According to a study by economist Angus Maddison, China was the world's largest economy in 1820, accounting for an estimated 32.9% of global GDP. How the country’s ‘reform and opening up’ policy has had a lasting impact on society. China is currently undergoing a major restructuring of its economic model. See for example, the Financial Times, "China local governments revive off-budget fiscal stimulus," September 21, 2016, available at Did you know that China province abbreviations can be made using both Chinese and English languages? On May 10, 2019, President Trump announced he was considering raising tariffs on nearly all remaining products from China.

(, 17 November 2014 - Launch of the Shanghai-Hong Kong Stock Connect which allowed international and Mainland investors to trade securities in each other's markets through the trading and clearing facilities of their home exchange. The population share of people aged over 60 could reach 20% by 2020, and 27% by 2030.90 With a declining working population and a rising elderly population, the Chinese government will face challenges trying to boost worker productivity (such as enhancing innovation and high-end technology development) and expanding spending on health care and elderly services. by Matt Slater See (2008) "Politicizing Consumer Culture: Advertising's Appropriation of Political Ideology in China's Social Transition,". Additional reforms, which followed in stages, sought to decentralize economic policymaking in several sectors, especially trade. However, it rose in each of the next four years, reaching a record $679 billion in 2015 before falling to $611 billion in 2016, $489 billion in 2017, and $382 billion in 2018. [40] Privatizations began to accelerate after 1992, and the private sector grew as a percentage of GDP. (, 6 April 1984 - 14 "Coastal Development Areas" opened to foreign investment: Beihai, Dalian, Fuzhou, Guangzhou, Lianyungang, Nantong, Ningbo, Qingdao, Qinhuangdao, Shanghai, Tianjin, Wenzhou, Yantai and Zhanjiang. However, China's debt levels (in both dollars and as a percentage of GDP) have risen sharply within a relatively short time, which, some have speculated, could spark an economic crisis in China in the future. Fengbo Zhang: Speech at "Future China Global Forum 2010", This page was last edited on 30 October 2020, at 17:43. [37] Although Deng was not the originator of many of the reforms, he approved them. China is on track to overtake the United States as the world’s number one economy by 2027, according to Goldman Sachs chief economist Jim O’Neill. [1][2], Before the reforms, the Chinese economy was dominated by state ownership and central planning. Core Debt of Nonfinancial Sectors in 2016* as a Percentage of GDP for Selected Economies, Many economists contend that China's demographic policies, particularly its one-child policy (first implemented in 1979), are beginning to have a significant impact on the Chinese economy. * 1988: Economic turbulence stirs public discontent. It subsequently raised tariffs by 25% on $250 billion worth of imports from China, while China increased tariffs (ranging from 5% to 25%) on $110 billion worth of imports from the United States. Long Covid casts a lasting shadow over workers, The hidden skills gaps employers must learn to bridge, Hurrah for the companies giving staff more time off, Steve Vamos: ‘The toughest choices are between bad and badder’, ‘So — do you love the rebrand? Some scholars argue that China's growing trade surplus is the result of industries in more developed Asian countries moving to China, and not a new phenomenon. At their peak, FIEs accounted for 58.3% of Chinese exports in 2005 and 59.7% of imports, but these levels have subsequently fallen, reaching 41.7% and 43.7%, respectively, in 2018 (see Figure 12). Economic control of various enterprises was given to provincial and local governments, which were generally allowed to operate and compete on free market principles, rather than under the direction and guidance of state planning. [93] As the state sector fell in importance and profitability, government revenues, especially that of the central government in Beijing, fell substantially and the government relied on a confused system of inventory taxes. USTR, Press Release, April 16, 2016, available at

Figure 11. Economists attempt to develop estimates of exchange rates based on their actual purchasing power relative to the dollar in order to make more accurate comparisons of economic data across countries, usually referred to as purchasing power parity (PPP). China’s liberalization process also has its beginning with the Chinese economic reforms which started in the late 70’s.

U.S. and Chinese GDP (PPP Basis) as a Share of Global Total: 1980-2018 (%). USTR, 2017 Report to Congress on China's WTO Compliance, January 2018, p. 10, available at * 1980: Southern city Shenzhen is made the first “special economic zone” to experiment with more flexible market policies and in a matter of years it is transformed from a fishing village into a manufacturing and shipping powerhouse. Perform your due diligence with a Company Verification Report.

(, 4 September 2016 - China hosted the G20 summit for the first time, in the city of Hangzhou. New York Times, "Concerns Grow About 'Severely Polluted' Water in China's Cities," February 20, 2013. The WEF's 2018 Global Competitive Index ranked China as the world's 28th-most competitive economy (out of 140 economies), while the United States ranked first.23, The decline in China's working age population may have contributed rising wages in China.

China is also the largest foreign holder of U.S. Treasury securities, which help fund the federal debt and keep U.S. interest rates low.

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