|
Year
|
GDP
Index in real terms
|
GDP
Rmb billion at current
prices |
GDP
per head Rmb
|
Real annual
growth rate (%) |
|
1952
|
100.0
|
67.9 |
119 |
|
|
1953
|
115.6
|
82.4 |
142 |
15.6 |
|
1954
|
120.5
|
85.9 |
144 |
4.2 |
|
1955
|
128.6
|
91.0 |
150 |
6.8 |
|
1956
|
147.9
|
102.8 |
165 |
15.0 |
|
1957
|
155.5
|
106.8 |
168 |
5.1 |
|
1958
|
188.6
|
130.7 |
200 |
21.3 |
|
1959
|
205.2
|
143.9 |
216 |
8.8 |
|
1960
|
204.6
|
145.7 |
218 |
-0.3 |
|
1961
|
148.7
|
122.0 |
185 |
-27.3 |
|
1962
|
140.4
|
114.9 |
173 |
-5.6 |
|
1963
|
154.7
|
123.3 |
181 |
10.2 |
|
1964
|
183.0
|
145.4 |
208 |
18.3 |
|
1965
|
214.2
|
171.6 |
240 |
17.0 |
|
1966
|
237.1
|
186.8 |
254 |
10.7 |
|
1967
|
223.6
|
177.4 |
235 |
-5.7 |
|
1968
|
214.4
|
172.3 |
222 |
-4.1 |
|
1969
|
250.6
|
193.8 |
243 |
16.9 |
|
1970
|
299.3
|
225.3 |
275 |
19.4 |
|
1971
|
320.2
|
242.6 |
288 |
7.0 |
|
1972
|
332.4
|
251.8 |
292 |
3.8 |
|
1973
|
358.6
|
272.1 |
309 |
7.9 |
|
1974
|
366.9
|
279.0 |
310 |
2.3 |
|
1975
|
398.8
|
299.7 |
327 |
8.7 |
|
1976
|
392.4
|
294.4 |
316 |
-1.6 |
|
1977
|
422.2
|
320.2 |
339 |
7.6 |
|
1978
|
471.6
|
362.4
|
379
|
11.7 |
|
1979
|
507.5
|
403.8
|
417
|
7.6 |
|
1980
|
547.1
|
451.8
|
460
|
7.8 |
|
1981
|
575.5
|
486.2
|
489
|
5.2 |
|
1982
|
629.0
|
529.5
|
525
|
9.1 |
|
1983
|
698.9
|
593.5
|
580
|
10.9 |
|
1984
|
805.8
|
717.1
|
692
|
15.2 |
|
1985
|
912.1
|
896.4
|
853
|
13.5 |
|
1986
|
989.7
|
1,020.2
|
956
|
8.8 |
|
1987
|
1,103.5
|
1,196.3
|
1,104
|
11.6 |
|
1988
|
1,228.2
|
1,492.8
|
1,355
|
11.3 |
|
1989
|
1,279.8
|
1,690.9
|
1,512
|
4.1 |
|
1990
|
1,333.5
|
1,854.8
|
1,634
|
3.8 |
|
1991
|
1,454.9
|
2,161.8
|
1,879
|
9.2 |
|
1992
|
1,660.0
|
2663.8
|
2,287
|
14.2 |
|
1993
|
1,877.5
|
3,463.4
|
2,939
|
13.5 |
|
1994
|
2,114.0
|
4,675.9
|
3,923
|
12.6 |
|
1995
|
2,304.3
|
5,847.8
|
4,854
|
10.5 |
|
1996
|
2,530.1
|
6,788.5
|
5,576
|
9.6 |
|
1997
|
2,745.2
|
7,446.3
|
6,054
|
8.8 |
|
1998
|
2,959.3
|
7,834.5
|
6,038
|
7.8 |
|
1999
|
3,169.4
|
8,206.8
|
7,159 |
7.1 |
|
2000
|
3,422.9
|
8,946.8
|
7,858
|
8.0 |
|
2001
|
|
10,965.5 |
8,622 |
8.3 |
|
2002
|
|
12,033.3 |
9,398 |
9.1 |
|
2003
|
|
13,582.3 |
10,542 |
10.0 |
|
2004 |
|
15,987.8 |
12,336 |
10.1 |
|
2005 |
|
18,386.8 |
14,040 |
9.9 |
|
2006 |
|
21,087.1
|
16,084
|
11.1 |
|
2007 |
|
24,661.9
|
|
11.4 |
| How
GDP rose and fell
1953 Hyperinflation conquered; civil war and land reform ended: GDP up
15.6% in real terms.
1958-59 So-called "Great Leap Forward" devastated agriculture:
result was falling GDP in 1960-62. (Figures for 1958-59 highly suspect,
as the statistical network was largely destroyed in the
"Leap", when absurdly high increases in output were reported
by frightened local officials.)
1963-66 Partial restoration of market economy in the countryside
promoted faster growth of agriculture.
1967-68 Production undermined by the so-called "Great Proletarian
Cultural Revolution", that was initiated by Mao in mid-1966 and
effectively ended by People's Liberation Army intervention in 1968.
1969-70 High growth rates followed the restoration of order after the
"cultural revolution".
1976 Widespread earthquakes, including the worst ever at Tangshan, hit
industrial centres, while agricultural output was hit by drought; policy
paralysis resulted from the anti-Deng campaign, followed by Mao's death
and the arrest of the Gang of Four. GDP fell.
1978-1982 Smashing the communes and restoring family farming jacked up
agricultural (especially grain) output.
1983-85 Double-digit real GDP growth accompanied the first wave of
foreign investment into China, and non-state enterprises started to
develop.
1989-91 Growth slowed after the government braked the overheating
economy following an aborted effort at wholesale price reform in 1988
which resulted in panic buying and runaway
inflation. Price stability was achieved by cancelling large fixed
investment projects, slowing domestic demand. Foreign investment fell
off after the Beijing Massacre of June 1989.
1992 Deng Xiaoping's Southern Tour at the beginning of the year
massively boosted foreign
direct investment inflows into coastal areas and started a wave of
government investment in Shanghai. Record trade
and GDP growth and inflation followed.
1993 Zhu Rongji appointed to rein in the overheating economy, this time
more selectively than in 1989-91. Growth rates subsided gradually in
subsequent years, producing a so-called "soft landing". During
the 1990s, living standards continued to rise, as evidenced by the
proliferation of consumer
durables, especially among the urban population. Continuing FDI
inflows helped boost foreign
exchange reserves to record heights in the late 1990s.
Especially after the publication of the 1998 GDP figures, economists,
both in China and abroad, have raised serious doubts about the quality
of China's national accounts, which appeared in the late 1990s to overstate economic
growth and are now suspected of understating growth. This may be because
the statistical system tends to overestimate output at the trough of the
cycle and underestimate output at the peak.
However, the country's first production
census discovered at the end of 2005 that GDP has recently been grossly
underestimated as a result of a failure to take into account the rapid
growth of the services sector. As a result, growth rates for 2003-2005 are
now recorded at around 10% per year in real terms.
Despite efforts to cool the overheating
economy, the officially recorded GDP growth rate was 11.4% in 2007. |
