An Overview of the Economy
Measured on a purchasing power parity basis, the People's
Republic of China is the second largest economy in the world, after
the US. Having been pegged to the US dollar for years, the Chinese
currency is now pegged to a basket of currencies, a change which
has boosted the economy greatly. On a global scale China is
involved with many foreign enterprises and has numerous trade
relations across the globe. China is the third largest importer and
second largest exporter in the world. Its accession to the World
Trade Organisation in 2001 has enabled the country to progress
within the international arena and has encouraged foreign
investment in the country, which according to the CIA grew to $75
billion in 2007.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
6,991 |
| GDP (PPP) (CIA) (US$Billions) |
6,991 |
| GDP Growth (IMF) (%) |
11.4% |
| GDP Growth (CIA) (%) |
11.4% |
| GDP Per Capita (PPP) (IMF) (US$) |
5,292 |
| GDP Per Capita (PPP) (CIA) (US$) |
5,300 |
| GDP Per Sector (%) |
Agriculture: 11.3%
Services: 40.1%
Industry: 48.6% |
| Inflation (%) |
4.8% |
| Population Below the Poverty Line (%) |
8% |
| Labour Force (Millions) |
803.3 |
| Labour Force by Occupation (%) |
Agriculture: 43%
Services: 32%
Industry: 25% |
| Unemployment (%) |
4% |
| Main Industries |
Mining, metals, coal, armaments, textiles,
petroleum, chemicals, transportation,
telecommunications, commercial space
launch vehicles, satellites. |
Source: CIA World Factbook
GDP
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
1,640 |
1,931 |
2,243 |
2,644 |
3,250 |
| GDP Growth (%) |
10.0% |
10.% |
10.4% |
10.7% |
11.4% |
| GDP Per Capita (US$) |
1,269 |
1,486 |
1,715 |
2,011 |
2,460 |
| GDP Per Capita (PPP) (US$) |
3,217 |
3,614 |
4,078 |
4,649 |
5,292 |
| Inflation (%) |
-0.8% |
1.2% |
4.1% |
1.8% |
1.5% |
| Unemployment (%) |
10.1% |
9.8% |
9.0% |
4.2% |
4.0% |
Foreign Exchange
& Gold Reserves (US$Billions) |
- |
412.7 |
609.9 |
825.6 |
1,534 |
| Mobile Phone Users |
65,000,000 |
269,000,000 |
269,000,000 |
393,400,000 |
461,100,000 |
| Internet Users |
45,800,000 |
94,000,000 |
94,000,000 |
111,000,000 |
162,000,000 |
Sources: CIA World Factbook, IMF
Major Exports & Imports
China plays a large role in international trade. The US is the
largest recipient of China's exports, taking just under a quarter
of China's commodities. China imports most of its commodities from
more local countries, the majority coming from Japan, South Korea
and Taiwan.
major exports 2007
Machinery, electrical products, data processing equipment,
apparel, textiles, steel, mobile phones.
major imports 2007
Machinery and equipment, oil and mineral fields, plastics, LED
screens, data processing equipment, optical and medical equipment,
organic chemicals, steel, copper.
| export partners |
% of total |
| US |
21% |
| Hong Kong |
16% |
| Japan |
9.5% |
| South Korea |
4.6% |
| Germany |
4.2% |
| import partners |
% of total |
| Japan |
14.6% |
| South Korea |
11.3% |
| Taiwan |
10.9% |
| US |
7.5% |
| Germany |
4.8% |
Source: CIA World Factbook
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