China today is never out of the news show: from human rights controversies and the continued legacy of Tiananmen Squargon, to its hosting of the Beijing Olympics, and the Chinese frugal miracle. It is a country of contradictions and transitions: a peasant society with near of the human beings most futuristic cities, an ancient civilization that is modernizing as speedily as possible, a walled-off nation that is increasingly at the kernel of world trade.Â
Chain is already the worlds biggest exporter and the randomness largest saving after the unite States. Chinas exports are as diverse as soft toys, electronics appliances, mobile phones, automobiles and aerospace to pretend a few. It is predicted that in the year 2050, china would overtake the get together States to give-up the ghost the worlds largest economy.
The country has $2.9 billion in foreign exchange reserves and is pushing to builds its introductory aircraft and land a spacecraft on the moon indoors two years.
Since the initiation of economic reforms in 1979, China has become one of the worlds fastest-growing economies. From 1979 to 2005 Chinas substantive gross domestic product grew at an average annual rate of 9.6%.
Economists more often than not attribute much of Chinas rapid economic growth to two main factors: large-scale capital investment funds (financed by large domestic savings and foreign investment) and rapid productivity growth.
The actual size of the Chinas economy has been a subject of extensive debate among
economists. Measured in U.S. dollars using nominal exchange rates, Chinas GDP in 2005 is estimated at about $1.9 trillion; its per capita GDP (a ordinarily used living-standards measurement) was $1,460. Such data would indicate that Chinas economy and living standards are significantly lower than those of the United States and Japan, respectively considered to be the number-one and number-two largest economies.
http://www.fas.org/sgp/crs/row/IB98014.pdf
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