Economic Overview & Business Opportunities
In the last few decades, the Chinese economy experienced impressive growth that catapulted the country to become the world’s second largest economy. China was ranked ninth in nominal gross domestic product with USD 214 billion when the program of economic reforms started in 1978. It progressed to second place with a nominal GDP of USD 9.2 trillion 35 years later.
China has become the world’s manufacturing hub, where the secondary sector (comprising industry and constructions) represented the largest share of GDP since the introduction of the economic reforms in 1978. However, China’s modernization has push forward the tertiary sector and became the largest category of GDP with a share of 46.1%, on the other hand, the secondary sector still accounted for a sizeable of 45.0% of the country’s total output in 2013. Since the country opened to the worlds, the primary sector’s weight in GDP has decreased dramatically.
Since the end of the Maoist era, which also marked the start of economic liberalization, has result in more than tenfold of increment in GDP. China’s economy still remain as the fastest-growing economy worldwide, although the growth rate has slowed down to a “mere” 7.3% per year. China is expected to be better than the United States by 2025.
With the annual output in the manufacturing sector (as measured by gross value), China’s economy is already the world leader, which made it the world’s largest trading nation and biggest exporter as well.
Lastly, the most numerous labour force worldwide is representing the China’ economy, with up to nearly 800 million people. They build a growing consumer market, which is going to affect greatly on the future of China’s economy.
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