archive.org/web/20140718070100/http://www.china-briefing.com/news/2013/09/30/shanghai-releases-negative-list-for-foreign-investment-in-shanghai-free-trade-zone.html |date=18 July 2014 }}, ''China Briefing'', Shanghai, 9 September 2013.</ref>

On 15 March 2019, China's [[National People's Congress]] adopted the [[Foreign Investment Law of the People's Republic of China|Foreign Investment Law]],<ref>{{cite web|url=http://mg.mofcom.gov.cn/article/policy/201909/20190902898870.shtml|title=Foreign Investment Law of the People's Republic of China|website=mofcom.gov.cn|url-status=live|archive-url=https://web.archive.org/web/20191016070903/http://mg2.mofcom.gov.cn/article/policy/China/201909/20190902898870.shtml|archive-date=16 October 2019|access-date=25 November 2019}}</ref> which comes into effect on 1{{spaces}}January 2020. Foreign investment in China comes with a number of ethical risks which pose major challenges which investors must navigate.<ref>{{cite journal |last1=Kaplan |first1=Seth D. |title=How to Navigate the Ethical Risks of Doing Business in China |url=https://hbr.org/2022/01/how-to-navigate-the-ethical-risks-of-doing-business-in-china |journal=Harvard Business Review |date=26 January 2022 |publisher=HBR |access-date=5 March 2022}}</ref>

===Chinese investment abroad===
{{see also|Go Out policy}}
[[File:TCL 4K tv (24478123585).jpg|thumb|A [[TCL Corporation|TCL]] television set]]
[[File:Meizu V8 Pro.jpg|thumb|A [[Meizu]] smartphone]]
[[File:Belt and Road Initiative participant map.svg|thumb|upright=1.35|Countries which signed cooperation documents related to the [[Belt and Road Initiative]]]]

Outward foreign direct investment is a new feature of Chinese globalization, where local Chinese firms seek to make investments in both developing and developed countries.<ref>Alon, Ilan and John McIntyre, eds. (2008), The Globalization of Chinese Enterprises, New York: Palgrave Macmillan.</ref> It was reported in 2011 that there was increasing investment by capital rich Chinese firms in promising firms in the United States. Such investments offer access to expertise in marketing and distribution potentially useful in exploiting the developing Chinese domestic market.<ref>{{cite news |title=A Wave of Chinese Money Gives a Lift to Companies Struggling in Tough Times |url=https://www.nytimes.com/2011/07/07/business/smallbusiness/07sbiz.html |newspaper=The New York Times |date=6 July 2011 |author=James Flanigan |access-date=7 July 2011 |archive-url=https://web.archive.org/web/20110709115550/http://www.nytimes.com/2011/07/07/business/smallbusiness/07sbiz.html |archive-date=9 July 2011 |url-status=live }}</ref>

Since 2005, Chinese companies have been actively expanding outside of China, in both developed and developing countries. In 2013, Chinese companies invested US$90{{spaces}}billion globally in non-financial sectors, 16% more than 2012.<ref>{{cite web |title=Ministry of Commerce of China |url=http://www.fdi.gov.cn/1800000121_33_3962_0_7.html |access-date=3 July 2014 |archive-url=https://web.archive.org/web/20140714151358/http://www.fdi.gov.cn/1800000121_33_3962_0_7.html |archive-date=14 July 2014 |url-status=live }}</ref>

Between January 2009 and December 2013, China contributed a total of $161.03bn in outward [[Foreign direct investment|FDI]], creating almost 300,000 jobs. Western Europe was the largest regional recipient of Chinese outward FDI, with Germany receiving the highest number of FDI projects for any country globally.<ref>{{cite news|title=Where is China investing?|url=http://www.fdiintelligence.com/Locations/Asia-Pacific/China/Where-is-China-investing|newspaper=[[FDi Magazine]]|date=12 August 2014|access-date=21 August 2014|archive-url=https://web.archive.org/web/20140821152738/http://www.fdiintelligence.com/Locations/Asia-Pacific/China/Where-is-China-investing|archive-date=21 August 2014|url-status=live}}</ref>

