Capital City: Beijing
	It is %T:%M %A in Beijing

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Economic trends

China today is the fourth-largest economy in the world. The market-oriented reforms implemented by China over the past two decades has had a profound impact not only on China itself but on the whole world as a whole. China’s economy grew at an average rate of 10% per year since 2005, the highest growth rate in the world. The trend continues to be forcasted for 2008. After becoming a member of WTO in December 2001, the inflow of FDI into the country has further strengthened. However, the Chinese Government’s emphasis on guiding FDI into manufacturing has led to market saturation in some industries, while leaving China’s services sectors underdeveloped. The government will continue its efforts to rebalance the economy, as it attempts to make growth less dependent on exports and investment, while introducing measures to boost domestic consumption. The current-account surplus will narrow from an estimated 7.7% of GDP in 2006 to 6.2% of GDP in 2008.

Main branches of industry

China is the world’s most populous country and one of the largest producers and consumers of agricultural products. Roughly half of China's labour force is engaged in agriculture, even though only 10% of the land is suitable for cultivation. Agriculture contributes only 13% to China’s GDP. China is among the world's largest producers of rice, corn, wheat, soybeans, vegetables, tea, and pork. Industry and construction sector account for about 46% of China’s GDP. Major industrial sectors are mining and ore processing, machinery, textiles & apparel, chemicals & fertilizers, consumer durable products, and automobiles. China has become a preferred destination for the relocation of global manufacturing facilities because of cheap labour force. The state-owned sector still accounts for about 40% of GDP. However, the number of private companies is constantly increasing.

International trade

China is the world’s third-largest trading nation after the U.S. and Germany. The top three export partners are: the United States, Hong Kong and Japan. China mainly exports electric & mechanical machinery & equipment, apparel & clothing accessories, and consumer durables. The top three import partners are: Japan, South Korea and Hong Kong. The goods mainly imported are electric & mechanical machinery & equipment, mineral fuels & oils, consumer durables, and plastics.