Economy of China

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Economy of China
Shanghai Pudong Jan 2 2014.JPG
Pudong in Shanghai in January 2014.

Rank 2nd (nominal) / 2nd (PPP)
Currency Renminbi (RMB); Unit: Yuan (CNY)
Fiscal year Calendar year (1 January to 31 December)
Trade organisations WTO, APEC, G-20 and others
Statistics
GDP

$9.182 trillion (nominal : 2nd; 2013)

$13.427 trillion (PPP: 2nd; 2013)
GDP growth Increase7.7% (2013)
GDP per capita

$6,732 (nominal: 83th; 2013)

$9,844 (PPP: 92nd; 2013)
GDP by sector agriculture: 10.1%, industry: 45.3%, services: 44.6%% (2012 est.) CIA - The World Factbook
Inflation (CPI) 2.5% (December 2012)
Population
below poverty line less than $1.25 / 13.1% (2008)
less than $2 / 29.8% (2008)
Gini coefficient 0.48
Labour force 795.5 million (1st; 2010)
Labour force
by occupation agriculture: 36.7%, industry: 28.7%, services: 34.6% (2008 est.)
Unemployment 4.1% (Q4 2012)
Average gross salary $657 monthly (2012)
Main 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
Ease of doing business rank 91st
External
Exports $2.21 trillion (2013)
Export goods Electrical and other machinery, including data processing equipment, apparel, textiles, iron and steel, optical and medical equipment
Main export partners  Hong Kong 17.4%
 United States 16.7%
 Japan 6.8%
 South Korea 4.1% (2013 est.)
Imports $1.95 trillion (2013)
Import goods Electrical and other machinery, oil and mineral fuels, optical and medical equipment, metal ores, plastics, organic chemicals
Main import partners  South Korea 9.4%
 Japan 8.3%
 Taiwan 8.0%
 United States 7.8%
 Australia 5.0%
 Germany 4.8% (2013 est.)
FDI stock $116 billion (2011)
Gross external debt $697.2 billion (30 September 2011 est.)
Public finances
Public debt 22.15% of GDP (2012)
Revenues $1.838 trillion (2012 est.)
Expenses $2.031 trillion (2012 est.)
Economic aid recipient: $1.12 per capita (2008)
Credit rating AA- (Domestic)
AA- (Foreign)
AA- (T&C Assessment)
(Standard & Poor's)
Foreign reserves $3.44 trillion (1st; end-March 2013)

Main data source: CIA World Fact Book

All values, unless otherwise stated, are in US dollars

GNI per capita in 2009:
  China (3,650 $)
  Higher GNI per capita compared to China
  Lower GNI per capita compared to China

The socialist market economy of China is the world's second largest economy by nominal GDP and by purchasing power parity after the United States. It is the world's fastest-growing major economy, with growth rates averaging 10% over the past 30 years.

China is also the largest exporter and second largest importer of goods in the world. China is the largest manufacturing economy in the world, outpacing its world rival in this category, the service-driven economy of the United States of America. ASEAN–China Free Trade Area came into effect on 1 January 2010. China-Switzerland FTA is China's first FTA with a major European economy, while China–Pakistan Free Trade Agreement came in effect in 2007 is the first FTA signed with a South Asian state. The economy of China is the fastest growing consumer market in the world.

On a per capita income basis, China ranked 87th by nominal GDP and 92nd by GDP (PPP) in 2012, according to the International Monetary Fund (IMF). The provinces in the coastal regions of China tend to be more industrialized, while regions in the hinterland are less developed. As China's economic importance has grown, so has attention to the structure and health of the economy. Xi Jinping’s Chinese Dream is described as achieving the “Two 100s”: the material goal of China becoming a “moderately well-off society” by 2021, the 100th anniversary of the Chinese Communist Party, and the modernization goal of China becoming a fully developed nation by 2049, the 100th anniversary of the founding of the People’s Republic.

The internationalization of the Chinese economy continues to affect the standardized economic forecast officially launched in China by the Purchasing Managers Index in 2005. At the start of the 2010s, China remained the sole Asian nation to have an economy above the $10-trillion mark (along with the United States and the European Union).

Since 1980, China has established special economic zones that spread successful economic experiences to other areas. The development progress of China's infrastructure is documented in a 2009 report by KPMG.