China Economy Stats
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.
Overview:
Definitions
- Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
- Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
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Debt > Government debt > Public debt, share of GDP:
Public debt as % of GDP (CIA).
No date was available from the Wikipedia article, so we used the date of retrieval.
- 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.
- 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 of origin > Services: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
- 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 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. Figures expressed per capita for the same year.
- 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).
- Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
- 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.
- Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; CIA World Factbooks 18 December 2003 to 28 March 2011. 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.; 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
Citation
Did you know
- The top ten tourist destinations France, Spain, USA, Italy, China, UK, Austria, Mexico, Germany and Canada account for 49.6 percent of all tourist arrivals worldwide.
- The United States has 22 times the external debt of China, despite the fact that the United States' GDP is twice the size.
- 83 countries have the EU as their largest export market. 28 have the US and 14 have China.
China Economy Profiles (Subcategories)
- China ranked first for exports globally in 2012.
- China ranked first for GDP amongst Emerging markets in 2012.
- China ranked second for GDP > composition by sector > industry amongst Cold countries in 2012.
- China ranked first for labor force amongst East Asia and Pacific in 2013.
5
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.
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.