China is willing to invest in riskier countries.<ref name="Garlick 2024" />{{Rp|page=1}} 

During the administration of Xi Jinping, outbound foreign investment and infrastructure projects have often been construed as part of the Belt and Road Initiative.<ref name="Garlick 2024" />{{Rp|page=1}} Between 2013 and 2021, the Middle East was a prominent recipient of China's outbound FDI, particularly because of the importance of its energy supplies for China.<ref name="Garlick 2024" />{{Rp|page=83}}

There are two ways Chinese companies choose to enter a foreign market: organic growth and Merge & Acquisition (M&A). Many Chinese companies would prefer M&A for the following reasons:
* Fast. M&A is the fastest way for a company to expand into another country by acquiring brand, distribution, talents, and technology. Chinese CEOs has been used to growing at 50%+ speed and do not want to spend capital.
* China market. China has become the world's largest economy. Many Chinese acquire foreign companies and then bring their products/services to China, anything from premium cars to fashion clothing to meat to Hollywood movies.
* Cheap capital access. The huge Chinese domestic market help many Chinese companies accumulated financial capital to do M&A. Chinese government also provides long-term, low-interest capital for companies to expand abroad.
* Low risk. M&A helped Chinese companies avoid risk of failure of organic growth as they got an established company with everything in place.
* Cheap labor. Some companies may move part of the manufacturing in high labor cost countries to China to reduce the cost and make the product more attractive in price.
* Trade and policy barrier. Chinese companies in many sectors face quota limitation and high tax, which prevent them from being competitive in foreign markets.
* Depressed assets. 2008–2010 global economic crisis created liquidity problems for a lot of western companies and reduced their market value. Chinese companies believe it is a great opportunity for them to buy these depressed assets at discount. China's direct foreign investment in non-financial sector growth from US$25{{spaces}}billion in 2007 to US$90{{spaces}}billion in 2013, more than three times.<ref>{{cite news |date=30 October 2008 |script-title=zh:2007年度中国全行业对外直接投资统计数据 |language=zh-cn |trans-title=China's total foreign direct investment statistics for the whole year 2007 |publisher=China Daily |url=http://www.chinadaily.com.cn/hqzg/2008-10/30/content_7159288.htm |access-date=3 July 2014 |archive-url=https://web.archive.org/web/20140714153206/http://www.chinadaily.com.cn/hqzg/2008-10/30/content_7159288.htm |archive-date=14 July 2014 |url-status=live }}</ref>
*China is growing in investments and influencing power over Europe, and the EU has begun to take notice.<ref>{{Cite news|url=https://www.economist.com/briefing/2018/10/04/chinese-investment-and-influence-in-europe-is-growing|title=Chinese investment, and influence, in Europe is growing|newspaper=The Economist|access-date=8 October 2018|language=en|archive-url=https://web.archive.org/web/20181008183836/https://www.economist.com/briefing/2018/10/04/chinese-investment-and-influence-in-europe-is-growing|archive-date=8 October 2018|url-status=live}}</ref>

At the beginning, state-owned enterprises dominate the foreign acquisition and most of the money goes to oil and minerals. Since 2005, more and more private companies start to acquire non-raw material foreign companies. As of 2018, the top 15 outbound deals from Chinese companies:<ref>{{Cite news|url=https://imaa-institute.org/m-and-a-in-china/|title=M&A in China – IMAA-Institute|work=IMAA-Institute|access-date=22 February 2018|language=en-US|archive-url=https://web.archive.org/web/20180222225839/https://imaa-institute.org/m-and-a-in-china/|archive-date=22 February 2018|url-status=live}}</ref>

