Kobe

In: People

Submitted By kobe2408
Words 950
Pages 4
Carolyn Jackson
International Business
March 11 2013
Current Economic Status of China
The Google definition of an economy is the wealth and resources of a country in terms of the production and consumption of goods and services. When looking at China from an outsider’s perspective the first three words that come to mind are innovative, growth, and mass-production. This is because over the last thirty years, Chinese economic growth in Gross Domestic Profit (GDP) has been a steady 8 to 10 percent making it the second largest economy in the world after the United States. China’s economy has been the envy of many nations and it will continue to grow and serve as a key player in industrial production. This research paper will discuss China’s current economy by looking at its advantages and disadvantages during its development.
According to IndexMundi.com, a website that offers an economic overview of china’s economy as of 2012, in 2010 is when China became the world’s largest exporter. China is rapidly becoming a dominant world power. Its economy grew fascinatingly fast and they now have the second largest economy in the world. Even though this growth is very remarkable, China still faces a lot of issues. A major issue is that of the urban rural disparity gap. With a population of 1.3 billion, China is still considered a developing country. “China’s gross national income per capita of $4,940 ranked 114th in the world; and over 170 million people still live below the $1.25-a-day international poverty line”(The World Bank).
The year 2005 proved to be another great year for China’s economy. According to the Chinese bureau of Statistics, Chinas Gross national product in 2005 increased 9.9% from its 2004 level to reach 18232.1 billion RMB. This marks the fourth straight year where GDP growth rate surpassed eight percent. However, hidden underneath the surface of China’s…...

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