GDP
The Gross Domestic Product (GDP) in China was worth 5878.63 billion US dollars in 2010, according to a report published by the World Bank. The GDP value of China is roughly equivalent to 9.48 percent of the world economy. Historically, from 1960 until 2010, China GDP averaged 839.3700 billion USD reaching an all time high of 5878.6300 billion USD in December of 2010 and a record low of 46.4600 billion USD in December of 1962. The gross domestic product (GDP) measures of national income and output for a given country's economy. The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. This page includes a chart with historical data for China GDP.
Annual Growth Rate
The Gross Domestic Product (GDP) in China expanded 8.10 percent in the first quarter of 2012 over the same quarter of the previous year. Historically, from 1989 until 2012, China GDP Annual Growth Rate averaged 9.3000 Percent reaching an all time high of 14.2000 Percent in December of 1992 and a record low of 3.8000 Percent in December of 1990. The annual growth rate in Gross Domestic Product measures the increase in value of the goods and services produced by an economy over the period of a year. Therefore, unlike the commonly used quarterly GDP growth rate the annual GDP growth rate takes into account a full year of economic activity, thus avoiding the need to make any type of seasonal adjustment. This page includes a chart with historical data for China GDP Annual Growth Rate.
Growth Rate
The Gross Domestic Product (GDP) in China expanded 1.80 percent in the first quarter of 2012 over the previous quarter. Historically, from 2011 until 2012, China GDP Growth Rate averaged 2.1200 Percent reaching an all time high of 2.4000 Percent in September of 2011 and a record low of 1.8000 Percent in March of 2012. The Gross Domestic Product (GDP) growth rate provides an aggregated measure of changes in value of the goods and services produced by an economy. China's economy is the second largest in the world after that of the United States. During the past 30 years China's economy has changed from a centrally planned system that was largely closed to international trade to a more market-oriented that has a rapidly growing private sector. A major component supporting China's rapid economic growth has been exports growth. This page includes a chart with historical data for China GDP Growth Rate.
Exports
China exports were worth 181.1 Billion USD in May of 2012. Historically, from 1990 until 2012, China Exports averaged 47.8 Billion USD reaching an all time high of 175.1 Billion USD in July of 2011 and a record low of 2.8 Billion USD in January of 1990. Export growth has continued to be a major component supporting China's rapid economic growth. Exports of goods and services constitute 39.7% of its GDP. China major exports are: office machines & data processing equipment, telecommunications equipment, electrical machinery and apparel & clothing. China’s largest exports markets are European Union, United States, Hong Kong, Japan and South Korea. This page includes a chart with historical data for China Exports.
Imports
China imports were worth 162.4 Billion USD in May of 2012. Historically, from 1990 until 2012, China Imports averaged 41.5 Billion USD reaching an all time high of 160.3 Billion USD in March of 2012 and a record low of 2.6 Billion USD in January of 1990. China imports mainly commodities: iron and steel, oil and mineral fuels as well as machinery and equipment, plastics, optical and medical equipment and organic chemicals. China’s main imports partners are: Japan, European Union, South Korea, Taiwan and ASEAN countries. This page includes a chart with historical data for China Imports.
Type Of Economy
China once had a socialist, planned economy where the government controlled and owned all the means and methods of production. China currently has a very strange mix of socialist, capitalist, and communist ideas for their economy. It is unique in the world, and often really defies categorization.While many capitalist ideas are in place, several core tenets of capitalism do not exist (sanctity of contracts, private property ownership). Likewise, far too many communist ideas are being ignored (allowing private collection of wealth, private ownership of external (foreign) investments allowed) for it to be considered Communist.
Inflation Rate
The inflation rate in China was recorded at 3 percent in May of 2012. Historically, from 1994 until 2012, China Inflation Rate averaged 4.3000 Percent reaching an all time high of 27.7000 Percent in October of 1994 and a record low of -2.2000 Percent in March of 1999. Inflation rate refers to a general rise in prices measured against a standard level of purchasing power. The most well known measures of Inflation are the CPI which measures consumer prices, and the GDP deflator, which measures inflation in the whole of the domestic economy. This page includes a chart with historical data for China Inflation Rate.