{|class="wikitable sortable"
|-
!class="unsortable"|Date
!class="unsortable"|Acquirer
!class="unsortable"|Acquirer industry
!class="unsortable"|Target
!class="unsortable"|Target industry
!class="unsortable"|Target country
!Deal value in millions of USD
|-
|3 February 2016
|CNAC Saturn (NL) BV
|Chemicals
|[[Syngenta AG]]
|Chemicals
|Switzerland
|41,840.11
|-
|23 July 2012
|CNOOC Canada Holding Ltd
|Other financials
|[[Nexen Inc]]
|Oil and gas
|Canada
|19,119.31
|-
|1 February 2008
|Shining Prospect Pte Ltd
|Other financials
|[[Rio Tinto (corporation)|Rio Tinto PLC]]
|Metals and mining
|United Kingdom
|14,284.17
|-
|2 June 2017
|China Investment Corp
|Alternative financial investments
|Logicor Ltd
|Non residential
|United Kingdom
|13,742.43
|-
|14 July 2017
|Nesta Investment Holdings Ltd
|Other financials
|Global Logistic Properties Ltd
|Non residential
|Singapore
|11,553.58
|-
|22 August 2017
|China Unicom (BVI) Ltd
|Telecommunications services
|China Unicom Hong Kong Ltd
|Telecommunications services
|Hong Kong
|11,255.81
|-
|6 October 2016
|Park Aerospace Holdings Ltd
|Transportation and infrastructure
|C2 Aviation Capital LLC
|Transportation and infrastructure
|United States
|10,380.00
|-
|14 October 2015
|China Tower Corp Ltd
|Telecommunications services
|China-Telecommun tower asts
|Wireless
|China
|9,948.41
|-
|21 June 2016
|Halti SA
|Other financials
|[[Supercell Oy]]
|Software
|Finland
|8,600.00
|-
|24 June 2009
|Mirror Lake Oil & Gas Co Ltd
|Oil and gas
|[[Addax Petroleum]] Corp
|Oil and gas
|Switzerland
|7,157.40
|-
|1 October 2010
| [[China Petrochemical Corporation]]
|Oil and gas
|Repsol YPF Brasil SA
|Oil and gas
|Brazil
|7,111.00
|-
|16 March 2016
|[[Anbang Insurance Group]] Co Ltd
|Insurance
|Strategic Hotels & Resorts Inc
|REITs
|United States
|6,500.00
|-
|24 October 2016
|Hna Tourism Grp Co Ltd
|Travel services
|[[Hilton Worldwide Holdings Inc]]
|Hotels and lodging
|United States
|6,496.88
|-
|17 February 2016
| [[Tianjin Tianhai Investment]] Co Ltd
|Transportation and infrastructure
|[[Ingram Micro Inc.]]
|Computers and peripherals
|United States
|6,067.41
|-
|22 March 2015
|Marco Polo Industrial Hldg SpA
|Other financials
|[[Pirelli]] & C SpA
|Automobiles and components
|Italy
|
|}

However, the fast growth and M&A deals did not change consumers' low quality and low-price perception of Chinese goods and brands. According to market consecutive research by the Monogram Group, a Chicago-based advertising agency, in 2007, 2009, 2011 and 2012, American consumers' willingness to purchase Chinese products across all categories except PC remained the same or became worse during 2007–2012. The only sector in which Americans were more likely to purchase was personal computers.<ref>American Consumer's Attitude towards China and Chinese Brands (2007, 2009, 2011, 2012), The Monogram Group.</ref>
[[File:Inauguracja połączenia kolejowego „China Railway Express”.jpg|thumb|China's leader [[Xi Jinping]] and [[Poland]]'s President [[Andrzej Duda]] during the inauguration of the [[Yiwu–London railway line|China Railway Express]] in Warsaw, Poland, 20 June 2016]]

