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Economy of China vs Nepal compared: GDP & Debt

Updated on by Georank team

China has a GDP of $18.7T compared to $42.9B for Nepal, ranking 2/197 and 101/197 by economy size, respectively.

China has $16.6T in government debt (96.3% of GDP), compared to $20.5B (49.4% of GDP) in Nepal.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

China
GDP, current $

GDP, constant 2015 $
Nepal
GDP, current $

GDP, constant 2015 $
Year GDP
China Nepal
Current $ Constant $ Current $ Constant $
1960 $59,846,235,025 $161,023,131,028 $508,334,414 $3,312,007,762
1961 $50,162,299,350 $117,112,123,191 $531,959,562 $3,375,209,679
1962 $47,310,737,754 $110,577,266,728 $574,091,101 $3,439,686,985
1963 $50,812,227,919 $121,966,725,197 $496,947,904 $3,504,872,894
1964 $59,821,862,703 $144,140,275,830 $496,098,775 $3,768,875,642
1965 $70,565,994,356 $168,572,052,589 $735,267,082 $3,723,528,944
1966 $76,854,053,259 $186,524,976,187 $906,811,944 $3,985,689,329
1967 $73,011,350,596 $175,762,485,054 $841,974,025 $3,923,054,321
1968 $70,980,323,819 $168,556,223,190 $772,231,387 $3,949,553,904
1969 $79,847,786,729 $197,109,647,392 $788,641,965 $4,125,839,146
1970 $92,752,930,873 $235,151,809,332 $865,975,309 $4,232,120,438
1971 $99,959,013,880 $251,753,527,067 $882,765,472 $4,181,530,377
1972 $113,871,930,714 $261,345,336,449 $1,024,098,400 $4,311,902,146
1973 $138,764,340,892 $281,625,734,560 $972,101,725 $4,291,354,369
1974 $144,418,433,058 $288,131,289,037 $1,217,953,547 $4,563,151,176
1975 $163,687,619,736 $313,256,337,433 $1,575,789,254 $4,629,612,136
1976 $154,196,810,059 $308,338,212,930 $1,452,788,985 $4,833,247,301
1977 $175,226,595,860 $331,679,415,654 $1,382,400,000 $4,979,065,088
1978 $149,788,617,886 $369,245,353,261 $1,604,162,497 $5,198,429,820
1979 $178,573,913,043 $397,275,966,893 $1,851,250,008 $5,321,574,269
1980 $191,487,500,000 $428,399,142,253 $1,945,916,583 $5,198,145,984
1981 $196,218,253,968 $450,302,166,910 $2,275,583,317 $5,631,773,978
1982 $205,480,916,031 $491,096,319,837 $2,395,423,742 $5,844,619,816
1983 $231,130,268,199 $543,778,042,482 $2,447,174,803 $5,670,601,763
1984 $260,442,857,143 $626,609,364,484 $2,581,207,388 $6,219,580,093
1985 $310,064,625,850 $710,797,305,027 $2,619,913,956 $6,601,767,395
1986 $301,310,144,928 $774,307,505,788 $2,850,782,044 $6,903,181,024
1987 $273,455,156,951 $864,345,705,903 $2,957,255,380 $7,020,232,623
1988 $312,888,888,889 $961,347,723,725 $3,487,009,748 $7,560,566,499
1989 $348,380,566,802 $1,001,785,223,304 $3,525,225,787 $7,887,912,410
1990 $361,560,229,446 $1,041,271,896,196 $3,627,560,239 $8,253,520,017
1991 $384,510,452,962 $1,138,752,669,459 $3,921,476,085 $8,779,116,585
1992 $428,502,354,788 $1,301,589,870,245 $3,401,211,581 $9,139,622,809
1993 $446,557,291,212 $1,482,889,338,699 $3,660,041,667 $9,491,484,581
1994 $566,929,539,493 $1,676,743,149,158 $4,066,775,510 $10,271,305,209
1995 $738,190,896,228 $1,861,735,071,148 $4,401,104,418 $10,627,560,489
1996 $868,523,936,530 $2,047,465,483,837 $4,521,580,381 $11,193,827,113
1997 $967,753,570,435 $2,237,626,840,760 $4,918,691,917 $11,758,960,073
1998 $1,037,134,141,760 $2,414,864,610,328 $4,856,255,044 $12,113,656,107
1999 $1,103,843,203,576 $2,601,702,759,079 $5,033,642,384 $12,648,180,060
2000 $1,223,754,919,971 $2,825,096,197,800 $5,494,252,208 $13,432,367,221
2001 $1,355,036,590,252 $3,059,936,242,479 $6,007,055,042 $14,077,106,360
2002 $1,489,821,682,051 $3,342,778,183,071 $6,050,875,807 $14,094,019,043
2003 $1,683,903,309,844 $3,681,006,926,651 $6,330,473,097 $14,650,033,416
2004 $1,984,196,551,300 $4,053,944,733,454 $7,273,938,315 $15,336,036,357
2005 $2,317,551,298,052 $4,518,455,387,849 $8,130,258,378 $15,869,604,827
2006 $2,791,498,472,804 $5,091,154,930,758 $9,043,715,356 $16,403,555,897
2007 $3,604,055,822,572 $5,811,552,614,974 $10,325,618,017 $16,963,173,095
2008 $4,667,346,414,522 $6,373,544,042,638 $12,545,438,605 $17,998,713,599
2009 $5,189,577,094,998 $6,972,829,250,985 $12,854,985,464 $18,814,609,456
2010 $6,192,564,874,453 $7,711,689,202,853 $16,002,656,434 $19,720,799,062
2011 $7,671,757,207,851 $8,441,318,020,902 $21,573,872,421 $20,395,607,080
2012 $8,673,664,713,189 $9,104,482,675,356 $21,703,100,877 $21,348,110,877
2013 $9,743,124,247,267 $9,812,695,262,901 $22,162,204,925 $22,100,664,485
2014 $10,674,533,168,257 $10,544,908,798,424 $22,731,612,922 $23,429,242,138
2015 $11,280,814,787,469 $11,280,814,787,469 $24,360,801,287 $24,360,801,287
2016 $11,456,024,084,962 $12,045,152,668,727 $24,524,109,484 $24,466,311,259
2017 $12,537,559,062,283 $12,875,216,222,853 $28,971,588,940 $26,662,720,369
2018 $14,147,765,772,964 $13,745,158,275,137 $33,111,525,237 $28,695,053,195
2019 $14,560,167,101,283 $14,579,283,528,148 $34,186,180,699 $30,605,298,793
2020 $14,996,414,166,715 $14,920,466,234,565 $33,433,659,301 $29,880,069,319
2021 $18,201,698,719,564 $16,199,162,892,909 $36,924,841,394 $31,325,711,777
2022 $18,316,765,021,690 $16,706,875,253,649 $41,182,939,601 $33,089,761,145
2023 $18,270,356,654,533 $17,611,526,369,127 $41,047,772,331 $33,745,781,687
2024 $18,743,803,170,827 $18,488,114,837,769 $42,914,268,287 $34,982,690,898