Interest Rates
Unemployment Rate
The urban unemployment rate in China was last reported at 4.1 percent in the first quarter of 2012. Historically, from 2002 until 2012, China Unemployment Rate averaged 4.1500 Percent reaching an all time high of 4.3000 Percent in December of 2003 and a record low of 3.9000 Percent in September of 2002. The unemployment rate can be defined as the number of people actively looking for a job as a percentage of the labour force. This page includes a chart with historical data for China Unemployment Rate.
Population
Historically, from 1960 until 2010, China Population averaged 1037.8900 Million reaching an all time high of 1341.0000 Million in December of 2010 and a record low of 660.3300 Million in December of 1961. The total population in China was last reported at 1341.0 million people in 2010 from 667.1 million in 1960, changing 101 percent during the last 50 years. China has 19.43 percent of the world´s total population which means that one person in every 5 people on the planet is a resident of China. This page includes a chart with historical data for China's Total Population. This page includes a chart with historical data for China Population.
ONE-CHILD POLICY IN CHINA
In 1979, three years after Mao’s death, a one-child policy was introduced to control China’s burgeoning population and reduce the strain on scarce resources. . According to the policy as it was most commonly enforced, a couple was allowed to have one child. If that child turned out be a girl, they were allowed to have a second child. After the second child, they were not allowed to have any more children. In some places though couples were only allowed to have one child regardless of whether it is a boy or a girl. This policy is still in effect today. It is unusual for a family to have two sons. Posters promoting China's one-child policy can be seen all over China. One, with the slogan "China Needs Family Planning" shows a Communist official praising the proud parents of one baby girl. Another one, with the slogan "Late Marriage and Childbirth Are Worthy," shows an old gray-haired woman with a newborn baby. Another reads: “Have Fewer, Better Children to Create Prosperity for the Next Generation.” Slogans such as “Have Fewer Children Live Better Lives” and "Stabilize Family Planning and Create a Brighter Future” are painted on roadside buildings in rural areas. Some crude family planning slogans such “Raise Fewer Babies, But More Piggies” and “One More Baby Means One More Tomb” and "If you give birth to extra children, your family will be ruined" were banned in August 2007 because of rural anger about the slogans and the policy behind them. The one-child policy actually only covers about 35 percent of Chinese, mostly those living in urban areas. The conventional wisdom in China has been that controlling China's population serves the interest of the whole society and that sacrificing individual interests for those of the masses is justifiable. The one-child policy was introduced around the same time as the Deng economic reforms. An unexpected result of these reforms has been the creation of demand for more children to supply labor to increase food production and make more profit.Success of the One-Child Policy in China
The one-child policy has been spectacularly successful in reducing population growth, particularly in the cities (reliable figures are harder to come by in the countryside). In 1970 the average woman in China had almost six (5.8) children, now she has about two. The most dramatic changes took place between 1970 and 1980 when the birthrate dropped from 44 per 1000 to 18 per 1,000. Demographers have stated that the ideal birthrate rate for China is 16.7 per 1,000, or 1.7 children per family. One way the government records progress in its birth control programs is by monitoring the "first baby" rate—the proportion of first babies among total births. In the city of Chengdu in Sichuan for a while the first baby rate was reportedly 97 percent. One Chinese official said the one-child policy has prevented 300 million births, the equivalent of the population of Europe. The reduction of population has helped pull people out of poverty and been a factor in China’s phenomenal economic growth. Some argue that economic prosperity has done as much as the one-child policy to shrink population growth. As costs and the expense of having children in urban areas rise, and the benefits of children as labor sources shrink many couples opt not to have children. Susan Greenhalgh, a China policy expert at the University of California in Irvine, told Reuters, “Rapid socioeconomic development has largely taken care of the problem of rapid population.”Joint Venture
50 Facts About China's Economy
2) China's GDP per capita is the 91st-lowest in the world, below Bosnia & Herzegovina
3) 85% of artificial Christmas trees are made in China. So are 80% of toys
4) If he spent his ENTIRE YEARLY INCOME on housing, the average beijing resident could buy 10 square feet of residential property
5) When you buy Chinese stocks, you are basically financing the Chinese government. Eight of Shanghai's top ten stocks are government owned.
