On December 26, 2024, China's National Bureau of Statistics released the results of the fifth national economic census, offering a comprehensive view of the country's economic health. The data highlights key trends in industrial growth, technological progress, and employment, providing valuable insights for businesses globally.

• China's Economic Scale and Global Impact

  This robust GDP figure positions China as a major driver of global economic activity. For international companies, this means continued opportunities in a market that remains critical for global trade, investment, and collaboration. The sheer scale of the economy ensures China will remain a key player in supply chains, offering vast potential for business partnerships.

  
  

• 2023 GDP: 130 trillion yuan (~$18.08 trillion USD), contributing about 30% to global economic growth.

  
  

• Growth in Secondary and Tertiary Industries

  This surge reflects a dynamic and diversified economy. For foreign businesses, it means a larger, more varied pool of partners, suppliers, and consumers. Whether looking for manufacturing partners or service providers, these expanding sectors offer new opportunities for engagement and investment.

  
  

• Number of entities: 33.27 million legal units in secondary and tertiary industries (up 52.7% since 2018).

  
  

• Employment: 428.98 million people in these sectors (up 11.9% since 2018).

  
  

• Booming Digital Economy

  The digital economy is rapidly becoming a cornerstone of China's growth. This creates numerous prospects for international companies in fields like e-commerce, fintech, and AI. China's growing digital infrastructure is transforming industries globally, and businesses can capitalize on its potential to innovate and expand.

  
  

• Core digital economy: 2.92 million enterprises, 36.16 million employees, generating 48.45 trillion yuan in revenue.

  
  

• Technological Innovation and Industrial Upgrading

  China is increasingly a hub for advanced technologies, offering global firms the chance to partner in R&D and manufacturing. The rapid rise in high-tech industries signals a growing demand for cutting-edge solutions, making it an ideal environment for companies focused on innovation.

  
  

• High-tech manufacturing: A 2 percentage point increase in the share of large firms engaged in high-tech industries.

  
  

• R&D growth: Investment up 61.9% since 2018.

  
  

• Shifts in Economic Structure

  The growing importance of services, particularly finance, healthcare, and tech, reflects a maturing economy. For international businesses, this is a signal that the demand for services will continue to increase, opening doors to sectors such as financial services, consulting, and IT solutions.

  
  

• Tertiary industry contribution: 56.3% of GDP in 2023, up over 2 percentage points from 2018.