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Economy of China vs Luxembourg compared: GDP & Debt

Updated on by Georank team

China has a GDP of $18.7T compared to $93.3B for Luxembourg, ranking 2/197 and 74/197 by economy size, respectively.

China has $16.6T in government debt (88.3% of GDP), compared to $24.5B (26.3% of GDP) in Luxembourg.

China vs Luxembourg GDP by year

China
Luxembourg
1x
Year GDP, current $
China Luxembourg
2024 $18,743,803,170,827 $93,279,851,863
2023 $18,270,356,654,533 $88,788,881,539
2022 $18,316,765,021,690 $80,801,680,397
2021 $18,201,698,719,564 $86,386,759,695
2020 $14,996,414,166,715 $73,670,782,100
2019 $14,560,167,101,283 $69,872,035,114
2018 $14,147,765,772,964 $71,085,623,495
2017 $12,537,559,062,283 $65,712,180,343
2016 $11,456,024,084,962 $62,216,885,436
2015 $11,280,814,787,469 $60,071,584,216
2014 $10,674,533,168,257 $68,804,811,898
2013 $9,743,124,247,267 $65,203,276,467
2012 $8,673,664,713,189 $59,776,383,527
2011 $7,671,757,207,851 $61,696,281,326
2010 $6,192,564,874,453 $56,213,985,987
2009 $5,189,577,094,998 $54,467,289,898
2008 $4,667,346,414,522 $58,844,277,702
2007 $3,604,055,822,572 $51,587,401,416
2006 $2,791,498,472,804 $42,910,146,296
2005 $2,317,551,298,052 $37,672,280,120
2004 $1,984,196,551,300 $35,064,843,793
2003 $1,683,903,309,844 $29,667,268,248
2002 $1,489,821,682,051 $23,649,833,332
2001 $1,355,036,590,252 $21,387,533,703
2000 $1,223,754,919,971 $21,230,182,989
1999 $1,103,843,203,576 $21,899,317,599
1998 $1,037,134,141,760 $20,150,053,345
1997 $967,753,570,435 $19,563,836,265
1996 $868,523,936,530 $20,895,314,658
1995 $738,190,896,228 $20,853,093,870
1994 $566,929,539,493 $17,701,798,891
1993 $446,557,291,212 $15,925,521,222
1992 $428,502,354,788 $15,518,702,635
1991 $384,510,452,962 $13,834,219,728
1990 $361,560,229,446 $12,778,792,854
1989 $348,380,566,802 $10,037,674,038
1988 $312,888,888,889 $9,418,167,855
1987 $273,455,156,951 $8,320,902,215
1986 $301,310,144,928 $6,685,595,088
1985 $310,064,625,850 $4,577,211,767
1984 $260,442,857,143 $4,438,435,493
1983 $231,130,268,199 $4,524,217,751
1982 $205,480,916,031 $4,602,316,793
1981 $196,218,253,968 $5,053,665,797
1980 $191,487,500,000 $6,019,805,490
1979 $178,573,913,043 $5,516,982,664
1978 $149,788,617,886 $4,718,539,772
1977 $175,226,595,860 $3,789,321,328
1976 $154,196,810,059 $3,423,586,207
1975 $163,687,619,736 $3,123,333,333
1974 $144,418,433,058 $3,183,637,117
1973 $138,764,340,892 $2,609,875,802
1972 $113,871,930,714 $1,901,697,370
1971 $99,959,013,880 $1,518,773,421
1970 $92,752,930,873 $1,457,768,455
1969 $79,847,786,729 $1,245,432,991
1968 $70,980,323,819 $1,075,561,623
1967 $73,011,350,596 $983,052,315
1966 $76,854,053,259 $976,717,015
1965 $70,565,994,356 $929,477,285
1964 $59,821,862,703 $910,877,686
1963 $50,812,227,919 $797,902,154
1962 $47,310,737,754 $747,846,862
1961 $50,162,299,350 $710,163,719
1960 $59,846,235,025 $709,941,874

