China and India
China and India have growing economic exchanges while negotiating a disputed border. The trade imbalance and border security are separate issues, but both influence political trust and economic decisions.
Analysis reviewed: 2026-10-06 · Indicators updated: 2026-10-07Education
Scholarships and student communities have their own mechanisms.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 151,100 M USD | Fiscal year 2025–2026 · Indian Embassy |
| Goods: China to India | 131,630 M USD | Fiscal year 2025–2026 · Indian Embassy |
| Goods: India to China | 19,470 M USD | Fiscal year 2025–2026 · Indian Embassy |
| Services trade | 15,896 M USDOECD–WTO est. | 2024 · OECD–WTO |
| Export share: China to India | 3.6 % | 2025 · NBS China |
| Export share: India to China | ||
| Investment stock: China in India | ||
| Investment stock: India in China |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- Fiscal year 2025–2026 · Embassy of India in Beijing / India's Department of Commerce · Full Indian fiscal years, April–March. Goods in nominal USD; reported by India. Exports here means China to India; imports, India to China. Do not directly compare these periods with calendar years. Total calculated by adding both directions.
- Goods: China to India
- Fiscal year 2025–2026 · Embassy of India in Beijing / India's Department of Commerce · Full Indian fiscal years, April–March. Goods in nominal USD; reported by India. Exports here means China to India; imports, India to China. Do not directly compare these periods with calendar years. Total calculated by adding both directions.
- Goods: India to China
- Fiscal year 2025–2026 · Embassy of India in Beijing / India's Department of Commerce · Full Indian fiscal years, April–March. Goods in nominal USD; reported by India. Exports here means China to India; imports, India to China. Do not directly compare these periods with calendar years. Total calculated by adding both directions.
- Services trade
- 2024 · OECD / World Trade Organization · Balanced Trade in Services (BaTIS) · Official OECD–WTO BaTIS estimate: exports and imports of services from the balanced series, in M USD. The source flags the values as imputed (I). It reconciles mirror information and uses modelling to fill gaps; it is not a direct bilateral observation or evidence of specific transactions. It does not affect the geopolitical classification. Methodology: https://www.oecd.org/en/data/datasets/oecd-balanced-trade-statistics.html
- Export share: China to India
- 2025 · National Bureau of Statistics of China / General Administration of Customs · Published share, rounded to one decimal place, of Chinese goods exports destined for the partner in calendar year 2025. Chinese reporting; not an import share or the partner’s export share. Hong Kong and Taiwan have separate rows in the source. For China–India, it does not share the fiscal year used in the Indian figures.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | China | India |
|---|---|---|
| Nominal GDP | 19.5 trillion USD2025 · WB | 3.96 trillion USD2025 · WB |
| GDP per capita | 13,861.97 USD2025 · WB | 2,702.48 USD2025 · WB |
| GDP growth | 4.96 %2025 · WB | 7.57 %2025 · WB |
| Policy interest rate | 1.4 %2026-09-24 · PBoC | 5.25 %2026-10-06 · RBI |
| Inflation · annual average | 0.06 %Annual average · 2025 · WB | 2.4 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 0.8 %Year-on-year · Aug. 2026 · NBS China | 4.82 %provisionalprovisionalYear-on-year · Aug. 2026 · MoSPI |
| Unemployment | 4.62 %ILO est.2025 · WB | 4.22 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -7.9 %IMF est.2025 · IMF | -7.4 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 99.2 %IMF est.2025 · IMF | 84.1 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 3.77 %2025 · WB | -0.42 %2025 · WB |
| Population | 1,406,585,0002025 · WB | 1,463,865,5252025 · WB |
| Area | 9,562,910 km²2023 · BM / FAO | 3,287,260 km²2023 · BM / FAO |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDChina: 2025 · World BankIndia: 2025 · World Bank
- GDP per capita
- Current USD per personChina: 2025 · World BankIndia: 2025 · World Bank
- GDP growth
- Annual real change (%)China: 2025 · World BankIndia: 2025 · World Bank
- Policy interest rate
- Central bank instrument (%)China: 2026-09-24 · PBoC: 7-day reverse repo · People’s Bank of China · Published: 2026-09-24 · Rate of the official operation consulted, not the mortgage LPR or the PSL lending rate. Subsequent operations with zero volume are not converted into a 0% interest rate.India: 2026-10-06 · RBI policy repo rate · Reserve Bank of India (RBI) · Access date for Current Rates; does not represent a new decision on 6 October. · Alternative official source; verified 2026-10-06
- Inflation · annual average
- Average annual change in headline CPI (%)China: 2025 · Average annual CPI change (%) · World BankIndia: 2025 · Average annual CPI change (%) · World Bank
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedChina: 2026-08 · Headline CPI change relative to the same month of the previous year (%) · National Bureau of Statistics of China · Published: 2026-09-09 · National headline year-on-year CPI, not monthly inflation or an annual average.India: 2026-08 · Headline CPI change relative to the same month of the previous year (%) · MoSPI / Press Information Bureau, Government of India · Published: 2026-09-14 · provisional · Provisional · Combined rural and urban headline CPI, 2024 base; provisional MoSPI figure. Not food or wholesale inflation. Provisional figure or official advance release; subject to revision.
