ExplainerChina 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
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.
China’s economy grew by 18.3 per cent in the first quarter of 2021 versus year ago.
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What is gross domestic product (GDP)?
How has China’s GDP changed over time?
China’s economy has grown rapidly since former leader Deng Xiaoping introduced a policy of reform and opening up in the late 1970s.
Beijing’s embrace of the market unleashed an economic boom that saw GDP grow at nearly 10 per cent annually from 1989 to 2019, climbing as high as 15.4 per cent in the first quarter of 1993.