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China

China Economy Stats

chris.lockyer781

Author: chris.lockyer781

Xinjiang's prosperity is mostly due to its primary sector and geographical position achived in 2013 $135bn GDP and real GDP growth of 11% in comparation with China’s national GDP growth level of 7.6%. Xinjiang’s $5425.97 GDP per capita is still below China’s national of $6,188.19 GDP per capita. Provincial trade share in national total 2013 acounts export value of 1% and import value of 0.2%. Besides the importance of the region’s capital Urumqi, historically also important is former „Silk Road“ city port of Kashgar which is today still relevant.

Xinjiang region contains reasonable amount of petroleum and natural gas which make 60% of region’s economy, together with reasonable mineral deposits including coal, iron, nickel, uranium, zinc, gold and other. Kazakhstan also contains large mineral deposits and is big exporter of petroleum and natural gas. Kazakhstan is China’s important trading partner, but when commodities’ prices go down, it faces problems and tends to solve them through diversification.

Overview:

China's economy since the late 1970s has changed from a closed, centrally planned system to a more market-oriented one that plays a major role in the global economy - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China generally has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceeded those of the US, although China was second to the US in the value of services it produced. Still, per capita income is below the world average. The Chinese government faces numerous economic development challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and approximately 200 million rural laborers and their dependents have relocated to urban areas to find work. One demographic consequence of the "one child" policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the north - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2009, the global economic downturn reduced foreign demand for Chinese exports for the first time in many years, but China rebounded quickly, outperforming all other major economies in 2010 with GDP growth around 10%. The economy appears set to remain on a strong growth trajectory in 2011, lending credibility to the stimulus policies the regime rolled out during the global financial crisis. The government vows to continue reforming the economy and emphasizes the need to increase domestic consumption in order to make the economy less dependent on exports for GDP growth in the future, but China likely will make only marginal progress toward these rebalancing goals in 2011. Two economic problems China currently faces are inflation - which, late in 2010, surpassed the government's target of 3% - and local government debt, which swelled as a result of stimulus policies, and is largely off-the-books and potentially low-quality.

Definitions

  • Debt > External: Total public and private debt owed to non-residents repayable in foreign currency, goods, or services.
  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller.
  • GDP > Real growth rate: GDP growth on an annual basis adjusted for inflation and expressed as a percent.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Tourist arrivals: International inbound tourists (overnight visitors) are the number of tourists who travel to a country other than that in which they have their usual residence, but outside their usual environment, for a period not exceeding 12 months and whose main purpose in visiting is other than an activity remunerated from within the country visited. When data on number of tourists are not available, the number of visitors, which includes tourists, same-day visitors, cruise passengers, and crew members, is shown instead. Sources and collection methods for arrivals differ across countries. In some cases data are from border statistics (police, immigration, and the like) and supplemented by border surveys. In other cases data are from tourism accommodation establishments. For some countries number of arrivals is limited to arrivals by air and for others to arrivals staying in hotels. Some countries include arrivals of nationals residing abroad while others do not. Caution should thus be used in comparing arrivals across countries. The data on inbound tourists refer to the number of arrivals, not to the number of people traveling. Thus a person who makes several trips to a country during a given period is counted each time as a new arrival."
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Debt > External $728.90 billion 2012 18th out of 172
Exports $1.97 trillion 2012 1st out of 189
Fiscal year calendar year 2013
GDP $8.36 trillion 2012 3rd out of 177
GDP > Composition by sector > Industry 46.6% 2012 20th out of 217
GDP > Per capita $7,368.68 per capita 2010 51st out of 118
GDP > Per capita > PPP $9,100.00 2012 92nd out of 188
GDP > Purchasing power parity $12.26 trillion 2012 2nd out of 190
GDP > Real growth rate 7.7% 2012 22nd out of 191
GDP per capita $6,188.19 2012 82nd out of 177
Gross National Income $1.13 trillion 2001 6th out of 158
Population below poverty line 13.4% 2013 7th out of 8
Public debt 31.7% of GDP 2012 111th out of 149
Tourist arrivals 53.05 million 2008 5th out of 145
Unemployment rate 6.5% 2012 67th out of 112

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; All CIA World Factbooks 18 December 2003 to 18 December 2008; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 18 December 2003 to 28 March 2011; World Tourism Organisation, Yearbook of Tourism Statistics, Compendium of Tourism Statistics and data files.

