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China Economy 2017
https://theodora.com/wfbcurrent/china/china_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











China Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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 phaseout 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. 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 2015 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. Still, China's per capita income is below the world average.After keeping its currency tightly linked to the US dollar for years, China in July 2005 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. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi after the currency was accepted as part of the IMF’s special drawing rights basket.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 2014 more than 274 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 13th Five-Year Plan, unveiled in November 2015, emphasizes continued economic reforms and the need to increase innovation and 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. In 2014, China agreed to begin limiting carbon dioxide emissions by 2030.

GDP (purchasing power parity):
$21.27 trillion (2016 est.) $19.95 trillion (2015 est.) $18.67 trillion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 1
[see also: GDP country ranks ]

GDP (official exchange rate):
$11.39 trillion (2015 est.)
note: because China's exchange rate is determined 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
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.6% (2016 est.) 6.9% (2015 est.) 7.3% (2014 est.)
country comparison to the world: 13
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$15,400 (2016 est.) $14,500 (2015 est.) $13,600 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 104
[see also: GDP - per capita country ranks ]

Gross national saving:
46% of GDP (2016 est.) 47.9% of GDP (2015 est.) 49.3% of GDP (2014 est.)
country comparison to the world: 3
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 38.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 42.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 20.5%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -17.2% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 8.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 40.7%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 50.7% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industrial production growth rate:
6.1% (2016 est.)
country comparison to the world: 26
[see also: Industrial production growth rate country ranks ]

Labor force:
805.9 million
note: by the end of 2012, China's population at working age (15-64 years) was 1.004 billion (2016 est.)
country comparison to the world: 1
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 33.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 30.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 36.1% (2012 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.2% (2016 est.) 4% (2015 est.)
note: data are for registered urban unemployment, which excludes private enterprises and migrants
country comparison to the world: 39
[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 $400) (2013 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
note: data are for urban households only (2009)

Distribution of family income - Gini index:
46.9 (2014 est.) 47.3 (2013 est.)
country comparison to the world: 28
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $2.465 trillion
[see also: Budget revenues country ranks ]
expenditures: $2.897 trillion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
21.6% of GDP (2016 est.)
country comparison to the world: 136
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.8% of GDP (2016 est.)
country comparison to the world: 131
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
20.1% of GDP (2016 est.) 15.3% of GDP (2015 est.)
note: official data; data cover both central government debt and local government debt; data exclude policy bank bonds, Ministry of Railway debt, China Asset Management Company debt, and non-performing loans
country comparison to the world: 163
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.3% (2016 est.) 1.5% (2015 est.)
country comparison to the world: 120
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.25% (31 December 2014 est.) 2.25% (31 December 2013 est.)
country comparison to the world: 111
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.4% (31 December 2016 est.) 4.35% (31 December 2015 est.)
country comparison to the world: 151
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$6.802 trillion (31 December 2016 est.) $6.176 trillion (31 December 2015 est.)
country comparison to the world: 2
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$22.89 trillion (31 December 2016 est.) $21.45 trillion (31 December 2015 est.)
country comparison to the world: 1
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$23.08 trillion (31 December 2016 est.) $20.53 trillion (31 December 2015 est.)
country comparison to the world: 1
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$8.188 trillion (31 December 2015 est.) $6.005 trillion (31 December 2014 est.) $6.499 trillion (31 December 2013 est.)
country comparison to the world: 2
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$270.9 billion (2016 est.) $330.6 billion (2015 est.)
country comparison to the world: 3
[see also: Current account balance country ranks ]

Exports:
$2.011 trillion (2016 est.) $2.143 trillion (2015 est.)
country comparison to the world: 2
[see also: Exports country ranks ]

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

Exports - partners:
US 18%, Hong Kong 14.6%, Japan 6%, South Korea 4.5% (2015)

Imports:
$1.437 trillion (2016 est.) $1.576 trillion (2015 est.)
country comparison to the world: 3
[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 10.9%, US 9%, Japan 8.9%, Germany 5.5%, Australia 4.1% (2015)

Reserves of foreign exchange and gold:
$3.092 trillion (31 December 2016 est.) $3.406 trillion (31 December 2015 est.)
country comparison to the world: 1
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$983.5 billion (31 December 2016 est.) $958.3 billion (31 December 2015 est.)
country comparison to the world: 16
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.458 trillion (31 December 2016 est.) $1.221 trillion (31 December 2015 est.)
country comparison to the world: 5
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.285 trillion (31 December 2016 est.) $1.01 trillion (31 December 2015 est.)
country comparison to the world: 11
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Renminbi yuan (RMB) per US dollar - 6.626 (2016 est.) 6.2275 (2015 est.) 6.2275 (2014 est.) 6.1958 (2013 est.) 6.3123 (2012 est.)


NOTE: The information regarding China on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of China Economy 2017 information contained here. All suggestions for corrections of any errors about China Economy 2017 should be addressed to the CIA.




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