===Mergers and acquisitions===
From 1993 to 2010, Chinese companies have been involved as either an acquiror or acquired company in 25,284 [[mergers and acquisitions]] with a total known value of US$969{{spaces}}billion.<ref>{{cite web |url=http://www.imaa-institute.org/statistics-mergers-acquisitions.html#MergersAcquisitions_China |title=Statistics on Mergers & Acquisitions (M&A) – M&A Courses {{pipe}} Company Valuation Courses {{pipe}} Mergers & Acquisitions Courses |publisher=Imaa-institute.org |access-date=27 December 2011 |archive-url=https://web.archive.org/web/20120106045040/http://www.imaa-institute.org/statistics-mergers-acquisitions.html#MergersAcquisitions_China |archive-date=6 January 2012 |url-status=dead }}</ref>

== Labor force ==
{{Main|Demographics of China}}
{{Further|Migration in China|Urbanization in China|Chinese emigration|Standard of living in China|Poverty in China}}

<imagemap>Image: China employment by economic sectors.png|thumb|upright=1.35|left|This chart shows the Chinese employment by sectors during time.<ref>[https://web.archive.org/web/20141117072912/http://www.bluenomics.com/data#!data/labour_market/employment_by_sectors/employment_by_broad_economic_sectors/employment_by_broad_economic_sectors_annual_of_tot_empl_%7Cchart/line$countries=china&sorting=list//title "Labour Market Employment By Sectors"].</ref></imagemap>
China's estimated employed labor force in 2005 totaled 791 million persons, about 60% of the total population. During 2003, 49% of the labor force worked in [[agriculture]], [[forestry]], and [[fishing]]; 22% in [[mining]], [[manufacturing]], [[energy]], and [[construction]] industries; and 29% in the [[Tertiary sector of economic activity|services]] sector and other categories. In 2004 some 25 million persons were employed by 743,000 private enterprises.{{cn|date=August 2024}}

The 2010 census found that China was now half urban and rapidly aging due to the one child policy. This is expected to lead to increased demand for labor to take care of an elderly population and a reduced supply of migrant labor from the countryside.<ref>[http://english.aljazeera.net/news/asia-pacific/2011/04/201142852019929352.html "China is ageing and growing more slowly"] {{Webarchive|url=https://web.archive.org/web/20110428112636/http://english.aljazeera.net//news/asia-pacific/2011/04/201142852019929352.html|date=28 April 2011}}. ''Al Jazeera'', 28 April 2011.</ref>

In January 2016, a [[two-child policy]] replaced the [[one-child policy]],<ref>{{cite news |last=Sridahan |first=Vasudevan |date=27 December 2015 |title=China formally abolishes decades-old one-child policy |newspaper=[[International Business Times]] |url=http://www.ibtimes.co.uk/china-formally-abolishes-decades-old-one-child-policy-1535006 |url-status=live |access-date=7 September 2019 |archive-url=https://web.archive.org/web/20190828224908/https://www.ibtimes.co.uk/china-formally-abolishes-decades-old-one-child-policy-1535006 |archive-date=28 August 2019}}</ref> which was in turn was replaced with a [[three-child policy]] in May 2021.<ref>{{Cite news |last=Wee |first=Sui-Lee |date=31 May 2021 |title=China Says It Will Allow Couples to Have 3 Children, Up From 2 |language=en-US |work=[[The New York Times]] |url=https://www.nytimes.com/2021/05/31/world/asia/china-three-child-policy.html |url-status=live |access-date=11 August 2022 |archive-url=https://web.archive.org/web/20211104064050/https://www.nytimes.com/2021/05/31/world/asia/china-three-child-policy.html |archive-date=4 November 2021 |issn=0362-4331}}</ref> In July 2021, all family size limits as well as penalties for exceeding them were removed.<ref>{{Cite web |last=Cheng |first=Evelyn |date=21 July 2021 |title=China scraps fines, will let families have as many children as they'd like |url=https://www.cnbc.com/2021/07/21/china-scraps-fines-for-families-violating-childbirth-limits.html |url-status=live |archive-url=https://web.archive.org/web/20230128131149/https://www.cnbc.com/2021/07/21/china-scraps-fines-for-families-violating-childbirth-limits.html |archive-date=28 January 2023 |access-date=29 April 2022 |website=[[CNBC]] |language=en}}</ref>