- Unemployment
- % of the labour force; definition used by the stated institutionChina: 2025 · World Bank · ILO est.India: 2025 · World Bank · ILO est.
- Budget balance
- General government (% of GDP)China: 2025 · IMF — World Economic Outlook · IMF est.India: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)China: 2025 · IMF — World Economic Outlook · IMF est.India: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPChina: 2025 · World BankIndia: 2025 · World Bank
- Population
- PeopleChina: 2025 · World BankIndia: 2025 · World Bank
- Area
- Total area in km²; territorial coverage of the sourceChina: 2023 · Total area including inland waters; territorial coverage of the source · World Bank · FAOIndia: 2023 · Total area including inland waters; territorial coverage of the source · World Bank · FAO
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
China to India
| Product or sector | Value / share |
|---|---|
| Machinery and electronics | |
| Integrated circuits and telecommunications equipment | |
| Lithium-ion batteries and fertilisers |
India to China
| Product or sector | Value / share |
|---|---|
| Iron ore | |
| Light naphtha and paraxylene | |
| Shrimp and castor oil |
How trade has changed
Billions of current USD · Indian fiscal years (April–March)
View chart figures
| Period | Total | China to India | India to China |
|---|---|---|---|
| 2020/21 | 86,400 | 65,210 | 21,190 |
| 2021/22 | 116,130 | 94,570 | 21,560 |
| 2022/23 | 113,820 | 98,510 | 15,310 |
| 2023/24 | 118,400 | 101,740 | 16,660 |
| 2024/25 | 127,710 | 113,460 | 14,250 |
| 2025/26 | 151,100 | 131,630 | 19,470 |
Connections between people
The educational exchange programme signed in 2006 provides a framework for scholarships. The Indian embassy maintains contact with Chinese universities to address academic and administrative difficulties faced by Indian students. Announced scholarship quotas are not the total number of enrolled students. Embassy of India in Beijing
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
Travel figures retain each source's coverage. Check the definitions and periods before comparing the two directions.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from China living in India | ||
| Residents from India living in China | ||
| Study and training: China in India | ||
| Study and training: India in ChinaUniversities and tertiary institutions; MEA count | 5,330 | 1 January 2025 · India MEA |
| Academic stays: China in India | ||
| Academic stays: India in China | ||
| Travel: China to IndiaTraveller nationality; foreign tourist arrivals in India | 51,402arrivals | 2025 · India tourism |
| Travel: India to ChinaIndian nationals; international departures by destination | 291,284trips | 2025 · India tourism |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
- Study and training: India in China
- Parliamentary annex from India's Ministry of External Affairs on Indian students abroad; only the university/tertiary column is used and school education is excluded. A ministerial count, not harmonised UOE enrolment or permits issued. The zero for Pakistan is explicitly published for this date; it does not demonstrate the absence of subsequent exchanges. 1 January 2025 · India MEA
- Travel: China to India
- Bureau of Immigration Foreign Tourist Arrivals (FTA): arrivals by foreign nationals, not all international arrivals including Indian nationals resident abroad. May include business, family, medical and other purposes; not unique people. 2025 · India tourism
- Travel: India to China
- Indian Nationals Departures (IND): departures by Indian nationals classified by destination by the Bureau of Immigration. Includes non-leisure purposes and may count people repeatedly. Not presented as an arrivals count reported by the receiving country. 2025 · India tourism
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
The border as a long-standing issue
India established diplomatic relations with China in 1950. The 1962 border conflict was a rupture, and Rajiv Gandhi's visit in 1988 opened a period of rapprochement. In 2003, the two countries agreed to use special representatives to explore a border settlement. Territorial negotiations therefore have a history predating the recent incidents by many years. [3]
