WHAT IS THE DIMENSION OF THE CHINESE ECONOMY?
Since reforms focused on market opening began in 1978, China has experienced the longest sustained growth in
history, resulting in spectacular
social development and taking more than 800 million people out of poverty. You do want to know more about The Chinese Economy by continuing to read this article. The Chinese economy.
Today, China is the second largest economy in the world and plays an increasingly relevant role in the international economic landscape.
In 2016, the GDP of the Chinese economy
reached USD 11.1 trillion, representing annual growth of 6.7%.
In recent years, the growth of the Chinese economy has moderated: according to international monetary fund estimates, its GDP is
expected to grow to 6.6% in 2017 and to 6.2% in 2018.
This is causing the Chinese authorities to focus on ensuring sustainable growth and facilitating
the transition to an economy based on higher value-added sectors.
Despite being one of the world’s leading economies, China had a per capita income of USD 13,900 in 2016 and continues to be classified by the OECD as a middle-income
WHAT IS THE ACTUAL SIZE OF The Chinese economy.?
When considering the Chinese market, it is necessary to take into account the strong inequalities that
have been generated between the different provincesand between rural and urban environments during
China’s development process.
We must consider potential consumers of
imported products not to all people in China, but to the urban middle class,which is estimated to currently
amount to around 225 million.
In this regard, account must be taken of the rapid growth that this middle class
In 2000, only 5 million people were considered middle class, while by 2020 the figure is expected to rise to 500 million. If so, china’s middle class would in itself be the third largest market in the world.
Among the most
populous cities are Shanghai, Beijing and Guangzhou( Guangzhou); very close to the latter, there are also other important urban population centers, such as Hong Kong, Shenzhenand