Accessible Version

Assessing China's Efforts to Increase Self-Reliance, Accessible Data

Figure 1: Investment and Consumption share of GDP growth

Gross Capital Formation (Left Figure)
Percent of GDP

Year United States European Union China South Korea
1970 21.41473563 30.38915929 32.86947671 26.324823
1971 21.919818 29.16444006 33.63782808 24.97673066
1972 22.58062246 28.23933689 31.24831526 21.47995407
1973 23.33180859 28.75776914 32.95602337 26.01089139
1974 22.69494183 28.95774508 33.20619444 32.59962049
1975 20.27747575 25.50067578 35.03571856 28.5263098
1976 22.03839839 26.47225158 33.21976061 27.63597922
1977 23.52626973 25.74031285 33.87895996 30.10570665
1978 24.83178467 25.0258126 37.60381373 34.48448588
1979 25.1111298 25.94199323 36.29690312 37.47388303
1980 23.31027082 26.56697633 34.60519308 34.03062547
1981 24.27686456 24.16209368 32.94874956 32.15998454
1982 22.07008277 23.59122732 31.98010242 31.96698704
1983 22.2529869 22.82347182 31.92586289 32.47674431
1984 25.09581775 22.87900802 34.37840615 32.297977
1985 24.18834016 22.78942712 39.06410689 32.27005198
1986 23.74062452 22.68699624 37.72700169 32.61401086
1987 23.62023103 22.76893394 37.32087978 32.58555208
1988 22.82780776 23.83447785 39.07830939 34.81571591
1989 22.51379933 24.69541228 37.20868678 36.71606701
1990 21.52921345 24.90349905 34.15784885 39.55305296
1991 20.11060502 24.30974727 35.23636005 41.23401783
1992 20.077582 23.31853194 39.07186801 38.73834045
1993 20.39362787 21.4374161 43.28314976 37.65429611
1994 21.27909677 21.84195688 40.05028547 38.51260183
1995 21.27264914 22.28613599 38.8377198 38.94948795
1996 21.70181499 21.72904855 37.54172047 39.42351944
1997 22.40970908 21.95862407 35.52294565 37.18862188
1998 22.9583332 22.7100807 34.81368233 27.77904874
1999 23.41912715 22.98747286 34.10970891 31.01282773
2000 23.6783759 23.64826855 33.57302849 32.8936287
2001 22.1767206 23.01205379 35.54159672 31.60293756
2002 21.72265041 22.07237198 36.15344344 31.09283276
2003 21.74564312 22.04169164 39.62013059 32.27961522
2004 22.65215058 22.28902922 41.84719726 32.54955312
2005 23.37571468 22.52049062 40.34614955 32.50818478
2006 23.53752332 23.55243318 39.9103387 32.99330799
2007 22.55757783 24.43870119 40.48219017 33.09748305
2008 21.03749419 24.01175254 42.26902681 33.6668294
2009 17.76875578 20.62415868 45.35623583 29.39998973
2010 18.67222167 21.16982957 46.55615471 32.55211358
2011 19.03354326 21.7281582 46.6601211 33.31942582
2012 19.95072315 20.29065211 46.22526559 31.31664675
2013 20.34303358 19.88417975 46.39894934 29.88532729
2014 20.7783685 20.30815229 45.82395276 29.79047863
2015 21.20047568 20.76359549 43.23480666 29.52928082
2016 20.5667783 20.96156076 42.63137693 30.1426786
2017 20.81343098 21.57790247 43.01329739 32.28806347
2018 21.20591656 22.18686634 43.79347517 31.48718418
2019 21.31923246 22.90375863 43.25110564 31.49493367
2020 21.05096059 22.45225939 43.36667423 31.88458527
2021 21.10431481 23.47263491 43.14029907 32.32719378
2022   24.65450391 43.28930924 33.18135629

Household Consumption Expenditure (Right Figure)
Percent of GDP

Year United States European Union China South Korea
1970 60.25549169 56.40439578 52.93678993 73.7359651
1971 60.08816586 56.41397048 51.36554194 75.40430483
1972 60.05370922 56.3820714 52.2723711 72.75113059
1973 59.60357127 55.99019824 51.97373195 68.72433195
1974 60.19512789 56.04763912 51.87961948 68.8627451
1975 61.16354404 57.40799749 50.2878763 69.10068667
1976 61.26073709 57.36033849 53.15197751 64.36556851
1977 61.19507586 57.5431004 50.70153846 61.05674411
1978 60.48020942 56.93492029 47.8184901 59.69786718
1979 60.34332154 57.20265177 49.11564392 59.99481518
1980 61.26982505 57.79051481 50.93932817 62.72281253
1981 60.30328268 58.39257905 53.23379267 62.77758316
1982 61.94338219 58.49641006 53.35813155 61.58263887
1983 62.78429119 58.28871352 53.49573051 58.45584833
1984 61.72805566 57.87079766 50.69102135 56.55180662
1985 62.52231228 57.82127012 50.85690006 55.94595239
1986 63.02424802 57.17751286 51.01619905 53.2473409
1987 63.36030433 57.4849404 49.67393367 50.76164072
1988 63.59307606 56.85693833 49.61759945 48.87999359
1989 63.39993406 56.85059999 51.0948901 50.60222507
1990 63.87559985 56.50691534 49.99260181 50.22906298
1991 64.03647926 56.42991396 47.9171579 50.33163409
1992 64.37651056 56.77628254 45.27461981 50.92775549
1993 64.91136112 56.8392488 43.99616115 51.11486627
1994 64.78402785 56.4570258 44.08781767 51.75157466
1995 64.95750057 55.8832138 45.7541657 51.96231574
1996 64.96366585 56.22094919 46.84924222 53.24971392
1997 64.54975049 55.954489 45.89575779 53.3992876
1998 64.85011471 55.78482482 45.50532406 50.31457593
1999 65.24394306 55.9152018 46.20561664 52.61227857
2000 66.01515296 55.94251897 46.73235842 54.50010006
2001 66.84792992 55.82473868 45.51980966 55.4002687
2002 67.24187983 55.52112077 44.91301883 56.09577322
2003 67.56678009 55.68745562 42.70778499 54.0668048
2004 67.3801246 55.42919959 40.6109056 51.59404174
2005 67.25156868 55.64484961 39.58687836 52.31730649
2006 67.15050207 55.12064408 37.75197952 53.03071843
2007 67.33757916 54.51017804 36.36952582 52.47594617
2008 68.04454762 54.87012985 35.28788015 52.53397435
2009 68.31864648 55.87070159 35.3272959 51.6704516
2010 68.17914972 55.626384 34.32634109 50.43517702
2011 68.58361194 55.42188926 34.92042834 51.1987727
2012 67.96715808 55.62880375 35.38653491 51.26770748
2013 67.46659825 55.27833703 35.83313112 50.50608698
2014 67.50578828 54.73029535 36.70789836 49.93590559
2015 67.35945309 54.03634853 37.77300365 48.54056078
2016 67.89617942 53.87118862 38.67498195 47.95580095
2017 67.94362754 53.60906612 38.54274622 47.54547343
2018 67.7199639 53.47889318 38.52188052 48.02337234
2019 67.31554687 53.02536159 39.24806213 48.63261751
2020 67.02682124 51.52521422 38.20031239 46.3909283
2021 68.20724878 50.81582323 38.11356525 45.95799872
2022   52.15379981 37.01103361 48.08078218

