Substantial success has been achieved in China's economic development since the founding of the People's Republic of China in 1949, notably after implementation of reform and opening up in 1979. From 1979 to 1997 China's average annual GDP growth rate came to 9.8 percent; and its over all economic stength ranked seventh in the world, the production force has been further emancipated and overall national strength has increased
markedly, the output of several major industrial and agricultrual products rank first in the world in terms of absolute figures. These include grain, cotton, meat, oil-bearing crops, coal, steel, cement, cloth and TV energy, oil, chemical fertilizers and sugar are among world leaders.
Overview:
National product:
GDP - purchasing power parity - $2.9788 trillion (1994 estimate as extrapolated from World Bank estimate for 1992 by use of official Chinese growth statistics for 1993-94; because of the difficulties with official statistics in this time of rapid change, the result may overstate China's GDP by as much as 25%)
National product real growth rate:
11.8% (1994 est.)
National product per capita:
$2,500 (1994 est.)
Inflation rate (consumer prices):
25.5% (December 1994 over December 1993)
Unemployment rate:
2.7% in urban areas (1994); substantial underemployment
Budget:
deficit $13.7 billion (1994)
Exports:
$121 billion (f.o.b., 1994)
Commodities:
textiles, garments, footwear, toys, machinery and equipment, weapon systems
Partners:
Hong Kong, Japan, US, Germany, South Korea, Russia (1993)
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