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Economy of China vs Malaysia compared: GDP & Debt

Updated on by Georank team

China has a GDP of $18.7T compared to $422B for Malaysia, ranking 2/197 and 38/197 by economy size, respectively.

China has $16.6T in government debt (88.3% of GDP), compared to $296B (70.1% of GDP) in Malaysia.

China vs Malaysia GDP by year

China
Malaysia
1x
Year GDP, current $
China Malaysia
2024 $18,743,803,170,827 $422,227,005,429
2023 $18,270,356,654,533 $399,949,418,753
2022 $18,316,765,021,690 $407,830,525,990
2021 $18,201,698,719,564 $373,784,553,030
2020 $14,996,414,166,715 $337,456,163,961
2019 $14,560,167,101,283 $365,177,721,022
2018 $14,147,765,772,964 $358,788,845,713
2017 $12,537,559,062,283 $319,109,094,160
2016 $11,456,024,084,962 $301,256,033,870
2015 $11,280,814,787,469 $301,355,266,965
2014 $10,674,533,168,257 $338,066,095,097
2013 $9,743,124,247,267 $323,276,235,524
2012 $8,673,664,713,189 $314,443,047,642
2011 $7,671,757,207,851 $297,951,668,675
2010 $6,192,564,874,453 $255,017,638,456
2009 $5,189,577,094,998 $202,257,453,037
2008 $4,667,346,414,522 $230,811,614,370
2007 $3,604,055,822,572 $193,549,569,478
2006 $2,791,498,472,804 $162,692,258,307
2005 $2,317,551,298,052 $143,534,405,819
2004 $1,984,196,551,300 $124,749,473,684
2003 $1,683,903,309,844 $110,202,368,421
2002 $1,489,821,682,051 $100,845,526,316
2001 $1,355,036,590,252 $92,783,947,368
2000 $1,223,754,919,971 $93,789,736,842
1999 $1,103,843,203,576 $79,148,421,053
1998 $1,037,134,141,760 $72,167,498,981
1997 $967,753,570,435 $100,005,323,302
1996 $868,523,936,530 $100,855,393,910
1995 $738,190,896,228 $88,705,342,903
1994 $566,929,539,493 $74,478,356,958
1993 $446,557,291,212 $66,894,966,969
1992 $428,502,354,788 $59,167,550,163
1991 $384,510,452,962 $49,143,148,094
1990 $361,560,229,446 $44,024,585,240
1989 $348,380,566,802 $38,847,965,293
1988 $312,888,888,889 $35,272,109,220
1987 $273,455,156,951 $32,181,210,158
1986 $301,310,144,928 $27,734,111,400
1985 $310,064,625,850 $31,199,633,353
1984 $260,442,857,143 $33,942,897,422
1983 $231,130,268,199 $30,347,442,111
1982 $205,480,916,031 $26,804,493,635
1981 $196,218,253,968 $25,004,285,792
1980 $191,487,500,000 $24,488,224,677
1979 $178,573,913,043 $21,213,264,962
1978 $149,788,617,886 $16,358,079,862
1977 $175,226,595,860 $13,139,488,633
1976 $154,196,810,059 $11,050,234,599
1975 $163,687,619,736 $9,298,800,799
1974 $144,418,433,058 $9,496,204,302
1973 $138,764,340,892 $7,662,902,678
1972 $113,871,930,714 $5,043,347,250
1971 $99,959,013,880 $4,244,395,956
1970 $92,752,930,873 $3,864,145,667
1969 $79,847,786,729 $3,664,552,041
1968 $70,980,323,819 $3,330,371,551
1967 $73,011,350,596 $3,188,924,677
1966 $76,854,053,259 $3,143,517,944
1965 $70,565,994,356 $2,956,337,669
1964 $59,821,862,703 $2,674,423,922
1963 $50,812,227,919 $2,510,110,348
1962 $47,310,737,754 $2,001,489,602
1961 $50,162,299,350 $1,901,856,123
1960 $59,846,235,025 $1,916,229,477