Note: The data extend through 2022 (2021 for the U.S.).

Source: The World Bank, World Development Indicators Online.

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Figure 2: Evolution of Chinese GDP versus trade

Evolution of GDP, Exports, & Imports (Left Figure)
2019 Q4 = 100

Date GDP Exports Imports
2013:Q1 64.36917592 91.26718349 94.11050179
2013:Q2 65.46796102 86.77090063 90.49077005
2013:Q3 66.86756231 85.09879911 92.203684
2013:Q4 68.0241758 88.68808609 92.34613078
2014:Q1 69.20675387 87.16281881 96.94404722
2014:Q2 70.45598419 91.31097529 92.26966062
2014:Q3 71.70971054 96.20256221 92.8533707
2014:Q4 72.95162333 95.5606225 90.06888922
2015:Q1 74.13328508 94.59688058 80.16036963
2015:Q2 75.45910455 88.71384984 80.10085315
2015:Q3 76.73170437 90.01177045 79.32698473
2015:Q4 77.98122127 90.190525 78.82473893
2016:Q1 79.26672256 81.18908186 69.24783222
2016:Q2 80.58030439 83.16794577 74.58245072
2016:Q3 81.92148515 83.71552824 75.64802699
2016:Q4 83.36867213 85.27115256 80.67025895
2017:Q1 84.87008237 86.73105235 86.86969879
2017:Q2 86.25216367 89.81654061 85.1767493
2017:Q3 87.4350155 89.02749046 86.7543543
2017:Q4 89.02788834 93.62898876 91.43445434
2018:Q1 90.90001995 100.8882922 102.6517929
2018:Q2 92.26650644 100.0139192 102.8029862
2018:Q3 93.1030279 99.53302493 104.5235564
2018:Q4 94.70686475 97.70372485 96.4603849
2019:Q1 96.91847988 99.60970895 97.77342578
2019:Q2 97.85177864 98.89030125 99.15245731
2019:Q3 98.49124353 99.19082147 98.05985629
2019:Q4 100 100 100
2020:Q1 90.39453398 83.27893852 94.54180401
2020:Q2 101.0392331 98.62085273 89.30515564
2020:Q3 103.2138592 107.4637342 101.3126845
2020:Q4 106.2247765 117.0737959 105.2877912
2021:Q1 107.2184009 129.0410265 120.979843
2021:Q2 109.623355 128.3050677 128.7902368
2021:Q3 108.6617614 132.9234249 128.3064741
2021:Q4 110.7511497 144.5308785 131.5107482
2022:Q1 112.0327982 145.5324828 133.0630742
2022:Q2 110.3558345 142.0382104 129.6770242
2022:Q3 112.9721457 144.6643139 128.9890758
2022:Q4 113.9941883 132.9811654 122.8022508
2023:Q1 116.8622844 142.7179618 123.8708315
2023:Q2 117.4767423 135.0906559 120.4563174
2023:Q3 118.4776369 130.3429763 118.2100522
2023:Q4 119.9357771 131.6461622 123.9611351

Note: Series are seasonally adjusted.

Source: Haver Analytics; FRB staff calculations.

Correlation of Trade Growth with GDP growth (Right Figure)

Date Exports Imports
2014:Q1 0.248402183 0.777083389
2014:Q2 0.47743174 0.638974797
2014:Q3 0.448028992 0.553721667
2014:Q4 0.407355489 0.537362283
2015:Q1 0.423871814 0.565900948
2015:Q2 0.37501482 0.558220612
2015:Q3 0.406774543 0.654902453
2015:Q4 0.373053768 0.56583769
2016:Q1 0.388727644 0.32230124
2016:Q2 0.266045446 0.300482908
2016:Q3 0.245821822 0.247350399
2016:Q4 0.232376307 0.260633314
2017:Q1 0.247881029 0.244734096
2017:Q2 0.092138256 0.314228803
2017:Q3 0.142835816 0.246490395
2017:Q4 0.162732198 0.249021875
2018:Q1 0.294274023 0.424224299
2018:Q2 0.311698887 0.416038166
2018:Q3 0.383717732 0.292118765
2018:Q4 0.366190121 0.266024891
2019:Q1 0.351399899 0.228423623
2019:Q2 0.336014854 0.209617928
2019:Q3 0.270902843 0.218995706
2019:Q4 0.276940744 0.232716165
2020:Q1 0.671290964 0.309201536
2020:Q2 0.889115461 -0.011898754
2020:Q3 0.863187598 0.004332172
2020:Q4 0.853880351 0.008836692
2021:Q1 0.854314323 -0.02256575
2021:Q2 0.844166736 -0.017974022
2021:Q3 0.832727039 0.003213839
2021:Q4 0.821248363 0.001902948
2022:Q1 0.822357788 0.002187535
2022:Q2 0.828092892 0.03613585
2022:Q3 0.829276555 0.029405138
2022:Q4 0.802821076 0.035349304
2023:Q1 0.807209838 0.018839755
2023:Q2 0.803727258 0.02746641
2023:Q3 0.798740666 0.031968423
2023:Q4 0.806876091 0.036717938

Note: The data extend through 2023:04. Pearson correlations are calculated on 5-year moving windows of 4-quarter growth. The x-axis values are the end dates of the 5-year windows.

