The socialist market economy of
China is the world's second largest economy by nominal
GDP, and the world's largest economy by purchasing power parity, though the accuracy of this conclusion is controversial. It is the world's fastest-growing major economy, with growth rates averaging 10% over the past 30 years.
China is a global hub for manufacturing, and is the largest manufacturing economy in the world as well as the largest exporter of goods in the world. China is also the world's fastest growing consumer market and second largest importer of goods.
China is the largest trading nation in the world and plays a vital role in international trade, and has increasingly engaged in trade organizations and treaties in recent years. China became a member of the
World Trade Organization in
2001, and concluded a trade agreement with the
ASEAN nations in
2010. China also has free trade agreements with several nations, including
Switzerland and
Pakistan. China has also been criticized for unfair trade practices, including artificial currency devaluation, intellectual property theft, protectionism, and local favoritism.
On a per capita income basis, China ranked
82nd by nominal GDP and 89th by GDP (
PPP) in
2013, according to the
International Monetary Fund (
IMF). The provinces in the coastal regions of China[31] tend to be more industrialized, while regions in the hinterland are less developed. As
China's economic importance has grown, so has attention to the structure and health of the economy.[32][33]
Xi Jinping’s
Chinese Dream is described as achieving the “Two
100s”: the material goal of China becoming a “moderately well-off society” by 2021, the
100th anniversary of the
Chinese Communist Party, and the modernization goal of China becoming a fully developed nation by 2049, the 100th anniversary of the founding of the
People’s Republic.[34]
The internationalization of the
Chinese economy continues to affect the standardized economic forecast officially launched in China by the
Purchasing Managers Index in
2005. At the start of the 2010s, China remained the sole
Asian nation to have a GDP (PPP) above the $10-trillion mark (along with the
United States and the
European Union).[35]
Since
1980, China has established special economic zones that spread successful economic experiences to other areas. The development progress of China's infrastructure is documented in a 2009 report by
KPMG.
Most of China's financial institutions are state owned and governed and 98% of banking assets are state owned.[68] The chief instruments of financial and fiscal control are the
People's Bank of China (
PBC) and the
Ministry of Finance, both under the authority of the
State Council.
The People's Bank of China replaced the
Central Bank of China in
1950 and gradually took over private banks. It fulfills many of the functions of other central and commercial banks. It issues the currency, controls circulation, and plays an important role in disbursing budgetary expenditures. Additionally, it administers the accounts, payments, and receipts of government organizations and other bodies, which enables it to exert thorough supervision over their financial and general performances in consideration to the government's economic plans. The PBC is also responsible for international trade and other overseas transactions. Remittances by overseas
Chinese are managed by the
Bank of China (
BOC), which has a number of branch offices in several countries.
Other financial institutions that are crucial, include the
China Development Bank (
CDB), which funds economic development and directs foreign investment; the
Agricultural Bank of China (
ABC), which provides for the agricultural sector; the
China Construction Bank (
CCB), which is responsible for capitalizing a portion of overall investment and for providing capital funds for certain industrial and construction enterprises; and the
Industrial and Commercial Bank of China (
ICBC), which conducts ordinary commercial transactions and acts as a savings bank for the public.
http://en.wikipedia.org/wiki/Economy_of_China
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- published: 02 Nov 2014
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