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Visualizing China’s $18 Trillion Economy in One Chart

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Visualizing China's Economy By Sector in 2021

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Visualizing China’s $18 Trillion Economy in 2021

China is the world’s second largest economy after the U.S., and it is expected to eventually climb into the number one position in the coming decades.

While China’s economy has had a much rockier start this year due to zero-tolerance COVID-19 lockdowns and supply chain issues, our visualization covers a full year of data for 2021⁠—a year in which most economies recovered after the initial chaos of the pandemic.

In 2021, China’s Gross Domestic Product (GDP) reached ¥114 trillion ($18 trillion in USD), according to the National Bureau of Statistics. The country’s economy outperformed government targets of 6% growth, with the overall economy growing by 8.1%.

Let’s take a look at what powers China’s modern economy.

Breaking Down China’s Economy By Sector

Sector2021 Total GDP
(Yuan)
2021 Total GDP
(USD)
% Share
Industry¥37.3T$5.9T32.6%
Wholesale and Retail Trades¥10.5T$1.7T9.2%
Finance¥9.1T$1.4T8.0%
Farming, Forestry, Animal Husbandry, and Fishery¥8.7T$1.4T7.6%
Construction¥8.0T$1.3T7.0%
Real Estate¥7.8T$1.2T6.9%
Transport, Storage, and Post¥4.7T$0.7T4.1%
Information Transmission, Software and IT Services¥4.4T$0.7T3.9%
Renting & Leasing Activities and Business Services¥3.5T$0.6T3.1%
Accommodation and Restaurants¥1.8T$0.3T1.6%
Others¥18.1T$2.8T15.9%
Total¥114T¥18T100.0%

Industrial production—activity in the manufacturing, mining, and utilities sectors—is by far the leading driver of China’s economy. In 2021, the sector generated ¥37.3 trillion, or one-third of the country’s total economic activity.

Despite a slowdown in December, wholesale and retail trades also performed strongly in 2021. As the main gauge of consumption, it was affected by lockdown measures and the spread of the COVID-19 Omicron variant towards the end of the year, but still rose by double digits, reaching a total of ¥10.5 trillion*.

“Other services”, which includes everything from scientific research and development to education and social services, generated 16% of China’s total economy in 2021, or ¥18.1 trillion.

*Editor’s note: At time of publishing, China’s government seems to have since adjusted this number to ¥11.0 trillion, which is not consistent with the original data set provided, but worth noting.

Where is China’s GDP Headed?

China’s economy recovered noticeably faster than most major economies last year, and as the overall trend below shows, the country has grown consistently in the years prior.

Visualizing China's GDP Growth

Before the pandemic hit, China’s quarterly GDP growth had been quite stable at just above 5%.

After the initial onset of COVID-19, the country’s economy faltered, mirroring economies around the globe. But after a strong recovery into 2021, resurging cases caused a new series of crackdowns on the private sector, slowing down GDP growth considerably.

With the slowdown continuing into early 2022, China’s economic horizon still looks uncertain. The lockdown in Shanghai is expected to continue all the way to June 1st, and over recent months there have been hundreds of ships stuck outside of Shanghai’s port as a part of ongoing supply chain challenges.

China’s Zero-COVID Policy: Good or Bad for the Economy?

While every country reacted to the COVID-19 pandemic differently, China adopted a zero-COVID policy of strict lockdowns to control cases and outbreaks.

For most of 2021, the policy didn’t deter GDP growth. Despite some major cities fully or partially locked down to control regional outbreaks, the country’s economy still paced well ahead of many other major economies.

But the policy faced a challenge with the emergence of the Omicron variant. Despite lockdowns and an 88% vaccination rate nationally, seven out of China’s 31 provinces and all of the biggest cities have reported Omicron cases.

And China’s zero-COVID policy has not affected all sectors equally. Industrial production rose by more than 10% in the first 11 months of 2021, despite city lockdowns around the country. That’s because many factories in China are in suburban industrial parks outside the cities, and employees often live nearby.