Economic indicators

China Nepal
Gross domestic product
$18.7T
2024
$42.9B
2024
GDP rank
2/197
2024
101/197
2024
GDP growth
2.59%
2023-2024
4.55%
2023-2024
GDP per capita
$13,303
2024
$1,447
2024
GDP per capita rank
76/197
2024
164/197
2024
GDP per capita, PPP
$27,105
2024
$5,737
2024
Government debt
$16.6T
2024
$20.5B
2024
Debt-to-GDP ratio
96.3%
2025
49.4%
2025
Government debt per person
$11,750
2024
$693
2024
Government debt per person rank
48/185
2024
155/185
2024
Average annual personal income after taxes
$9,060
2025
$2,569
2025
Market capitalization of domestic companies
$11.8T
2024
n/a
Number of millionaires
6,013,282
2024
n/a
Number of billionaires
450
2025
2
2025
Income share by richest 10%
28.4%
2022
24.2%
2022
Income share by poorest 10%
3.1%
2022
3.7%
2022
Government expenditure, % of GDP
33.7%
2025
23.4%
2025
Consumer prices inflation
0%
2024-2025
7.11%
2022-2023
Central bank interest rate
3.1%
2024
n/a
Unemployment rate
5.11%
2021
10.7%
2017
Population
1405773318
29627185

GDP per capita in China vs Nepal

China's GDP per capita is $13,303, ranking 76/197, compared to $1,447 in Nepal, ranking 164/197. Adjusted for purchasing power (GDP per capita PPP), China ranks 77th at $27,105, while Nepal ranks 154th at $5,737.

