Quarterly gross domestic product (GDP) growth rate in China Q4 2017-Q4 2019

In the fourth quarter of 2019, the growth of the real gross domestic product (GDP) in China ranged at six percent compared to the same quarter of the previous year. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth.

GDP growth in China

In 2019, China ranged second among countries with the largest gross domestic product worldwide. Since the introduction of economic reforms in 1978, the country has experienced rapid social and economic development. In 2013, it became the world’s largest trading nation, overtaking the United States. However, per capita GDP in China was still much lower than that of industrialized countries. Until 2011, the annual growth rate of China’s GDP had constantly been above nine percent. According to projections of the IMF, the annual GDP growth will slow down further until 2020. Rising domestic wages and the competitive edge of other Asian and African countries are seen as main reasons for the stuttering in China’s economic engine. One strategy of the Chinese government to overcome this transition is a gradual shift of economic focus from industrial production to services.

Challenges to GDP growth

Another major challenge lies in the massive environmental pollution that China’s reckless economic growth has caused over the past decades. China’s development has been powered mostly by coal consumption, which resulted in high air pollution. To counteract industrial pollution, further investments in waste management and clean technologies are necessary. In 2017, about 1.15 percent of GDP was spent on pollution control. Surging environmental costs aside, environmental issues could also be a key to industrial transition as China placed major investments in renewable energy and clean tech projects. The consumption of green energy skyrocketed from 1.1 million metric tons of oil equivalent in 2005 to 143.5 million in 2018.

China: quarterly gross domestic product (GDP) growth rate from 4th quarter 2017 to 4th quarter 2019

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Source

Release date

January 2020

Region

China

Survey time period

Q4 2017 to Q4 2019

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Statistics on "Key economic indicators of China"

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