Source: Haver Analytics; FRB staff calculations.

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Figure 3: Evolution of Chinese imports by sector

2019 Q4 = 100

Date Agricultural products Mechanical and electrical products High tech products Commodities Other imports
2017:Q1 77.50772787 89.85238984 69.62751213 75.46125505 89.71359261
2017:Q2 74.80950795 90.12719268 78.59378609 70.65583448 80.66497885
2017:Q3 77.00618737 96.19918515 92.07957958 69.64934965 86.10535155
2017:Q4 79.47640311 99.76521306 97.45379995 76.71668267 92.59294536
2018:Q1 84.14543555 108.0480042 87.07669208 93.58480901 97.1837114
2018:Q2 86.78828524 106.2667462 94.03037653 97.85811224 105.2204526
2018:Q3 85.53210805 112.7618981 108.6342111 102.7636091 105.850712
2018:Q4 79.94259898 98.30599179 97.69115269 107.7162875 97.26412757
2019:Q1 89.11727439 98.97768873 81.59274659 91.63892847 99.17415938
2019:Q2 87.03413635 99.70710374 88.28771079 100.9166327 103.0644096
2019:Q3 91.61093085 100.0022264 98.04111804 96.17381464 98.91454966
2019:Q4 100 100 100 100 100
2020:Q1 98.01185558 95.98920225 81.28609379 98.17765629 97.49698244
2020:Q2 101.6144606 98.76861041 92.43069993 65.03144689 100.7495122
2020:Q3 104.4910525 107.760252 107.3065373 87.21480523 108.6634791
2020:Q4 116.0901199 114.603631 114.6153846 74.94074604 115.3205572
2021:Q1 129.7728277 124.5018204 106.3063063 98.53253741 125.2346615
2021:Q2 135.0846213 128.7383237 118.0520906 104.0233617 123.9507302
2021:Q3 138.2244571 123.6544738 126.2722338 118.6549551 123.7593454
2021:Q4 135.7956593 125.7147731 133.7716563 133.8450289 126.5669944
2022:Q1 138.3268296 130.4723757 112.49769 138.279129 122.5563745
2022:Q2 142.2366396 117.3939618 108.6873412 156.3822602 115.7510293
2022:Q3 148.9376397 112.9231359 114.7707323 147.7410049 108.3674652
2022:Q4 150.5285117 104.1274416 105.8766459 149.8360641 99.19178628
2023:Q1 156.2462401 100.9955111 88.19357819 138.6688422 100.8214053
2023:Q2 148.0150913 101.9609572 95.17729268 141.8048305 92.58652962
2023:Q3 133.9787109 101.6292551 102.4982675 141.7329462 91.6855578
2023:Q4 141.8012276 106.315643 109.8429198 151.1775787 91.63660917

Note: Data are seasonally adjusted and end in 2023:04. Categories are non-overlapping, based on national definitions of major categories. Commodities includes coal and lignite, crude oil, refined petroleum products, fertilizers, steel or iron products, unwrought copper and copper, and unwrought aluminum and aluminum. Other imports includes beauty cosmetics and toiletries, plastics in primary forms, textile yarns, fabrics, and their products, and garments and clothing accessories.

Share of total imports: 35% mechanical and electrical products, 23% high tech products, 18% commodities, 10% agricultural products, 3% other imports, 2% medicinal materials and pharmaceutical products (not shown).

Source: Haver Analytics.

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Figure 4: Chinese trade by sector

Mechanical & Electrical Goods (Left Figure)
2019 Q4 = 100

Date Imports Exports
2013:Q1 97.96757702 93.62743318
2013:Q2 91.66138124 87.0760499
2013:Q3 91.15447193 83.70809711
2013:Q4 87.92472353 84.74967413
2014:Q1 93.60119546 86.93246078
2014:Q2 94.59431397 89.54075695
2014:Q3 93.94921967 90.93298024
2014:Q4 93.20003262 91.79217877
2015:Q1 90.73076663 94.40621927
2015:Q2 88.78081072 89.73965934
2015:Q3 86.28987957 90.12986731
2015:Q4 90.10508718 89.64210185
2016:Q1 81.18896203 83.82859071
2016:Q2 84.85987857 84.65579686
2016:Q3 84.49586539 84.05621752
2016:Q4 88.72739574 84.65775379
2017:Q1 89.60098525 87.86304847
2017:Q2 89.90374469 89.7164099
2017:Q3 95.97667708 90.63867518
2017:Q4 99.68318606 95.44926124
2018:Q1 107.6833389 102.9180312
2018:Q2 105.9991156 101.9706173
2018:Q3 112.498894 101.4181855
2018:Q4 98.31963685 98.80157516
2019:Q1 98.57710081 100.8003562
2019:Q2 99.45652005 100.5553727
2019:Q3 99.79150744 100.1978002
2019:Q4 100 100
2020:Q1 95.53650469 84.33313017
2020:Q2 98.51565407 102.2339332
2020:Q3 107.5498036 111.1495417
2020:Q4 114.6287203 120.8090057
2021:Q1 123.8718669 134.2526477
2021:Q2 128.4018885 132.3845351
2021:Q3 123.4114462 135.2039177
2021:Q4 125.7944814 145.1416576
2022:Q1 129.7183263 149.7356026
2022:Q2 117.0775537 141.7570408
2022:Q3 112.7129838 145.3096725
2022:Q4 104.2646883 133.1518408
2023:Q1 100.3461205 147.4060166
2023:Q2 101.6882019 140.8185952
2023:Q3 101.4448144 132.9453223

