Chinese Economy
A Chinese Economy is a national economy within a China.
- Context:
- It can (typically) be composed of a Chinese Manufacturers, ...
- It can (typically) can have a Chinese Labor Market (of Chinese workers and Chinese employers).
- It can (typically) be regulated by Chinese Economic Regulations.
- It can (often) be measured by a Chinese Economic Measure, such as Chinese GDP.
- It can (often) be modeled as a Socialist Market Economy.
- It can have Chinese Capitalists, ...
- …
- Example(s):
- Counter-Example(s):
- See: Chinese Household, Social Market Economy, ASEAN.
References
2022
- (Wikipedia, 2022) ⇒ https://en.wikipedia.org/wiki/Economy_of_China Retrieved:2022-10-2.
- The People's Republic of China has a high income developing market-oriented economy[1] that incorporates economic planning through industrial policies and strategic five-year plans.[1] The economy consists of state-owned enterprises (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector and openness to foreign businesses in a system officially described as a socialist market economy. China has the world's second largest economy when measured by nominal GDP, totaling around US$17.7 trillion (114.4 trillion yuan) in 2021, and the world's largest economy since 2016 when measured by Purchasing Power Parity (PPP).[2] It has been the second largest by nominal GDP since 2010, with data relying on fluctuating market exchange rates. It recently overtook the economy of the European Union in 2021. A forecast states that China will become the world's largest economy in nominal GDP by 2028.[3]
China is the world's largest manufacturing economy and exporter of goods. It is also the world's fastest-growing consumer market and second-largest importer of goods. China is also the world's largest consumer of numerous commodities, and accounts for about half of global consumption of metals. China is a net importer of services products. It is the largest trading nation in the world and plays a prominent role in international trade.
China has four of the world's top ten most competitive financial centers[4] and three of the world's ten largest stock exchanges (both by market capitalization and by trade volume).[5]
Historically, China was one of the world's foremost economic powers for most of the two millennia from the 1st until the 19th century. Maddison, Angus (2008). Chinese Economic Performance in the Long Run: 960-2030 AD. Organization for Economic Cooperation and Development. pp. 43. ISBN 978-9264037625.</ref>
China is the largest recipient of foreign direct investment in the world as of 2020, receiving inflows of $163billion. It has the second largest outward foreign direct investment, at US$136.91 billion for 2019 alone, following Japan at US$226.65billion for the same period. China is the wealthiest nation in the world.[6] [7] As of 2018, China was first in the world in total number of billionaires and second in millionairesthere were 658 Chinese billionaires[8] and 3.5 million millionaires.[9] According to the 2019 Global Wealth Report by Credit Suisse Group, China surpassed the US in the wealth of the top ten percent of the world's population. China has the world's largest foreign-exchange reserves worth $3.1 trillion,[10] but if the foreign assets of China's state-owned commercial banks are included, the value of China's reserves rises to nearly $4 trillion.[11]
With 778 million workers, the Chinese labor force was the world's largest as of 2020. It ranks 28th on the Global Competitiveness Report. Per the Global Innovation Index in 2022, China was ranked 11th, 3rd in Asia & Oceania region and 2nd for countries with a population of over 100 million. It is the only middle-income economy and the only newly industrialized economy in the top 30.[12] China ranks No.1 globally in patents, utility models, trademarks, industrial designs, and creative goods exports. It also has two (Shenzhen-Hong Kong-Guangzhou and Beijing in the 2nd and 3rd spots respectively) of the global top5 science and technology clusters, which is more than any other country.[12] As of March 2022, China has over 500 million 5G users and 1.45 million base stations installed.
- The People's Republic of China has a high income developing market-oriented economy[1] that incorporates economic planning through industrial policies and strategic five-year plans.[1] The economy consists of state-owned enterprises (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector and openness to foreign businesses in a system officially described as a socialist market economy. China has the world's second largest economy when measured by nominal GDP, totaling around US$17.7 trillion (114.4 trillion yuan) in 2021, and the world's largest economy since 2016 when measured by Purchasing Power Parity (PPP).[2] It has been the second largest by nominal GDP since 2010, with data relying on fluctuating market exchange rates. It recently overtook the economy of the European Union in 2021. A forecast states that China will become the world's largest economy in nominal GDP by 2028.[3]
- ↑ 1.0 1.1
—Xu, Chenggang. "The Fundamental Institutions of China’s Reforms and Development." Journal of Economic Literature, vol. 49, no. 4, American Economic Association, 2011, pp. 1076–151, .
—Nee, Victor, and Sonja Opper. "Political Capital in a Market Economy." Social Forces, vol. 88, no. 5, Oxford University Press, 2010, pp. 2105–32, .
—Shue Tuck Wong & Sun Sheng Han (1998) Whither China's Market Economy? The Case of Lijin Zhen, Geographical Review, 88:1, 29-46,
—Gregory C. Chow (2005) The Role of Planning in China's Market Economy, Journal of Chinese Economic and Business Studies, 3:3, 193-203,
—HUA, HUANG. "The Market Economy in China." Security Dialogue, vol. 24, no. 2, Sage Publications, Ltd., 1993, pp. 175–79, .
—Chow, Gregory C. "Development of a More Market-Oriented Economy in China." Science, vol. 235, no. 4786, American Association for the Advancement of Science, 1987, pp. 295–99, .
- ↑ "World Economic Outlook Database October 2022". www.imf.org. Retrieved 19 April 2022.
- ↑ Elliot, Larry (26 December 2020). "China to overtake US as world's biggest economy by 2028, report predicts". The Guardian. Retrieved 28 December 2020. With the US expected to contract by 5% this year, China will narrow the gap with its biggest rival, the CEBR said. Overall, global gross domestic product is forecast to decline by 4.4% this year, in the biggest one-year fall since the second world war. Douglas McWilliams, the CEBR's deputy chairman, said: "The big news in this forecast is the speed of growth of the Chinese economy. We expect it to become an upper-income economy during the current five-year plan period (2020-25). And we expect it to overtake the US a full five years earlier than we did a year ago. It would pass the per capita threshold of $12,536 (£9,215) to become a high-income country by 2023.
- ↑ "The Global Financial Centres Index 28" (PDF). Long Finance. September 2020. Retrieved 26 September 2020.
- ↑ "Top 10 Largest Stock Exchanges in the World By Market Capitalization". ValueWalk. 19 February 2019. Retrieved 28 November 2019.
- ↑ "China overtakes US as world's richest nation". The Financial Express. Retrieved 26 November 2021.
- ↑ "China is now the world's richest country". finance.yahoo.com. Retrieved 26 November 2021.
- ↑ Kurtenbach, Elaine (27 February 2019). "Billionaire list shows $1T hit from '18 market meltdown". Associated Press. Retrieved 17 February 2020.
- ↑ "China Is Set to Keep Minting New Millionaires Faster Than U.S." Bloomberg.com. 18 October 2018. Retrieved 19 February 2019.
- ↑ "官方储备资产 (Official reserve assets)". Retrieved 29 October 2020.
- ↑ "If China's economy is so strong, why isn't its currency stronger?". The Economist. Retrieved 29 October 2020.
- ↑ 12.0 12.1 "Global Innovation Index 2022 – Which are the most innovative countries". www.wipo.int. Retrieved 29 September 2022.