Forecast: Value of Cheque Payments in China

The value of cheque payments in China has experienced a significant decline from 2013 to 2023, dropping from 46.795 trillion USD in 2013 to 13.976 trillion USD in 2023. The year-on-year variation shows a consistent downward trend, with the most substantial annual declines occurring between 2015 and 2016 at -25.43%, and more moderate decreases in recent years, such as -11.32% from 2022 to 2023. The compound annual growth rate (CAGR) over the past five years stands at -9.08%, underscoring the steady reduction in cheque usage.

Looking forward, forecasted data for 2024-2028 suggests an accelerated decline, with a forecast 5-year CAGR of -17.18%. The projected value for 2028 is 4.7059 trillion USD, amounting to a total forecasted 5-year growth rate of -61.04%, a dramatic contraction in cheque payments.

Future trends to watch for include the increasing adoption of digital payment systems and electronic transactions, influenced by technological advancements and changing consumer behaviors, which are expected to further reduce reliance on cheques.