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China Business and Economic overview
The economy of the People’s Republic of China is the third largest in the world, after the United States and Japan with a nominal GDP of US$4.91 trillion when measured in exchange-rate terms.
It is the second largest in the world after that of the U.S. with a GDP of $8.77 trillion when measured on a purchasing power parity (PPP) basis. China is the fastest-growing major economy in the world, and has had the fastest growing major economy for the past 30 years with an average annual GDP growth rate of over 10%. The country’s per capita income is at $3,677 (nominal, 98th of 178 economies), and $6,567 (PPP, 99th of 178 economies) in 2009, according to the IMF.
China is the second largest trading nation in the world and the largest exporter and second largest importer of goods. The two most important sectors of the economy have traditionally been agriculture and industry, which together employ more than 70 percent of the labor force and produce more than 60 percent of GDP.
The two sectors have differed in many respects. Technology, labor productivity, and incomes have advanced much more rapidly in industry than in agriculture. Agricultural output has been vulnerable to the effects of weather, while industry has been more directly influenced by the government. The disparities between the two sectors have combined to form an economic-cultural-social gap between the rural and urban areas, which is a major division in Chinese society.
China is the world’s largest producer of rice and it also produce wheat, corn (maize), tobacco, soybeans, peanuts (groundnuts), and cotton. The country is one of the world’s largest producers of a number of industrial and mineral products, including cotton cloth, tungsten, and antimony, and is an important producer of cotton yarn, coal, crude oil, and a number of other products. Its mineral resources are probably among the richest in the world but are only partially developed.
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