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Economy of China

China's socialist market economy is the world's second largest economy by nominal GDP, and the world's largest economy by purchasing power parity according to the IMF, although China's National Bureau of Statistics rejects this claim. Until 2015 China was the world's fastest-growing major economy, with growth rates averaging 10% over 30 years. Due to historical and political facts of China's developing economy, China's public sector accounts for a bigger share of the national economy than the burgeoning private sector.

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 in the world. China is a net importer of services products.

On a per capita income basis, China ranked 72th by nominal GDP and 84th by GDP (PPP) in 2015, according to the International Monetary Fund (IMF). The provinces in the coastal regions of China 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.

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 became the sole Asian nation to have a GDP (PPP) above the $10-trillion mark (along with the United States and the European Union). As China's economy grows, so does China's Renminbi, which undergoes the process needed for its internationalization. The economy of China has recently initiated Asian Infrastructure Investment Bank in 2015.

Sectors

Agriculture

China is the world's largest producer and consumer of agricultural products - and some 300 million Chinese farm workers are in the industry, mostly laboring on pieces of land about the size of U.S farms.

Today, agriculture contributes only 13% of China's GDP.

Housing and construction

The real estate industry is about 20% of the Chinese economy.

Energy and mineral resources

China's energy production has grown dramatically, as has the proportion allocated to domestic consumption. Some 80 percent of all power is generated from fossil fuel at thermal plants, with about 17 percent at hydroelectric installations; only about two percent is from nuclear energy.Guidelines called for a 20% reduction in energy consumption per unit of GDP by 2010.

Mining

The major areas of production in 2004 were coal (nearly 2 billion tons), iron ore (310 million tons), crude petroleum (175 million tons),natural gas (41 million cubic meters), antimony ore (110,000 tons), tin concentrates (110,000 tons), nickel ore (64,000 tons), tungsten concentrates (67,000 tons), unrefined salt (37 million tons), vanadium (40,000 tons), and molybdenum ore (29,000 tons).

Hydroelectric resources

China has an abundant potential for hydroelectric power production due to its considerable river network and mountainous terrain.

Coal

China is well endowed with mineral resources, the most important of which is coal .Coal makes up the bulk of China's energy consumption (70% in 2005), and China is the largest producer and consumer of coal in the world.

Industry and manufacturing

Industry and construction account for 46.8% of China's GDP. Between the years 2011 and 2013, China used more cement than the United States consumed during the entire 20th century.

Steel industry

In 2011 China was the largest producer of steel in the world producing 45% of the world's steel, 683 million tons, an increase of 9% from 2010.

Automotive industry

By 2006 China had become the world's third largest automotive vehicle manufacturer (after US and Japan) and the second largest consumer (only after US).

Services

In 2010 the services sector produced 43%of China's annual GDP, second only to manufacturing.

Tourism

China's tourism industry is one of the fastest-growing industries in the national economy and is also one of the industries with a very distinct global competitive edge. According to the World Travel and Tourism Council, travel and tourism directly contributed CNY 1,362 billion (US$216 billion) to the Chinese economy (about 2.6% of GDP).

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of China"

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