Recent developments
Recent developments and latest available data · Reviewed: 2026-10-06
What changed in 2024
India's annual report describes an October 2024 patrolling agreement that enabled disengagement and the resolution of problems arising in certain areas in 2020. Modi and Xi subsequently met in Kazan. An arrangement on patrols or local deployments is not the same as delimiting the entire border: each step changes part of the problem. [4]
Growing and highly imbalanced trade
The Indian embassy in Beijing records 151,100 million dollars in goods trade in fiscal year 2025–2026. India exported 19,470 million and imported 131,630 million from China, with a deficit of 112,160 million. India's fiscal year runs from April to March, so these figures are not directly comparable with a January–December figure. [5]
The same source highlights machinery, electronics and computers among Chinese supplies, while Indian exports include iron ore, petrochemicals, shrimp and castor oil. The economic issues include both access to the Chinese market and dependence on inputs. A trade deficit alone does not measure all the productive benefits of imports. [5]
How the border is managed
In May 2026, the 35th meeting of the border consultation mechanism brought together diplomatic, military and other agency representatives. The Chinese statement mentions delimitation, management, cross-border communication and preparations for further talks. The border is negotiated through several channels because it involves both political positions and operational security measures. [1]
A relationship beyond a single dispute
During that visit, officials from both ministries also discussed multilateral cooperation and bilateral relations. Contact allows different agendas to be addressed without waiting for the entire territorial issue to be resolved. This helps explain how trade can grow while intensive security negotiations remain necessary. [2] [5]
Milestones and consequences
- 1962
Border conflict
A milestone shaping bilateral history. [3]
- 2006
Educational exchange programme
The agreement establishes a framework for cooperation and scholarships; it creates educational channels distinct from border dialogue. Embassy of India in Beijing
- 2024-10
Patrolling agreement
The patrolling agreement and disengagement in affected areas address incident management; they do not resolve the entire territorial dispute. [4]
- 2026-05-27
Border consultation
35th meeting of the bilateral mechanism in Beijing. [1]
Sources and data
Periods and scope of the figures
Trade figures cover goods and follow India's fiscal year. The 2024 agreement concerns specific areas and problems, not definitive delimitation. The description of the 2026 meeting comes from the Chinese statement.
- China and India Hold the 35th Meeting of Working Mechanism for Consultation and Coordination on Border Affairs_Ministry of Foreign Affairs of the People's Republic of China
Ministry of Foreign Affairs of China · Institutional source · Document: 2026-05-28 · Accessed: 2026-10-06
- Assistant Foreign Minister Hong Lei Meets with Joint Secretary of the East Asia Division of the Ministry of External Affairs of India Sujit Ghosh_Ministry of Foreign Affairs of the People's Republic of China
Ministry of Foreign Affairs of China · Institutional source · Document: 2026-05-28 · Accessed: 2026-10-06
- On 01 April 1950
Ministry of External Affairs of India · Institutional source · Document: 2023-08-21 · Accessed: 2026-10-06
- Annual report 2024: relations with China
Ministry of External Affairs of India · Institutional source · Accessed: 2026-10-06
- India–China trade and economic relations
Embassy of India in Beijing · Institutional source · Accessed: 2026-10-06
Additional sources on products and human connections
- Embassy of India in Beijing
2006–2026 · Accessed: 2026-10-06.
- Embassy of India in Beijing / India's Department of Commerce
2020/21–2024/25 · Accessed: 2026-10-06.