China
Growth headwinds and complex geopolitics
Last update – January 2024
Country rating
LOW RISK FOR ENTERPRISE
Economic risk
Business environment risk
Political risk
Commercial risk
Financing risk
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GDP | USD17963.2bn (World ranking 2, World Bank 2022) |
Population | 1,412mn (World ranking 2, World Bank 2022) |
Form of state |
One-party state |
Head of government |
Xi Jinping (General Secretary of the Communist Party) |
Next elections |
2027, legistlative |
Strengths & weaknesses
- Large domestic market
- Improvement in macro-prudential management
- External position and fiscal position (to lesser extent) are relatively solid
- Key position in global value chains
- New growth opportunities as the country moves up the global value chain, and the services sector develops
- High corporate debt, rising household debt
- Strong involvement of the public sector in the economy, with occasional policy-driven disruptions
- Continued geopolitical tensions with key countries in the region and the US
- Competitiveness erosion for traditional (lower value-added) manufacturing sectors
- Aging population
Economic overview
Trade structure by destination/origin
(% of total, 2022)
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Exports | Rank | Imports | ||
United States 16.2% | 1 |
8.8% Taiwan |
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Hong Kong 8.3% | 2 |
7.4% South Korea |
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Japan 4.8% | 3 |
6.8% Japan |
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Korea, Republic of 4.5% | 4 |
6.6% United States |
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Vietnam 4.1% | 5 |
5.2% Australia |
Trade structure by product
(% of total, 2022)
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Exports | Rank | Imports |
Telecommunication and sound recording apparatus 12.5% | 1 | 16.8% Telecommunication and sound recording apparatus |
Electrical machinery, apparatus and appliances, n.e.s. 11.5% | 2 | 14.8% Petroleum, petroleum products and related materials |
Office machines and automatic data processing machines 7.8% | 3 | 9.2% Metalliferous ores and metal scrap |
Articles of apparel & clothing accessories 5.1% | 4 | 4.9% Electrical machinery, apparatus and appliances, n.e.s. |
Other industrial machinery and parts 4.9% | 5 | 3.6% Professional and scientific instruments, n.e.s. |
Contact
Contact Allianz Trade
Economic Research Team
Economic Research Team
Francoise Huang
Allianz Trade
Allianz Trade