Historical GDP of China

This article includes a list of China's historical gross domestic product (GDP) values, the market value of all final goods and services produced by a nation in a given year. The GDP dollar estimates presented here are either calculated at market or government official exchange rates (nominal), or derived from purchasing power parity (PPP) calculations. This article also includes historical GDP growth.

Chart showing GDP development trends of China and India (1950-2002).

In 1985, the State Council of China (SCC) approved to establish a SNA (System of National Accounting), use the GDP to measure the national economy. China started the study of theoretical foundation, guiding, and accounting model etc., for establishing a new system of national economic accounting. In 1986, as the first citizen of the People's Republic of China to receive a Ph.D. in economics from an overseas country, Dr. Fengbo Zhang headed Chinese Macroeconomic Research - the key research project of the seventh Five-Year Plan of China, as well as completing and publishing the China GDP data by China's own research. The summary of the above has been included in the book "Chinese Macroeconomic Structure and Policy" (June 1988) edited by Fengbo Zhang, and collectively authored by the Research Center of the SCC. This is the first GDP data which was published by China.

The research utilized the World Bank’s method as a reference, and made the numerous appropriate adjustments based on China’s national condition. The GDP also has been converted to USD based data by utilizing the moving average exchange rate. The research systematically completed China’s GDP and GDP per capita from 1952 to 1986 and analyzed growth rate, the change and contribution rates of each component. The research also included international comparisons. Additionally, the research compared MPS and SNA, looking at the results from the two systems from analyzing Chinese economy. This achievement created the foundation for China GDP research.

The SCC issued “The notice regarding implementation of System of National Accounting” in August 1992, the Western SNA system officially is introduced to China, replaced Soviet Union's MPS system, Western economic indicator GDP became China’s most important economic indicator. Based on Dr. Fengbo Zhang's research, in 1997, the National Bureau of Statistics of China (NBS), in collaboration with Hitotsubashi University of Japan, re-estimated China’s GDP Data from 1952 up to 1995 based on the SNA principal.

When comparing Fengbo Zhang’s GDP measurement in the 1980s and the GDP in 1997 by the NBS and Japan’s cooperative research, the two are found to be very consistent; the deviation rate each year is very slight, between only 0.1% and 7%. During this period, there were many data adjustments, with weighting factors undergoing significant changes along with each years comparable price amendments, statistical method significant changes result in the substantial deviation. Even with science and technology as advanced as it is today, the single item survey is allowed at least ±3%, or a total of 6% deviation. Despite the extremely difficult conditions of a destroyed economy, blank theory, a lack of data, and simple methods in 1980s, there is so little deviation for such a long period of time and the comprehensiveness of the national economic indicator, indicates that the research conducted by Fengbo Zhang with the support of the extensive group he trained is extremely rigorous, and their result very precise.[1] Xie Fuzhan, former Director, and Ma Jiantang, current Director of the NBS, both participated in Dr. Fengbo Zhang’s research project in the 1980s, as assistant researcher and graduate student, respectively, of the Research Center of the SCC.

Current status

Proportion of world (countries with data) nominal GDP for the countries with the top 10 highest nominal GDP in 2010, from 1980 to 2010 with IMF projections until 2016. Grey lines show actual US dollar values.[2]

As of 2013, China's nominal GDP by Expenditure approach is 56.88 trillion Chinese yuan or 9.2 trillion US dollars.[3][4]

China's nominal GDP by Expenditure approach surpassed that of Italy in 2000, France in 2002, the United Kingdom in 2006 and that of Germany in 2007, before overtaking Japan in 2009, making China the world's second largest economy after the United States. But adjusting for purchasing power parity (PPP), China surpassed Japan and become the world's second largest economy as early as 2002.

From 1979 until 2010, China's average annual GDP growth was 9.91%, reaching an historical high of 15.2% in 1984 and a record low of 3.8% in 1990. Based on the current price, the country's average annual GDP growth in these 32 years was 15.8%, reaching an historical high of 36.41% in 1994 and a record low of 6.25% in 1999.

