China is located at the eastern part of Asia covering a total area of 9,596,960 sq km. Beijing is the capital city of China. It is the fastest growing country of the world. The Chinese economyhas undergone a transformation from a centrally planned and closed economy to a market-oriented economy and a global leader in agriculture as well as manufacturing products. It has a GDP of $2.518 trillion which is growing at an annual rate of 10.7 %.
China holds the first rank in farm output in the world.Agriculture has a share of 11.9 % in the GDP of China and employs 45 % of the total labor force. The main agricultural products of China are rice, wheat, potatoes, tea, barley, cotton, fish etc .
Industry had a share of 48.1% in the GDP. China’s industry sector employs about 24 % of the available labor force and is growing at an annual rate of 22.9 %.
The main export items of China are machinery and equipments, plastics, iron and steel etc. U.S. is the major export partner of China accounting for 21% of Chinese exports. The main import items include organic chemicals, machinery and equipment, petroleum products etc. Japan is the major import partner of China accounting for about 14.6% of its total imports. In 2006 China exports were worth $974 billion whereas imports for the same year cost $777.9 billion thus generating a Current Account Surplus of about $179.1 billion, a fantastic figure by world standards.
China is expected to top the charts for at least a decade more but some economists are apprehensive that this boom will receive a setback once the current generation retires as the next generation is expected to take time to get hands-on-experience on the country’s bull run.
Last Updated on : 11th July 2013