In the decade up to 2014, ten million Chinese emigrated to other countries, taking assets and their technical skills.<ref>{{cite news |date=23 January 2014 |title=Migration gap in China alarming: report |work=Want China Times |url=http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20140123000098&cid=1103&MainCatID=0 |url-status=live |access-date=23 January 2014 |archive-url=https://web.archive.org/web/20140201184548/http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20140123000098&cid=1103&MainCatID=0 |archive-date=1 February 2014}}</ref>

The [[All-China Federation of Trade Unions]] is the country's only legally permissible trade union. Attempts to form trade unions independent of the ACFTU have been rare and short-lived. One notable example is the [[Beijing Workers' Autonomous Federation]] formed during the [[1989 Tiananmen Square protests and massacre]]. Martial Law Command Headquarters issued a public notice declaring the BWAF an illegal organization and ordering it to disband on the grounds that Federation leaders were among "the main instigators and organizers in the capital of the counterrevolutionary rebellion.<ref>{{cite journal |author1=Andrew G. Walder |author2=Gong Xiaoxia |date=January 1993 |title=Workers in the Tiananmen Protests: The Politics of the Beijing Workers' Autonomous Federation |journal=The Australian Journal of Chinese Affairs |volume=29 |issue=29 |pages=1–29 |doi=10.2307/2949950 |jstor=2949950 |s2cid=155448546}}</ref><ref>{{cite web |last1=ZHANG |first1=YUERAN |title=The Forgotten Socialists of Tiananmen Square |url=https://www.jacobinmag.com/2019/06/tiananmen-square-worker-organization-socialist-democracy |url-status=live |archive-url=https://web.archive.org/web/20190712200741/https://www.jacobinmag.com/2019/06/tiananmen-square-worker-organization-socialist-democracy |archive-date=12 July 2019 |access-date=12 July 2019 |website=[[Jacobin Magazine]] |publisher=}}</ref>

As of at least 2024, China has one of the lowest [[Retirement age|retirement ages]] among major world economies, with many working women eligible for retirement at 50 and men at 60.<ref name=":02">{{Cite book |last1=Bachulska |first1=Alicja |url=https://ecfr.eu/publication/idea-of-china/ |title=The Idea of China: Chinese Thinkers on Power, Progress, and People |last2=Leonard |first2=Mark |last3=Oertel |first3=Janka |date=2 July 2024 |publisher=[[European Council on Foreign Relations]] |isbn=978-1-916682-42-9 |location=Berlin, Germany |pages= |format=EPUB |access-date=22 July 2024 |archive-url=https://web.archive.org/web/20240717120845/https://ecfr.eu/publication/idea-of-china/ |archive-date=17 July 2024 |url-status=live}}</ref>{{Rp|page=167}}

==Transportation and infrastructure==
{{main|Transport in China}}

{{Multiple image
|align     = right
|title=Chinese transportation nework
|direction = vertical
|width     = 220
|image1    = China National Expressway Network light.svg 
|caption1  = [[National Trunk Highway System]] network
|image2    = Rail map of PRC.svg
|caption2  = National railway network
}}
China's transportation policy, influenced by political, military, and economic concerns, have undergone major changes since 1949.

Immediately after the People's Republic was founded, the primary goal was to repair existing transportation infrastructure in order to meet [[military transport]] and [[Military logistics|logistics]] needs as well as to strengthen territorial integrity. During most of the 1950s, new road and rail links were built, while at the same time old ones were improved. During the 1960s much of the improvement of regional transportation became the responsibility of the local governments, and many small railways were constructed. Emphasis was also placed on developing transportation in remote rural, mountainous, and forested areas, in order to integrate poorer regions of the country and to help promote economies of scale in the agricultural sector.{{Citation needed|date=February 2021}}