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/china/luxembourg | CC BY

GDP per capita in China vs Luxembourg by year

China
GDP per capita

GDP per capita, PPP
Luxembourg
GDP per capita

GDP per capita, PPP
1x
Year Current $
China Luxembourg
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $13,303 $27,105 $137,782 $155,941
2023 $12,951 $25,179 $133,231 $150,508
2022 $12,971 $23,032 $123,720 $146,919
2021 $12,887 $20,843 $134,966 $136,772
2020 $10,627 $18,267 $116,860 $122,067
2019 $10,343 $17,601 $112,697 $121,372
2018 $10,086 $16,298 $116,927 $116,638
2017 $8,980 $15,022 $110,193 $114,986
2016 $8,255 $14,157 $106,899 $113,365
2015 $8,175 $13,463 $105,462 $107,860
2014 $7,781 $12,942 $123,679 $105,296
2013 $7,147 $12,228 $120,000 $100,925
2012 $6,405 $11,420 $112,585 $96,636
2011 $5,704 $10,457 $119,025 $94,475
2010 $4,629 $9,411 $110,886 $90,336
2009 $3,898 $8,448 $109,420 $86,919
2008 $3,523 $7,713 $120,422 $90,971
2007 $2,735 $6,935 $107,475 $85,126
2006 $2,129 $5,946 $90,789 $78,861
2005 $1,778 $5,148 $80,988 $68,788
2004 $1,531 $4,505 $76,545 $64,686
2003 $1,307 $4,007 $65,689 $60,192
2002 $1,164 $3,591 $53,006 $58,576
2001 $1,065 $3,258 $48,440 $56,136
2000 $969 $2,964 $48,660 $55,136
1999 $881 $2,690 $50,872 $49,845
1998 $835 $2,483 $47,445 $44,270
1997 $787 $2,297 $46,642 $42,488
1996 $713 $2,088 $50,444 $39,722
1995 $613 $1,884 $51,032 $38,345
1994 $476 $1,680 $43,933 $37,551
1993 $379 $1,471 $40,067 $35,899
1992 $368 $1,276 $39,571 $34,108
1991 $334 $1,105 $35,747 $33,191
1990 $319 $991 $33,465 $29,949
1989 $311 - $26,618 -
1988 $284 - $25,219 -
1987 $252.3 - $22,443 -
1986 $282.4 - $18,150 -
1985 $295 - $12,482 -
1984 $251.2 - $12,127 -
1983 $225.9 - $12,374 -
1982 $203.7 - $12,591 -
1981 $197.4 - $13,837 -
1980 $195.1 - $16,531 -
1979 $184.3 - $15,204 -
1978 $156.7 - $13,034 -
1977 $185.7 - $10,486 -
1976 $165.7 - $9,491 -
1975 $178.6 - $8,701 -
1974 $160.4 - $8,967 -
1973 $157.3 - $7,447 -
1972 $132.1 - $5,487 -
1971 $118.8 - $4,435 -
1970 $113.3 - $4,298 -
1969 $100.3 - $3,690 -
1968 $91.6 - $3,203 -
1967 $96.8 - $2,935 -
1966 $104.5 - $2,925 -
1965 $98.7 - $2,804 -
1964 $85.7 - $2,779 -
1963 $74.5 - $2,462 -
1962 $71.1 - $2,332 -
1961 $76 - $2,241 -
1960 $89.7 - $2,261 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/china/luxembourg | CC BY

China's GDP per capita is $13,303, ranking 76/197, compared to $137,782 in Luxembourg, ranking 3/197. Adjusted for purchasing power (GDP per capita PPP), China ranks 77th at $27,105, while Luxembourg ranks 1st at $155,941.

Economic indicators

China Luxembourg
Gross domestic product
$18.7T
2024
$93.3B
2024
GDP rank
2/197
2024
74/197
2024
GDP growth
4.98%
2023-2024
0.36%
2023-2024
GDP per capita
$13,303
2024
$137,782
2024
GDP per capita rank
76/197
2024
3/197
2024
GDP per capita, PPP
$27,105
2024
$155,941
2024
GDP per capita PPP rank
77/197
2024
1/197
2024
Government debt
$16.6T
2024
$24.5B
2024
Debt-to-GDP ratio
88.3%
2024
26.3%
2024
Government debt per person
$11,749
2024
$36,221
2024
Government debt per person rank
47/185
2024
19/185
2024
Average annual personal income after taxes
$9,826
2026
$69,593
2026
Market capitalization of domestic companies
$11.8T
2024
$41.9B
2024
Number of millionaires
6,327,000
2025
n/a
Number of billionaires
450
2025
1
2025
Income share by richest 10%
28.4%
2022
25%
2023
Income share by poorest 10%
3.1%
2022
2.8%
2023
Government expenditure, % of GDP
32.9%
2024
46.9%
2024
Consumer prices inflation
0.2%
2023-2024
2.05%
2023-2024
Central bank interest rate
3.1%
2024
n/a
Unemployment rate
5.11%
2021
6.42%
2024
Population
1402578808
693885

