16 facts about Chinese Economy 2020 at a Glance
As we know that China Got freedom in 1949 and India in 1947 but still both countries have many differences in many areas of the economy.
The biggest strength of the Chinese economy is its manufacturing sector and huge middle class. China is called the iron curtained economy. It is very tough to fetch authentic facts about the Chinese economy.
In this article, we have fetched some authentic facts about the Chinese economy from international institutions like the World Bank, IMF,WEF and OECD, etc.
1. China GDP size (Second largest economy in the world): US$14.140 trillion (nominal; 2019 est.) and US$27.307 trillion (PPP; 2019)
2. Per Capita Income of China: US$10,099 (nominal; 2019 est.)and $19,504 (PPP; 2019 est.)
3. Chinese Population size: 1,394,015,977 (2020 est.) A most populated country in the world.
4. Unemployment rate: 4.3% (2020 est.), 10.6% youth unemployment (2019)
5. Poverty Ratio in China: China has lifted around 800 million people out of poverty since 1978. This is an unparalleled achievement in the world. Its per capita GDP increased almost 49 times, from US$ 155 in 1978 to US$ 7,590 in 2014, and US$10,099 in 2019. China has around 24% population below $5.50/day.
6. China has achieved an average GDP growth close to 10% per year until 2014 since 1978.
7. The private sector is the main accelerator of growth and employment in China. Private firms produced between two-thirds and three-quarters of China’s GDP from 2010 to 2012.
8. The private sector accounts for around 90% of Chinese export. Chinese export size was around US$2.5 trillion in 2019.
9. Main export partners of China are;
i. The United States of America19.25%
ii.European Union 16.43%
iii. ASEAN 12.83%
iv.Hong Kong 12.16%
vi.South Korea 4.37%
x. Others 23.33%
10. Sectorwise contribution in the Chinese economy (2017)
i. Agriculture: 7.9%
ii. Industry: 40.5%
11. According to the National Bureau of Statistics of China; The tertiary sector is the largest source of employment (36.1%), followed by 33% in agriculture and 30.3% in industry.
12. China is the largest emitter of greenhouse gases:- China produced 9.3 metric gigatonnes of carbon dioxide which is around 28% of total CO2 emission in the world. It is followed by the USA and India.
13. The world’s largest exporter and the second-largest importer of merchandise goods: China is the world’s largest exporter and second-largest importer of merchandise goods since 2010. It is the 5th largest exporter and 3rd largest importer of commercial services.
14. China's 94% of all merchandise exports are manufactured goods, 3.2% agricultural products, and 2.7% fuel & mining products.
15. China was the second-largest FDI destination in 2018 and 2019. It received US$235 billion in 2018 and US$156 billion in 2019. USA was the top destination with US$ 261 billion in 2019. (Source: OECD report)
16. Largest forex reserve holder in the world: China has Foreign exchange reserves US$ 3,101,692 million by May 2020. It is followed by Japan and Switzerland.
So these were some important facts about the Chinese economy. We hope these facts would be very important for the competitive exams like UPSC/PSC.CDS etc.