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A few interesting facts about Chinese International Trade:

• China's economy has averaged over 9% annual growth since 1978.

• Per capita GDP has risen from $148 US in 1978 to $1,700 US in 2005.

• Percentage of Chinese living in poverty has dropped from 73% in 1990 to 32% in 2003.

• In 2005, China's total trade in goods represented about 64% of GDP.

• In 2004, China's total trade in goods made up 6.7% of global trade.

• Despite these gains, distribution of incomes is widening. Urban incomes are 3.2 times that of rural Chinese. This has led to some social unrest in rural areas, which are home to many of China's ethnic minorities.

• China has made great strides to comply with many of its obligations under the WTO, however, some areas remain problematic, including export restrictions, Value Added, Tax rebates, intellectual property protection, and others.

• China has encouraged foreign investment by creating a relatively favorable tax climate for foreign companies, with lower rates than domestic companies enjoy.

• State-owned enterprises are being phased out in many areas, but do continue to dominate some areas, such as banking (four banks controlled by the state represent 54% of China's bank assets).

• China has massive energy needs and vast reserves of coal, yet it also is increasingly playing in global energy markets to ensure supplies for continued growth. It has invested billions in the Sudan, including work on a pipeline to the Red Sea, and other countries like Ecuador, Syria, and Russia.

• Manufacturing accounts for over 90% of China's merchandise exports.

• China's latest Five Year Plan calls for doubling of year 2000 GDP per capita by 2010.

• Restructuring of the economy, particularly with respect to state-owned enterprises and agriculture, will likely require the creation of 100 million new jobs in the next decade.

• Much of the labor force is low-skilled and China's shift away from increasingly competitive markets for these low-skilled, labor intensive industries will require great strides in workforce development. As a result, higher education in China is undergoing rapid growth.

Sources: World Trade Organization, "Trade Policy Review: People's Republic of China" June, 2006; Business Week, "China's Widening Income Gap" Feb. 16, 2007; Energy Information Administration, "Country Analysis Briefs: China" August 2006; Susan Porter, American Council on Education, "Higher Education in China: The Next Superpower is Coming of Age".

From a briefing prepared by the Office of Legislative Research and General Counsel.

1 Comments:

 Anonymous said...

You forgot the "Fact" that China provides universal health care for all its citizens and we don't.

7/08/2007 8:12 AM  

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