Tax Foundation. World Scientific Publishing Co. Pte. China is aging at one of the most rapid paces of any major economy with remedies difficult to find. In the deal, China agreed to increase imports of U.S. goods by $200 billion annually. The company, which was founded in 2017, has many viral … China spends 9% of GDP on infrastructure. In 2013, it launched its Belt and Road Initiative, one of the largest global infrastructure projects in history. Health and Science. China's economy is measured by its gross domestic product. The huge Chinese domestic market help many Chinese companies accumulated financial capital to do M&A. Due to vast population of China, more than 4 times of US's population, difference between these two country is very high in terms of per capita income. "China's Staggering Demand for Commodities." China also is one of the world's largest consumers of commodities: China's Share of World Commodity Consumption, China is the second-largest foreign holder of U.S. Treasurys. As CEO of TCL, Dongsheng Li, said in 2012 "They betted on the wrong thing where the market would go. ", "China is winning the electric vehicle race", "China buys one out of every two electric vehicles sold globally", "China's Electric Vehicle Leaders – Who Are They? By using The Balance, you accept our. World Bank. An aerial view of the container dock of Shanghai's Yangshan Port. China is the second-largest foreign holder of U.S. Treasurys. Since launching its high-tech revolution under the Made in China 2025 Masterplan, Internet Plus, and China Standards 2035 policy initiatives, China’s economy has rapidly changed and the country is becoming a production hub for high-tech products.. In 2018, it imported $2.1 trillion.. U.S. International Trade Commission. Jobs abound for blue-collar workers, but have been scarce for recent college graduates with little experience. After loosening in 2020, monetary policy will shift to a neutral stance in 2021, amid concerns of deepening structural imbalances. The same China that’s famous for its human rights violations is the China that lifted more than 800 million people out of poverty as per capita GDP rose from $89 in 1960 to roughly $10,000 today. China says its economy grew 2.3% in 2020, but consumer spending fell. The European Union is third, at $19.9 trillion., China has almost 1.4 billion people, more than any other country in the world. China remains a relatively poor country in terms of its standard of living. China's economy has undergone a rapid and unprecedented transformation in three decades time. This is because China pegs its currency, the yuan, to the U.S. dollar. World Bank. China buys U.S. debt to support the value of the dollar. Chinese government also provides long-term, low-interest capital for companies to expand abroad. Its outbound venture capital totaled $38 billion in 2014–16, up from $6 billion in 2011–2013. GROUP-4 ECONOMY OF CHINA Group-4 2. BEIJING: China’s economy seems largely to have bounced back from the COVID-19 shock. Ltd., 2018. Hugh Peyman. U.S. Department of the Treasury. We expect China's real GDP to expand by 8.7% in 2021, from 2.3% in 2020, underpinned by fiscal support for infrastructure, healthcare and consumption. China's economy picked up speed in the fourth quarter, with growth beating expectations as it ended a rough coronavirus-stricken 2020 in remarkably good … In this first edition of China Brief, we take a quick look at some of the key drivers shaping China’s economy today. Accessed Oct. 19, 2020. The economy converged with the U.S. at the fastest pace on record. China was the first economy to suffer a pandemic blow, but has recovered swiftly, according to government data. China 2030 : Building a Modern, Harmonious, and Creative High-Income Society [pre-publication version]. China’s GDP growth rate before the coronavirus was likely negative. Also, French feel superior in their language and don't want to speak English, which created huge problem in communication. World Bank. ", One Belt, One Road: China's Strategy for a New Global Financial Order, A Theory of China's 'Miracle': Eight Principles of Contemporary Chinese Political Economy, China: Country Studies – Federal Research Division, Library of Congress, China & World Economy – Journal Information, CEA Publications – Journal of Chinese Economic and Business Studies, Emerald, Journal of Chinese Economic and Foreign Trade Studies information, China 2030: Building a Modern, Harmonious, and Creative High-Income Society (pre-publication version), China 2030 : Building a Modern, Harmonious, and Creative High-Income Society [pre-publication version], China Banknote Printing and Minting Corporation, National Development and Reform Commission, Ministry of Industry and Information Technology, State-owned Assets Supervision and Administration Commission, State Administration for Industry and Commerce, All-China Federation of Industry and Commerce, Guangdong-Hong Kong-Macau Greater Bay Area, Mainland and Hong Kong Closer Economic Partnership Arrangement, Mainland and Macau Closer Economic Partnership Arrangement, Free Trade Area of the Asia-Pacific Region, China–Japan–South Korea Free Trade Agreement, China-India Regional Trade Arrangement Joint Feasibility Study, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=Economy_of_China&oldid=1001690077, World Trade Organization member economies, Articles with dead external links from April 2018, Articles with permanently dead external links, Articles with dead external links from May 2019, Short description is different from Wikidata, Articles containing potentially dated statements from 2019, All articles containing potentially dated statements, Articles with unsourced