Economic Development of China

Since the beginning of reform and opening up, China has seen sustained and rapid economic growth. From 2013 to 2018, China sustained an average annual growth rate of 7.0%, significantly higher than the global average growth rate of 2.9% in the corresponding period. Additionally, over that same period, China contributed an average of 28.1% to global economic growth yearly, ranking first in the world. 

According to the S t a t i s t i c a l Communiqué of the People's Republic of China on 2019 National Economic and Social Development, the gross domestic product (GDP) in 2019 was RMB 99,086.5 billion (USD 14.4 trillion converted with yearly average exchange rate), a year-on-year growth of 6.1%. National per capita disposable income was RMB 30,733, a year-on-year growth of 8.9%, or 5.8% in real terms (after adjustment for inflation).