Since the 1978 market reforms, China has come a long way in terms of socio economic growth. With an ever increasing GDP, the People’s Republic of China is the second largest economy of the world. In terms of influence on global economy China now stands as a rival to United States. Since the past 30 years, China has averaged a 10 percent economic growth rate. Clearly, since the effective reform measures of 1978, China has not looked back.
Background China has recorded the highest economic growth rate in the world and is leading the world’s economic output. It has shifted to a more investment friendly market due to various laws and economic reforms initiated by its government. The ‘one child norm’ was an important step that affected its social and economic dimensions greatly. China contributed to the World recovery during the global economic crisis of 2008. For China, it has been a decade of substantial growth with its GDP registering and maintaining heights. The size of China’s industrial and manufacturing sector has been steadily increasing since the past ten years and the number of poor in the country has significantly decreased aiding in establishing economic equity.
GDP of China The East-Asian country which invented paper currency has jaw dropping recent GDP values. According to the data available, it has a massive GDP growth rate of 9.3 percent annual change. According to the data supplied in 2011, it has a per capita GDP of 5,444.79 US Dollar. It is the world’s fastest growing major economy.
Import and Export China is the world’s largest exporter of goods and second largest importer of goods. The values are mind numbingly impressive. The total export amounts to $2.05 trillion with the total import being $1.817 trillion according to the latest estimates. China is the world’s second largest oil consumer and the largest producer and consumer of coal. The large import and export values make China’s economy key for the stability of world economy. The most widely exported goods of China are data processing equipment, apparel, electrical and other machinery, medical equipment, textiles, iron and steel and optical equipment. The major goods imported in China are oil and mineral fuels, organic chemicals, metal ores, plastic, medical and optical equipment.
Foreign Investment China is a hot spot for foreign investment. China profits from access to foreign markets being a member of the World Trade Organization (WTO). With more than two years of vigorous reforms, China’s foreign investment policies have become strongly investment friendly. A huge number of foreign investors have continued to place their trust in China’s flourishing economy, supporting and nourishing it.
Future Prospects The concept of “Two 100s” described as President Xi Jinping’s Chinese Dream states how active, vigilant and determined China’s leaders are and how seriously they take China’s economy. By 2020, the 100th anniversary of The Chinese Communist Party China aims to become a “moderately well off society.” The next target of China is to become a fully developed nation by 2049, which is the year that will celebrate the 100th anniversary of founding of the People’s Republic.
There is no doubt that China’s economic policy and productive population will soon contribute to its emergence as an economically authoritative nation.