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Overview of Chinese Economy


From western point of view: China is the second biggest economy (GDP = $ 7,8 trillion in purchasing power parity) in the world after USA (2008 est); China's growth of GDP is 9.8% for 2008 (est); GDP per capita (ppp) in China is $6100 for 2008 (est); The GDP of agriculture-sector, industry-sector and services-sector is 10.6%, 49,2% and 40,2% respectively (2008 est), according to CIA, USA. 


More information on Chinese Economy facts by CIA, USA



From Chinese point of view: China is the third biggest economy (GDP = 30067000000000 Yuan in terms of book value) with US in the first place and Japan in the second place; China's growth of GDP is 9.0%; according to the data which was released on 22/Jan/2009 by National Bureau of Statistics of China and reported by Xin-Hua-news-agency, China.


More information on Chinese Economy facts by National Bureau of Statistics of China and reported by Xin-Hua-news-agency of China in Chinese. Below is a translation of the news by XINHUA news agency.



During the news conference of the State Council Office,P.R.C. in 2009, Jan 22end (Thursday) at 10 pm,, Mr Ma Jian,Tang from the National Bureau of Statistics introduced the operation of the national economy in 2008, and answering a reporters question. The offical website of Chinese government shows this live through their web. 

[Mr Ma Jian , Tang] told the press: 2008 is a  very unusual, very unusual year. At the Party Central Committee, under the correct leadership of the State Council, the National People's concerted efforts and hard work, efforts to overcome the history of a rare serious natural disasters and the international financial crisis, the adverse effects of fast growing national economy as a whole, price stabilization, structural optimization, development to improve the situation of the people's livelihood.

     Preliminary accounting, the annual gross domestic product 30.067 trillion yuan, an increase of 9.0%. Look at the quarter, 10.6 percent growth in the first quarter, second quarter growth of 10.1 percent, 9.0 percent growth in the third quarter, fourth quarter growth of 6.8%. Sub-industries, 3.4 trillion yuan added value of the first stage of labor, an increase of 5.5%; 14.6183 trillion yuan added value of secondary industry, an increase of 9.3%; tertiary industry added value of 12.0487 trillion yuan, an increase of 9.5%.

1. To continue the steady development of agricultural production, food production implementation for five consecutive years. Year's total grain output reached 528.5 million tons, an increase over the previous year 26.9 million tons, an increase of 5.4% increase for 5 consecutive years.

2. Industrial production growth slow-down in growth rate of corporate profits fell. Scale industrial added value over the whole year an increase of 12.9% over the previous year growth rate down 5.6 percentage points. Look at the ownership of state-owned and state-holding enterprises increased by 9.1%; collective enterprises grew by 8.1%; 15.0 percent increase in joint-stock enterprises; Hong Kong, Macao and Taiwan-invested enterprises and foreign investors an increase of 9.9%. Look at the industrial level, 13.2 percent growth in heavy industry, light industry growth of 12.3%. Sub-region, the eastern, central and western region increased by 11.6%, 15.8% and 15.0%. Production and sales of industrial enterprises above designated size reached 97.7%.

1-11 months, the national scale industrial enterprises realized a total profit of 2.4066 trillion yuan, an increase of 4.9%. In 39 industrial categories, the 31 year-on-year profit growth in the industry. Implementation of the five most profitable industries are: oil and gas exploration industry, coal mining and coal industry, transportation equipment manufacturing industry, chemical materials and chemical products manufacturing industry, ferrous metal smelting and rolling processing industry.

3. To maintain a rapid growth in investment, the investment structure has improved. The annual total fixed asset investment of 17.2291 trillion yuan, up 25.5% over the previous year to speed up the growth rate 0.7 percentage points.

4. The domestic market growth, strong urban and rural consumption. The total retail sales of consumer goods throughout the year 10.8488 trillion yuan, up 21.6% over the previous year to speed up the growth rate of 4.8 percentage points.

5. High price low before the second half gradually stabilized. Throughout the year consumer prices rose 5.9 percent, or higher than the previous year by 1.1 percentage points. Among them, the city rose 5.6 percent, up 6.5% in rural areas. Although classified, 14.3 percent rise in food prices, driven up overall price level 4.65 percentage points; prices rose 5.5 percent to live, driving the overall price level 0.82 percentage points; the rest of the various types of commodity price inflation has had its ups and downs. Factory prices of industrial products rose 6.9 percent over the previous year, in December fell 1.1 percent, higher than the previous year or the year 3.8 percentage points. Raw materials, fuel and power purchase prices rose 10.5 percent, higher than the previous year or 6.1 percentage points. 70 medium-sized cities housing sales price rose 6.5 percent over the previous year, in December fell 0.4% over the previous year or the year down 1.1 percentage points.

6. Import and Export to maintain steady and rapid growth throughout the year, four-quarter growth rate down more. The total annual imports and exports of 2.5616 trillion U.S. dollars, up 17.8%. Among them, the export of 1.4285 trillion U.S. dollars, an increase of 17.2%; 1.1331 trillion U.S. dollars of imports, an increase of 18.5%. Balance imports and exports, trade surplus of 295.5 billion U.S. dollars, an increase of 32.8 billion U.S. dollars last year. A decrease in demand by international markets, the international primary products affected by factors such as sharp decline, the fourth quarter fell 8.8% in imports, exports grew 4.3%. The annual amount of foreign capital actually utilized 92.395 billion U.S. dollars, up 23.6%. National foreign exchange reserves reached the end of the balance of 1.95 trillion U.S. dollars, up 27.3 percent.

7. Cities and towns new jobs overall stability, and urban and rural incomes continue to increase. Cities and towns throughout the year were 11.13 million new jobs, the end of registered urban unemployment rate was 4.2% on the end of the year than the 0.2 percentage point improve. The year of urban residents per capita disposable income of 15,781 yuan, up 14.5 percent, after deducting price factors, the actual growth of 8.4%. Per capita net income of rural residents 4761 yuan, up 15.0 percent, after deducting price factors, the actual growth of 8.0%. The end of the balance of household savings deposits 21.8 trillion yuan, an increase of 4.5353 trillion yuan on the end of the year.

8. The increase in broad money supply accelerated, loans increased by more. 12 at the end of broad money (M2) the balance of 47.5 trillion yuan, representing 17.8 percent growth the previous year, 1.1 percentage points to speed up; narrow money (M1) balance of 16.6 trillion yuan, an increase of 9.1%, down 12.0 percentage points. Financial institutions, the loan balance of RMB 30.3468 trillion yuan, 4.9114 trillion yuan increase in the beginning of the year, many last year by 1.2792 trillion yuan; the deposit balance of 46.6203 trillion yuan, 7.6863 trillion yuan increase in the beginning of the year, many last year by 2.2985 trillion yuan . Full-year net invested 384.4 billion yuan currency, many put in more than 54.1 billion yuan over the previous year.

The current international financial crisis continues to deepen and spread, the impact on the domestic economy is continuing. We should thoroughly implement the scientific development concept, according to the central economic work on the general requirements of the practical implementation of the promotion of good growth, expanding domestic demand, adjust the structure of a series of policies to improve people's livelihood measures, efforts to promote stable and rapid economic development and maintaining social harmony and stability .

The end.



































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