High Tech Goods (Right Figure)
2019 Q4 = 100

Date Imports Exports
2013:Q1 94.43035862 104.0060011
2013:Q2 85.05677533 91.50092975
2013:Q3 84.45559264 86.91245088
2013:Q4 79.73983681 83.47943046
2014:Q1 84.53179379 89.77538694
2014:Q2 84.95038382 90.32934616
2014:Q3 85.19659626 91.08822754
2014:Q4 84.83508641 91.61382215
2015:Q1 84.47143151 91.74587894
2015:Q2 84.03828717 90.4917791
2015:Q3 83.15347371 90.52214424
2015:Q4 87.38481936 90.36532268
2016:Q1 76.58790704 83.10274874
2016:Q2 81.37670485 84.05404897
2016:Q3 80.75997831 83.0763132
2016:Q4 84.24906651 84.07070172
2017:Q1 84.60521069 87.78909957
2017:Q2 86.59525426 88.71102942
2017:Q3 91.59512027 92.6285512
2017:Q4 96.38032253 96.49249291
2018:Q1 103.775282 104.6061044
2018:Q2 103.8260315 103.3757141
2018:Q3 108.22611 104.2149518
2018:Q4 97.7426009 100.5236765
2019:Q1 96.15314501 101.1454723
2019:Q2 97.60662137 100.7339023
2019:Q3 97.954757 100.5964155
2019:Q4 100 100
2020:Q1 95.60029025 86.57879149
2020:Q2 102.0381625 108.5730623
2020:Q3 107.4825619 110.951541
2020:Q4 114.4065837 117.9567888
2021:Q1 123.5448826 130.1845893
2021:Q2 130.2443083 131.3932156
2021:Q3 127.6295542 133.8023727
2021:Q4 133.3198157 142.7335019
2022:Q1 131.052976 146.4474041
2022:Q2 119.8007068 134.0795447
2022:Q3 116.7426732 132.4909061
2022:Q4 105.5572014 115.6887294
2023:Q1 102.5399543 122.708602
2023:Q2 104.8423316 117.5065383
2023:Q3 104.4617622 114.8677492

Note: Data are seasonally adjusted and end in 2023:Q3.

Source: Haver Analytics.

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Figure 5: Vehicle Production

