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China Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











China Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 28, 2014

Economy - overview:
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. 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 that adjusts for price differences, China in 2012 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control 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. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to under 8% for 2012. An economic slowdown in Europe contributed to China's, and is expected to further drag Chinese growth in 2013. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.

GDP (purchasing power parity):
$12.26 trillion (2012 est.)
country comparison to the world: 3

$11.38 trillion (2011 est.)
$10.42 trillion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$8.11 trillion
note: because China's exchange rate is determine by fiat, rather than by market forces, the official exchange rate measure of GDP is not an accurate measure of China's output; GDP at the official exchange rate substantially understates the actual level of China's output vis-a-vis the rest of the world; in China's situation, GDP at purchasing power parity provides the best measure for comparing output across countries (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7.7% (2012 est.)
country comparison to the world: 23

9.3% (2011 est.)
10.4% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$9,100 (2012 est.)
country comparison to the world: 122

$8,400 (2011 est.)
$7,800 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
50.1% of GDP (2012 est.)
country comparison to the world: 4

50.2% of GDP (2011 est.)
52.1% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 36%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.5%
investment in fixed capital: 45.7%
investment in inventories: 2.1%
exports of goods and services: 25.8%
imports of goods and services: -23.1%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 10.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 45.3%
services: 44.6%

(2012 est.)

Agriculture - products:
world leader in gross value of agricultural output; rice, wheat, potatoes, corn, peanuts, tea, millet, barley, apples, cotton, oilseed; pork; fish

Industries:
world leader in gross value of industrial output; 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:
7.9% (2012 est.)
country comparison to the world: 28
[see also: Industrial production growth rate country ranks ]

Labor force:
798.5 million
country comparison to the world: 1
note: by the end of 2012, China's population at working age (15-64 years) was 1.0040 billion
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 34.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 29.5%
services: 35.7%

(2011 est.)

Unemployment rate:
6.5% (2012 est.)
country comparison to the world: 70

6.5% (2011 est.)
note: registered urban unemployment, which excludes private enterprises and migrants, was 4.1% in 2012
[see also: Unemployment rate country ranks ]

Population below poverty line:
13.4%
note: in 2011, China set a new poverty line at RMB 2300 (approximately US $3,630)

(2011)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 15%
note: data are for urban households only (2008)

Distribution of family income - Gini index:
47.4 (2012)
country comparison to the world: 29

48.4 (2007)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.857 trillion
[see also: Budget revenues country ranks ]
expenditures: $1.992 trillion (2012 est.)

Taxes and other revenues:
22.9% of GDP (2012 est.)
country comparison to the world: 146
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.7% of GDP (2012 est.)
country comparison to the world: 80
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
31.7% of GDP (2012 est.)
country comparison to the world: 114

38.5% of GDP (2011)
note: official data; data cover both central government debt and local government debt, which China's National Audit Office estimated at RMB 10.72 trillion (approximately US$1.66 trillion) in 2011; data exclude policy bank bonds, Ministry of Railway debt, China Asset Management Company debt, and non-performing loans
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.6% (2012 est.)
country comparison to the world: 71

5.5% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.25% (31 December 2012 est.)
country comparison to the world: 109

2.25% (31 December 2011 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6% (31 December 2012 est.)
country comparison to the world: 135

6.56% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$4.907 trillion (31 December 2012 est.)
country comparison to the world: 3

$4.6 trillion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$15.49 trillion (31 December 2012 est.)
country comparison to the world: 1

$13.52 trillion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$12.81 trillion (31 December 2012 est.)
country comparison to the world: 4

$10.92 trillion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$3.665 trillion (31 December 2012 est.)
country comparison to the world: 4

$3.408 trillion (31 December 2011)
$4.763 trillion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$193.1 billion (2012 est.)
country comparison to the world: 2

$136.1 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$1.971 trillion (2012 est.)
country comparison to the world: 2

$1.806 trillion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
electrical and other machinery, including data processing equipment, apparel, radio telephone handsets, textiles, integrated circuits

Exports - partners:
US 17.2%, Hong Kong 15.8%, Japan 7.4%, South Korea 4.3% (2012)

Imports:
$1.653 trillion (2012 est.)
country comparison to the world: 3

$1.57 trillion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
electrical and other machinery, oil and mineral fuels, optical and medical equipment, metal ores, motor vehicles

Imports - partners:
Japan 9.8%, South Korea 9.2%, US 7.1%, Germany 5.1%, Australia 4.3% (2012)

Reserves of foreign exchange and gold:
$3.341 trillion (31 December 2012 est.)
country comparison to the world: 1

$3.213 trillion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$728.9 billion (31 December 2012 est.)
country comparison to the world: 19

$685.4 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.344 trillion (31 December 2012 est.)
country comparison to the world: 3

$1.232 trillion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$509 billion (31 December 2012 est.)
country comparison to the world: 15

$424.8 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Renminbi yuan (RMB) per US dollar -

6.3123 (2012 est.)
6.4615 (2011 est.)
6.7703 (2010 est.)
6.8314 (2009)
6.9385 (2008)


NOTE: 1) The information regarding China on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of China Economy 2014 information contained here. All suggestions for corrections of any errors about China Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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