China NBS data

Annual GDP

China's Historical GDP for 1978 - 2014[5]
(Revison based on the 3rd Economic Census 2013[6])
year GDP GDP per capita (GDPPC)
based on mid-year population
Reference index
GDP in billions real
growth
(%)
GDPPC real
growth
(%)
Mid-year
population
in millions
exchange rate
1 foreign currency to CNY
CNY USD PPP
(Int$)
CNY USD PPP
(Int$)
USD 1 Int$ 1
(PPP)
p201463,646.2710,361.1217,632.0417.446,6527,59512,7636.91,364.276.14283.6554
201358,801.889,494.5916,185.937.743,3206,99511,9247.21,357.386.19323.6329
201253,412.308,461.3514,906.317.739,5446,26411,0367.21,350.706.31253.5832
201148,412.357,495.5613,810.409.536,0185,57710,2759.01,344.136.45883.5055
201040,890.306,040.3712,267.9510.630,5684,5159,17110.11,337.716.76953.3331
200934,562.925,059.7210,716.199.225,9633,8018,0508.71,331.266.83103.2253
200831,675.174,560.799,851.089.623,9123,4437,4379.11,324.666.94513.2154
200726,801.943,524.728,837.6514.220,3372,6756,70613.61,317.897.60403.0327
200621,765.662,730.337,328.0112.716,6022,0835,59012.11,311.027.97182.9702
200518,589.582,269.326,403.5811.314,2591,7414,91210.71,303.728.19172.9030
200416,071.441,941.755,611.5410.112,4001,4984,3309.41,296.088.27682.8640
200313,656.461,649.934,965.9910.010,6001,2813,8549.31,288.408.27702.7500
200212,100.201,461.914,446.809.19,4501,1423,4738.41,280.408.27702.7211
200111,027.041,332.254,042.328.38,6701,0473,1787.51,271.858.27702.7279
20009,977.631,205.263,645.868.47,9029552,8877.61,262.658.27842.7367
19999,018.771,089.453,221.107.67,1998702,5716.71,252.748.27832.7999
19988,488.371,025.282,922.397.86,8358262,3536.81,241.948.27912.9046
19977,942.95958.162,659.269.26,4577792,1628.11,230.088.28982.9869
19967,157.23860.842,373.249.95,8787071,9498.81,217.558.31423.0158
19956,112.98732.012,123.0811.05,0746081,7629.81,204.868.35102.8793
19944,845.96562.261,870.8813.14,0664721,57011.81,191.848.61872.5902
19933,552.43616.531,614.2313.93,0155231,37012.61,178.445.76202.2007
19922,706.83490.851,412.2314.32,3244211,21212.91,164.975.51461.9167
19912,189.55411.311,194.069.31,9033571,0387.81,150.785.32331.8337
19901,877.43392.511,058.843.91,6543469332.41,135.194.78321.7731
19891,709.03453.911,000.784.21,5284068952.61,118.653.76511.7077
19881,510.11405.71923.6711.31,3713688389.51,101.633.72211.6349
19871,210.22325.14801.6311.71,1163007399.91,084.043.72211.5097
19861,030.88298.56700.188.99662806567.31,066.793.45281.4723
1985903.99307.84630.4413.586029360011.91,051.042.93661.4339
1984722.63310.54538.1515.269730051913.71,036.832.32701.3428
1983597.56302.45450.9910.85842964419.21,023.311.97571.3250
1982533.30281.80391.079.05292793887.41,008.631.89251.3637
1981489.81287.36337.365.14932893393.8993.891.70451.4519
1980455.16303.76293.297.94643102996.5981.241.49841.5519
1979406.77261.59 7.6420270 6.1969.011.5550
1978365.02216.81 11.6382227 10.2956.171.6836

Quarterly GDP

China's quarterly GDP estimation was formally established in 1992. Afterwards, following the development of SNA of China, quarterly GDP is successively standardized and improved in estimation methodology, accounting classification, accounting procedure, release time and data quality control. Accumulated quarterly GDP estimation is formed. Not only quarterly GDP estimation by industries is established but also quarterly GDP estimation at expenditure approach is being studied. the following is the quarterly GDP list.

List of China's quarterly GDP 1992-2014
(Revison based on the 3rd Economic Census 2013,[6] in millions of CNY) [9]
year quarter 1 quarter 2 quarter 3 quarter 4 sum
GDPgrowth (%)
at current price
GDPgrowth (%)
at current price
GDPgrowth (%)
at current price
GDPgrowth (%)
at current price
GDPgrowth (%)
at current price
real growth
(%)
p201413,292,0207.914,582,0209.015,628,1508.520,144,0807.763,646,2708.27.4
201312,317,08010.213,374,0408.614,407,61011.218,703,15010.258,801,88010.17.7
201211,179,23011.812,310,66010.212,954,2109.116,968,20010.453,412,30010.37.7
201110,003,77018.811,171,44018.811,871,71019.015,365,43017.448,412,35018.49.5
20108,422,87019.19,405,09018.19,976,24018.113,086,10018.140,890,30018.310.6
20097,075,0105.77,962,2906.48,446,3709.411,079,25013.434,562,9209.19.2
20086,693,94021.37,486,28021.17,720,71019.29,774,24013.331,675,17018.29.6
20075,517,91021.16,183,65022.66,474,54024.08,625,84024.226,801,94023.114.2
20064,556,11015.95,043,46017.35,223,05016.16,943,04018.521,765,66017.112.7
20053,931,77016.74,300,87015.54,497,79013.05,859,15017.318,589,58015.711.3
20043,370,03016.03,723,97019.03,981,72018.34,995,72017.416,071,44017.710.1
20032,906,18013.63,129,95011.13,366,40012.54,253,93014.013,656,46012.910.0
20022,558,1108.92,817,5309.02,992,27010.63,732,29010.212,100,2009.79.1
20012,348,77012.92,584,33010.92,705,87010.43,388,0708.711,027,04010.58.3
20002,079,71010.02,329,72011.32,451,28011.43,116,9209.99,977,63010.68.4
19991,891,3607.22,092,5105.32,199,7107.22,835,1905.69,018,7706.27.6
19981,764,1707.81,986,7105.32,052,5306.42,684,9607.88,488,3706.97.8
19971,635,83013.81,886,46012.81,929,1108.42,491,5509.87,942,95011.09.2
19961,437,03020.51,672,29017.81,779,56013.72,268,35017.27,157,23017.19.9
19951,193,04030.61,420,14027.21,564,65024.61,935,15024.16,112,98026.111.0
1994913,72039.51,116,73037.41,255,97036.71,559,54033.84,845,96036.413.1
1993655,10030.7812,73027.0918,62028.91,165,98036.73,552,43031.213.9
1992501,330 639,920 712,480 853,100 2,706,830 14.3

