The Chinese Economy is huge and expanding rapidly. It is considered as the economic wonder of the world. As of 2014, China has the world’s second-largest economy in terms of nominal GDP, totaling approximately US$10.380 trillion according to the International Monetary Fund (IMF). If purchasing power parity (PPP) is taken into account, China’s economy is the largest in the world.
China is a member of the WTO and is the world’s largest trading power with a total international trade value of US$3.87 trillion. In 2012, China was the world’s largest recipient of inward Foreign Direct Investment (FDI), attracting $253 billion. In 2014, China’s foreign exchange remittances were $US64 billion making it the second largest recipient of remittances in the world.
Fortune’s Global 500 list of the world’s largest corporations included 95 Chinese companies with combined revenues of US$5.8 trillion. In 2014, Forbes reported that five of the world’s 10 largest public companies were Chinese, including the world’s largest bank by total assets, the Industrial and Commercial Bank of China.
Resources in China
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China is rich in mineral resources and all the world’s known minerals can be found here. Till date, geologists have confirmed reserves of 153 different minerals, putting China third in the world in total reserves. The reserves of the major mineral resources such as coal, iron, copper, aluminum, molybdenum, manganese, tin, lead, zinc and mercury are in the world’s front rank.
China’s coal reserves total 1,007.1 billion tons, mainly distributed in north China with Inner Mongolia Autonomous Region taking the lead.
China’s 46.35 billion tons of iron ore are mainly distributed in northeast, north and southwest China. The country also abounds in petroleum, natural gas, oil shale, phosphorus and sulphur. Petroleum reserves are mainly found in the northwest, northeast and north China as well as in the continental shelves of east China. The national reserves of rare earth metals far exceed the combined total for the rest of the world.
China has over the past two decades firmly adhered to the policy of reform and opening-up, which has not only promoted the sustained swift and sound development of China’s national economy, but also helped restructure its economic system.
On a global scale China is involved with many foreign enterprises and has numerous trade relations across the globe. China is the third largest importer and second largest exporter in the world.
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