Vehicle Production and Destinations (Left Figure)
Dec. 2019 = 100

Date Exports Output Domestic sales
January-10   64.10415959 62.70102003
February-10   66.312541 71.25580846
March-10   66.05398531 66.1787356
April-10   66.58223761 66.28607558
May-10   66.14015237 66.85852596
June-10   66.46258018 66.67871574
July-10   66.32263359 66.21944403
August-10   64.54172162 66.81650404
September-10   68.99961018 68.09331864
October-10   70.22346223 71.18069024
November-10   73.07993546 72.21387277
December-10   74.98105926 70.72294267
January-11 63.93799651 71.36621151 71.39639612
February-11 60.80129685 69.53031675 74.21645415
March-11 61.0339491 69.18507695 69.52334242
April-11 65.58739684 65.56183509 67.20770228
May-11 55.84245278 62.70438973 64.50666401
June-11 76.69018019 67.38145506 67.76943933
July-11 72.16884348 67.62088182 68.55332108
August-11 76.10245149 70.46414467 69.68467297
September-11 71.79674714 69.75070917 72.20425157
October-11 78.58741801 71.10533013 69.96655117
November-11 73.72993372 69.82820662 69.81645576
December-11 69.02817281 67.91746042 70.50796473
January-12 63.34478567 51.56105603 52.72587046
February-12 59.5436761 89.22235384 91.34176662
March-12 70.99235136 71.68972028 70.80053942
April-12 75.47290626 70.57759762 71.11089737
May-12 82.86058242 72.6571459 74.64333299
June-12 77.038719 73.88958391 74.60084904
July-12 88.29864856 74.94536956 75.0062434
August-12 104.8573597 76.4320827 75.6810225
September-12 89.19415307 72.95543345 71.74391213
October-12 78.91339355 70.97033625 72.88916418
November-12 73.99319442 71.292444 74.43329686
December-12 78.43595138 71.0122256 73.70968721
January-13 85.50036134 78.04085215 77.78579664
February-13 87.58389344 75.31930902 78.41125272
March-13 80.62515763 79.91732826 79.44492584
April-13 76.49178301 81.90282405 80.99233935
May-13 72.59098734 82.22942012 81.82699387
June-13 88.65979412 81.23726624 83.73670916
July-13 65.11802778 83.20781394 83.87551392
August-13 66.82182166 86.3927169 84.57218606
September-13 62.19849956 85.13643879 86.13659054
October-13 70.18090187 84.47168029 86.11974019
November-13 83.92382326 84.52044947 83.25829768
December-13 67.48795776 83.53519289 83.91430175
January-14 93.09217897 81.53739233 83.23304289
February-14 58.28190267 92.85629321 92.70461178
March-14 70.78514243 85.1444675 85.91980056
April-14 74.83525594 90.14624022 89.01375522
May-14 74.41345953 91.79147943 89.28533407
June-14 67.9728088 90.50115938 89.53238773
July-14 74.52625529 90.96829698 91.09561348
August-14 64.90994969 89.41093434 89.25268885
September-14 77.13554343 88.57892155 88.28953027
October-14 72.97999164 88.80257126 86.6530467
November-14 77.45213196 83.35982337 82.46815165
December-14 83.01654478 87.38140497 91.18230392
January-15 78.07371108 91.38542272 90.63951377
February-15 82.83277107 94.58642674 93.63633759
March-15 49.77237478 89.71773674 90.02972709
April-15 59.53504343 92.2270511 90.96731109
May-15 61.96577319 92.18170823 90.69647755
June-15 59.63361298 90.37405909 88.76605506
July-15 59.63738541 80.31526487 85.69190563
August-15 55.29132982 82.58880409 87.67411457
September-15 62.32342697 83.18005724 88.88894198
October-15 49.86054958 93.66506531 94.18039502
November-15 45.58614603 96.28077648 96.18913044
December-15 46.22586014 99.21600902 102.2727022
January-16 43.65906248 98.61188824 99.28800199
February-16 54.17444576 96.19611548 95.85049256
March-16 59.91964868 100.1323005 99.45667765
April-16 61.02190245 98.58083429 100.2967569
May-16 63.07403892 98.55716705 101.5395874
June-16 58.37906877 100.3589639 102.6227043
July-16 61.01888197 103.6996941 105.3168256
August-16 72.42020011 104.3215883 106.8123635
September-16 72.39061742 108.8162355 109.4200774
October-16 69.32838798 108.5898665 110.2923375
November-16 72.31479902 110.8152775 110.6003058
December-16 72.53508613 113.0834009 110.7580829
January-17 76.04516155 96.37380307 102.0154636
February-17 66.7391893 134.450421 121.7243082
March-17 69.69122243 105.1942551 104.5825175
April-17 72.10005147 99.10775923 101.2166645
May-17 83.8692626 100.5499746 103.1603871
June-17 86.84084195 104.4368378 105.9436765
July-17 89.19792977 106.9581507 109.7184022
August-17 89.2810315 107.3327866 109.5959639
September-17 82.29919994 112.8025209 112.7204185
October-17 98.00296775 107.3802647 110.499509
November-17 99.00601653 111.7887592 110.5513373
December-17 98.74812728 112.2298752 111.9446723
January-18 81.4902114 111.3632596 115.7343027
February-18 102.2037198 111.065832 112.7755709
March-18 73.96094838 107.7045691 111.078521
April-18 112.2564691 113.1097784 114.9114446
May-18 97.86158195 114.4838748 113.8694944
June-18 177.3926306 109.0809897 107.7629438
July-18 93.85970924 103.854575 101.8375104
August-18 106.7784007 100.5108037 102.8497738
September-18 102.3353665 98.40701139 98.58403524
October-18 94.76414218 95.40319975 97.10470312
November-18 75.74150708 89.90841789 95.45118061
December-18 145.3822077 91.60170938 98.78847903
January-19 89.63526667 100.0318921 99.41408004
February-19 74.09164344 95.60904581 101.2257251
March-19 100.5700101 107.3402074 106.1622932
April-19 93.87393652 97.80136547 98.42911976
May-19 107.1224253 90.6879224 95.23383566
June-19 114.1661609 88.35684313 95.30460524
July-19 116.1151255 89.02190825 94.2043604
August-19 98.4232708 97.89888083 94.92781541
September-19 102.0954631 91.48569285 93.95022684
October-19 91.45956346 92.9174437 92.7786223
November-19 96.36615405 94.65281688 92.21439862
December-19 100 100 100
January-20 93.26932456 76.12246708 81.69661167
February-20 62.10948357 20.12269273 21.68896922
March-20 78.19732314 60.6893626 62.43346156
April-20 96.75323988 100.7620359 102.8000448
May-20 59.8699341 107.6326072 109.8283679
June-20 61.0518777 106.4554326 103.4336961
July-20 76.38768939 106.2325132 104.9277029
August-20 81.91792894 102.3465132 105.3694737
September-20 94.47091631 104.6745682 107.3942192
October-20 109.3467279 102.6648315 105.0949892
November-20 114.4297253 105.1446303 106.6466852
December-20 122.1987082 106.2846973 106.7658236
January-21 140.6593392 103.5383448 106.2133264
February-21 149.661775 105.9275624 99.95852939
March-21 151.9172531 105.4198638 110.3643935
April-21 164.0489526 108.0460679 111.2555754
May-21 175.5406213 100.4792545 106.3652348
June-21 189.0085761 87.02709885 89.94600967
July-21 165.7446674 88.046212 89.92961606
August-21 193.5878334 82.38829921 86.24833265
September-21 161.8098903 85.80144556 87.15651343
October-21 195.9634169 93.49698628 95.64115981
November-21 193.00359 97.49223564 99.90993564
December-21 183.6263295 109.5009198 105.1824625
January-22 235.0303392 105.6662031 106.6466829
February-22 251.9720831 128.3966771 115.9245671
March-22 205.3423701 95.75649935 98.95668345
April-22 178.9014162 58.63910867 58.83510086
May-22 235.4081773 94.69536484 93.96226906
June-22 250.2806666 111.0165951 110.2015147
July-22 267.0797348 114.5919934 114.5155271
August-22 286.7660183 113.1210973 111.9893834
September-22 331.7770109 110.4364687 109.6911908
October-22 305.9594235 104.3778551 103.6747878
November-22 323.3496084 91.14104649 95.09881993
December-22 334.3258596 89.70340278 96.85528615
January-23 311.1073054 69.51839472 69.0200879
February-23 378.812016 143.4961562 129.2346675
March-23 400.0150209 110.8007367 108.1984119
April-23 439.0255795 103.7157811 107.9518881
May-23 452.4809752 114.480498 120.14041
June-23 415.5021009 113.1284287 115.234502
July-23 439.8472027 111.3717302 112.7964686
August-23 407.105762 121.4270096 120.1118311
September-23 458.6760526 117.5280377 119.7466237
October-23 456.2044463 116.0773717 118.4558243
November-23 457.3209022 119.43063 122.4418794
December-23 460.4869686 115.8033743 120.0973269

