China, People's Republic of


Last reviewed - 15 January 2024

The People's Republic of China, commonly known as China, is one of the most populous countries in the world, with over 1.3 billion people. Located in East Asia along the coastline of the Pacific Ocean, China is one of the largest countries in the world by land area. The capital of China is Beijing, and the official language is Mandarin Chinese.

The official currency of China is the renminbi (yuan) (CNY), and it is held in a floating exchange-rate system. It used to be managed primarily against the United States dollar (USD). Since 2005, the renminbi has been referenced to a basket of foreign currencies. On 1 October 2016, the renminbi was added into the International Monetary Fund’s (IMF’s) Special Drawing Rights (SDR) basket.

For centuries, China stood as a leading civilisation, outpacing the rest of the world in technology, arts, and sciences. After World War II, the Communists, under Mao Zedong, established a socialist system. After 1978, Mao's successor, Deng Xiaoping, and other leaders focused on market-oriented economic development, and China began to generate significant and steady growth in investment, consumption, and standards of living.

Since then, China has generally implemented reforms in a gradual fashion. As its role in world trade has steadily grown, its importance to the international economy has also increased apace. China is also the largest trading nation in the world and the largest exporter and second largest importer of goods. A milestone was achieved in mid-2010 when China's economy was valued at USD 1.33 trillion and became the world's second largest economy, surpassing Japan and second only to that of the United States. 

China's growth comes from both huge state investments in infrastructure and heavy industries as well as private sector expansion in light industries.

Exports had been China's major economic driver, but since the 2008 global financial crisis, which seriously affected the international markets of China export products, the Chinese government shifted the focus to stimulate investment and consumption in domestic markets.

PwC Mainland China, Hong Kong SAR, and Macau SAR work together on a collaborative basis, subject to local applicable laws. Collectively, we have over 800 partners and more than 20,000 people in total.

We provide organisations with the professional service they need, wherever they may be located. Our highly qualified, experienced professionals listen to different points of view to help organisations solve their business issues and identify and maximise the opportunities they seek. Our industry specialisation allows us to help co-create solutions with our clients for their sector of interest.

We are located in these cities: Beijing, Shanghai, Hong Kong, Shenyang, Tianjin, Dalian, Jinan, Qingdao, Zhengzhou, Xi’an, Nanjing, Hefei, Suzhou, Wuxi, Wuhan, Chengdu, Hangzhou, Ningbo, Chongqing, Changsha, Kunming, Xiamen, Guangzhou, Shenzhen, Macau, Haikou, Zhuhai, Guiyang, and Xiongan.

Quick rates and dates

Corporate income tax (CIT) rates
Headline CIT rate (%)


Corporate income tax (CIT) due dates
CIT return due date

For annual CIT filing, within five months following the end of the tax year.

For monthly or quarterly provisional CIT filing, within 15 days following the end of each month/quarter.

CIT final payment due date

Within five months following the end of the tax year.

CIT estimated payment due dates

Quarterly or monthly instalment to be paid within 15 days following the end of each month/quarter.

Personal income tax (PIT) rates
Headline PIT rate (%)


Personal income tax (PIT) due dates
PIT return due date

Resident: Between 1 March and 30 June for annual reconciliation return on comprehensive income. 15th day of the month following the month when other income was received.

Non-resident: 15th day of the month following the month when income was received.

PIT final payment due date

Same as the due date for PIT return.

PIT estimated payment due dates

15th day of the month following the month when the income was received.

Value-added tax (VAT) rates
Standard VAT rate (%)

13, 9, or 6 depending on the types of goods and services

Withholding tax (WHT) rates
WHT rates (%) (Dividends/Interest/Royalties)

Resident: NA;

Non-resident: 10 / 10 / 10

Capital gains tax (CGT) rates
Headline corporate capital gains tax rate (%)

Capital gains are subject to the normal CIT rate.

Headline individual capital gains tax rate (%)


Net wealth/worth tax rates
Headline net wealth/worth tax rate (%)


Inheritance and gift tax rates
Headline inheritance tax rate (%)


Headline gift tax rate (%)


NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.