China
GDP per capita

GDP per capita, PPP
Nepal
GDP per capita

GDP per capita, PPP
Year Current $
China Nepal
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $89.7 - $50.2 -
1961 $76 - $51.6 -
1962 $71.1 - $54.6 -
1963 $74.5 - $46.3 -
1964 $85.7 - $45.3 -
1965 $98.7 - $65.8 -
1966 $104.5 - $79.5 -
1967 $96.8 - $72.3 -
1968 $91.6 - $64.9 -
1969 $100.3 - $64.8 -
1970 $113.3 - $69.6 -
1971 $118.8 - $69.5 -
1972 $132.1 - $78.8 -
1973 $157.3 - $73.2 -
1974 $160.4 - $89.8 -
1975 $178.6 - $113.6 -
1976 $165.7 - $102.5 -
1977 $185.7 - $95.3 -
1978 $156.7 - $108.1 -
1979 $184.3 - $121.9 -
1980 $195.1 - $125.1 -
1981 $197.4 - $142.9 -
1982 $203.7 - $147 -
1983 $225.9 - $146.6 -
1984 $251.2 - $151.1 -
1985 $295 - $149.9 -
1986 $282.4 - $159.5 -
1987 $252.3 - $162 -
1988 $284 - $187.1 -
1989 $311 - $185 -
1990 $319 $991 $185.8 $830
1991 $334 $1,105 $195.7 $889
1992 $368 $1,276 $165 $920
1993 $379 $1,471 $172.8 $952
1994 $476 $1,680 $187.3 $1,026
1995 $613 $1,884 $197.8 $1,058
1996 $713 $2,088 $198.8 $1,110
1997 $787 $2,297 $211.8 $1,162
1998 $835 $2,483 $205.1 $1,187
1999 $881 $2,690 $208.6 $1,234
2000 $969 $2,964 $223.8 $1,317
2001 $1,065 $3,258 $240.8 $1,388
2002 $1,164 $3,591 $238.9 $1,390
2003 $1,307 $4,007 $246.4 $1,453
2004 $1,531 $4,505 $279.6 $1,542
2005 $1,778 $5,148 $309 $1,628
2006 $2,129 $5,946 $340 $1,718
2007 $2,735 $6,935 $385 $1,809
2008 $3,523 $7,713 $465 $1,942
2009 $3,898 $8,448 $473 $2,029
2010 $4,629 $9,411 $585 $2,139
2011 $5,704 $10,457 $786 $2,248
2012 $6,405 $11,420 $788 $2,466
2013 $7,147 $12,228 $803 $2,658
2014 $7,781 $12,942 $821 $2,901
2015 $8,175 $13,463 $876 $2,957
2016 $8,255 $14,157 $877 $2,976
2017 $8,980 $15,022 $1,034 $3,605
2018 $10,086 $16,298 $1,179 $3,956
2019 $10,343 $17,601 $1,203 $4,261
2020 $10,627 $18,267 $1,154 $4,236
2021 $12,887 $20,843 $1,253 $4,546
2022 $12,971 $23,032 $1,386 $5,103
2023 $12,951 $25,179 $1,382 $5,395
2024 $13,303 $27,105 $1,447 $5,737

Spending and national debt comparison

In 2024, China's government spending was $6.18T, accounting for 33.7% of its GDP, while Nepal's spent $9.39B, or 23.4% of GDP.

Debt-to-GDP ratio is 96.3% in China and 49.4% in Nepal, ranking 26/185 and 111/185, respectively.

