Understanding China with Data

Source:Global Times Published: 2017/10/11 19:13:39

Graphics: GT

Over the past 15 years, China's economy has maintained vigorous double-digit growth, becoming the world's economic growth driver.

The latest news showed the country's GDP grew 6.9 percent in the second quarter. The ratings agency Moody raised China's growth forecast citing stronger expansion in the first half of the year. Moody raised China's growth outlook for 2017 and 2018 to 6.8 percent and 6.4 percent from 6.6 percent and 6.3 percent. According to the World Bank, China's GDP reached $11.2 trillion in 2016, accounting for 15 percent of the world economy. The world GDP was $74.1 trillion in total in 2015. China's share was 14.84 percent compared with the US at 24.32 percent.

Actually, China's real GDP annual growth has maintained an average rate of 9.7 percent in the last 30 years, four times the world economic growth rate in the same period. Foreign exchange reserves has totaled $3.09 trillion. In addition, China has lifted 732 million people out of poverty, a figure that represents more than 70 percent of the global reduction in poverty.

It shows that out of more than 500 kinds of industrial products around the world, 220 kinds that come first in the production rankings are made by China. For example, China produces about 80 percent of the world's air-conditioners, 70 percent of its mobile phones and 60 percent of its shoes.

Many Chinese products have been exported around the world and large quantities of foreign products have poured into China at the same time. In 2015, China's exports of goods registered $2.27 trillion, accounting for 12.4 percent of the world's total, making it the biggest exporting economy for two years in a row, and China's imports of goods and services recorded $1.96 trillion and $382 billion respectively, making up 10.3 percent and 8.1 percent of the global total.

 China's growth is driving the world economy into recovery. The exports of of low-price and high-quality products benefit many consumers globally. It also has brought lots of job opportunities to the world. To a large extent, China's trade indicator has become the global economic "barometer."

This can be seen in one small city of China: Yiwu, Zhejiang Province.

Yiwu, which only had one main street 30 years ago, has now become famous as an International Trade City. With 720,000 citizens, the city has become one of China's most multicultural cities due to its mix of of communities, religions and languages.

There is a 210,000 passenger flow volume in the market each day. With over 70,000 booths inside, it covers 43 sectors, 1,900 categories and 400,000 kinds of products. Here you can find almost every kind of articles of daily use and industrial products imaginable, including handicrafts, hardware, textiles and clothing. They are exported to more than 215 countries and regions.

More than 25,000 enterprises are located here. Just 1,700 socks factories are capable of producing one third of the socks in the world. If you spend three minutes at each stall for eight hours a day, it would take you an entire year to see the whole market.

According to the World Bank forecast, the global economy will grow by an average of 2.8 percent per year from 2017 to 2019, China will contribute 35.2 percent growth, and its economic output will grow to $2.3 trillion.

Recently, the WTO issued a marked upward revision of its trade growth forecast to 3.6 percent from 2.4 percent for this year, considering factors such as the strong growth of China's economy in the first half of the year. The International Monetary Fund (IMF) has revised China's growth forecast for 2017 and 2018 to 6.7 and 6.4 percent respectively, the third time this year it has raised expectations for China.


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