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China Overview of Economy

A brief guide to China economy, China economy overview, Inflation rates GDP and other economic indicators in China.

The Chinese economy is without doubt a key player in the global economic market. Despite the fact that in 2011 the per capita income (PPP) was relatively low, the Chinese economy is still considered the second largest in the world, after the United States. Changes in the Chinese market have a considerable effect on the world economy. Thus for example, one of the reasons for the increase in world oil prices is attributed to the rising demand in China, including the demand for new automobiles.
The economic revolution in China began in 1978 when the Government contributed to turning a Communist-style centralized economy to one that operates on the principles of a market economy. The steps towards modernization led to a tremendous increase in foreign investments in China and to the abolition or replacement of factories that were controlled centrally by the Government and turning them into separate entities that could be controlled by local managers. Change has made its mark on agriculture as well. Many farms have gone from the communist to the village method or that of the single farm.
The main prosperity has been seen in industry and the services sector while agriculture is on a constant decline. The main cities that have benefited from the economic boom are those cities in China that lie along the coast.
The economic changes in China have created a number of problems, starting from that of air pollution that derives from the increase in industry, and ending with the dismissal of workers who were previously employed in industry or in agriculture based on communist methods.

  • The services sector contributes some 43% to the Chinese economy, industry contributes approximately 47% and the balance, some 10%, has its source in agriculture and forestry.
  • The main exports from China are machinery and equipment, clothing and toys.
  • The main imports to China are machinery and equipment, chemicals and fuel.
  • China's main trading partners are the United States, Japan Korea and Hong Kong.
  • In 2011, the main exports, approximately 17%, were to the United States, with some 14% to Hong Kong and approximately 8% to Japan.
  • The main imports into China in 2011 were from Japan, some 11.2%, with Korea accounting for approximately 9% and some 7% from the United States.
  • From the aspect of natural resources, a wide range of minerals are to be found in China, among them coal, iron, copper, aluminum, mercury and others. The size of Chinese mineral reserves is rated third largest in the world. China is also rich in oil and natural gas resources.
  • An analysis of the main indices in China shows that the GDP in 2009 - 2011 was very high at over 9% per annum. Inflation in these same years was -0.7% in 2009 increasing to 5.5% in 2011.
  • In 2011 the unemployment rate in China was 6.5% a slight rise compared to 6.1% in 2010.
  • In 2011 according to the CIA factbook the per capita GDP (PPP) was estimated at 8,500 dollars which is low compared to that of the developed countries.
  • The public debt of 2011 according to the CIA factbook totaled 43.5% of the Chinese GDP.
  • According to chinanews.com the average 2011 monthly wage in China was 2,742- 4,672 Yuan in 23 provinces and cities surveyed.
    Beijing tops the list with a gross monthly wage of 4,672 Yuan, about $916.

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