From a tightly controlled dynastic rule for thousands of years, China wields enormous influence in the global economy. After the US and the Japan, China holds the lofty position of being one of the biggest economies in the world.
For the last 30 years, China has shown a stupendous growth rate of 10%, almost consistently. With the world's largest population of more than a billion people, China offers enormous potential to new and established businesses to reach out to a large audience.
For the last 30 years, China has shown a stupendous growth rate of 10%, almost consistently. With the world's largest population of more than a billion people, China offers enormous potential to new and established businesses to reach out to a large audience.
The Chinese political system was viewed as one opposed to industrialization. Though this was the global opinion 50 years ago, it went through several phases of controlled reforms that saw it emerge as a strong player globally. Specifically, the last 20 years has seen global firms flocking China to set up industries. This led to the development of affluent metros while the rural areas didn't see much growth in terms of industrial development. China's history of agriculture still continues to be a major driver of its economic growth.
China is one of the world's largest producers and consumers of agricultural products, employing nearly 300 million people in this sector. It is the world's largest producer and consumer of rice and a major source of wheat and corn production. China's cultivable area is only 75% of the U.S., but it still produces about 30% more crops and livestock than the United States.
One of the reasons of China's dynamic industrial growth has been the availability of cheap labor that was aided by friendly policies developed by the government. This helped many global firms establish their manufacturing facilities here. China accounts for nearly 8% of the world's manufacturing output; the manufacturing sector contributes close to 50% of China's GDP. Major industries include mining and ore processing; iron and steel; aluminum; coal; machinery; armaments; textiles and apparel; petroleum; cement; chemical; fertilizers; food processing; automobiles and other transportation equipment including rail cars and locomotives, ships, and aircraft; consumer products including footwear, toys, and electronics; telecommunications and information technology.
China is one of the leaders in production of iron ore and coal. Other areas of mining where China is strong include crude petroleum, natural gas, nickel ore, tungsten, salt and zinc. The mining sector contributes nearly 5% to China's industrial outputs. On the energy front, China is the second largest energy consumer in the world. Much of its energy demands are met by thermal power plants. Its large coal reserves have helped it meet its energy needs. However, steps are being taken to produce sustainable energy given the climate concerns and the uncertainty in the availability of energy in the future.
Foreign direct investment (FDI) is one of the main factors in China's rapid expansion in world trade and has been an important element in the growth of urban jobs. Foreign-invested enterprises produce about half of China's exports. China continues to attract large investment inflows from foreign companies. For about a decade (1993 to 2001), China was the world's second-largest recipient of foreign direct investment after the United States. China received $39 billion FDI in 1999 and $41 billion FDI in 2000. China is now one of the leading FDI recipients in the world, receiving almost $80 billion in 2005, according to the World Bank.
China's tourism industry has largely remained behind the scenes despite contributing to the country's GDP. Over 90% of tourists are domestic travelers. This is largely because of the five-day-week work practices and long vacation schemes prevalent in the country. The tourism sector in China has facilitated the development of more than 11000 tourist hotels. The WTO has forecasted that China's tourism market is slated to take up 8.6% of the world market share by 2020.
The recent economic recession came as a hard blow to many industrialized nations. However, China and other Asian nations managed to remain unfazed and showed positive growth. China is steadily catching up with other developed countries and is making the right moves to become a global economic superpower.
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