Advertisement
Explainer | China GDP: what is it and why is it important?
- China’s gross domestic product (GDP) is the value of all goods and services produced within the country over a certain time period
- Beijing’s embrace of market forces in the late 1970s unleashed an economic boom that saw GDP grow at nearly 10 per cent annually from 1989 to 2019
Reading Time:3 minutes
Why you can trust SCMP
What is China’s GDP and why is it important?
China’s gross domestic product (GDP) is the value of all goods and services produced within the country over a certain time period. Only final goods and services sold for money are included.
Usually calculated on a quarterly basis, it provides a snapshot of an economy’s health, capturing the size of output and its growth. This in turn can guide policymakers, investors and businesses.
In China, contributions to GDP come from three main sectors: agriculture, industry and services.
Advertisement
China’s agriculture sector accounted for 7 per cent of GDP in 2019, industry made up 39 per cent and services 54 per cent, according to the World Bank.
China’s economy grew by 18.3 per cent in the first quarter of 2021 versus year ago.
01:38
What is gross domestic product (GDP)?
What is gross domestic product (GDP)?
How has China’s GDP changed over time?
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x