China's socialist market economy is the world's second largest economy by nominal GDP, and the world's largest economy by purchasing power parity according to the IMF, although China's National Bureau of Statistics rejects this claim. Until 2015 China was the world's fastest-growing major economy, with growth rates averaging 10% over 30 years. Due to historical and political facts of China's developing economy, China's public sector accounts for a bigger share of the national economy than the burgeoning private sector.
China is a global hub for manufacturing, and is the largest manufacturing economy in the world as well as the largest exporter of goods in the world. China is also the world's fastest growing consumer market and second largest importer of goods in the world. China is a net importer of services products.
China is the largest trading nation in the world and plays the most important role in international trade, and has increasingly engaged in trade organizations and treaties in recent years. China became a member of the World Trade Organization in 2001. China also has free trade agreements with several nations, including Australia, South Korea, ASEAN, New Zealand, Switzerland and Pakistan.
On a per capita income basis, China ranked 72nd by nominal GDP and 84th by GDP (PPP) in 2015, 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.
To avoid the long-term socioeconomic cost of environmental pollution in China, it has been suggested by Nicholas Stern and Fergus Green of the Grantham Research Institute on Climate Change and the Environment that the economy of China be shifted to more advanced industrial development with high-tech, low carbon emissions with better allocation of national resources to innovation and R&D for sustainable economic growth in order to reduce the impact of China's heavy industry. This is in accord with the planning goals of the central government.
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 became the sole Asian nation to have a GDP (PPP) above the $10-trillion mark (along with the United States and the European Union). As China's economy grows, so does China's Renminbi, which undergoes the process needed for its internationalization. China initiated the founding of the Asian Infrastructure Investment Bank in 2015.
China has been criticized by Western media for unfair trade practices, including artificial currency devaluation, intellectual property theft, protectionism, and local favoritism due to one-party oligopoly by the Communist Party of China and its socialist market economy.
The rate of economic growth of the Chinese economy has started slowing with fears of an impending hard landing of the economy. The slowdown manifested in industrial regions as excess capacity in basic industries such as coal, steel, and cement, in the auto industry as reduced sales
China is a global hub for manufacturing, and is the largest manufacturing economy in the world as well as the largest exporter of goods in the world. China is also the world's fastest growing consumer market and second largest importer of goods in the world. China is a net importer of services products.
China is the largest trading nation in the world and plays the most important role in international trade, and has increasingly engaged in trade organizations and treaties in recent years. China became a member of the World Trade Organization in 2001. China also has free trade agreements with several nations, including Australia, South Korea, ASEAN, New Zealand, Switzerland and Pakistan.
On a per capita income basis, China ranked 72nd by nominal GDP and 84th by GDP (PPP) in 2015, 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.
To avoid the long-term socioeconomic cost of environmental pollution in China, it has been suggested by Nicholas Stern and Fergus Green of the Grantham Research Institute on Climate Change and the Environment that the economy of China be shifted to more advanced industrial development with high-tech, low carbon emissions with better allocation of national resources to innovation and R&D for sustainable economic growth in order to reduce the impact of China's heavy industry. This is in accord with the planning goals of the central government.
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 became the sole Asian nation to have a GDP (PPP) above the $10-trillion mark (along with the United States and the European Union). As China's economy grows, so does China's Renminbi, which undergoes the process needed for its internationalization. China initiated the founding of the Asian Infrastructure Investment Bank in 2015.
China has been criticized by Western media for unfair trade practices, including artificial currency devaluation, intellectual property theft, protectionism, and local favoritism due to one-party oligopoly by the Communist Party of China and its socialist market economy.
The rate of economic growth of the Chinese economy has started slowing with fears of an impending hard landing of the economy. The slowdown manifested in industrial regions as excess capacity in basic industries such as coal, steel, and cement, in the auto industry as reduced sales
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