Market Penetration Rate (Right Figure)
Percent

Date New energy vehicles Internal combustion engine vehicles
October-19 3.37495 96.78362
November-19 3.25219 98.24596
December-19 5.36423 95.33276
January-20 3.01016 92.4341
February-20 5.18292 94.02958
March-20 4.8042 96.70153
April-20 4.20776 95.67054
May-20 4.43095 95.22249
June-20 4.93105 95.29619
July-20 5.22952 94.60418
August-20 5.39866 95.10485
September-20 5.57174 95.80775
October-20 6.58214 93.52677
November-20 7.22022 93.66618
December-20 8.01094 92.29843
January-21 8.57706 88.24848
February-21 8.72064 90.77935
March-21 9.69991 91.24134
April-21 10.52479 89.82616
May-21 12.26214 87.89921
June-21 14.31977 85.74651
July-21 15.11768 84.93136
August-21 17.02655 83.27459
September-21 20.45554 80.19388
October-21 18.24645 81.68185
November-21 18.39078 80.77344
December-21 19.88128 78.68961
January-22 21.42376 78.58934
February-22 23.31238 77.37337
March-22 25.72307 73.37069
April-22 29.05617 72.68133
May-22 28.23267 72.9645
June-22 26.9334 72.91664
July-22 27.26892 73.04476
August-22 28.1205 71.98755
September-22 30.80444 69.33737
October-22 29.7134 70.03735
November-22 32.21259 64.82071
December-22 26.17496 71.4742
January-23 32.24269 70.45484
February-23 33.99006 67.56339
March-23 31.40576 67.03279
April-23 34.79208 67.3746
May-23 35.38381 66.27716
June-23 34.62584 65.09232
July-23 36.9634 63.56141
August-23 36.81175 63.14503
September-23 35.82385 64.07175
October-23 37.4896 62.14074
November-23 35.79177 60.68973
December-23 35.54908 60.72719

Note: New energy vehicles is the term used by the Chinese government for vehicles that are predominantly powered by electricity. The market penetration rate is the percentage ratio of each type of vehicle sales to total passenger vehicle sales.

Source: Haver Analytics.

Return to text

Figure 6: Share of vehicles assembled in China that are “domestic made”

Percent of total domestic production

Date Domestic made Completely knocked down
January-10 98.48856234 1.511437656
February-10 98.19078279 1.809217208
March-10 98.48104302 1.51895698
April-10 98.47019832 1.52980168
May-10 98.43522898 1.564771016
June-10 98.22925738 1.77074262
July-10 97.92654397 2.07345603
August-10 97.9514632 2.048536804
September-10 98.33833046 1.661669542
October-10 98.28841527 1.711584734
November-10 97.97346545 2.026534547
December-10 97.94754589 2.052454107
January-11 98.17065065 1.829349349
February-11 98.20490847 1.795091528
March-11 98.20293218 1.797067821
April-11 98.52175102 1.478248976
May-11 99.07399514 0.926004865
June-11 97.64463419 2.355365807
July-11 98.32392097 1.676079027
August-11 98.29181556 1.70818444
September-11 98.13383086 1.866169138
October-11 98.15241391 1.847586089
November-11 98.04114412 1.958855885
December-11 98.15159137 1.848408625
January-12 98.39503342 1.604966585
February-12 98.35470839 1.645291614
March-12 98.29967531 1.700324687
April-12 98.27569463 1.724305368
May-12 98.15686479 1.843135208
June-12 98.33017915 1.669820845
July-12 98.1302246 1.869775397
August-12 98.19905744 1.800942564
September-12 98.82537819 1.174621811
October-12 99.08277981 0.917220185
November-12 98.78583907 1.214160934
December-12 98.99786934 1.002130655
January-13 98.78506238 1.214937619
February-13 98.97921388 1.020786121
March-13 98.53172635 1.468273646
April-13 98.56035379 1.439646209
May-13 98.80080785 1.199192152
June-13 98.574945 1.425054997
July-13 98.46905231 1.530947691
August-13 98.76077554 1.239224459
September-13 98.47876221 1.521237794
October-13 98.48133743 1.518662567
November-13 98.03674255 1.963257446
December-13 98.01586782 1.984132181
January-14 98.72420692 1.275793075
February-14 98.96042558 1.039574424
March-14 98.93616393 1.063836069
April-14 98.80350272 1.196497278
May-14 98.67772293 1.322277074
June-14 98.58814197 1.411858034
July-14 98.2281573 1.771842699
August-14 98.2943065 1.7056935
September-14 98.66568744 1.33431256
October-14 98.94396979 1.056030213
November-14 99.30384091 0.696159092
December-14 99.31624044 0.683759563
January-15 99.30960389 0.690396109
February-15 99.11749548 0.882504521
March-15 99.04924891 0.950751085
April-15 98.93582545 1.064174553
May-15 98.87203977 1.127960227
June-15 98.76023592 1.239764085
July-15 98.21378339 1.786216606
August-15 98.66182575 1.338174247
September-15 98.50708291 1.49291709
October-15 99.06647313 0.933526874
November-15 99.03260801 0.967391988
December-15 98.97629144 1.02370856
January-16 99.13848759 0.86151241
February-16 99.0775788 0.922421201
March-16 99.17931652 0.820683477
April-16 99.07519715 0.924802855
May-16 99.1223342 0.877665795
June-16 99.07617031 0.92382969
July-16 98.83378725 1.166212745
August-16 98.66626141 1.333738593
September-16 98.92610231 1.073897691
October-16 98.95229434 1.047705657
November-16 98.86181551 1.138184485
December-16 98.9287215 1.071278498
January-17 98.93244473 1.067555269
February-17 98.74495858 1.25504142
March-17 98.75762873 1.24237127
April-17 98.68594017 1.314059832
May-17 98.63559342 1.364406585
June-17 98.6426045 1.357395499
July-17 98.69359056 1.306409438
August-17 98.6996156 1.3003844
September-17 98.87487911 1.125120886
October-17 98.90834298 1.091657016
November-17 98.99924455 1.000755453
December-17 99.13701438 0.862985621
January-18 98.83950957 1.160490429
February-18 98.93284523 1.067154768
March-18 98.90365044 1.09634956
April-18 98.88994839 1.110051615
May-18 98.83042258 1.169577422
June-18 98.85509886 1.144901141
July-18 98.63715133 1.362848667
August-18 98.76526481 1.23473519
September-18 98.95826437 1.041735635
October-18 98.92789232 1.07210768
November-18 98.78805126 1.211948736
December-18 99.05739888 0.942601123
January-19 98.97575293 1.024247067
February-19 98.95761956 1.042380444
March-19 98.91649811 1.083501889
April-19 98.83933993 1.160660071
May-19 98.71290053 1.287099465
June-19 98.86504892 1.134951078
July-19 98.92904507 1.070954931
August-19 98.77853722 1.221462781
September-19 99.35697169 0.643028308
October-19 99.48064362 0.519356383
November-19 99.25093951 0.749060493
December-19 99.36243463 0.637565369
January-20 99.30352667 0.696473326
February-20 99.82779041 0.17220959
March-20 99.2178639 0.782136104
April-20 99.25812113 0.741878875
May-20 99.35337605 0.646623945
June-20 99.50761799 0.492382014
July-20 99.67026013 0.329739874
August-20 99.49801609 0.501983913
September-20 99.68421841 0.315781592
October-20 99.66613033 0.333869667
November-20 99.89740182 0.102598182
December-20 99.81066067 0.18933933
January-21 99.63785354 0.36214646
February-21 99.89850972 0.101490277
March-21 99.77173651 0.228263488
April-21 99.69976516 0.300234844
May-21 99.92402713 0.075972869
June-21 99.92264663 0.077353372
July-21 99.93907623 0.060923765
August-21 99.93125945 0.068740553
September-21 99.96013159 0.039868415
October-21 99.94936639 0.050633607
November-21 99.97129142 0.028708582
December-21 99.94351901 0.056480987
January-22 99.97522916 0.024770839
February-22 99.99012758 0.00987242
March-22 100 0
April-22 99.99908749 0.000912509
May-22 99.98364782 0.016352177
June-22 99.99327791 0.006722092
July-22 100 0
August-22 100 0
September-22 99.99303896 0.006961044
October-22 99.98703231 0.012967693
November-22 99.99400634 0.005993661
December-22 99.99219449 0.007805507
January-23 99.97489994 0.025100055
February-23 99.99015862 0.009841382
March-23 99.98552582 0.014474177
April-23 99.99179368 0.008206319
May-23 99.99995713 4.29E-05
June-23 100 0
July-23 100 0
August-23 100 0
September-23 100 0
October-23 100 0
November-23 99.99980602 0.000193975
December-23 100 0