Spending and national debt comparison by year

China
Spending

Debt
Luxembourg
Spending

Debt
1x
Year % of GDP
China Luxembourg
Government spending Government debt Government spending Government debt
2024 32.9% 88.3% 46.9% 26.3%
2023 32.7% 82% 46.4% 24.7%
2022 32.6% 75.5% 44.3% 24.9%
2021 31.9% 70.1% 42.4% 24.2%
2020 34.8% 69% 47% 24.5%
2019 33.6% 59.4% 43.1% 22.3%
2018 32.6% 55.6% 42.3% 20.9%
2017 32% 53.9% 41.3% 21.8%
2016 31.7% 49.7% 40% 19.6%
2015 31% 40.8% 40.4% 21.1%
2014 28.4% 39.3% 40.6% 21.9%
2013 28.1% 36.4% 41.2% 22.4%
2012 27.7% 33.8% 41.8% 20.8%
2011 26.6% 33.2% 41.5% 18.5%
2010 24.7% 33.3% 42% 19.1%
2009 25.2% 34% 42.7% 15.3%
2008 22.2% 26.7% 37.9% 14.6%
2007 17.9% 28.7% 37.4% 8.09%
2006 18.1% 25.2% 39.4% 8.21%
2005 18% 25.9% 43.4% 7.95%
2004 17.6% 26% 43.7% 7.83%
2003 18% 26.4% 43.3% 7.43%
2002 18.2% 25.6% 41.8% 7.45%
2001 17.2% 24.3% 38.1% 7.62%
2000 16.1% 22.7% 38% 7.49%
1999 14.9% 21.6% 41.7% 8.39%
1998 12.6% 20.4% 43.9% 9.51%
1997 11.5% 20.4% 44.2% 10.1%
1996 11% 21.2% 42.5% 10.2%
1995 11.1% 21.4% 42% 10.3%
1994 12.4% - - -
1993 13.4% - - -
1992 14.6% - - -
1991 16.5% - - -
1990 18.2% - - -
1989 18.6% - - -
1988 20.9% 4.46% - -
1987 23.4% 3.6% - -
1986 25.6% 3.24% - -
1985 25.8% 3.31% - -
1984 26.9% 0.97% - -
1983 28.3% - - -
1982 27.9% - - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20).

GeoRank.org/economy/china/luxembourg | CC BY

In 2024, China's government spending was $6.18T, accounting for 32.9% of its GDP, while Luxembourg spent $43.7B, or 46.9% of GDP.

Debt-to-GDP ratio is 88.3% in China and 26.3% in Luxembourg, ranking 34/185 and 162/185, respectively.

Government deficit by year

Deficit/surplus
China

Luxembourg
1x
Year Deficit/surplus, % of GDP
China Luxembourg
2024 -7.34% 1.03%
2023 -6.71% -0.78%
2022 -7.32% 0.18%
2021 -5.9% 1%
2020 -9.56% -3.09%
2019 -6% 2.68%
2018 -4.2% 3.17%
2017 -3.34% 1.37%
2016 -3.33% 1.89%
2015 -2.5% 1.3%
2014 -0.67% 1.33%
2013 -0.82% 0.84%
2012 -0.3% 0.5%
2011 -0.1% 0.65%
2010 -0.36% -0.26%
2009 -1.72% -0.21%
2008 -0.02% 3.37%
2007 0.06% 4.35%
2006 -1.13% 1.9%
2005 -1.38% -0.21%
2004 -1.49% -1.39%
2003 -2.36% 0.28%
2002 -2.84% 2.03%
2001 -2.56% 5.62%
2000 -2.81% 5.55%
1999 -2.3% 3.24%
1998 -1.08% 2.98%
1997 -0.73% 2.65%
1996 -0.73% 2.37%
1995 -0.94% 2.71%
1994 -1.68% -
1993 -0.89% -
1992 -1.22% -
1991 -1.04% -
1990 -0.72% -
1989 -0.91% -
1988 -2.22% -
1987 -2.08% -
1986 -1.82% -
1985 -0.45% -
1984 -1.44% -
1983 -1.61% -
1982 -1.33% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20).

GeoRank.org/economy/china/luxembourg | CC BY

In 2024, China's government deficit, the difference between spending and revenue, was $1.38T, equivalent to 7.34% of GDP. This compares to Luxembourg's surplus of $961M, or 1.03% of GDP.

Over the past 30 years, China recorded a fiscal deficit in 29 of those years, while Luxembourg ran a deficit in 6 years. On average, China posted an annual deficit equal to 2.68% of GDP, compared to surplus of 1.57% of GDP for Luxembourg.

