China is the world’s most populous country and the second-largest economy by nominal GDP. Real economic growth has averaged 6% p.a. over the last 30 years but the rate of growth is likely to be much lower over the next few years.
China is by far the largest manufacturer in the world and the largest exporter of manufactured goods, exporting USD2.5 trillion of goods in 2019. The most valuable categories of exports are smartphones, computers, integrated circuits/microassemblies, processed petroleum products and solar panels.
China is also the world’s largest producer of agricultural products as well as the world’s largest consumer. Key crops include rice, wheat, corn and soya beans. Overall, the Chinese agricultural sector employs around 300 million people and contributes about 8% of GDP.
The services sector in China contributes around 52% of GDP, less than in European and North American economies but this part of the economy expected to grow in importance as manufacturing faces a number of constraints, including slower growth in the workforce and in productivity, diminishing returns to investment, and weaker demand for exports.
FieldworkHub has carried out a number of projects in China including work in Beijing and Shanghai, the two biggest centres for market research.
|Population (2020 estimate):||1.44 billion|
|GDP (USD, 2018):||$13 608 billion|
|GDP per capita (International $ at PPP, 2018):||$18 237|
|Currency:||Yuan Renminbi (CNY)|
|Largest urban areas (by population, 2018 estimates):||Shanghai (25.6 million)|
Beijing (19.6 million)
Chongqing (14.8 million)
Tianjin (13.2 million)
Guangzhou (12.6 million)
Shenzhen (11.9 million)