Note: Value Is number of automobiles divided by total automobile production. Data extend through December.

Source: Haver Analytics.

Return to text

Figure 7: Evolution of trade in auto parts and motor vehicles

Trade in Vehicles vs. Parts (Left Figure)
Trade balance, billions USD

Date Motor vehicles Auto parts
January-10 -1.81504 -0.15946
February-10 -1.41514 -0.07735
March-10 -2.49006 -0.28595
April-10 -2.16854 -0.23404
May-10 -1.56991 0.07856
June-10 -1.82754 0.06812
July-10 -2.10001 0.17627
August-10 -1.97881 0.1267
September-10 -2.03661 0.24537
October-10 -1.78241 0.07708
November-10 -2.45898 0.07008
December-10 -2.5975 -0.01582
January-11 -2.64354 -0.13682
February-11 -2.60986 -0.18363
March-11 -2.74988 -0.24537
April-11 -2.31151 0.19748
May-11 -2.3238 0.06694
June-11 -2.48099 0.10005
July-11 -2.56234 0.22585
August-11 -2.71213 0.12987
September-11 -3.1186 0.05597
October-11 -3.13517 0.33327
November-11 -3.48459 -0.01109
December-11 -3.14364 0.38714
January-12 -2.72102 0.54898
February-12 -4.94038 -0.6319
March-12 -3.48906 0.26324
April-12 -3.11757 0.28248
May-12 -3.50671 0.16628
June-12 -3.07237 0.27328
July-12 -2.8071 0.0238
August-12 -3.07332 0.25791
September-12 -2.42712 0.26091
October-12 -1.96193 0.38989
November-12 -2.12802 0.34907
December-12 -1.99873 0.35603
January-13 -2.07906 0.54761
February-13 -2.29999 0.41163
March-13 -2.34349 0.27772
April-13 -2.92326 0.17227
May-13 -2.98038 0.1515
June-13 -3.14869 0.37071
July-13 -3.05244 0.30197
August-13 -3.15998 0.38128
September-13 -3.55402 0.28089
October-13 -3.9768 0.14156
November-13 -3.69391 0.39026
December-13 -3.34625 0.28721
January-14 -4.06646 1.60825
February-14 -4.39863 0.9743
March-14 -3.63252 1.3995
April-14 -4.17885 1.56226
May-14 -4.18245 1.41347
June-14 -4.12879 1.28623
July-14 -4.27376 1.519
August-14 -4.17072 1.33741
September-14 -3.87151 1.32878
October-14 -4.24265 1.43918
November-14 -3.55735 1.61725
December-14 -3.52691 1.41844
January-15 -3.37323 1.65142
February-15 -1.96011 2.69901
March-15 -3.20565 0.77062
April-15 -3.09251 1.59331
May-15 -2.42662 1.62721
June-15 -2.99096 1.51441
July-15 -2.99624 1.52859
August-15 -2.12938 1.73515
September-15 -3.49491 2.00197
October-15 -2.73804 1.73358
November-15 -2.40664 1.33068
December-15 -2.7446 1.37242
January-16 -2.1743 1.75951
February-16 -2.1054 1.72249
March-16 -3.0411 1.26664
April-16 -2.79529 1.33528
May-16 -2.8417 1.48397
June-16 -2.77795 1.2516
July-16 -2.94175 1.38496
August-16 -2.93887 1.56308
September-16 -2.8157 1.27648
October-16 -2.8084 1.05806
November-16 -3.03394 1.28245
December-16 -3.32409 0.77365
January-17 -2.58122 1.69709
February-17 -3.45216 0.65971
March-17 -3.18281 1.19123
April-17 -2.82376 1.55959
May-17 -3.21417 1.7731
June-17 -3.01375 1.64916
July-17 -3.29808 1.64748
August-17 -2.91222 1.45655
September-17 -3.35131 1.21037
October-17 -3.19641 1.56468
November-17 -3.27584 1.62403
December-17 -3.10962 1.65882
January-18 -3.67982 1.18934
February-18 -3.2752 2.70428
March-18 -3.46665 1.1163
April-18 -2.69877 1.44527
May-18 -2.92664 1.34045
June-18 -0.49577 1.74066
July-18 -6.1856 1.43089
August-18 -3.40758 1.62299
September-18 -2.67957 1.66268
October-18 -2.5912 1.7044
November-18 -2.98826 1.92178
December-18 -1.99499 2.2973
January-19 -3.07919 1.8019
February-19 -2.75257 1.48445
March-19 -2.15524 2.08017
April-19 -3.38123 1.65613
May-19 -3.32517 2.07009
June-19 -2.69545 2.05849
July-19 -2.59064 2.24882
August-19 -2.83878 1.41532
September-19 -2.55233 2.34308
October-19 -1.38887 1.93066
November-19 -3.94065 1.38661
December-19 -2.3501 1.87366
January-20 -2.49345 2.99905
February-20 -2.76539 0.30769
March-20 -2.17669 2.42059
April-20 -0.18307 1.74131
May-20 -0.70565 1.34968
June-20 -2.31871 1.07572
July-20 -2.24783 1.2503
August-20 -3.00357 1.97065
September-20 -3.74956 2.44937
October-20 -3.84597 2.25487
November-20 -3.1375 2.99703
December-20 -4.34613 2.7478
January-21 -2.24714 2.1668
February-21 -2.39311 3.7546
March-21 -2.22214 2.61551
April-21 -2.33372 2.8354
May-21 -2.4036 2.66054
June-21 -2.2371 3.05835
July-21 -2.07769 2.67707
August-21 -0.16422 3.26316
September-21 -1.93612 3.27559
October-21 0.75197 3.67553
November-21 -1.45551 3.40792
December-21 -0.86952 4.47905
January-22 -0.66136 3.57722
February-22 -0.6088 4.40485
March-22 -1.02034 3.65525
April-22 -2.92943 3.39907
May-22 -0.86219 3.97386
June-22 0.50777 4.36425
July-22 0.21255 4.92065
August-22 1.07089 4.49268
September-22 1.98736 4.16423
October-22 2.36902 4.40837
November-22 3.21175 4.26241
December-22 2.87732 4.2865
January-23 2.67783 4.90313
February-23 4.59227 4.96143
March-23 4.32942 5.81329
April-23 5.01226 6.00428
May-23 5.37613 5.41824
June-23 4.70312 5.05784
July-23 4.82371 4.80961
August-23 3.24275 4.96641
September-23 5.0575 4.876
October-23 4.67392 4.5691
November-23 4.76297 5.04455
December-23 5.4289 4.56122

