CHINA
China's economy during the last quarter century has changed from a centrally planned system that was largely closed to international trade to a more market-oriented economy that has a rapidly growing private sector and is a major player in the global economy.
Reforms started in the late 1970s with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, the foundation of a diversified banking system, the development of stock markets, the rapid growth of the non-state sector, and the opening to foreign trade and investment.
*China
The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis, China in 2006 stood as the second-largest economy in the world after the US. Economic development has generally been more rapid in coastal provinces than in the interior, and there are large disparities in per capita income between regions. One demographic consequence of the "one child" policy is that China is now one of the most rapidly aging countries in the world. Another long-term threat to growth is the deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the north. China continues to lose arable land because of erosion and economic development. China has benefited from a huge expansion in computer Internet use, with more than 100 million users at the end of 2005. Foreign investment remains a strong element in China's remarkable expansion in world trade and has been an important factor in the growth of urban jobs. In July 2005, China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. In 2006 China had the largest current account surplus in the world - nearly $180 billion. More power generating capacity came on line in 2006 as large scale investments were completed. The 11th Five-Year Program (2006-10), approved by the National People's Congress in March 2006, calls for a 20% reduction in energy consumption per unit of GDP by 2010 and an estimated 45% increase in GDP by 2010.
- Territory area:9.6 million square km, second to Russia and Canada.
- Largest city:Shanghai
- Currency:Renminbi (RMB) yuan
- Population: 1.3 billion by January 6, 2005
- Population growth rate: 5.87бы in 2004
- Average life-span: 71 years old by the end of 2000.
- Climate: Most of the country in the temperate zone
Opportunities for Bulgarian firms which want to invest in China (coming soon)
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