Historical GDP of China

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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).[old info]

In 1985, the State Council of China (SCC) approved the establishment of a SNA (System of National Accounting), using GDP to measure the national economy. China started to study and then implement a new system of national economic accounting. In 1986, as the first citizen of the People's Republic of China to receive a Ph.D. in economics from an overseas country, 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 Chinese GDP data according to China's own research and calculations. A summary of the above events has been included in the book "Chinese Macroeconomic Structure and Policy" (June 1988) edited by Fengbo Zhang, and collectively authored by the Research Center of the SCC. This is the first GDP data which was published by China.

The research utilized the World Bank’s method as a reference, and made numerous appropriate adjustments based on China’s national condition. The GDP also has been converted to 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[edit]

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 2014, China's nominal GDP by Expenditure approach is 63.61 trillion Chinese yuan or 10.36 trillion US dollars.[3] 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.[2]

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[edit]

Annual GDP[edit]

China's Historical GDP for 1978 - 2015[3](Revision based on the 3rd National Economic Census 2013[4])
(purchasing power parity of Chinese Yuan, as international dollar based on IMF WEO October 6, 2015[5])
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 thousands
exchange rate
1 foreign currency to CNY
CNY USD PPP
(int'l $)
CNY USD PPP
(int'l $)
USD 1 int'l $ 1
(PPP)
p2015 67,670.80 10,864.88 6.9 49,351 7,924 6.4 1,371,220 6.2284
r2014 63,591.00 10,352.12 18,081.54 7.3 46,612 7,588 13,254 6.8 1,364,270 6.1428 3.5169
2013 58,801.88 9,494.59 16,585.00 7.7 43,320 6,995 12,218 7.2 1,357,380 6.1932 3.5455
2012 53,412.30 8,461.35 15,154.32 7.7 39,544 6,264 11,220 7.2 1,350,695 6.3125 3.5246
2011 48,412.35 7,495.56 13,810.26 9.5 36,018 5,577 10,274 9.0 1,344,130 6.4588 3.5055
2010 40,890.30 6,040.37 12,357.02 10.6 30,568 4,515 9,237 10.1 1,337,705 6.7695 3.3091
2009 34,562.92 5,059.72 11,037.85 9.2 25,963 3,801 8,291 8.7 1,331,260 6.8310 3.1313
2008 31,675.17 4,560.79 10,031.74 9.6 23,912 3,443 7,573 9.0 1,324,655 6.9451 3.1575
2007 26,801.94 3,524.72 8,974.12 14.2 20,337 2,675 6,809 13.6 1,317,885 7.6040 2.9866
2006 21,765.66 2,730.33 7,657.08 12.7 16,602 2,083 5,841 12.1 1,311,020 7.9718 2.8426
2005 18,589.58 2,269.32 6,593.05 11.3 14,259 1,741 5,057 10.6 1,303,720 8.1917 2.8196
2004 16,071.44 1,941.75 5,738.51 10.1 12,400 1,498 4,428 9.4 1,296,075 8.2768 2.8006
2003 13,656.46 1,649.93 5,073.29 10.0 10,600 1,281 3,938 9.3 1,288,400 8.2770 2.6918
2002 12,100.20 1,461.91 4,520.87 9.1 9,450 1,142 3,531 8.4 1,280,400 8.2770 2.6765
2001 11,027.04 1,332.25 4,081.81 8.3 8,670 1,047 3,209 7.5 1,271,850 8.2770 2.7015
2000 9,977.63 1,205.26 3,684.99 8.4 7,902 955 2,918 7.5 1,262,645 8.2784 2.7076
1999 9,018.77 1,089.45 3,322.85 7.6 7,199 870 2,652 6.7 1,252,735 8.2783 2.7142
1998 8,488.37 1,025.28 3,041.04 7.8 6,835 826 2,449 6.8 1,241,935 8.2791 2.7913
1997 7,942.95 958.16 2,789.86 9.2 6,457 779 2,268 8.1 1,230,075 8.2898 2.8471
1996 7,157.23 860.84 2,511.81 9.9 5,878 707 2,063 8.8 1,217,550 8.3142 2.8494
1995 6,112.98 732.01 2,244.57 11.0 5,074 608 1,863 9.8 1,204,855 8.3510 2.7235
1994 4,845.96 562.26 1,980.83 13.1 4,066 472 1,662 11.8 1,191,835 8.6187 2.4464
1993 3,552.43 616.53 1,715.19 13.9 3,015 523 1,455 12.6 1,178,440 5.7620 2.0712
1992 2,706.83 490.85 1,470.88 14.3 2,324 421 1,263 12.9 1,164,970 5.5146 1.8403
1991 2,189.55 411.31 1,258.18 9.3 1,903 357 1,093 7.8 1,150,780 5.3233 1.7403
1990 1,877.43 392.51 1,115.28 3.9 1,654 346 982 2.4 1,135,185 4.7832 1.6834
1989 1,709.03 453.91 1,035.74 4.2 1,528 406 926 2.6 1,118,650 3.7651 1.6501
1988 1,510.11 405.71 958.04 11.3 1,371 368 870 9.5 1,101,630 3.7221 1.5762
1987 1,210.22 325.14 831.81 11.7 1,116 300 767 9.9 1,084,035 3.7221 1.4549
1986 1,030.88 298.56 726.90 8.9 966 280 681 7.3 1,066,790 3.4528 1.4182
1985 903.99 307.84 654.63 13.5 860 293 623 12.0 1,051,040 2.9366 1.3809
1984 722.63 310.54 559.05 15.2 697 300 539 13.7 1,036,825 2.3270 1.2926
1983 597.56 302.45 468.75 10.8 584 296 458 9.2 1,023,310 1.9757 1.2748
1982 533.30 281.80 406.80 9.0 529 279 403 7.4 1,008,630 1.8925 1.3110
1981 489.81 287.36 351.22 5.1 493 289 353 3.8 993,885 1.7045 1.3946
1980 455.16 303.76 305.23 7.9 464 310 311 6.6 981,235 1.4984 1.4912
1979 406.77 261.59 7.6 420 270 6.2 969,005 1.5550
1978 365.02 216.81 11.6 382 227 10.2 956,165 1.6836

