| Economy of the People's Republic of China |
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| Thursday,August 09,2007 Posted: 03:56 BJT(1956 GMT) |
| From:CHINA Original:Others |
The economy of the People's Republic of China is the fourth largest in the world when measured by nominal GDP. Its economic output for 2006 was $2.68 trillion USD. Its per capita GDP in 2006 was approximately US $2,000 (US $7,600 with PPP), still low by world standards (110th of 183 nations in 2005), but rising rapidly. As of 2005, 70% of China's GDP is in the private sector. The smaller public sector is dominated by about 200 large state enterprises concentrated mostly in utilities, heavy industries, and energy resources.
Since 1978 the Chinese government has been reforming its economy from a Soviet-style centrally planned economy to a more market-oriented economy. These reforms started since 1978 has helped lift millions of people out of poverty, bringing the poverty rate down from 53% of population in 1981 to 8% by 2001.
To this end, authorities have shifted agricultural work (in which approximately half of the work force is engaged) to a system of household responsibility in place of the old collectivization, increased the authority of local officials and plant managers in industry, permitted a wide variety of small-scale enterprise in services and light manufacturing, and opened the economy to increased foreign trade and foreign investment. The government has emphasized raising personal income and consumption and introducing new management systems to help increase productivity. The government also has focused on foreign trade as a major vehicle for economic growth.
Updated: Aug. 2007 |
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