Before the reform era began in the late 1970s, China's transportation links were mostly concentrated in the coastal areas and access to the inner regions was generally poor. This situation has been improved considerably since then, as railways and highways have been built in the remote and frontier regions of the northwest and southwest. At the same time, the development of international transportation was also pursued, and the scope of [[ocean shipping]] was broadened considerably.{{Citation needed|date=February 2021}}

[[Freight]] [[Logistics|haulage]] is mainly provided by [[rail transport]]. The rail sector is monopolized by [[China Railway]] and there is wide variation in services provided. In late 2007 China became one of the few countries in the world to launch its own indigenously developed [[High-speed rail|high-speed train]].<ref>{{cite news |url = http://afp.google.com/article/ALeqM5jZHR0k1z-KAzmdB46eKOuFFqHuSQ |archive-url = https://web.archive.org/web/20071226161506/http://afp.google.com/article/ALeqM5jZHR0k1z-KAzmdB46eKOuFFqHuSQ |url-status=dead |archive-date=26 December 2007 |title=China produces first home-grown bullet train: report |date=22 December 2007 |access-date=28 February 2012 }}</ref> As rail capacity is struggling to meet demand for the transport of goods and raw materials such as coal, air routes, roads and waterways are rapidly being developed to provide an increasing proportion of China's overall transportation needs.<ref>{{cite news |date=10 December 2007 |title=China: Logistics is key to inland shift |url=http://www.ft.com/cms/s/2/8760cdcc-a41e-11dc-a28d-0000779fd2ac,dwp_uuid=f6e7043e-6d68-11da-a4df-0000779e2340.html |url-access=subscription |url-status=live |archive-url=https://web.archive.org/web/20080307092413/http://www.ft.com/cms/s/2/8760cdcc-a41e-11dc-a28d-0000779fd2ac,dwp_uuid=f6e7043e-6d68-11da-a4df-0000779e2340.html |archive-date=7 March 2008 |access-date=28 February 2012 |newspaper=[[Financial Times]]}}</ref>

Some economic experts have argued that the development gap between China and other emerging economies such as Brazil, Argentina and India can be attributed to a large extent to China's early focus on ambitious infrastructure projects: while China invested roughly 9% of its GDP on infrastructure in the 1990s and 2000s, most emerging economies invested only 2% to 5% of their GDP. This considerable spending gap allowed the Chinese economy to grow at near optimal conditions while many South American economies suffered from various development bottlenecks such as poor transportation networks, aging power grids and mediocre schools.<ref>{{cite news |first1 = Vincent |last1 = Bazi |first2 = M. Nicolas J. |last2 = Firzli |year=2011 |title = Infrastructure Investments in an Age of Austerity : The Pension and Sovereign Funds Perspective |url = http://www.turkishweekly.net/op-ed/2852/infrastructure-investments-in-an-age-of-austerity-the-pension-and-sovereign-funds-perspective.html |newspaper=Revue Analyse Financière |volume=41 |issue=Q4|pages=19–22 |url-status=dead |archive-url = https://web.archive.org/web/20110917182931/http://www.turkishweekly.net/op-ed/2852/infrastructure-investments-in-an-age-of-austerity-the-pension-and-sovereign-funds-perspective.html |archive-date=17 September 2011 |df = dmy }}</ref>

== Science and technology ==
{{Main|Science and technology in China}}

Science and technology in China has in recent decades developed rapidly. The Chinese government has placed emphasis through funding, reform, and societal status on science and technology as a fundamental part of the socio-economic development of the country as well as for national prestige. China has made rapid advances in areas such as education, infrastructure, high-tech manufacturing, artificial intelligence,<ref>{{cite web |last1=Allen |first1=Gregory |title=Understanding China's AI Strategy |url=https://www.cnas.org/publications/reports/understanding-chinas-ai-strategy |url-status=live |archive-url=https://web.archive.org/web/20190317004017/https://www.cnas.org/publications/reports/understanding-chinas-ai-strategy |archive-date=17 March 2019 |access-date=11 March 2019 |website=Understanding China's AI Strategy |publisher=[[Center for a New American Security]]}}</ref> [[academic publishing]], [[patent]]s and commercial applications. China is now increasingly targeting indigenous innovation and aims to reform remaining weaknesses. Its [[Thousand Talents Plan]] aims to attract innovative Chinese academics living abroad (as well as some foreigners) back to China in support of its economic innovation goals.<ref>{{Cite web |last=Fedasiuk |first=Ryan |date=17 September 2020 |title=If You Want to Keep Talent Out of China, Invest at Home |url=https://foreignpolicy.com/2020/09/17/china-thousand-talents-plan-invest-us-xenophobia/ |access-date=11 September 2022 |website=[[Foreign Policy]] |language=en-US}}</ref>