China
Government spending

Government debt
Nepal
Government spending

Government debt
Year % of GDP
China Nepal
Government spending Government debt Government spending Government debt
1982 27.9% - - -
1983 28.3% - - -
1984 26.9% 0.97% - -
1985 25.8% 3.31% - -
1986 25.6% 3.24% - -
1987 23.4% 3.6% - -
1988 20.9% 4.46% - -
1989 18.6% - - -
1990 18.2% - - -
1991 16.5% - - -
1992 14.6% - - -
1993 13.4% - - -
1994 12.4% - - -
1995 11.1% 21.4% - -
1996 11% 21.2% - -
1997 11.5% 20.4% - -
1998 12.6% 20.4% - -
1999 14.9% 21.6% - -
2000 16.1% 22.7% 11.4% 50.8%
2001 17.2% 24.3% 12.9% 50.8%
2002 18.2% 25.6% 13% 51.8%
2003 18% 26.4% 12% 53%
2004 17.6% 26% 11.8% 51.3%
2005 18% 25.9% 12% 45.1%
2006 18.1% 25.2% 11.2% 42.9%
2007 17.9% 28.7% 13.1% 37.9%
2008 22.2% 26.7% 13.4% 36.8%
2009 25.2% 34% 17% 39.5%
2010 24.7% 33.3% 16.5% 35.4%
2011 26.6% 33.2% 16.3% 32.4%
2012 27.7% 33.8% 16.8% 34.5%
2013 28.1% 36.4% 15.5% 31.9%
2014 28.4% 39.3% 16.6% 27.6%
2015 31% 40.8% 17.7% 25.7%
2016 31.7% 49.7% 19% 25%
2017 32% 53.9% 23.6% 25%
2018 32.6% 55.6% 28% 31.1%
2019 33.6% 59.4% 27.3% 34%
2020 34.8% 69% 27.6% 43.3%
2021 31.9% 70.1% 27.2% 43.3%
2022 32.6% 75.5% 26.1% 42.7%
2023 32.7% 82% 25.2% 47.1%
2024 32.9% 88.3% 21.9% 47.9%
2025 33.7% 96.3% 23.4% 49.4%

Government deficit by year

In 2024, China's government deficit, the difference between spending and revenue, was -$1.38T, equivalent to -7.34% of GDP. This compares to Nepal's deficit of -$1.17B, or -2.73% of GDP.

Over the past 25 years, China recorded a fiscal deficit in 24 of those years, while Nepal ran a deficit in 19 years. On average, China posted an annual deficit equal to -2.99% of GDP, compared to deficit of -1.68% of GDP for Nepal.

Deficit/surplus
China

Nepal
Year Deficit/surplus, % of GDP
China Nepal
1982 -1.33% -
1983 -1.61% -
1984 -1.44% -
1985 -0.45% -
1986 -1.82% -
1987 -2.08% -
1988 -2.22% -
1989 -0.91% -
1990 -0.72% -
1991 -1.04% -
1992 -1.22% -
1993 -0.89% -
1994 -1.68% -
1995 -0.94% -
1996 -0.73% -
1997 -0.73% -
1998 -1.08% -
1999 -2.3% -
2000 -2.81% -1.48%
2001 -2.56% -2.35%
2002 -2.84% -2.46%
2003 -2.36% -0.34%
2004 -1.49% -0.14%
2005 -1.38% 0.24%
2006 -1.13% 0.24%
2007 0.06% -0.67%
2008 -0.02% -0.29%
2009 -1.72% -2.24%
2010 -0.36% -0.67%
2011 -0.1% -0.72%
2012 -0.3% -1.17%
2013 -0.82% 1.57%
2014 -0.67% 1.35%
2015 -2.5% 0.58%
2016 -3.33% 1.17%
2017 -3.34% -2.69%
2018 -4.2% -5.83%
2019 -6% -4.99%
2020 -9.56% -5.36%
2021 -5.9% -3.98%
2022 -7.32% -3.12%
2023 -6.71% -5.83%
2024 -7.34% -2.73%
2025 -8.57% -3.98%

Inflation comparison by year

Over the past 28 years, China has recorded an average annual inflation rate of 2.11%, compared with 6.61% in Nepal. In 2023, inflation was 0% in China and 7.11% in Nepal.

Inflation
China

Nepal
Year Inflation
China Nepal China Nepal
1996 8.3% 9.22%
1997 2.8% 4.01%
1998 -0.8% 11.2%
1999 -1.4% 7.45%
2000 0.4% 2.48%
2001 0.7% 2.69%
2002 -0.8% 3.03%
2003 1.1% 5.71%
2004 3.9% 2.84%
2005 1.8% 6.84%
2006 1.5% 6.92%
2007 4.7% 2.27%
2008 5.9% 9.91%
2009 -0.7% 11.1%
2010 3.3% 9.33%
2011 5.4% 9.23%
2012 2.6% 9.46%
2013 2.7% 9.04%
2014 2% 8.36%
2015 1.5% 7.87%
2016 2% 8.79%
2017 1.6% 3.63%
2018 2.1% 4.06%
2019 2.9% 5.57%
2020 2.5% 5.05%
2021 0.9% 4.15%
2022 2% 7.65%
2023 0.2% 7.11%
2024 0.2% -
2025 0% -

