Economy of China

By:
Nishit sheth

Introduction

World's second largest economy by nominal GDP

Purchasing power parity after the United States
Fastest-growing major economy
Global hub for manufacturing
Largest exporter of goods
Second largest importer of goods

History
Reforms in 1970s
Phasing out of collectivized agriculture
Gradual liberalization of prices
Fiscal decentralization
Increased autonomy for state enterprises
Foundation of a diversified banking system
Development of stock markets
Rapid growth of the non-state sector
Opening to foreign trade and investment.

Public Finances
Revenues: $1.838 trillion (2012 est.)
Expenses: $2.031 trillion (2012 est.)
Gross Domestic Product(GDP):
$9.182 trillion (nominal;2013)
$13.395 trillion (PPP; 2013)
$4.864 trillion (real; 2013)
Inflation rate: 2.5% (December 2012)

Products & Industries

Agricultural Products
Rice, wheat, potatoes, corn, peanuts, tea, millet,
barley, apples, cotton, oilseed ,pork, fish
Industries
Mining Industries
Iron, steel, aluminum, and other metals
Coal
Machine building
Armaments
Textiles and apparel

Products & Industries

Petroleum, cement
Chemicals
Fertilizers
Consumer products - footwear, toys, and electronics
Food processing
Transportation equipment - including automobiles,
rail cars and locomotives, ships, and aircraft
Telecommunications equipment
Commercial space launch vehicles
Satellites

Services

Telecommunications
Tourism
Luxury goods
Cybercrime

Labor
Labor Force:937.27 million (2012 est.)
Labor force by occupation
Agriculture: 33.6%
Industry: 30.3%
Services: 36.1% (2012 est.)
Unemployment rate 4.1% (2012 est.)
Average Gross Salary:$657 monthly (2012)

Poverty
Population below poverty line 6.1%
Note: It is 4th largest country in the world. More than
1.3 Billion people are below poverty line. Urban
incomes are more than three times higher than rural
incomes.

Economy Challenges
The Chinese government faces numerous economic
development challenges
Sustaining adequate job growth for tens of millions of
migrants, new entrants to the work force, and workers
laid off from state-owned enterprises
Reducing corruption and other economic crimes
Containing environmental damage and social strife
related to the economy's rapid transformation.

Economy Challenges
Deterioration in the environment as long-term
problem
Air pollution
Soil erosion
Steady fall of the water table
China continues to lose arable land because of
erosion and economic development.
The government vowed to continue reforming the
economy and emphasized the need to increase
domestic consumption in order to make China less
dependent on foreign exports for GDP growth in the
future.

References
http://www.ruralpovertyportal.org/country/home/tags/
china
http://en.wikipedia.org/wiki/International_rankings_o
f_China
www.google.co.in

Thank You