China GDP Growth Rate

Last Release

Sep 30, 2024

Actual

0.9

Units In

0.7

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
11.6 Jun 2020	-10.5 Mar 2020	1.57 %	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 0.9% in Q3 of 2024, after a 0.7% increase in Q2. It was the ninth straight period of quarterly rise, supported by recent government initiatives aimed at stimulating consumption, mitigating deflation risks, and reversing the downturn in the real estate sector. On the monetary front, the People's Bank of China in September launched the biggest stimulus package for the economy since the pandemic, including significant cuts to interest and mortgage rates. The plans also included help for the struggling stock market and measures to encourage banks to lend more to individuals and businesses. Meanwhile, the National Bureau of Statistics said in a statement that the economy was “generally stable with steady progress” even in the face of a “complicated and severe external environment” and uncertainty in domestic economic development. It warned again that the foundation for an economic turnaround still needed to be consolidated.