Last update – October 2022
China
No return to normal yet
Country rating

LOW RISK FOR ENTERPRISE
Economic risk
Business environment risk
Political risk
Commercial risk
Financing risk
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GDP | USD 17734bn (World ranking 2, World Bank 2021) |
Population | 1412mn (World ranking 1, World Bank 2021) |
Form of state |
One-party state |
Head of government |
Xi Jinping (General Secretary of the Communist Party) |
Next elections |
None |
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, 2021)
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Exports | Rank | Imports | ||
United States 17.2% |
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1 |
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9.3% Taiwan |
Hong Kong 10.4% |
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2 |
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8.0% South Korea |
Japan 4.9% |
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3 |
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7.7% Japan |
Korea, Republic of 4.4% |
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4 |
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6.7% United States |
Vietnam 4.1% |
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5 |
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6.1% Australia |
Trade structure by product
(% of total, 2021)
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Exports | Rank | Imports |
Electrical machinery, apparatus and appliances, n.e.s. 15.6% | 1 | 21.7% Electrical machinery, apparatus and appliances, n.e.s. |
Office machines and automatic data processing machines 9.9% | 2 | 11.0% Petroleum, petroleum products and related materials |
Telecommunication and sound recording apparatus 8.6% | 3 | 10.9% Metalliferous ores and metal scrap |
Miscellaneous manufactured articles, n.e.s. 7.5% | 4 | 5.1% Office machines and automatic data processing machines |
Articles of apparel & clothing accessories 5.2% | 5 | 3.2% Non-ferrous metals |
Contact
Francoise Huang
Allianz Trade
Allianz Trade