In 2023, the industrial sector generated around 31.7 percent of China's GDP. It was by far the largest contributor, followed by the wholesale and retail industry that was responsible for 9.8 percent and the financial sector that produced 8.0 percent of the country's economic output. Since China is the second-largest economy in the world, the industrial sector’s output alone exceeded the entire economy of Germany.
China’s export and investment-driven economy
China economic development of the early 2000s was mainly driven by investments and exports. A country's gross domestic product (GDP) consists of three parts: Consumption, investments, and net exports. Typically, emerging economies rely mainly on investments and exports for growing their economy and China was no exception. By the end of the 2010s, investments fueled more than 40 percent of China's GDP and exports were responsible for almost another 20 percent. In comparison to that, in most developed economies, investments make up only 20 percent of the economic output. Instead, the main economic driver is consumption. The economic structure in China created a huge industrial sector. For instance, China was the biggest steel exporter, the leading merchandise exporter, and exported more than a third of global household goods.
Great push towards transformation
In early 2018, the Chinese government proclaimed that the country's economy had reached a new development stage where consumption and services replaced investment and manufacturing as the main driver of economic growth. The fear of the middle-income trap and changing demographics were the main reasons for Beijing's emphasis on economic transformation. Although incomes in China had not stagnated, policymakers attempted to preempt “getting stuck” by steering the economy towards high-quality growth and consumption-focus. Furthermore, a society that was older and had a higher share of middle-class population had different requirements to the economy. In the case of a successful transformation, China's economy would become more similar to those of developed nations. For instance, the financial sector was the largest contributor to the United States economy. In the case of Germany, the service sector generates the largest share of gross domestic product.
Distribution of the gross domestic product (GDP) in China in 2023, by industry
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
National Bureau of Statistics of China. (January 18, 2024). Distribution of the gross domestic product (GDP) in China in 2023, by industry [Graph]. In Statista. Retrieved December 09, 2024, from https://www.statista.com/statistics/1124008/china-composition-of-gdp-by-industry/
National Bureau of Statistics of China. "Distribution of the gross domestic product (GDP) in China in 2023, by industry." Chart. January 18, 2024. Statista. Accessed December 09, 2024. https://www.statista.com/statistics/1124008/china-composition-of-gdp-by-industry/
National Bureau of Statistics of China. (2024). Distribution of the gross domestic product (GDP) in China in 2023, by industry. Statista. Statista Inc.. Accessed: December 09, 2024. https://www.statista.com/statistics/1124008/china-composition-of-gdp-by-industry/
National Bureau of Statistics of China. "Distribution of The Gross Domestic Product (Gdp) in China in 2023, by Industry." Statista, Statista Inc., 18 Jan 2024, https://www.statista.com/statistics/1124008/china-composition-of-gdp-by-industry/
National Bureau of Statistics of China, Distribution of the gross domestic product (GDP) in China in 2023, by industry Statista, https://www.statista.com/statistics/1124008/china-composition-of-gdp-by-industry/ (last visited December 09, 2024)
Distribution of the gross domestic product (GDP) in China in 2023, by industry [Graph], National Bureau of Statistics of China, January 18, 2024. [Online]. Available: https://www.statista.com/statistics/1124008/china-composition-of-gdp-by-industry/