But many sectors like hotels and restaurants have been more severely affected by city lockdowns. Many global economies are starting to transition to living with COVID, with China remaining as one of the last countries to follow a zero-COVID policy. Does that ensure the country’s economy will continue to slow in 2022, or will China manage to recover and maintain one of the world’s fastest growing economies?

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Economy

Confidence in the Global Economy, by Country

Will the global economy be stronger in 2024 than in 2023?

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chart of confidence in the economy by country

Confidence in the Global Economy, by Country

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Measuring consumer confidence in the economy is crucial for understanding both current economic strength, as well as how consumers may be expected to act in the future.

So how do people around the world feel about the global economy?

This visualization uses survey data collected from October 20 to November 3, 2023 by Ipsos. It was first highlighted as part of our 2024 Global Forecast Series.

Which Countries Feel Confident About the Economy in 2024?

Heading into 2024, an average of 50% of polled adults felt confident that the global economy would be stronger than in 2023. But breaking down responses by country shows a vast disparity between responses.

Here are the percentage of respondents who agreed with the following statement: “The global economy will be stronger in 2024 than it was in 2023.” We also note the change in percentage points (p.p.) compared with the same question a year prior.

CountryAgreeChange (Year-over-year)
🇮🇳 India85%+12 p.p.
🇮🇩 Indonesia82%+14 p.p.
🇨🇳 China82%+4 p.p.
🇵🇭 Philippines74%N/A
🇹🇭 Thailand68%+4 p.p.
🇲🇾 Malaysia62%+8 p.p.
🇲🇽 Mexico62%+6 p.p.
🇧🇷 Brazil60%-13 p.p.
🇸🇬 Singapore59%+4 p.p.
🇵🇱 Poland56%+20 p.p.
🇳🇿 New Zealand56%N/A
🇨🇴 Colombia54%+5 p.p.
🇨🇱 Chile51%+8 p.p.
🇵🇪 Peru51%-3 p.p.
🇦🇷 Argentina51%+3 p.p.
🇿🇦 South Africa49%+2 p.p.
🇦🇺 Australia48%+7 p.p.
🇭🇺 Hungary46%+15 p.p.
🇷🇴 Romania45%+8 p.p.
🇺🇸 United States45%+3 p.p.
🇪🇸 Spain44%+8 p.p.
🇳🇱 Netherlands44%+12 p.p.
🇹🇷 Türkiye43%0 p.p.
🇬🇧 Great Britain43%+11 p.p.
🇨🇭 Switzerland43%+8 p.p.
🇮🇹 Italy40%+8 p.p.
🇩🇪 Germany40%+3 p.p.
🇨🇦 Canada39%+2 p.p.
🇸🇪 Sweden34%+1 p.p.
🇫🇷 France33%+4 p.p.
🇰🇷 South Korea33%-5 p.p.
🇵🇹 Portugal33%N/A
🇯🇵 Japan30%0 p.p.
🌍 Global average50%+4 p.p.

At the top, India, Indonesia, and China stood as being the most confident about 2024’s economic prospects. 85% of Indian respondents agreed that the global economy will be stronger in 2024 than in 2023, while 82% of Chinese and Indonesian respondents felt the same.

Regional disparities also become evident, with Asian countries making up the top five most confident countries and seven out of the top nine. In fact, South Korea and Japan were the only Asian countries surveyed that were not feeling confident, with Japanese respondents being the least confident (30%) and South Koreans tied for the second-least confident (33%).

Countries in South America ranged from Brazil having a high of 60% of respondents agree with 2024 being stronger than 2023 to Chile having a “low” of 51%. North American countries were more split, with Mexico feeling more confident and Canada feeling less confident.

Lastly, Europe stood out as being the least confident in the global economy in 2024. Only Poland (56%) had more than 50% agree that this year would be better than the last, while major economies like Germany (40%) and France (33%) sat closer to the bottom of the table.

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