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China:
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Other pages in this profile of China:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition China's economy during the last quarter century has changed from a centrally planned system that was largely closed to international trade to a more market-oriented economy that has a rapidly growing private sector and is a major player in the global economy. Reforms started in the late 1970s with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, the foundation of a diversified banking system, the development of stock markets, the rapid growth of the non-state sector, and the opening to foreign trade and investment. China has generally implemented reforms in a gradualist or piecemeal fashion, including the sale of minority shares in four of China's largest state banks to foreign investors and refinements in foreign exchange and bond markets in 2005. After keeping its currency tightly linked to the US dollar for years, China in July 2005 revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. Cumulative appreciation of the renminbi against the US dollar since the end of the dollar peg reached 15% in January 2008. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis, China in 2007 stood as the second-largest economy in the world after the US, although in per capita terms the country is still lower middle-income. Annual inflows of foreign direct investment in 2007 rose to $75 billion. By the end of 2007, more than 5,000 domestic Chinese enterprises had established direct investments in 172 countries and regions around the world. The Chinese government faces several economic development challenges: (a) to sustain adequate job growth for tens of millions of workers laid off from state-owned enterprises, migrants, and new entrants to the work force; (b) to reduce corruption and other economic crimes; and (c) to contain environmental damage and social strife related to the economy's rapid transformation. Economic development has been more rapid in coastal provinces than in the interior, and approximately 200 million rural laborers have relocated to urban areas to find work. One demographic consequence of the "one child" policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the north - is another long-term problem. China continues to lose arable land because of erosion and economic development. In 2007 China intensified government efforts to improve environmental conditions, tying the evaluation of local officials to environmental targets, publishing a national climate change policy, and establishing a high level leading group on climate change, headed by Premier WEN Jiabao. The Chinese government seeks to add energy production capacity from sources other than coal and oil as its double-digit economic growth increases demand. Chinese energy officials in 2007 agreed to purchase five third generation nuclear reactors from Western companies. More power generating capacity came on line in 2006 as large scale investments - including the Three Gorges Dam across the Yangtze River - were completed. |
GDP (purchasing power parity) |
Definition - World rank and map $6.991 trillion (2007 est.) |
GDP (official exchange rate) |
Definition $3.251 trillion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 11.4% (2007 est.) |
GDP - per capita |
Definition - World rank and map $5,300 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 11.3% industry: 48.6% services: 40.1% (2007 est.) |
Labor force |
Definition 803.3 million (2007 est.) |
Labor force - by occupation |
Definition agriculture: 43% industry: 25% services: 32% (2006 est.) |
Unemployment rate |
Definition - World rank and map 4% unemployment in urban areas; substantial unemployment and underemployment in rural areas (2007 est.) |
Population below poverty line |
Definition 8% note: 21.5 million rural population live below the official "absolute poverty" line (approximately $90 per year); and an additional 35.5 million rural population above that but below the official "low income" line (approximately $125 per year) (2006 est.) |
Household income or consumption by percentage share |
Definition lowest 10%: 1.6% highest 10%: 34.9% (2004) |
Distribution of family income - Gini index |
Definition - World rank and map 47 (2007) |
Inflation rate (consumer prices) |
Definition - World rank and map 4.8% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 40.4% of GDP (2007 est.) |
Budget |
Definition revenues: $674.3 billion expenditures: $651.6 billion (2007 est.) |
Public debt |
Definition - World rank and map 18.4% of GDP (2007 est.) |
Agriculture - products |
Definition rice, wheat, potatoes, corn, peanuts, tea, millet, barley, apples, cotton, oilseed; pork; fish |
Industries |
Definition mining and ore processing, iron, steel, aluminum, and other metals, coal; machine building; armaments; textiles and apparel; petroleum; cement; chemicals; fertilizers; consumer products, including footwear, toys, and electronics; food processing; transportation equipment, including automobiles, rail cars and locomotives, ships, and aircraft; telecommunications equipment, commercial space launch vehicles, satellites |
Industrial production growth rate |
Definition - World rank and map 13.4% (2007 est.) |
Electricity - production |
Definition - World rank and map 3.256 trillion kWh (2007) |
Electricity - consumption |
Definition - World rank and map 2.859 trillion kWh (2006) |
Electricity - consumption per capita |
Definition - World rank and map 2,149.6 kWh (2006) |
Electricity - exports |
Definition 11.27 billion kWh (2006) |
Electricity - imports |
Definition 5.39 billion kWh (2006) |
Oil - production |
Definition - World rank and map 3.73 million bbl/day (2007 est.) |
Oil - consumption |
Definition - World rank and map 6.93 million bbl/day (2007 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 5.2 bbl/day (2007 est.) |
Oil - exports |
Definition - World rank and map 79,060 bbl/day (2007) |
Oil - imports |
Definition - World rank and map 3.19 million bbl/day (2007) |
Oil - proved reserves |
Definition - World rank and map 12.8 billion bbl (2007 est.) |
Natural gas - production |
Definition - World rank and map 58.6 billion cu m (2006 est.) |
Natural gas - consumption |
Definition - World rank and map 55.6 billion cu m (2006 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 42 cu m (2006 est.) |
Natural gas - exports |
Definition - World rank and map 2.874 billion cu m (2006) |
Natural gas - imports |
Definition - World rank and map 976 million cu m (2006) |
Natural gas - proved reserves |
Definition - World rank and map 2.45 trillion cu m (2006 est.) |
Current account balance |
Definition - World rank and map $360.7 billion (2007 est.) |
Exports |
Definition - World rank and map $1.217 trillion f.o.b. (2007 est.) |
Exports - commodities |
Definition machinery, electrical products, data processing equipment, apparel, textile, steel, mobile phones |
Exports - partners |
Definition US 19.4%, Hong Kong 15.2%, Japan 8.4%, South Korea 4.6%, Germany 4.1% (2006) |
Imports |
Definition - World rank and map $901.3 billion f.o.b. (2007 est.) |
Imports - commodities |
Definition machinery and equipment, oil and mineral fuels, plastics, LED screens, data processing equipment, optical and medical equipment, organic chemicals, steel, copper |
Imports - partners |
Definition Japan 13.9%, South Korea 11%, Taiwan 10.6%, US 7.5%, Germany 4.7% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $1.534 trillion (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $363 billion (31 December 2007 est.) |
Stock of direct foreign investment - at home |
Definition $758.9 billion (2007 est.) |
Stock of direct foreign investment - abroad |
Definition $93.75 billion (2007 est.) |
Market value of publicly traded shares |
Definition $4.477 trillion (31 December 2007 est.) |
Economic aid - recipient |
Definition $1.641 billion (FY07) |
Currency (code) |
Definition Renminbi (RMB); note - also referred to by the unit yuan (CNY) |
Exchange rates |
Definition yuan per US dollar - 7.61 (2007), 7.97 (2006), 8.1943 (2005), 8.2768 (2004), 8.277 (2003) |
Fiscal year |
Definition calendar year |
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