Market size of China
China is the second largest economy in the world (after the United States) and the largest one in RCEP with a GDP of 16,325 billion USD in 2022 (World Bank, 2023). China is also one of the markets with large purchasing power in the world.
Figure 1 - GDP comparison between China and RCEP Countries in 2022
Source: World Bank, 2023
Over the past decade, China's economy has developed significantly with GDP increasing from 9,620 billion USD in 2013 to 16,325 billion USD in 2022, and the average growth rate of China’s GDP in the period 2013-2022 reaching 6.24%/year.
In the last few years, under the impact of COVID-19 pandemic and zero-COVID policy, China's GDP decelerated significantly, but it still remained positive growth (with a GDP growth rate of 2.24% in 2020, 8.45% in 2021 and 2.99% in 2022 – World Bank, 2023)
Figure 2 - China’s GDP in the period 2013-2022
Source: World Bank, 2023
China's economy in recent years has been considered relatively stable with macroeconomic indicators such as inflation and unemployment rate maintained at relatively low levels. During the period 2013-2022, China's average inflation rate was 2% and the average unemployment rate was 4.6% (World Bank, 2023).
China is the country with the largest population in the world with about 1.41 billion people in 2022 (World Bank, 2023). China's GDP per capita is also relatively high among developing countries, reaching about 11,560 USD/person in 2022. It can be seen that, with a large population and relatively high income, China is an attractive market that many countries around the world want to promote exploitation.
Source: Center for WTO and International Trade