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

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

GDP per capita in China vs Malaysia by year

China
GDP per capita

GDP per capita, PPP
Malaysia
GDP per capita

GDP per capita, PPP
1x
Year Current $
China Malaysia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $13,303 $27,105 $11,874 $38,779
2023 $12,951 $25,179 $11,386 $36,467
2022 $12,971 $23,032 $11,755 $34,420
2021 $12,887 $20,843 $10,903 $29,823
2020 $10,627 $18,267 $9,958 $27,475
2019 $10,343 $17,601 $10,920 $28,934
2018 $10,086 $16,298 $10,902 $27,794
2017 $8,980 $15,022 $9,863 $26,416
2016 $8,255 $14,157 $9,477 $25,286
2015 $8,175 $13,463 $9,649 $24,526
2014 $7,781 $12,942 $11,013 $24,307
2013 $7,147 $12,228 $10,714 $23,161
2012 $6,405 $11,420 $10,601 $22,639
2011 $5,704 $10,457 $10,217 $21,324
2010 $4,629 $9,411 $8,899 $20,193
2009 $3,898 $8,448 $7,191 $18,923
2008 $3,523 $7,713 $8,372 $19,480
2007 $2,735 $6,935 $7,169 $18,617
2006 $2,129 $5,946 $6,158 $17,426
2005 $1,778 $5,148 $5,556 $16,371
2004 $1,531 $4,505 $4,939 $15,416
2003 $1,307 $4,007 $4,465 $14,387
2002 $1,164 $3,591 $4,184 $13,656
2001 $1,065 $3,258 $3,944 $13,072
2000 $969 $2,964 $4,084 $13,027
1999 $881 $2,690 $3,528 $11,980
1998 $835 $2,483 $3,294 $11,398
1997 $787 $2,297 $4,679 $12,469
1996 $713 $2,088 $4,837 $11,709
1995 $613 $1,884 $4,363 $10,720
1994 $476 $1,680 $3,758 $9,806
1993 $379 $1,471 $3,462 $9,018
1992 $368 $1,276 $3,141 $8,224
1991 $334 $1,105 $2,679 $7,583
1990 $319 $991 $2,469 $6,887
1989 $311 - $2,244 -
1988 $284 - $2,100 -
1987 $252.3 - $1,977 -
1986 $282.4 - $1,760 -
1985 $295 - $2,046 -
1984 $251.2 - $2,300 -
1983 $225.9 - $2,124 -
1982 $203.7 - $1,938 -
1981 $197.4 - $1,866 -
1980 $195.1 - $1,886 -
1979 $184.3 - $1,680 -
1978 $156.7 - $1,327 -
1977 $185.7 - $1,092 -
1976 $165.7 - $940 -
1975 $178.6 - $811 -
1974 $160.4 - $848 -
1973 $157.3 - $701 -
1972 $132.1 - $472 -
1971 $118.8 - $407 -
1970 $113.3 - $380 -
1969 $100.3 - $368 -
1968 $91.6 - $342 -
1967 $96.8 - $335 -
1966 $104.5 - $339 -
1965 $98.7 - $326 -
1964 $85.7 - $303 -
1963 $74.5 - $291.8 -
1962 $71.1 - $238.8 -
1961 $76 - $232.9 -
1960 $89.7 - $240.8 -

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

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

China's GDP per capita is $13,303, ranking 76/197, compared to $11,874 in Malaysia, ranking 79/197. Adjusted for purchasing power (GDP per capita PPP), China ranks 77th at $27,105, while Malaysia ranks 60th at $38,779.

Economic indicators

China Malaysia
Gross domestic product
$18.7T
2024
$422B
2024
GDP rank
2/197
2024
38/197
2024
GDP growth
4.98%
2023-2024
5.11%
2023-2024
GDP per capita
$13,303
2024
$11,874
2024
GDP per capita rank
76/197
2024
79/197
2024
GDP per capita, PPP
$27,105
2024
$38,779
2024
GDP per capita PPP rank
77/197
2024
60/197
2024
Government debt
$16.6T
2024
$296B
2024
Debt-to-GDP ratio
88.3%
2024
70.1%
2024
Government debt per person
$11,749
2024
$8,322
2024
Government debt per person rank
47/185
2024
62/185
2024
Average annual personal income after taxes
$9,826
2026
$11,005
2026
Market capitalization of domestic companies
$11.8T
2024
$449B
2024
Number of millionaires
6,327,000
2025
n/a
Number of billionaires
450
2025
19
2025
Income share by richest 10%
28.4%
2022
30.9%
2021
Income share by poorest 10%
3.1%
2022
2.3%
2021
Government expenditure, % of GDP
32.9%
2024
23.9%
2024
Consumer prices inflation
0.2%
2023-2024
1.83%
2023-2024
Central bank interest rate
3.1%
2024
2.75%
2025
Unemployment rate
5.11%
2021
3.93%
2022
Population
1402578808
36512221