Citation

"China Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/China/Economy

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China Economy Profiles (Subcategories)

Adjusted savings 3 International tourism 14
Aid 5 Labor force 3
Balance of payments 34 Long-term debt 4
Bank and trade-related lending 4 Market capitalization of listed companies 4
Budget 10 Merchandise 4
Business 11 Merchandise imports 4
Changes in net 4 Micro 4
Commercial service 4 National accounts 104
Commercial service imports 4 Natural gas 8
Companies 38 Net capital account 4
Currency 12 Net current transfers 4
Current account balance 5 Net current transfers from abroad 6
Current transfers 4 Net errors and omissions 4
Debt 72 Net financial flows 24
Economic aid 3 Net income 4
Electricity 8 Net income from abroad 6
Entrepreneurship 12 Net incurrence of liabilities 3
Exports 3 Net trade in goods 4
External balance on goods and services 7 Net trade in goods and services 4
External debt 215 Official development assistance and official aid 4
Final 20 Oil 10
Financial sector 35 Portfolio investment 12
Foreign aid 43 Poverty 21
Foreign direct investment 10 Poverty and inequality 16
GDP 40 Private investment 3
GDP growth 3 Private nonguaranteed debt 4
GDP per capita 4 Public and publicly guaranteed debt service 6
GNI 12 Public and publicly guaranteed (PPG) debt 3
Gold 4 Purchasing power parity 11
Goods 4 Reserves 6
Goods imports 4 Royalty and license fees 8
Government 13 Savings 44
Government debt 8 Service 4
Gross capital formation 10 Service imports 4
Gross domestic savings 6 Services 10
Gross fixed capital formation 10 Spending 73
Gross national expenditure 9 Steel 4
Gross savings 6 Stock of direct foreign investment 6
Gross value added at factor cost 9 Stocks traded 5
High-technology 4 Tax 67
Household final 23 Total 9
IBRD loans and IDA credits 4 Total debt service 6
Income 24 Tourism 21
Income distribution 4 Tourism expenditures 5
Income payments 4 Tourism receipts 5
Income receipts 4 Tourist arrivals by region of origin 8
Inequality 8 Trade 1665
Inflation 7 Trademark applications 4
Innovation 26 Transnational corporations 4
Intellectual property 6 Use of IMF credit 4
Interest payments 3

4

Xinjiang's prosperity is mostly due to its primary sector and geographical position achived in 2013 $135bn GDP and real GDP growth of 11% in comparation with China’s national GDP growth level of 7.6%. Xinjiang’s $5425.97 GDP per capita is still below China’s national of $6,188.19 GDP per capita. Provincial trade share in national total 2013 acounts export value of 1% and import value of 0.2%. Besides the importance of the region’s capital Urumqi, historically also important is former „Silk Road“ city port of Kashgar which is today still relevant.

Xinjiang region contains reasonable amount of petroleum and natural gas which make 60% of region’s economy, together with reasonable mineral deposits including coal, iron, nickel, uranium, zinc, gold and other. Kazakhstan also contains large mineral deposits and is big exporter of petroleum and natural gas. Kazakhstan is China’s important trading partner, but when commodities’ prices go down, it faces problems and tends to solve them through diversification.

Posted on 21 May 2014

chris.lockyer781

chris.lockyer781

393 Stat enthusiast

4

China is the second largest economy after the United States based on GDP and PPP as of 2013 data from the World Bank and the IMF. In the last couple of years, China was the world’s fastest growing economy averaging 10% growth annually. Although its growth has slowed down recently, the economy of the socialist country is bent on maintaining its Asian market supremacy and is even on the path to overtaking the US as the world’s top economic power.

China is also the world’s biggest exporter and the second largest importer of goods, after the United States. Although the US is still ahead in some aspects, China has surpassed the former in manufacturing output. With a couple of free trade pacts with some nations, particularly Switzerland and Pakistan, the Chinese consumer market continues to grow at a rapid state. However, the global financial crisis which continues to pummel much of the world has had its damaging effects on the gargantuan Chinese economy as well. As a matter of fact, it was previously predicted by major banks, including the IMF and the Standard Chartered, that the Chinese surpassing of the US superiority would come in less than a decade. Lately, with the current market trends suggest that this might not be possible anytime soon, unless the Chinese policy makers are able to come up with solutions to the current crisis.

Still, the government is targeting a 7.5% economic growth this year, the biggest in the developed world, suggesting that the fears are merely superficial.

Posted on 06 Apr 2014

Edsel.G

Edsel.G

247 Stat enthusiast

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