6) Chinese GDP could overtake the U.S. in less than 15 years
7) China's GDP has multiplied tenfold since 1978
8) Starting a business takes 38 days
9) China is the largest foreign holder of U.S. Treasury securities
10) Over 75% of the chinese population of the Chinese population supports the "one-child" policy
11) Nearly one-third of Chinese adults live with their parents
12) China is the source of more than 77% of the U.S.'s pirated goods
13) More than 135 million people in China live on less than $1 a day
14) Over 230 countries and regions trade with China
15) In 2020, China will become the largest tourist country and the fourth largest for overseas travel
16) China's population is 1.3 billion
17) China's unemployment rate is 6.5%
18) China's inflation rate is 3.3%
19) China has 64 million vacant homes, including entire cities that are empty
20) By 2025, China will build enough skyscrapers to fill TEN New York-sized cities
21) China executes three times as many people as the rest of the world combined
22) China is the world leader in gross value of agricultural output
23) China is the world leader in gross value of industrial output
24) China's labour force is 816.2%
25) In 2010 China became the world's largest exporter
26) An economic slowdown in Europe is expected to drag Chinese growth in 2012
27) China's population below the poverty line is 2.8%
28) China is the world's second largest economy
29) China could overtake the U.S. as the largest economy as early as 2027
30) China's economy could overtake the U.S. economy by 2019
31) The Chinese government has set a target of two million patent fillings by 2015
32) No Chinese citizen has won a specific Nobel Prize
33) Since 1978, China's economy has doubled in size every eight years
34) In 1949, 89% of China's population lived in the countryside
35) I 1850, China supported almost half a billion people with agricultural technology that was largely developed 1000 years earlier
36) Between 2000 and 2007, China’s international trade exploded—with exports increasing almost 490% and imports growing 425%
37) The backbone of China’s economy, agriculture and industry together employ more than 70% of the China’s labor force and account for over 60% of the country’s GDP.
38) Between 1978 and 2005, China’s economic output—as measured by real gross domestic product GDP—grew 9.6% per year.
39) China is poised to make its money a global currency
40) China’s has over US$1 trillion in foreign exchange reserves
41) China owns over 25% of U.S. Treasury Bonds and is the largest creditor in the world.
42) China’s foreign-exchange reserves hit record highs on Q4 2010 to reach US$ 2.85 trillion
43) China is the U.S.A.’s largest creditor, holding more than $900 billion worth of U.S. Treasury bonds
44) China became the world’s biggest initial public offering market in 2010.
45) Eight of the ten largest stocks on the Shanghai Stock Exchange are state-controlled enterprises.
46) China attracted $105.7 billion in foreign direct investment in 2010
47) China is the world’s number one exporter
48) About 20% of China’s exports go to the United States.
49) The U.S. is China’s largest trading partner
50) Six of the world’s largest container ports are in China.
Laws & Legislation
| China adopted the Unfair Competition Law in 1993, aimed at ensuring and protecting fair competition in the marketplace, to provide a favorable environment for consumers, companies, as well as the general public. The standards of the Unfair Competition Law are enforceable on domestic and foreign companies, or individuals, abiding that all business operations are required to be fair and honest. Under the provision of the Unfair Competition Law, certain activities are generally considered a violation of the law. | ||||||||||||||||
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Video
Interest RatesThe benchmark interest rate in China was last reported at 6.31 percent. Historically, from 1996 until 2012, China Interest Rate averaged 6.4600 Percent reaching an all time high of 10.9800 Percent in May of 1996 and a record low of 5.3100 Percent in August of 2010. In China, interest rates decisions are taken by The Peoples' Bank of China Monetary Policy Committee. The PBC administers two different benchmark interest rates: one year lending and one year deposit rate. Inflation RatesThe inflation rate in China was recorded at 3 percent in May of 2012. Historically, from 1994 until 2012, China Inflation Rate averaged 4.3000 Percent reaching an all time high of 27.7000 Percent in October of 1994 and a record low of -2.2000 Percent in March of 1999. Inflation rate refers to a general rise in prices measured against a standard level of purchasing power. The most well known measures of Inflation are the CPI which measures consumer prices, and the GDP deflator, which measures inflation in the whole of the domestic economy. Unemployment RatesThe urban unemployment rate in China was last reported at 4.1 percent in the first quarter of 2012. Historically, from 2002 until 2012, China Unemployment Rate averaged 4.1500 Percent reaching an all time high of 4.3000 Percent in December of 2003 and a record low of 3.9000 Percent in September of 2002. The unemployment rate can be defined as the number of people actively looking for a job as a percentage of the labour force. Exchange Rate
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