== See also ==
{{Portal|China|Business}}
{{columns-list|colwidth=22em|
* [[Bamboo network]]
* [[Beijing Consensus]]
* [[Central Financial Work Commission]]
* [[China Securities Regulatory Commission]]
* [[China Beijing Equity Exchange]]
* [[China Circle]]
* [[China Economic Databases]]
* [[Dual circulation]]
* [[E-commerce in China]]
* [[Economy of the Han dynasty]]
* [[Economy of the Ming dynasty]]
* [[Economy of the Song dynasty]]
* [[Grasping the large, letting go of the small]]
* [[Group buying]]
* [[Guo jin min tui]]
* [[Hukou]]
* [[Imperial Bank of China]]
* [[Leading stock]]s
* [[List of companies of China]]
* [[List of largest Chinese companies]]
* [[Oil shale in China]]
* [[Panda bonds]]
* [[Rural credit cooperative]]
* [[Silk Road]]
* [[Township and Village Enterprises]]
* [[Three Rural Issues]]
* [[Yangtze Delta]]
}}

== Notes ==
{{NoteFoot|30em}}

== References ==
{{reflist|colwidth=30em}}

== Further reading ==
{{Sister project links|Economy of China}}
{{refbegin|40em}}
* Sit Tsui, Erebus Wong, Lau Kin Chi and Wen Tiejun. [https://monthlyreview.org/2017/01/01/one-belt-one-road/ One Belt, One Road: China's Strategy for a New Global Financial Order] (January 2017), ''[[Monthly Review]]'', Volume 68, Issue 08
* Cheng Enfu and Ding Xiaoqin. [https://monthlyreview.org/2017/01/01/a-theory-of-chinas-miracle/ A Theory of China's 'Miracle': Eight Principles of Contemporary Chinese Political Economy] (January 2017), ''[[Monthly Review]]'', Volume 68, Issue 08
* {{cite book |last1 = Cardenal |first1 = Juan Pablo |author1-link = Juan Pablo Cardenal |last2 = Araújo |first2 = Heriberto |author2-link = Heriberto Araújo |title = La silenciosa conquista china |location = Barcelona |publisher = Crítica |year = 2011 |url = https://books.google.com/books?id=jQ2fvBVpQpYC |language = es |isbn = 9788498922578 |ref = none }}
* [http://lcweb2.loc.gov/frd/cs/cntoc.html China: Country Studies{{snd}}Federal Research Division, Library of Congress]. Lcweb2.loc.gov (27 July 2010)
* {{cite book |last = Heilmann |first = Sebastian |author-link = Sebastian Heilmann |title = China's Political System |location = Lanham; Boulder; New York; London |publisher = Rowman & Littlefield |year = 2017 |url = https://www.merics.org/en/merics-analysis/chinas-political-system/ |language = en |url-status = dead |archive-url = http://archive.wikiwix.com/cache/20170506054352/https://www.merics.org/en/merics-analysis/chinas-political-system/ |archive-date = 6 May 2017 |ref = none }}
* {{cite web|url=https://theconversation.com/chinas-capitalist-reforms-are-said-to-have-moved-800-million-out-of-extreme-poverty-new-data-suggests-the-opposite-216621|title=China's capitalist reforms are said to have moved 800 million out of extreme poverty – new data suggests the opposite|last1=Sullivan|first1=Dylan|last2=Hickel|first2=Jason|author-link2=Jason Hickel|last3=Moatsos|first3=Michail|date=7 January 2024|website=[[The Conversation (website)|The Conversation]]|publisher=|access-date=|quote=}}
* {{cite book |author1=Yin-Wong Cheung |author2=Jakob de Haan |title=The Evolving Role of China in the Global Economy |url=https://books.google.com/books?id=Hn173hvfBsIC |year=2013 |publisher=MIT Press |isbn=978-0-262-01823-4 |ref=none }}

