GDP: USD 10360bn
Population: 1,364 billion
Languages: Mandarin, (Putonghua), Yue (Cantonese), Wu (Shanghainese), Minnan (Hokkien-Taiwanese), Xiang, Gan, Minbei (Fuzhou), Hakka dialects, other smaller minority languages.
Form of state: Communist State
Next elections: 2018, presidential and legislative
China has become the world’s manufacturing Hub since the country opened to the rest of the world in 1978. Indeed, huge investment has been made on the R&D sector, Innovations in China are boosting the growth of the country with its competitive advantage. With its modernization the tertiary sector has been propelled, meanwhile, the primary sector’s weight in GDP has declined strongly.
Chinese domestic market is of great opportunity and large quantity of population. Meanwhile, industries are poised to boom in light of the coming economic and demographic shifts in Chinese society and thus represent the brightest chances for foreign investment. In addition, low external debt and Increasing market orientation both make significant contributions to this market.
According to the research on the structure of the population, a certain part of Chinese consumers are 65-year-old and above whose consuming power and willingness are relatively weak.
Lack of transparency, environment of this market is difficult. Other features like high indebtedness on regional and local level, high inequality with low share of private consumption to GDP regarding the economic performance, competitiveness erosion, continued geopolitical tensions with key countries in the region must be considered.
Imports to China
The importation in China are facing a rapid development, it is mainly dominated by intermediate goods and a wide range of commodities, such as oil, iron, cereals etc. The supply are mostly dominated by Asian countries are dominated the importation by 50%, purchasing from Europe and the United States are reaching 17% and 10%. Imports from Africa, Australia, the Middle East and South America have increased strongly in the last decade to represent a combined share of around 23%.
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