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China Overview

China's Economy at Glance

The rise of China The reform that started in late 1978 has turned China into the fastest growing major economy in the world. In 2007, China' s GDP registered an 11.4% growth, a 13-year high, to reach RMB 24.66 trillion (US$3.24 trillion). In the same year, China also ranked the fourth largest economy in the world, with figures amounting to only approximately 2% less than Germany . China is expected to replace Germany as the world's third largest economy in 2008. In terms of GDP per capita, China exceeded US$1,000 for the first time in 2003. After a mere fouryear period, China more than doubled its GDP per capita to US$2,455 in 2007. Although this figure is still far behind the world's developed countries, it is a respectable achievement for a nation with a huge population especially one where the majority of its people lived below the poverty line three decades ago. China is expected to replace Germany as the world's third largest economy in 2008.

In terms of GDP composition, industry and construction accounted for 49.2% of the total GDP in 2007, 0.3 percentage points higher than in 2006; services accounted for 39.1%, 0.3 percentage points lower; and agriculture accounted for 11.7% (similar to 2006).

Industries and Services Sector


Measured by the amount of value-added industrial output, electronics manufacturing has become China 's biggest industry. The fast industrialization and urbanization has also shaped China into a big steel maker. Other important industries include power, oil and gas, and chemicals. In contrast, textiles, China 's traditional strength, only ranked 8 th in 2006.

Fueled by foreign investment and the development of local manufacturers, China has started to emerge as the world's largest factory after over 30 years of reform. Both low -end products like toys and textiles, and high-end products, like automobiles and integrated circuits (IC), are made in China . For example, in 2007, 8.9 million automobiles were manufactured, an increase of 22.1% from 2006. More than half of these were sedans. In 2007, 41.2 billion pieces of IC were manufactured, 22.6% more than 2006. By 2009, China exceeded U.S. as the largest car market.

At the same time, owing to the fast growing economy, the demand for construction supplies, industrial raw materials and energy surged at an unprecedented rate. 1360 million tons of cement were produced, 9.9% more than in 2006. The output of steel products reached 568.9 million tons, 21.3% higher than 2006. Moreover, electricity generated surged to 3277.7 trillion kWh, 14.4% higher than the previous year. This poses an intriguing dichotomy of vast opportunities that blend with a myriad of challenges to China in terms of the sustainability of its growth.

Where the service sector is concerned, the wholesale and retail industry has been playing a very important role. In 2006, it accounted for 18.3% of the total valueadded output of the service sector. Transportation, storage and post, and real estate are other important industries within the sector. In 2006, their share of the total value-added output was 14.5% and 11.4% respectively.

In 2007, 8.9 million automobiles were manufactured, an increase of 22.1% from 2006.

Fixed Asset Investment


To further boost its production capacity and shore up infrastructure, China has been investing hugely. In 2007, fixed asset investment in China reached RMB 13.72 trillion, 24.8% higher than in 2006.

Within urban area investment (which accounted for 85.6% of total investment in 2007), manufacturing and real estate are the two single biggest sectors with the

largest amount of fixed asset investment. In 2007, manufacturing and real estate shares amounted to 30.2% and 24.3% respectively.

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