China GDP Growth Rate

Last Release

Mar 31, 2024

Actual

1.6

Units In

Frequency

Quarterly

Next Release

Jul 15, 2024

Time to Release

2 Months 27 Days 15 Hours

Highest	Lowest	Average	Date Range	Source
11.6 Jun 2020	-10.5 Mar 2020	1.6 %	2010-2024	National Bureau of Statistics of China

In China, the growth rate in GDP measures the change in the seasonally adjusted value of the goods and services produced by the Chinese economy during the quarter. As China’s traditional growth engines of manufacturing and construction are slowing down, services have emerged as the new driver. In the last few quarters strength in services and consumption helped to offset weaker manufacturing and exports. .

Latest Updates

The Chinese economy grew by a seasonally adjusted 1.6% in Q1 of 2024, quickening from an upwardly revised 1.2% increase in the previous quarter. It was the seventh consecutive period of quarterly expansion and the strongest advance since Q1 of 2023, mainly reflecting the Spring festival effects. Additionally, the country's statistics agency noted that the industry had performed better than expectations, as highlighted by recent data on official PMIs. It added that recovery in the economy will continue as Beijing intends to strengthen the implementation of macro policies and pursue high-quality development. On the monetary front, the People's Bank of China (PBoC) has pledged to ramp up policy support this year, with many analysts forecasting further cuts in banks' RRR and interest rates. The central bank also might include the buying and selling of treasury bonds in its policy tool reserve in the future.