Exporting

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For centuries China stood as a leading civilization, outpacing the rest of the world in the arts and sciences, but in the 19th and early 20th centuries, the country was beset by civil unrest, major famines, military defeats, and foreign occupation. After World War II, the communists under MAO Zedong established an autocratic socialist system that, while ensuring China's sovereignty, imposed strict controls over everyday life and cost the lives of tens of millions of people. After 1978, MAO's successor DENG Xiaoping and other leaders focused on market-oriented economic development and by 2000 output had quadrupled. For much of the population, living standards have improved dramatically and the room for personal choice has expanded, yet political controls remain tight. Since the early 1990s, China has increased its global outreach and participation in international organizations.

Location

Eastern Asia, bordering the East China Sea, Korea Bay, Yellow Sea, and South China Sea, between North Korea and Vietnam

Natural Resources

coal, iron ore, petroleum, natural gas, mercury, tin, tungsten, antimony, manganese, molybdenum, vanadium, magnetite, aluminum, lead, zinc, rare earth elements, uranium, hydropower potential (world's largest), arable land

Population - distribution

overwhelming majority of the population is found in the eastern half of the country; the west, with its vast mountainous and desert areas, remains sparsely populated; though ranked first in the world in total population, overall density is less than that of many other countries in Asia and Europe; high population density is found along the Yangtze and Yellow River valleys, the Xi Jiang River delta, the Sichuan Basin (around Chengdu), in and around Beijing, and the industrial area around Shenyang

1330044000
Standard Chinese or Mandarin (official; Putonghua, based on the Beijing dialect), Yue (Cantonese), Wu (Shanghainese), Minbei (Fuzhou), Minnan (Hokkien-Taiwanese), Xiang, Gan, Hakka dialects, minority languages (see Ethnic groups entry)
Shanghai 23.741 million; BEIJING (capital) 20.384 million; Chongqing 13.332 million; Guangdong 12.458 million; Tianjin 11.21 million; Shenzhen 10.749 million (2015)
Conventional long form
People's Republic of China
Conventional short form
China
Local long form
Zhonghua Renmin Gongheguo
Local short form
Zhongguo
communist state
Name
Beijing
Geographic coordinates
39 55 N, 116 23 E
Time difference
UTC+8 (13 hours ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Since the late 1970s, China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China continues to pursue an industrial policy, state-support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
Inflation
2.008%
External debt stocks
US$ 1,418,291,086,000
Total tax rate (% of commercial profits)
68.0%
Real Interest Rate
3.101%
Manufacturing, value added (% of GDP)
29.738%
Current Account Balance
US$ 196,380,229,053
Labor Force, Total
802,968,952
Employment in Agriculture
28.30%
Employment in Industry
29.30%
Employment in Services
42.40%
Unemployment Rate
4.61%
Imports of goods and services
US$ 1,950,366,571,269
Exports of goods and services
US$ 2,199,967,569,433
Total Merchandise Trade
32.91%
FDI, net inflows
US$ 170,556,525,654
Commercial Service Exports
US$ 207,192,115,755
world leader in gross value of agricultural output; rice, wheat, potatoes, corn, tobacco, peanuts, tea, apples, cotton, pork, mutton, eggs; fish, shrimp
world leader in gross value of industrial output; mining and ore processing, iron, steel, aluminum, and other metals, coal; machine building; armaments; textiles and apparel; petroleum; cement; chemicals; fertilizer; consumer products (including footwear, toys, and electronics); food processing; transportation equipment, including automobiles, railcars and locomotives, ships, aircraft; telecommunications equipment, commercial space launch vehicles, satellites
Commodities
electrical and other machinery, including data processing equipment, apparel, furniture, textiles, integrated circuits
Partners
US 18%, Hong Kong 14.6%, Japan 6%, South Korea 4.5% (2015)
Commodities
electrical and other machinery, oil and mineral fuels; nuclear reactor, boiler, and machinery components; optical and medical equipment, metal ores, motor vehicles; soybeans
Partners
South Korea 10.9%, US 9%, Japan 8.9%, Germany 5.5%, Australia 4.1% (2015)
Country Risk Rating
B
Political and economic uncertainties and an occasionally difficult business environment can affect corporate payment behavior. Corporate default probability is appreciable.
Business Climate Rating
B
The business environment is mediocre. The availability and the reliability of corporate financial information vary widely. Debt collection can sometimes be difficult. The institutional framework has a few troublesome weaknesses. Intercompany transactions run appreciable risks in the unstable, largely inefficient environments rated B.
  • Reduced risk of external over indebtedness thanks to the high level of foreign exchange reserves and to the maintenance of a current account surplus
  • Sovereign risk contained: public debt mainly domestic and denominated in local currency
  • Gradual move upmarket
  • Development of services
  • Development of infrastructure
  • High volatility in the strong market
  • Social tensions linked to rising inequality
  • The share of consumption in GDP remains weak: re-balancing of the Chinese growth model remains a challenge in the medium-term
  • Aging of the population and gradual drying up of the abundant and cheap labor pool
  • Overcapacity in certain industrial sectors and high corporate indebtedness
  • Fragile Chinese banks (rapid increase in credit and deterioration in asset quality)
  • Government's strategy is ambiguous on arbitrating between reform and growth
  • Environmental problems

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