Brief introduction to the economy of China
China has been the world’s fastest-growing major economy over the past 30 years…
CHINA IN NUMBERS
China is the world’s most populous country with a population of over 1.35 billion, the world’s second-largest country as covering approximately 9.6 million square kilometers and its coastline along the Pacific Ocean is 14,500 kilometers long, and is bounded by the Bohai, Yellow, East and South China Seas… BUT WHAT IS THERE BEYOND?
THE WORLD’S FIRST ECONOMY
China had the largest and most complex economy in the world for the majority of the past two thousand years, during which, it has seen cycles of prosperity and decline. Since the introduction of economic reforms in 1978 has become one of the world’s fastest-growing major economies.
In 2014, according to the International Monetary Fund, China has become the world’s biggest economy beating the USA first time in 142 years. Figures show the Chinese economy is worth $17.61 trillion and the IMF estimates China’s economy will be worth a $27 trillion in 2019.
China is also the world’s largest exporter and importer of goods.
MILITARY
With 2.3 million active troops, the People’s Liberation Army is the largest standing military force in the world. According to the Chinese government, China’s military budget for 2014 totaled US$132 billion, constituting the world’s second-largest military budget. However, many authorities i.a. the U.S. Office of the Secretary of Defence argue that China does not report its real level of military spending, which is allegedly much higher than the official budget.
NATURAL RESOURCES
The amount of bituminous coal excavated in China is the greatest in the world. The People’s Republic of China is also rich in crude oil, shale gas, iron ores, wolfram, and antimony, zinc, lead, copper, tin and salt.
5 INTERESTING FACTS ABOUT CHINA’S ECONOMY…
China…