Top exports between countries

China
Export category Export value
Machinery & equipment $851M
Textiles & consumer goods $762M
Raw agricultural goods $163M
Chemicals & pharma $121M
Metals $97.1M
Raw materials & minerals $53.7M
Miscellaneous $44.3M
Processed food, beverages & tobacco $33.5M
Wood & paper products $22.9M
Precious metals & jewellery $9.95M
Nepal
Export category Export value
Textiles & consumer goods $3.22M
Precious metals & jewellery $980K
Machinery & equipment $642K
Raw agricultural goods $391K
Metals $380K
Animal & marine products $216K
Wood & paper products $97K
Processed food, beverages & tobacco $90K
Chemicals & pharma $76K
Miscellaneous $3K

Balance of trade

China Nepal
Current account balance
$424B
2024
$4.95B
2024
Current account balance ranking
1/189
2024
34/189
2024
Current account balance, % of GDP
+2.26%
2024
+11.5%
2024
Goods imports
$2.64T
2024
$29.2B
2024
Goods exports
$3.41T
2024
$3.64B
2024
Service imports
$613B
2024
$5.83B
2024
Service exports
$384B
2024
$4.53B
2024
Imports of goods and services, % of GDP
17.2%
2024
32.9%
2024
Exports of goods and services, % of GDP
20%
2024
7.62%
2024

Economic freedom indices

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

China Nepal
Economic freedom 49 52.5
Economic freedom ranking 167/197 145/197
Property rights 46.7 38.3
Government integrity 40.4 39.4
Judicial effectiveness 37.4 43.3
Tax burden 71.6 83.6
Government spending 67.1 79.5
Fiscal health 11.1 65.8
Business freedom 67.7 64.7
Labor freedom 57.9 48.3
Monetary freedom 74.6 68.2
Trade freedom 74 58.4
Investment freedom 20 10
Financial freedom 20 30

Economic freedom by year comparison

The Economic Freedom Index for China is 49, ranking 167/197, compared to 52.5 for Nepal, ranking 145/197. The chart below displays a comparison of annual changes in economic freedom indexes.

China
Nepal
Year Economic freedom index
China Nepal
1995 52 -
1996 51.3 50.3
1997 51.7 53.6
1998 53.1 53.5
1999 54.8 53.1
2000 56.4 51.3
2001 52.6 51.6
2002 52.8 52.3
2003 52.6 51.5
2004 52.5 51.2
2005 53.7 51.4
2006 53.6 53.7
2007 52 54.4
2008 53.1 54.1
2009 53.2 53.2
2010 51 52.7
2011 52 50.1
2012 51.2 50.2
2013 51.9 50.4
2014 52.5 50.1
2015 52.7 51.3
2016 52 50.9
2017 57.4 55.1
2018 57.8 54.1
2019 58.4 53.8
2020 59.5 54.2
2021 58.4 50.7
2022 48 49.7
2023 48.3 51.4
2024 48.5 52.1
2025 49 52.5

More economic indicators

China Nepal
Services, % of GDP
56.7%
2024
55.2%
2024
Industry, % of GDP
36.5%
2024
11.4%
2024
Agriculture, forestry, and fishing, % of GDP
6.78%
2024
21.9%
2024
GNI, Atlas method
$19.3T
2024
$43.7B
2024
GNI per capita, PPP
$26,920
2024
$5,830
2024
Total reserves including gold
$3.46T
2024
$12.5B
2023
Total reserves ranking
1/177
2024
74/177
2023
Net foreign direct investment
$154B
2024
-$155M
2024
Net inflows of foreign direct investment
$18.6B
2024
$155M
2024
Net outflows of foreign direct investment
$172B
2024
$0
1989
Servicing debt to the IMF, % of GNI
2.13%
2023
1.16%
2023
Poverty at national poverty lines
0%
2020
20.3%
2022
Gross capital formation, % of GDP
41.1%
2023
30.4%
2024

GDP per capita map

GDP per capita

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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.