; Journals
* ''China Economic Journal'' [http://www.tandf.co.uk/journals/titles/17538963.asp Taylor & Francis Journals: Welcome]. Tandf.co.uk. Retrieved on 6 August 2010.
* ''[http://www.theceq.info/ China Economic Quarterly]''
* ''China & World Economy'' [https://web.archive.org/web/20120924125449/http://www.blackwellpublishing.com/journal.asp?ref=1671-2234&site=1 China & World Economy{{snd}}Journal Information]. Blackwellpublishing.com (2010-05-07). Retrieved on 6 August 2010.
* ''Journal of Chinese Economic and Business Studies'' (JCEBS) [http://www.tandf.co.uk/journals/titles/14765284.html Taylor & Francis Journals: Welcome]. Tandf.co.uk. Retrieved on 6 August 2010. is the official journal of the Chinese Economic Association (UK). [http://www.ceauk.org.uk/publications/ CEA Publications{{snd}}Journal of Chinese Economic and Business Studies]. Ceauk.org.uk. Retrieved on 6 August 2010.
* ''Journal of Chinese Economic and Foreign Trade Studies'' [http://www.emeraldinsight.com/info/journals/jcefts/jcefts.jsp Emerald, Journal of Chinese Economic and Foreign Trade Studies information]. Emeraldinsight.com. Retrieved on 6 August 2010.
* ''The China Quarterly'' [http://www.journals.cambridge.org/action/displayJournal?jid=CQY Journals.cambridge.org] {{Webarchive|url=https://web.archive.org/web/20160619082321/http://journals.cambridge.org/action/displayJournal?jid=CQY |date=19 June 2016 }}
* ''The Chinese Economy'' [http://www.mesharpe.com/mall/results1.asp?ACR=ces M. E. Sharpe, Inc.{{snd}}Journal Information]. Mesharpe.com. Retrieved on 6 August 2010.
* ''Journal of Chinese Economic Studies'' (ISSN 1348-2521)
* ''Journal of the Chinese Statistical Association'' (ISSN 0529-6528)
* ''China: An International Journal'' (ISSN 0219-7472)
* ''China Economic Review'' (ISSN 1043-951X)
* ''China Review'' (ISSN 1680-2012)
* ''Frontiers of Economics in China'' (ISSN 1673-3444)
* [http://openknowledge.worldbank.org/handle/10986/6057 China 2030: Building a Modern, Harmonious, and Creative High-Income Society (pre-publication version)]
** Citation: "World Bank; Development Research Center of the State Council, P.R.C. 2012. China 2030 : Building a Modern, Harmonious, and Creative High-Income Society [pre-publication version]. Washington, DC: World Bank. [http://openknowledge.worldbank.org/handle/10986/6057 China 2030 : Building a Modern, Harmonious, and Creative High-Income Society (pre-publication version)] License: [[Creative Commons license]] [https://creativecommons.org/licenses/by/3.0/ CC BY 3.0 Unported]."
*** URI: [http://hdl.handle.net/10986/6057 China 2030 : Building a Modern, Harmonious, and Creative High-Income Society (pre-publication version)]
*** Date: 2012-02-27
*** Author(s): World Bank; Development Research Center of the State Council, P.R.C.
** [http://www.worldbank.org/content/dam/Worldbank/document/China-2030-complete.pdf China 2030]
{{refend}}

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