Spending and national debt comparison by year

China
Spending

Debt
Malaysia
Spending

Debt
1x
Year % of GDP
China Malaysia
Government spending Government debt Government spending Government debt
2024 32.9% 88.3% 23.9% 70.1%
2023 32.7% 82% 24.9% 69.7%
2022 32.6% 75.5% 24.6% 65.5%
2021 31.9% 70.1% 24.5% 69.2%
2020 34.8% 69% 25% 67.7%
2019 33.6% 59.4% 23.6% 57.1%
2018 32.6% 55.6% 22.8% 55.6%
2017 32% 53.9% 22% 54.4%
2016 31.7% 49.7% 22.9% 55.8%
2015 31% 40.8% 24.7% 57%
2014 28.4% 39.3% 26% 55.4%
2013 28.1% 36.4% 27.8% 55.7%
2012 27.7% 33.8% 28.5% 53.8%
2011 26.6% 33.2% 27.1% 51.9%
2010 24.7% 33.3% 26.6% 51.2%
2009 25.2% 34% 30.9% 50.4%
2008 22.2% 26.7% 26.9% 39.4%
2007 17.9% 28.7% 25.9% 39.3%
2006 18.1% 25.2% 25.6% 39.7%
2005 18% 25.9% 24.5% 40.8%
2004 17.6% 26% 25.9% 42%
2003 18% 26.4% 28.1% 41.4%
2002 18.2% 25.6% 27.1% 39.5%
2001 17.2% 24.3% 28.2% 38.1%
2000 16.1% 22.7% 25.6% 32.5%
1999 14.9% 21.6% 24.6% 34.4%
1998 12.6% 20.4% 23.1% 33.6%
1997 11.5% 20.4% 21.2% 29.6%
1996 11% 21.2% 22.4% 32.8%
1995 11.1% 21.4% 22.6% 38.2%
1994 12.4% - 23.3% 43.7%
1993 13.4% - 24.6% 51.1%
1992 14.6% - 28.2% 59.1%
1991 16.5% - 27.4% 67.3%
1990 18.2% - 30.5% 74.1%
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/malaysia | CC BY

In 2024, China's government spending was $6.18T, accounting for 32.9% of its GDP, while Malaysia spent $101B, or 23.9% of GDP.

Debt-to-GDP ratio is 88.3% in China and 70.1% in Malaysia, ranking 34/185 and 58/185, respectively.

Government deficit by year

Deficit/surplus
China

Malaysia
1x
Year Deficit/surplus, % of GDP
China Malaysia
2024 -7.34% -3.95%
2023 -6.71% -3.97%
2022 -7.32% -4.56%
2021 -5.9% -6.03%
2020 -9.56% -4.9%
2019 -6% -2.01%
2018 -4.2% -2.64%
2017 -3.34% -2.41%
2016 -3.33% -2.6%
2015 -2.5% -2.55%
2014 -0.67% -2.63%
2013 -0.82% -3.48%
2012 -0.3% -3.1%
2011 -0.1% -3.57%
2010 -0.36% -4.32%
2009 -1.72% -5.88%
2008 -0.02% -3.4%
2007 0.06% -2.57%
2006 -1.13% -2.6%
2005 -1.38% -2.83%
2004 -1.49% -3.35%
2003 -2.36% -4.6%
2002 -2.84% -3.96%
2001 -2.56% -4.36%
2000 -2.81% -6.05%
1999 -2.3% -3%
1998 -1.08% -0.63%
1997 -0.73% 4.84%
1996 -0.73% 3.27%
1995 -0.94% 3.1%
1994 -1.68% 5.45%
1993 -0.89% 3.44%
1992 -1.22% 1.81%
1991 -1.04% 1.6%
1990 -0.72% 0.15%
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/malaysia | 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 Malaysia's deficit of $16.7B, or 3.95% of GDP.

Over the past 35 years, China recorded a fiscal deficit in 34 of those years, while Malaysia ran a deficit in 27 years. On average, China posted an annual deficit equal to 2.46% of GDP, compared to deficit of 2.07% of GDP for Malaysia.

Inflation comparison by year

Inflation
China

Malaysia
1x
Year Consumer prices inflation
China Malaysia
2024 0.2% 1.83%
2023 0.2% 2.49%
2022 2% 3.38%
2021 0.9% 2.48%
2020 2.5% -1.14%
2019 2.9% 0.66%
2018 2.1% 0.88%
2017 1.6% 3.87%
2016 2% 2.09%
2015 1.5% 2.1%
2014 2% 3.14%
2013 2.7% 2.11%
2012 2.6% 1.66%
2011 5.4% 3.17%
2010 3.3% 1.62%
2009 -0.7% 0.58%
2008 5.9% 5.44%
2007 4.7% 2.03%
2006 1.5% 3.61%
2005 1.8% 2.98%
2004 3.9% 1.42%
2003 1.1% 1.09%
2002 -0.8% 1.81%
2001 0.7% 1.42%
2000 0.4% 1.53%
1999 -1.4% 2.74%
1998 -0.8% 5.27%
1997 2.8% 2.66%

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/malaysia | CC BY

Over the past 28 years, China has recorded an average annual inflation rate of 1.82%, compared with 2.25% in Malaysia. In 2024, inflation was 0.2% in China and 1.83% in Malaysia.

