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China
| Economy Overview |
| The People's Republic of China is the world's most populated country and, according to most observers, destined to soon become the second-largest economy in the world. The country has been hit by the international economic crisis. But compared to other countries, its GDP growth rate remains very dynamic. The International Monetary Fund forecasts growth of 6.5% in 2009 and 7.5% in 2010.
China’s exports have decreased considerably due to the economic crisis, causing many companies to close and many workers to loose their jobs. However economic growth continues because of huge state investments in infrastructure and heavy industry and from private sector expansion in light industry. The country has vast coal reserves and is the sixth largest producer of petroleum in the world. Industrial and the construction sectors contribute to approximately half of its GDP. In 2008 the United States remained the largest market for Chinese goods. According to the Office of the United States Trade Representative the main imports were electrical machinery, machinery, toys and sports equipment, furniture and bedding and footwear. China is also one of the largest producers and consumers of agricultural products.
The elimination of some trade barriers between China and the US provides increased access for US exports across a broad range of commodities. To find more information about boosting your sales in China, visit the web pages “Exporting to China” from the US Commercial Service’s China Business Information Center . And plan your presence at trade shows in China by using the US Commercial Service’s list of trade events in China and the FITA/Global Sources Trade Show Center
Other useful resources:
* Keep up to date with Chinese financial and corporate news with the China Securities Journal website.
* The US-China Business Council ’s website keeps you informed about trade issues. |
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| Economy Statistics |
| Exports: |
$583.1 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Export
Commodities: |
machinery and equipment, plastics, optical and medical equipment, iron and steel [?]
This entry provides a rank ordering of exported products starting with the most important; it sometimes includes the percent of total dollar value.
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Export
Partners: |
US 21.1%, Hong Kong 17%, Japan 12.4%, South Korea 4.7%, Germany 4% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Imports: |
$552.4 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Import
Commodities: |
machinery and equipment, oil and mineral fuels, plastics, optical and medical equipment, organic chemicals, iron and steel [?]
This entry provides a rank ordering of imported products starting with the most important; it sometimes includes the percent of total dollar value.
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Import
Partners: |
Japan 16.8%, Taiwan 11.4%, South Korea 11.1%, US 8%, Germany 5.4% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| US-China Chamber of Commerce |
| Address: |
55 West Monroe Street, Suite 630
Chicago IL 60603
United States |
| Phone: |
(312)368-9911 |
| Fax: |
(312)368-9922 |
| Website: |
http://www.usccc.org/ |
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