China Snapshot - PESTLE, SWOT, Risk and Macroeconomic Analysis report is designed to provide in-depth information about China including it’s PESTLE (political, economic, social, technological, legal and environmental), SWOT (Strengths, Weaknesses, Opportunities and Threats) and country risk analysis backed by macroeconomic data.
China, officially the People's Republic of China (PRC), is a sovereign state located in East Asia. The PRC is a single-party state governed by the Communist Party, with its seat of government in the capital city of Beijing. It exercises jurisdiction over twenty-two provinces, five autonomous regions, four direct-controlled municipalities, such as Beijing, Tianjin, Shanghai, and Chongqing, and two mostly self-governing special administrative regions, such as Hong Kong and Macao.
China is estimated to have population of 1411.96 million in the year 2023 and expected to reach 1404.3 million by 2027, decreasing at a CAGR of 0.14%.
China’s real gross domestic product (GDP) was CNY 91,457.91 billion in 2020 and while recovering from the COVID-19 impact it increased by 7.48% to be around CNY 98,847.3 billion in 2021. It is further expected to increase by 4.33% and reach CNY 1,27,498.12 billion by 2027.
China’s unemployment rate was 4.24% of total labor force in 2020. Despite slowdown in global economic activity due to COVID-19 pandemic, the unemployment in China decreased by 7.07% and reached 3.96% in 2021. Unemployment is further estimated to decrease by a CAGR of 1.58% and reach 3.6% of total labor force in China by 2027.
China’s per capita GDP was estimated at USD 12,970.33 whereas purchasing power parity (PPP) based per capita GDP was estimated to be at USD 21,290.89 for the year 2022.
In 2022, China government’s revenue was CNY 30,624.02 billion whereas the expenditure was CNY 41,591.26 billion. This resulted in China government’s net lending / borrowing negative at CNY 10967.24 billion in 2022 indicating that not enough financial resources were made available by the China government to boost economic growth.
The current account balance for China was estimated to be positive at USD 329.585 billion for the year 2022 and is expected to further decrease at a CAGR of 14.62% and reach positive USD 149.562 billion by 2027. This positive current account balance indicates that China will remain a net lender to rest of the world till 2027.
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