China's gross fixed capital formation, private sector (current LCU) was 43.34 trillion in 2023, the latest year in the World Bank's World Development Indicators. That is up 85.74% from 23.33 trillion in 2013 (6.39% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 43.34 trillion | 2023 |
| Five years earlier | 34.52 trillion | 2018 |
| Ten years earlier | 23.33 trillion | 2013 |
| Highest | 43.34 trillion | 2023 |
| Lowest | 755.25 billion | 1992 |
| Average since 2014 | 34.41 trillion | 2014–2023 |
| First recorded | 755.25 billion |
What the numbers say
In 2023, China's gross fixed capital formation, private sector (current LCU) rose 0.5% on 2022 (from 43.14 trillion to 43.34 trillion).
Across the 30 yearly changes before that (1993 to 2022), the average change was +14.9% and a typical year strayed about 10.7% from that (the standard deviation). This year's change was 1.3 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.
On record, the biggest yearly rise was 59.7% in 1993 and the biggest yearly fall was 1.4% in 2020. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2014 to 2023 the straight-line trend is upward, about 2.31 trillion a year. A straight line explains 97% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
A straight-line projection, tested first
Extending that straight line gives about 51.02 trillion for 2026. We show this only because the same method, fitted on earlier years, predicted 2021 to 2023 better than "no change" would have: its average miss was 1.18 trillion, against 5.88 trillion for assuming no change. Treat it as a continuation of the recent pattern, not a forecast of events: it cannot see a recession, a policy change or a revision to the data.
See how a linear trend forecast works and the guide on forecasting without fooling yourself.
Closest to China in the 2023 ranking
- India — 1st of 4: 80.37 trillion
- Dominican Republic — 3rd of 4: 1.74 trillion
- Ecuador — 4th of 4: 18.61 billion
What this measures
Private investment covers outlays by the private sector (including private nonprofit agencies) on additions to its fixed domestic assets. Gross fixed capital formation includes acquisitions less disposals of fixed assets during the accounting period, including certain specified expenditures on services that add to the value of non-produced assets. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.
All 32 values
| Year | Gross fixed capital formation, private sector (current LCU) |
|---|---|
| 2023 | 43,335,768,897,200 |
| 2022 | 43,139,640,000,000 |
| 2021 | 41,231,140,000,000 |
| 2020 | 36,692,980,000,000 |
| 2019 | 37,204,520,000,000 |
| 2018 | 34,516,930,000,000 |
| 2017 | 30,184,420,000,000 |
| 2016 | 27,376,550,000,000 |
| 2015 | 25,443,340,000,000 |
| 2014 | 24,974,290,000,000 |
Gross fixed capital formation, private sector (current LCU) in nearby economies
- American Samoa — 53 million (2022)
- Australia — 565.23 billion (2025)
- Brunei Darussalam — 5.03 billion (2025)
- Guam — 2.01 billion (2022)
- Hong Kong SAR, China — 365.65 billion (2025)
- Korea, Rep. — 635.16 trillion (2025)
- Lao PDR — 27.34 trillion (2016)
- Macao SAR, China — 30.52 billion (2025)
- Malaysia
More economic policy & debt data for China
- Exports of goods and services (current US$) — US$4.11 trillion (2025)
- Exports of goods and services (current LCU) — 29.54 trillion (2025)
- Exports of goods and services (% of GDP) — 21.07% (2025)
- Imports of goods and services (current US$) — US$3.29 trillion (2025)
- Imports of goods and services (current LCU) — 23.67 trillion (2025)
- Imports of goods and services (% of GDP) — 16.89% (2025)
- External balance on goods and services (current US$) — US$816.19 billion (2025)
- External balance on goods and services (current LCU) — 5.87 trillion (2025)
- External balance on goods and services (% of GDP) — 4.19% (2025)
Reading data like this
Questions people ask
- What is China's gross fixed capital formation, private sector (current LCU)?
- 43.34 trillion in 2023, according to the World Bank (World Development Indicators).
- How has it changed since 1992?
- It is up 5,638% from 755.25 billion in 1992 (13.96% a year on average, compounded). The highest value was 43.34 trillion in 2023 and the lowest 755.25 billion in 1992.
Source
World Bank, World Development Indicators, indicator NE.GDI.FPRV.CN, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files, Organisation for Economic Co-operation and Development (OECD); Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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