China Economy 2012

China or the People’s Republic of China is located in the Eastern part of Asia. It is the most populous country in the world with a population size of 1.3 billion people. China is the member of United Nations Security Council, G 20, Asia Pacific Economic Cooperation (APEC), World Trade Organization (WTO) and Shanghai Cooperation Organization. China had a Soviet Style centrally planned economy since 1978. Chinese economy is the fast growing economy in the world. An average 10 % increase in growth rate was observed from last 30 years.

China GDP - China Economy

In 2009, the GDP or the Gross Domestic Productivity nominal of China was $ 4.99 Trillion and the GDP- PPP (Purchasing Power Parity) was estimated as $ 8.77 Trillion. As per the GDP nominal, the china is ranked third largest in the world and as per the GDP-PPP it is ranked 2rd largest in the world. The GDP nominal per capita of China in 2009 was $3,677 and that of GDP- PPP was $6,567.

Currency System of China  - Role in China Economy       

The currency of China is Renminbi which is denominated as Yuan. Yuan can be subdivided into 10 Jiao or 100 fens. Renminbi is represented in its abbreviated form RMB and is issued by the People’s Bank of China. The Latin symbol ¥ is the currency sign of Chinese Yuan. There is a close relationship between the Chinese Currency Yaun with the countries trade balance and inflation as this depends on the value of currency.

Aluminum Production in China - Influence on China Economy

Aluminum production is of great importance in China’s economy. The Aluminum Corp of China Known as CHINALCO introduced in 2001 is the company dealing with the production of alumina. It is a public sector industry with its headquarters situated in Beijing. Apart from the production of primary aluminum, the Aluminum Corp of China also produces alumina. CHINALCO is also engaged in alumina refining, bauxite mining, primary aluminum smelting and also production of alumina chemical products like alumina hydrate, gallium etc. In2007, the Alumina Corp of China had a profit of about $ 1.138 billion through the sale of products worth $ 10.134. It also employs about 68,200 people in China. But at present there is a decline in the companies profit due to the global financial crisis.

Hydroelectric Resources - Role in China Economy

China has an extensive river system and mountain terrains which benefits in the increased production of hydroelectric power. It is in the south western part of china where most of the hydroelectric power stations located compared to the northeastern part. Due to the less flow of river in the winter season, the power generated by these power stations is also low.

Steel Industry - Role in China Economy

Steel industry is a rapidly growing industry in China and they are ranked 1st in the world in terms of steel production. The steel industry of China has contributed a lot towards China economy. In 2000, it was estimated that around 140 million tons of steel was produced in China. By the year 2006 this got increased to a higher level and reached about 419 million tons. Anshan is the largest steel producing company in China, there is also many small scale industries in China engaged in steel production. China is the largest steel exporting country in the world.

Automobile Industry - Role in China Economy

By the end of 2006, the automobile sales have reached 7.22 million of this about 5.18 million comprised of the passenger cars and the rest 2.04 millions included other commercial vehicles. The Automobile industries of China were also engaged in the exportation of automobile spare parts. In 2006 about 340,000 units of vehicles were exported from China. The export rate is expected to reach an estimated amount of $ 70 billion by the end of 2010.

China Electricity Industry - Effect on China Economy

In China the electricity produced in the country was not suffient enough to met the consumer needs. Abut two third of China’s electricity is generated through the coal power based plants. The gradual increase in the price of coal has adversely effected the production of electricity in China. Thus at present much importance are given for the generation of electricity from other sources like water, nuclear power etc.

Oil Industry of China - Role in China Economy

From the last five years, the China Oil Industry has grown very high owing to its rich oil deposit. But unfortunately in 2009 a narrow decline was observed in the oil production. The most important oil producing companies of China are China National Petroleum Corporation, China Petroleum and Chemical Corporation, China National offshore oil corporation etc.

China Trade - Role in China Economy

China’s foreign trade forms a great part of its economy. In terms of trade, China is ranked second largest in the world. Most important trade partners are Japan, Germany, Taiwan, United States and South Korea. China is the largest exporter in the world. As far as China’s import is concerned, it is the second largest importer in the world. The most important products imported are power generating equipments, aircrafts, agricultural products, chemicals etc. The foreign trade accounted about $ 2.4 Trillion in 2008.

China Tourism - Role in China Economy

Tourism is the most flourishing industry of China. Tourism accounts for 5.44 % of GDP. In terms of tourism, China is the 4th largest country in the world. In 2007, the total number of overseas tourist was estimated to be around 55 million and it has brought about $ 185 billion towards the China country’s economy.

Job Scenario of China

As per the report of National Bureau of Statistics, in 2008 total number of people employed in China was estimated as 774.80, out of this 306.54 million were employed in the primary sector industry, 211 were employed in the secondary sector and 257.17 in the tertiary sector industry. The total unemployment rate was about 4 %.

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