GDP of China. GDP per capita. Economy of China

The economy of China today is considered one of the most effective and super-developed in the world. In terms of GDP, China occupies the second place among all other countries, second only to the United States. Every year, the treasury of the country is replenished by trillions of dollars, even taking into account the current global financial crisis.

Formation of the economy

In the mid-19th century, Chinese authorities were forced to open their seaports for foreign traders at a reduced duty of only 5%. The reason for this was an unequal contract as a result of the defeat in the Opium War. Until now, customs penalties in the country are considered to be among the lowest on the continent.

Significant economic growth in China began to be observed only in the 1950s, when the communists, under the leadership of Mao Zedong, managed to unite the fragmented empire. Up to this point, the country had a catastrophically low level of GDP per capita. China at the beginning of the 20th century was characterized by a high degree of unemployment and poverty. The maximum annual earnings of a simple worker was not more than 300 dollars. Since the 1980s, reforms of openness have begun in the republic. At that time, China's GDP growth was determined by high agricultural indicators. This industry was freed for the first time in 30 years from the endless restrictions imposed by the government of the Zedong era. Also, handicraft industry and small-scale production began to be encouraged. Gradually the problem with unemployment began to disappear.

With the onset of a new millennium, the PRC authorities took a course toward the West. Since 2001, China has begun exporting its products in such huge quantities that it could not be imagined earlier. Also, the doors for large foreign investors were opened.

Economic indicators

The volume of China's GDP by years can be presented as steadily developing, growing. These figures are regularly increased for the past 35 years. Since 2010, by the volume of GDP, the republic is confidently holding the second place in the world economic rating. On indicators of the effectiveness of the financial system, the PRC has bypassed its age-old competitor Japan.

In addition, in the near future, experts expect China's GDP to rise to unprecedented heights. This will get ahead of the United States in the ranking. Nevertheless, China occupies the 91st place in GDP per capita. The annual salary on average varies within 6 thousand dollars. As for the general GDP indicators, in 2013 they amounted to $ 9.5 trillion, and in 2014 - about $ 10.4 trillion. Over the past 10 years, gross product has increased by an average of 10% per year.

Structure of the economy

The Chinese Republic has long been the world's main industrial superpower. In addition, it leads in such sectors as nuclear and space engineering, extraction of valuable ores, oil, uranium and gas.

Nevertheless, one of the main branches of the replenishment of China's GDP is foreign trade. By the volume of export products, the country occupies the first position in the world rating. The share of revenues from this sphere is about 80% of China's GDP. More than 20 million workers are engaged in export activities. Today, the PRC has close trade relations with 182 countries around the world. The most popular types of products are electronics, cars, textiles, toys, telecommunications equipment.

Industry of the republic is represented by hundreds of industries. Textiles, coal mining, and ferrous metallurgy are traditional. Of the new rapidly developing it is necessary to distinguish oil refining, pharmaceutics, aviation and electronic production. Also in the country the leading role is played by the food industry. Over the past 20 years, China has been consuming a huge amount of primary energy. The largest part is coal, then oil, gas, hydroelectric plants and nuclear reactors. In terms of imports of energy resources, China is second only to the United States.

Agriculture is shrinking every year because of the acute shortage of water.

Financial system

At present, China has exactly half of the world's foreign exchange reserves. The peak of the dollar equivalent was in 2012. Today, the growth of reserves has decreased slightly, as the authorities decided to focus on investments in other countries.

The banking system of the republic is mainly aimed at supporting the public sector. The volume of credit investments in private business does not exceed 5%. The situation is gradually changing for the better due to the gradual process of denationalization of some banks. Since 2013, Chinese subsidiaries have started to appear around the world as part of foreign financial institutions. Today, China's banks have offices in fifty countries.

GDP in 2015

In connection with the global crisis, the PRC budget also suffers serious losses. Nevertheless, China's GDP growth rate for July of this year was about 7%. As early as early 2015, experts predicted a reduction of rates to 5%, but the government at the last moment found a way out of the situation.

July 7, the Chinese stock system collapsed. This brought a loss of $ 3 trillion. To stabilize the economy, the authorities decided to buy off the depreciated shares of large companies. To speed up the process, Chinese banks provided loans to Chinese banks in the amount of $ 42 billion.

A few days later, information was received about the unexpected growth of the Shanghai stock market by 5%. Thus, the authorities managed to stabilize the country's budget.