Imports (Right Figure)
Jan. 2020 = 100

Date Motor vehicles Auto parts
January-20 100 100
February-20 99.70698958 98.80031199
March-20 93.97772775 100.1515968
April-20 50.91429128 108.6331506
May-20 52.95880609 91.17979616
June-20 104.6445403 124.0792603
July-20 98.15954265 117.4846231
August-20 118.4835679 117.4504405
September-20 126.9107008 87.00629385
October-20 135.6541889 139.667143
November-20 131.0694003 79.11749977
December-20 145.5922133 88.96398354
January-21 120.0154156 116.6666492
February-21 121.9851193 74.10023399
March-21 105.2792343 83.45966404
April-21 124.4232294 90.52762263
May-21 129.9495807 72.94383693
June-21 141.1385197 62.03963015
July-21 112.6836915 58.74231154
August-21 79.94684143 58.72522897
September-21 99.97997479 29.00209213
October-21 57.56255382 39.90490299
November-21 96.43860235 47.47050684
December-21 79.73439066 44.48200049
January-22 113.7646482 35.99999302
February-22 117.7237163 45.44815119
March-22 105.5684934 33.38386561
April-22 112.4115429 36.21105603
May-22 96.60475494 36.47191846
June-22 75.15925037 41.35974762
July-22 97.91022606 29.37115577
August-22 102.9425457 39.15014683
September-22 98.8637986 43.50314693
October-22 102.1320779 39.90490299
November-22 85.02119515 31.64699293
December-22 85.99442856 29.65466699
January-23 78.40271404 17.99999651
February-23 66.85423885 49.40015599
March-23 86.01885285 33.38386561
April-23 76.99196212 18.10552802
May-23 79.18700337 36.47191846
June-23 82.06724693 20.67988253
July-23 91.62959618 29.37115577
August-23 95.48895658 19.57508214
September-23 87.41059161 29.00209213
October-23 100.7185462 19.9524515
November-23 101.2704945 31.64699293
December-23 109.4609413 29.65466699

Note: The data extend through December.

Source: Haver Analytics.

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Figure 8: Foreign direct investment in China

Billion USD

Date Net FDI Inward FDI Outward FDI
2016:Q1 -18.577 41.308 -59.884
2016:Q2 -25.972 37.722 -63.694
2016:Q3 -30.676 25.746 -56.422
2016:Q4 33.55 69.974 -36.424
2017:Q1 3.092 33.052 -29.96
2017:Q2 -8.302 21.102 -29.404
2017:Q3 0.049 32.645 -32.596
2017:Q4 32.952 79.284 -46.332
2018:Q1 51.673 81.979 -30.306
2018:Q2 21.431 61.669 -40.238
2018:Q3 -1.783 34.234 -36.018
2018:Q4 21.017 57.482 -36.465
2019:Q1 23.099 53.946 -30.847
2019:Q2 6.727 42.216 -35.49
2019:Q3 -6.862 25.67 -32.532
2019:Q4 27.296 65.338 -38.041
2020:Q1 9.557 44.695 -35.138
2020:Q2 6.101 47.054 -40.953
2020:Q3 22.921 64.302 -41.381
2020:Q4 60.795 97.045 -36.25
2021:Q1 57.389 95.284 -37.895
2021:Q2 32.083 78.738 -46.655
2021:Q3 35.358 77.065 -41.707
2021:Q4 40.447 92.988 -52.541
2022:Q1 60.01 101.265 -41.255
2022:Q2 13.321 38.056 -24.735
2022:Q3 -26.397 13.107 -39.504
2022:Q4 -16.459 27.738 -44.197
2023:Q1 -29.363 20.508 -49.872
2023:Q2 -32.201 6.745 -38.946
2023:Q3 -65.8 -11.8 -54

Note: The key identifies bars in order from bottom to top.

Source: State Administration of Foreign Exchange (SAFE) accessed via Haver Analytics.

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Last Update: February 02, 2024