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China Economy 2016
http://www.theodora.com/wfbcurrent/china/china_economy.html
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


















China Economy 2016
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 22, 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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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 and expanded the daily trading band within which the RMB is permitted to fluctuate. 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 2013 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 consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (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. Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources.

GDP (purchasing power parity):
$13.39 trillion (2013 est.)
country comparison to the world: 3

$12.43 trillion (2012 est.)
$11.54 trillion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$9.33 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 (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7.7% (2013 est.)
country comparison to the world: 14

7.7% (2012 est.)
9.3% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$9,800 (2013 est.)
country comparison to the world: 121

$9,100 (2012 est.)
$8,300 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
50% of GDP (2013 est.)
country comparison to the world: 4

51.2% of GDP (2012 est.)
50.1% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 36.3%
government consumption: 13.7%
investment in fixed capital: 46%
investment in inventories: 1.2%
exports of goods and services: 25.1%
imports of goods and services: -22.2%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 10%
industry: 43.9%
services: 46.1%

(2013 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, aircraft; telecommunications equipment, commercial space launch vehicles, satellites

Industrial production growth rate:
7.6% (2013 est.)
country comparison to the world: 29
[see also: Industrial production growth rate country ranks ]

Labor force:
797.6 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 (2013 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 33.6%
industry: 30.3%
services: 36.1%

(2012 est.)

Unemployment rate:
4.1% (2013 est.)
country comparison to the world: 32

4.1% (2012 est.)
note: data are for registered urban unemployment, which excludes private enterprises and migrants
[see also: Unemployment rate country ranks ]

Population below poverty line:
6.1%
note: in 2011, China set a new poverty line at RMB 2300 (approximately US $3,630)

(2013)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.7%
highest 10%: 30%
note: data are for urban households only (2009)

Distribution of family income - Gini index:
47.3 (2013)
country comparison to the world: 27

47.4 (2012)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $2.118 trillion
expenditures: $2.292 trillion (2013 est.)

Taxes and other revenues:
19.4% of GDP (2013 est.)
country comparison to the world: 169
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.1% of GDP (2013 est.)
country comparison to the world: 89
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
22.4% of GDP (2013 est.)
country comparison to the world: 134

26.1% of GDP (2012)
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% (2013 est.)
country comparison to the world: 100

2.6% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.25% (31 December 2013 est.)
country comparison to the world: 110

2.25% (31 December 2012 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.73% (31 December 2013 est.)
country comparison to the world: 132

6% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$5.532 trillion (31 December 2013 est.)
country comparison to the world: 3

$4.911 trillion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$18.15 trillion (31 December 2013 est.)
country comparison to the world: 1

$15.5 trillion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$11.79 trillion (31 December 2013 est.)
country comparison to the world: 4

$10.02 trillion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$6.499 trillion (31 December 2013 est.)
country comparison to the world: 2

$5.753 trillion (31 December 2012)
$3.389 trillion (31 December 2011 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$182.8 billion (2013 est.)
country comparison to the world: 2

$215.4 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$2.21 trillion (2013 est.)
country comparison to the world: 1

$2.049 trillion (2012 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:
Hong Kong 17.4%, US 16.7%, Japan 6.8%, South Korea 4.1% (2013 est.)

Imports:
$1.95 trillion (2013 est.)
country comparison to the world: 3

$1.818 trillion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
electrical and other machinery, oil and mineral fuels; nuclear reactor, boiler, and machinery components; optical and medical equipment, metal ores, motor vehicles; soybeans

Imports - partners:
South Korea 9.4%, Japan 8.3%, Taiwan 8%, United States 7.8%, Australia 5%, Germany 4.8% (2013 est.)

Reserves of foreign exchange and gold:
$3.821 trillion (31 December 2013 est.)
country comparison to the world: 1

$3.388 trillion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$863.2 billion (31 December 2013 est.)
country comparison to the world: 19

$737 billion (31 December 2012 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: 4

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

Stock of direct foreign investment - abroad:
$541 billion (31 December 2013 est.)
country comparison to the world: 15

$531.9 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

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

6.2 (2013 est.)
6.3123 (2012 est.)
6.7703 (2010 est.)
6.8314 (2009)
6.9385 (2008)


NOTE: The information regarding China on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of China Economy 2016 information contained here. All suggestions for corrections of any errors about China Economy 2016 should be addressed to the CIA.




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