Economy of the People's Republic of China

:The economies of Hong Kong and Macau are separate from the rest of the People's Republic of China. This article is on the economy of mainland China. See also: Economy of Hong Kong and Economy of Macau

Related Topics:
Hong Kong - Macau - Mainland China - Economy of Hong Kong - Economy of Macau

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The economy of China is the second largest in the world as measured by purchasing power parity, with a GDP of of US $8.092 trillion. When measured in USD-exchange rate terms, it is the seventh largest in the world, with a GDP of US $1.649 trillion (2004). However, China's huge population of 1.3 billion results in a relatively low per capita income of $6,193 at PPP. As of 2005, China is regarded as the fastest-growing major economy in the world.

Related Topics:
Purchasing power parity - USD - Exchange rate - China - 2005

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Since 1978 the People's Republic of China (PRC) government has been reforming its economy from a Soviet-style centrally planned economy to a more market-oriented economy but still within a rigid political framework of Communist Party of China control. This is called "Socialism with Chinese characteristics" and is one type of mixed economy.

Related Topics:
1978 - People's Republic of China - Reforming its economy - Soviet - Centrally planned economy - Market-oriented economy - Communist Party of China - Socialism with Chinese characteristics - Mixed economy

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To this end the authorities have switched to a system of household responsibility in agriculture in place of the old collectivization, increased the authority of local officials and plant managers in industry, permitted a wide variety of small-scale enterprise in services and light manufacturing, and opened the economy to increased foreign trade and foreign investment. The government has emphasized raising personal income and consumption and introducing new management systems to help increase productivity. The government also has focused on foreign trade as a major vehicle for economic growth. The result has been a quadrupling of GDP since 1978.

Related Topics:
Agriculture - Collectivization - Foreign trade - Foreign investment - Consumption - Management system - Productivity - Economic growth - GDP

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