Inflation comparison by year

Inflation
China

Luxembourg
1x
Year Consumer prices inflation
China Luxembourg
2024 0.2% 2.05%
2023 0.2% 3.74%
2022 2% 6.34%
2021 0.9% 2.53%
2020 2.5% 0.82%
2019 2.9% 1.74%
2018 2.1% 1.53%
2017 1.6% 1.73%
2016 2% 0.29%
2015 1.5% 0.47%
2014 2% 0.63%
2013 2.7% 1.73%
2012 2.6% 2.66%
2011 5.4% 3.41%
2010 3.3% 2.27%
2009 -0.7% 0.37%
2008 5.9% 3.4%
2007 4.7% 2.31%
2006 1.5% 2.67%
2005 1.8% 2.49%
2004 3.9% 2.23%
2003 1.1% 2.05%
2002 -0.8% 2.07%
2001 0.7% 2.66%
2000 0.4% 3.15%
1999 -1.4% 1.03%
1998 -0.8% 0.96%
1997 2.8% 1.37%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/china/luxembourg | CC BY

Over the past 28 years, China has recorded an average annual inflation rate of 1.82%, compared with 2.1% in Luxembourg. In 2024, inflation was 0.2% in China and 2.05% in Luxembourg.

Top exports between countries

China
Export category Export value
Raw materials & minerals $225M
Machinery & equipment $127M
Metals $21.3M
Miscellaneous $20.4M
Chemicals & pharma $18.8M
Textiles & consumer goods $16.2M
Processed food, beverages & tobacco $1.67M
Wood & paper products $1.46M
Precious metals & jewellery $1.33M
Raw agricultural goods $16K
Luxembourg
Export category Export value
Transport & tourism services $177M
Machinery & equipment $110M
Business & finance services $74.6M
Metals $66.1M
Textiles & consumer goods $60M
Chemicals & pharma $12.7M
Raw materials & minerals $1.3M
Processed food, beverages & tobacco $197K
Raw agricultural goods $180K
Wood & paper products $110K

Balance of trade

China Luxembourg
Current account balance
$424B
2024
$4.1B
2024
Current account balance ranking
1/190
2024
35/190
2024
Current account balance, % of GDP
+2.26%
2024
+4.4%
2024
Goods imports
$2.64T
2024
$29.4B
2024
Goods exports
$3.41T
2024
$31.3B
2024
Service imports
$613B
2024
$117B
2024
Service exports
$384B
2024
$150B
2024
Imports of goods and services, % of GDP
17.2%
2024
159.7%
2024
Exports of goods and services, % of GDP
20%
2024
191.5%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

China Luxembourg
Economic freedom 48.3 79.7
Economic freedom ranking 170/197 7/197
Property rights 40.9 96.6
Government integrity 42.3 88.7
Judicial effectiveness 38.6 99.1
Tax burden 69.3 62.3
Government spending 67.8 36.9
Fiscal health 4.4 98.6
Business freedom 68.7 89.5
Labor freedom 57.9 56.7
Monetary freedom 76.1 74.1
Trade freedom 73.4 79.4
Investment freedom 20 95
Financial freedom 20 80

Economic freedom comparison by year

China
Luxembourg
1x
Year Economic freedom index
China Luxembourg
2026 48.3 79.7
2025 49 79.5
2024 48.5 79.2
2023 48.3 78.4
2022 48 80.6
2021 58.4 76
2020 59.5 75.8
2019 58.4 75.9
2018 57.8 76.4
2017 57.4 75.9
2016 52 73.9
2015 52.7 73.2
2014 52.5 74.2
2013 51.9 74.2
2012 51.2 74.5
2011 52 76.2
2010 51 75.4
2009 53.2 75.2
2008 53.1 74.7
2007 52 74.6
2006 53.6 75.3
2005 53.7 76.3
2004 52.5 78.9
2003 52.6 79.9
2002 52.8 79.4
2001 52.6 80.1
2000 56.4 76.4
1999 54.8 72.4
1998 53.1 72.7
1997 51.7 72.8
1996 51.3 72.5
1995 52 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/china/luxembourg | CC BY

The Economic Freedom Index for China is 48.3, ranking 170/197, compared to 79.7 for Luxembourg, ranking 7/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

China Luxembourg
Services, % of GDP
56.7%
2024
81.2%
2024
Industry, % of GDP
36.5%
2024
9.66%
2024
Agriculture, forestry, and fishing, % of GDP
6.78%
2024
0.21%
2024
GNI, Atlas method
$19.3T
2024
$57.3B
2024
GNI per capita, PPP
$26,920
2024
$110,650
2024
Total reserves including gold
$3.46T
2024
$2.79B
2024
Total reserves ranking
1/177
2024
119/177
2024
Net foreign direct investment
$154B
2024
$21.4B
2024
Net inflows of foreign direct investment
$18.6B
2024
$106B
2024
Net outflows of foreign direct investment
$172B
2024
$109B
2024
Servicing debt to the IMF, % of GNI
1.89%
2024
n/a
Poverty at national poverty lines
0%
2020
17.3%
2021
Gross capital formation, % of GDP
40.6%
2024
15.8%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/china/luxembourg | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20)
  6. TradeMap (2023–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.