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China
 For
centuries China stood as a leading civilization, outpacing the
rest of the world in the arts and sciences, but in the 19th
and early 20th centuries, the country was beset by civil unrest,
major famines, military defeats, and foreign occupation. After
World War II, the Communists under MAO Zedong established an
autocratic socialist system that, while ensuring China's sovereignty,
imposed strict controls over everyday life and cost the lives
of tens of millions of people. After 1978, his successor DENG
Xiaoping and other leaders focused on market-oriented economic
development and by 2000 output had quadrupled. For much of the
population, living standards have improved dramatically and
the room for personal choice has expanded, yet political controls
remain tight.
Economy
China's economy during the last quarter-century has changed
from a centrally planned system that was largely closed to international
trade to a more market-oriented economy that has a rapidly growing
private sector and is a major player in the global economy.
Reforms started in the late 1970s with the phasing out of collectivized
agriculture, and expanded to include the gradual liberalization
of prices, fiscal decentralization, increased autonomy for state
enterprises, the foundation of a diversified banking system,
the development of stock markets, the rapid growth of the non-state
sector, and the opening to foreign trade and investment. China
has generally implemented reforms in a gradualist or piecemeal
fashion. The process continues with key moves in 2005 including
the sale of equity in China's largest state banks to foreign
investors and refinements in foreign exchange and bond markets.
The restructuring of the economy and resulting efficiency gains
have contributed to a more than ten-fold increase in GDP since
1978. Measured on a purchasing power parity (PPP) basis, China
in 2005 stood as the second-largest economy in the world after
the US, although in per capita terms the country is still lower
middle-income and 150 million Chinese fall below international
poverty lines. Economic development has generally been more
rapid in coastal provinces than in the interior and there are
large disparities in per capita income between regions. The
government has struggled to (a) sustain adequate jobs growth
for tens of millions of workers laid off from state-owned enterprises,
migrants, and new entrants to the work force; (b) reduce corruption
and other economic crimes; and (c) contain environmental damage
and social strife related to the economy's rapid transformation.
From 100 to 150 million surplus rural workers are adrift between
the villages and the cities, many subsisting through part-time,
low-paying jobs. One demographic consequence of the "one
child" policy is that China is now one of the most rapidly
aging countries in the world. Another long-term threat to growth
is the deterioration in the environment - notably air pollution,
soil erosion, and the steady fall of the water table especially
in the north. China continues to lose arable land because of
erosion and economic development. China has benefited from a
huge expansion in computer Internet use, with more than 100
million users at the end of 2005. Foreign investment remains
a strong element in China's remarkable expansion in world trade
and has been an important factor in growth of urban jobs. On
21 July 2005 China revalued its currency by 2.1 percent against
the US dollar and moved to an exchange rate system that references
a basket of currencies. Reports of shortages of electric power
in the summer of 2005 in southern China receded by September-October
and did not have a substantial impact on China's economy. More
power generating capacity is scheduled to come on line in 2006
as large scale investments are completed. The Central Committee
of the Chinese Communist Party in October 2005 approved the
draft 11th Five-Year Plan and the National People's Congress
is expected to give final approval in March 2006. The plan calls
for a 20 percent reduction in energy consumption per unit of
GDP by 2010 and an estimated 45 percent increase in GDP by 2010.
The plan states that conserving resources and protecting the
environment are basic goals but it lacks details on the policies
and reforms necessary to achieve these goals.
| Population |
1,306,313,812 (July 2005 est.) |
| Age structure |
0-14 years: 21.4% (male 148,134,928/female
131,045,415)
15-64 years: 71% (male 477,182,072/female 450,664,933)
65 years and over: 7.6% (male 47,400,282/female 51,886,182)
(2005 est.)
|
| Median age |
total: 32.26 years
male: 31.87 years
female: 32.67 years (2005 est.) |
| Population growth rate |
0.58% (2005 est.) |
| Net migration rate |
-0.4 migrant(s)/1,000 population
(2005 est.) |
| GDP (purchasing power parity) |
$8.158 trillion (2005 est.) |
| GDP (official exchange rate) |
$1.833 trillion (2005 est.) |
| GDP - real growth rate |
9.2% (official data) (2005
est.) |
| Investment (gross fixed) |
43.6% of GDP (2005 est.) |
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