statements from March 2016, Articles with unsourced statements from December 2014, Articles with unsourced statements from December 2020, All articles with vague or ambiguous time, Vague or ambiguous time from December 2019, Articles with unsourced statements from March 2009, Articles with unsourced statements from August 2016, Commons category link is defined as the pagename, Pages using Sister project links with default search, Creative Commons Attribution-ShareAlike License, Binhai New Area in the northern Chinese city of. Since the 12th National Congress of the Communist Party of China in 1982, the economy has been described as socialism with Chinese characteristics.. The population is approximately 20% of world population China adopted- socialist market economy CHINA is the world second largest economy by nominal GDP & … ", "People's Republic of China 2015 Article IV Consultation – Press Release; Staff Report; and Statement by the Executive Director for the PRC", World Economic Outlook Database, October 2015, People's Republic of China: Staff Report for the 2015 Article IV Consultation, "China's fiscal income to slow but room for more government debt – Finance Minister", "Bernanke downplays China impact on world economy", "The government really is instrumental in creating growth", Be Scared of China's Debt, Not Its Stocks, Chinese Banks Look to Shadow Banking for Growth: Risks increase as third-quarter earnings show banks pushing deeper into gray markets, "More Stimulus May Not Be an Option for China", "China Overtakes Japan as World's Second-Biggest Stock Market", "New Chinese Agency to Increase Financial Coordination", "The Real Risk Behind China's Stock-Market Drama", "Cooling of China's Stock Market Dents Major Driver of Economic Growth", "China Moves to Stabilize Stock Markets; Initial Offerings Halted", "Why China's Stock Market Bailout Just Might Work", "Signs of a Growing Hush in China's Economy", "How Beijing Intervened to Save China's Stocks", "Shares in Mainland China End Worst Month in 6 Years", "China's Currency: Brief Overview of U.S. Options, "Law of Yuan Price: Estimating Equilibrium of the Renminbi", "Bad News For Allegations of Currency Manipulation: IMF Says China's Yuan Correctly Valued", "China Lets Currency Appreciate a Bit Faster", "China Seeks to Calm Markets as It Devalues Currency for 3rd Consecutive Day", "Progress for Reform as Yuan Inches toward SDR", "RMB now 8th most widely traded currency in the world", Society for Worldwide Interbank Financial Telecommunication, "Chinese Yuan Should Be an IMF Reserve Currency, Christine Lagarde Says", "Output of Farming, Animal Husbandry and Fishery", How China's Massive Fishing Fleet Is Transforming the World's Ocean, Plantation Study in China: Research Outline, "Analysis: China turns to machines as farmers seek fresh fields", "Development of Agricultural Mechanization in China", "China powers up: The world's most populous country gets serious about farming machinery", "China's August crude oil imports jump 13% on year as delayed cargoes clear customs", China’s Belt and Road Initiative through the Lens of Central Asia, "Mass Layoffs in China's Coal Country Threaten Unrest", "China overtakes US as the biggest importer of oil", "Phosphate Rock Statistics and Information", "China noses ahead as top goods producer", "Facing Protests, China's Business Investment Slows", "Florida Forestry China Trade Mission Report", "14–19: Output of Major Industrial Products", "China Is Producing More Steel Than Ever", "In China's Floundering Steel Sector, the Burden of Politics", Steel exports fall in 2008 – People's Daily Online, "China steel industry sees profits in 2018 up 39pct", "China 2010 Auto Sales Reach 18 Million, Extend Lead", "World 2012 – The 20 biggest car markets: Thailand shoots up! Accessed Oct. 19, 2020. "GDP Growth (Annual %) - China." "Tracking the Economic Impact of U.S. Tariffs and Retaliatory Actions." Provide investments for China's foreign exchange reserves. China's economy had been growing at a rate its institutions could not sustain, necessitating a revamped strategy. Liaoning, frequently called China's rust belt, admitted in 2017, that local GDP numbers from 2011 to 2014 had been inflated artificially by about 20%. But China began an unprecedented economic catch-up in 1978. World Bank. "Nuclear Weapons: Who Has What at a Glance." In 2015, public debt amounted to 15.6% of GDP. China is now the world’s second largest economy (and the largest if measured in PPP terms), having fallen behind from the late 19th Century onward as several industrial revolutions compounded in the Western world. Environment We would like to show you a description here but the site won’t allow us. In January 2020, the two powers agreed to the Phase One Trade Agreement after several years of an escalating trade war. China's economy grew 6.5% in the final three months of 2020, beating expectations. China’s rebound also comes with some weaknesses, particularly a jump in overall debt this year by an amount equal to as much as a third of the economy’s overall output. The EU is second, at $2.3 trillion, while the United States is third, exporting $1.7 trillion., In 2019, China shipped $451.7 billion worth of goods to the United States. A China-dominated Eurasia an economic rival to the U.S. agreed to increase imports of U.S. Treasurys is China! In 1960 but in 2017 it is China 's growth is the second-largest foreign of! Gives it leverage 2.6 trillion, the economy converged with the U.S. and China have been scarce for recent graduates... The lowest rate since 1990 member States as an obstacle to reaching full potential of TCL Dongsheng... 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