Economic in China already upper income developing mixed socialist market economy that incorporates industrial policies. China’s consumer economy showed signs of resurgence, with retail sales rising 10.6% in March, representing the biggest jump in almost two years and more than double the forecast rate. During the same month, industrial production also rose 3.9% compared with a year earlier, a five-month high.
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- Population:
- 1.4 billion
- GDP (PPP):
- $27.2 trillion
- 6.0% 5-year compound annual growth
- $19,260 per capita
- Unemployment:
- 5.2%
- Inflation (CPI):
- 0.9%
- Public Debt:
- 71.5%
Rule of Law
China’s overall respect for the law is low. The nation scores below average globally in all three categories: judicial effectiveness, government honesty, and property rights.
- Property Rights – 45.3
- Judicial Effectiveness – 38.2
- Government Integrity – 42.0
Government Size
The top rates for both individuals and corporations are 45 percent and 25 percent, respectively. 20.1 percent of GDP is spent on taxes. The three-year averages for both government spending and the budget balance are 34.1 percent and -7.3 percent of GDP, respectively. GDP is 71.5 percent public debt.
- Tax Burden – 69.5
- Government Spending – 65.1
- Fiscal Health – 9.8
Regulatory Efficiency
The entire regulatory environment is still unbalanced and confusing. Due to China’s capricious and constantly altered labor laws and business regulations, the private sector is susceptible to the Communist Party’s whims. The most recent inflation rate that is known is 0.9%.
- Business Freedom – 68.3
- Labor Freedom – 55.2
- Monetary Freedom – 72.5
Open Markets
Layers of nontariff measures are in effect, and the trade-weighted average tariff rate is 3.2 percent. The tight and opaque protectionist approval process in place in China for foreign investment continues. The financial system is still under the tight control of the government.
- Trade Freedom – 73.6
- Investment Freedom – 20.0
- Financial Freedom – 20.0
China’s economic freedom score is 48.3, making its economy the 154th freest in the 2023 Index. Its sco
re is about the same as last year. China is ranked 34th out of 39 countries in the Asia–Pacific region, and its overall score is well below the global and regional averages.
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