Quarterly GDP[edit]

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–present
(Revison based on the 3rd Economic Census 2013,[4] in millions of CNY) [9]
year quarter 1 quarter 2 quarter 3 quarter 4 sum
GDP growth (%)
at current price
GDP growth (%)
at current price
GDP growth (%)
at current price
GDP growth (%)
at current price
GDP growth (%)
at current price
real growth
(%)
p2015 14,796,180 6.6 16,621,640 7.1 17,359,500 6.2 18,937,200 67,670,800 6.4 6.9
r2014 13,873,800 8.3 15,520,100 8.5 16,346,700 8.5 17,873,280 7.6 63,591,000 8.1 7.3
2013 12,808,350 10.3 14,303,180 9.4 15,071,980 10.2 16,618,360 10.4 58,801,870 10.1 7.7
2012 11,614,790 12.3 13,076,580 10.4 13,672,290 9.1 15,048,640 9.9 53,412,300 10.3 7.7
2011 10,345,690 19.3 11,846,500 19.6 12,527,930 19.4 13,692,230 15.8 48,412,350 18.4 9.5
2010 8,668,430 18.3 9,905,980 18.5 10,495,060 18.0 11,820,820 18.4 40,890,290 18.3 10.6
2009 7,328,360 6.6 8,361,420 6.5 8,892,350 8.9 9,980,800 13.7 34,562,930 9.1 9.2
2008 6,877,840 21.3 7,853,760 21.5 8,161,950 18.7 8,781,630 12.7 31,675,180 18.2 9.6
2007 5,668,660 21.4 6,464,890 23.0 6,878,950 24.0 7,789,430 23.7 26,801,930 23.1 14.2
2006 4,667,830 16.3 5,256,040 17.5 5,546,780 16.7 6,295,010 17.7 21,765,660 17.1 12.7
2005 4,013,090 17.0 4,474,820 15.6 4,755,020 14.8 5,346,650 15.5 18,589,580 15.7 11.3
2004 3,429,060 15.7 3,871,310 18.9 4,143,580 18.5 4,627,490 17.4 16,071,440 17.7 10.1
2003 2,963,110 13.4 3,256,300 11.3 3,496,840 12.9 3,940,220 13.7 13,656,470 12.9 10.0
2002 2,613,290 9.1 2,924,560 9.1 3,097,140 10.3 3,465,210 10.2 12,100,200 9.7 9.1
2001 2,395,030 12.9 2,679,580 11.1 2,808,620 10.2 3,143,810 8.6 11,027,040 10.5 8.3
2000 2,121,550 10.1 2,412,880 11.3 2,549,190 11.5 2,894,010 9.8 9,977,630 10.6 8.4
1999 1,927,450 7.2 2,168,370 6.1 2,286,510 5.8 2,636,440 6.0 9,018,770 6.2 7.6
1998 1,797,670 8.1 2,042,790 5.9 2,160,670 6.2 2,487,230 7.3 8,488,360 6.9 7.8
1997 1,662,260 14.1 1,929,840 11.6 2,033,860 10.2 2,316,980 9.0 7,942,940 11.0 9.2
1996 1,457,260 20.8 1,728,620 17.4 1,845,790 15.1 2,125,560 16.1 7,157,230 17.1 9.9
1995 1,206,590 29.2 1,472,780 27.3 1,603,530 25.6 1,830,070 23.7 6,112,970 26.1 11.0
1994 933,780 37.3 1,156,690 37.4 1,276,450 37.2 1,479,040 34.5 4,845,960 36.4 13.1
1993 680,310 30.0 841,620 28.8 930,530 30.6 1,099,970 34.6 3,552,430 31.2 13.9
1992 523,480 653,680 712,250 817,430 2,706,840 14.3

Comparative data of three International organizations[edit]

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[edit]

  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[edit]

References[edit]

  1. ^ China Economic History
  2. ^ a b c IMF: April 2014 WEO Database
  3. ^ a b the annual data of China'GDP: published on China NBS: National data - annual - national accounts - Cross Domestic Product
  4. ^ a b Searched the web China NBS about the third National Economic Census.
  5. ^ Purchasing power parity (PPP) for Chinese yuan is estimate according to IMF WEO (October 06, 2015) data; Exchange rate of CN¥ to US$ is according to State Administration of Foreign Exchange, pubulished on China Statistical Yearbook.
  6. ^ Annual Data - 2013
  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 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[edit]

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