Top exports between countries

China
Export category Export value
Machinery & equipment $44.9B
Textiles & consumer goods $18.7B
Miscellaneous $9.53B
Chemicals & pharma $7.87B
Metals $7.85B
Raw materials & minerals $4.48B
Processed food, beverages & tobacco $2.84B
Wood & paper products $1.75B
Raw agricultural goods $1.59B
Precious metals & jewellery $1.3B
Malaysia
Export category Export value
Machinery & equipment $20.5B
Raw materials & minerals $7.45B
Chemicals & pharma $4.85B
Metals $3.09B
Processed food, beverages & tobacco $2.26B
Wood & paper products $1.61B
Textiles & consumer goods $587M
Transport & tourism services $531M
Animal & marine products $380M
Manufacturing & construction services $363M

Balance of trade

China Malaysia
Current account balance
$424B
2024
$7.15B
2024
Current account balance ranking
1/190
2024
26/190
2024
Current account balance, % of GDP
+2.26%
2024
+1.69%
2024
Goods imports
$2.64T
2024
$223B
2024
Goods exports
$3.41T
2024
$248B
2024
Service imports
$613B
2024
$56.4B
2024
Service exports
$384B
2024
$53.4B
2024
Imports of goods and services, % of GDP
17.2%
2024
66%
2024
Exports of goods and services, % of GDP
20%
2024
71.3%
2024

Economic freedom indices

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

China Malaysia
Economic freedom 48.3 68
Economic freedom ranking 170/197 51/197
Property rights 40.9 62.7
Government integrity 42.3 52.9
Judicial effectiveness 38.6 63.4
Tax burden 69.3 83.5
Government spending 67.8 82
Fiscal health 4.4 62.5
Business freedom 68.7 79.6
Labor freedom 57.9 55.4
Monetary freedom 76.1 80.8
Trade freedom 73.4 83
Investment freedom 20 60
Financial freedom 20 50

Economic freedom comparison by year

China
Malaysia
1x
Year Economic freedom index
China Malaysia
2026 48.3 68
2025 49 67.1
2024 48.5 65.7
2023 48.3 67.3
2022 48 68.1
2021 58.4 74.4
2020 59.5 74.7
2019 58.4 74
2018 57.8 74.5
2017 57.4 73.8
2016 52 71.5
2015 52.7 70.8
2014 52.5 69.6
2013 51.9 66.1
2012 51.2 66.4
2011 52 66.3
2010 51 64.8
2009 53.2 64.6
2008 53.1 63.9
2007 52 63.8
2006 53.6 61.6
2005 53.7 61.9
2004 52.5 59.9
2003 52.6 61.1
2002 52.8 60.1
2001 52.6 60.2
2000 56.4 66
1999 54.8 68.9
1998 53.1 68.2
1997 51.7 66.8
1996 51.3 69.9
1995 52 71.9

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

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

The Economic Freedom Index for China is 48.3, ranking 170/197, compared to 68 for Malaysia, ranking 51/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

China Malaysia
Services, % of GDP
56.7%
2024
53.7%
2024
Industry, % of GDP
36.5%
2024
37%
2024
Agriculture, forestry, and fishing, % of GDP
6.78%
2024
8.13%
2024
GNI, Atlas method
$19.3T
2024
$414B
2024
GNI per capita, PPP
$26,920
2024
$37,450
2024
Total reserves including gold
$3.46T
2024
$116B
2024
Total reserves ranking
1/177
2024
24/177
2024
Net foreign direct investment
$154B
2024
-$2.55B
2024
Net inflows of foreign direct investment
$18.6B
2024
$15.6B
2024
Net outflows of foreign direct investment
$172B
2024
$13B
2024
Servicing debt to the IMF, % of GNI
1.89%
2024
n/a
Poverty at national poverty lines
0%
2020
5.8%
2023
Gross capital formation, % of GDP
40.6%
2024
22%
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/malaysia | 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 (2022–2024, 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.