Data of three International organizations

Average figures of three agencies(United Nations, World bank and IMF)
(in millions of USD)
year  China comparable country
the former the later
GDP Rank Country GDP Rank Country GDP Rank
2011 7,281,423 2  United States 15,053,658 1  Japan 5,878,175 3
2010 5,937,461 2  United States 14,455,208 1  Japan 5,488,464 3
2009 5,017,084 3  Japan 5,035,142 2  Germany 3,301,489 4
2008 4,524,536 3  Japan 4,849,193 2  Germany 3,629,367 4
2007 3,494,214 3  Japan 4,356,341 2  Germany 3,325,402 4
2006 2,737,707 4  Germany 2,903,648 3  United Kingdom 2,451,355 5
2005 2,265,831 5  United Kingdom 2,291,673 4  France 2,137,772 6
2004 1,933,264 6  France 2,056,591 5  Italy 1,736,281 7
2003 1,643,279 6  France 1,793,333 5  Italy 1,515,450 7
2002 1,454,405 5  United Kingdom 1,605,856 4  France 1,453,757 6
2001 1,322,059 6  France 1,338,696 5  Italy 1,124,021 7
2000 1,196,598 6  France 1,327,630 5  Italy 1,105,089 7
1999 1,089,113 7  Italy 1,208,697 6  Canada 661,256 8
1998 1,028,046 7  Italy 1,225,121 6  Brazil 843,927 8
1997 963,449 7  Italy 1,199,099 6  Brazil 871,308 8
1996 868,061 7  United Kingdom 1,223,472 6  Brazil 839,806 8
1995 737,638 8  Brazil 769,214 7  Spain 596,815 9
1994 567,034 7  Italy 1,059,423 6  Canada 564,483 8

Notes

  1. ^ the average exchange rate of CNY to USD is CNY 6.3125 per USD in 2012. also see List of CNY exchange rates.

See also

References

  1. China Economic History
  2. 2.0 2.1 IMF: April 2014 WEO Database
  3. http://www.stats.gov.cn/tjsj/zxfb/201401/t20140120_502082.html
  4. 4.0 4.1 BRICS Joint Statistical Publication 2013 http://www.statssa.gov.za/news_archive/Docs/FINAL_BRICS%20PUBLICATION_PRINT_23%20MARCH%202013_Reworked.pdf http://www.stats.gov.cn/tjsj/qtsj/jzgj2013/P020130329611645357273.pdf
  5. the gross domestic product in 2013 is a preliminary data according to Statistical Communiqué of the People's Republic of China on the 2013 National Economic and Social Development (China NBS, February 22, 2013); the Data of GDP in 2012 is the Final Verification (January 8, 2014), see China NBS: Bulletin on the Final Verification Data of GDP in 2012; the Data of GDP in 2011 is the Final Verification (January 7, 2013), see China NBS: Bulletin on the Final Verification Data of GDP in 2011; Data GDP 1978-2010 is from China Statistical Yearbook 2012 (ISBN 978-7-5037-6693-0/C•2752). Purchasing power parity (PPP) is estimate according to IMF WEO Apr. 16, 2013 figures; Exchange rate of CN¥ to US$ is according to State Administration of Foreign Exchange, pubulished on China Statistical Yearbook 2012
  6. 6.0 6.1 Searched the web China NBS about the third National Economic Census
  7. Expenditure approach figures are from China Statistical Yearbook 2012(ISBN 978-7-5037-6693-0/C•2752)
  8. figures of Components of GDP by industries are from China Statistical Yearbook 2012(ISBN 978-7-5037-6693-0/C•2752)
  9. Quarterly GDP figures are from [http://219.235.129.58 China NBS Quarterly Data (old edition)] or English (new)
  10. UN National Accounts Main Aggregates DATABASE (Dec. 2012)
  11. World Bank: GDP Data

Further reading