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(Back to China)
Contents:
- China Economy
- Financial system
- Industry
- Agriculture
- Statistics
Summary:
Since 1996, China has led the world in the production of steel, coal,
cement, farm-use chemical fertilizer and television sets.
In 2004, of Chinese enterprises ranking in the world's top 500, 14
enterprises of China's mainland were all state-owned. Of China's own top
500, 74 percent (370) were state-owned and state stock-holding enterprises,
with assets of 27, 370 billion yuan and realizing profit of 266.3 billion
yuan, representing 96.96 percent and 84.09 percent respectively of the top
500 corresponding values.
Small and medium-sized enterprises and non-public enterprises have
become China's main job creators. Private enterprises alone provided 50
percent of employment of the entire society.
A socialist market economic system has now taken shape in China,
and the basic role played by the market has been improved in the sphere of
resource allocation. The pattern has basically been formed in which the
public sector plays the main role alongside non-public sectors such as
individual and private companies to achieve common development. According to
the plan, China is forecast to have a relatively complete socialist market
economy in place by 2010 and this will become comparatively mature by 2020.
The total number of billionaires in China has risen to second
place in the world, just behind the United States. The 2007 top 500 Chinese
magnates list was recently released in Hong Kong, the combined wealth of the
500 magnates exceeds 4,342.6 billion yuan (US$587 billion). The number of
Chinese magnates with more than one billion dollars in assets has reached
146, compared to 85 last year.
China Yangtze Three Gorges Project (TGP), as one of the biggest
hydropower-complex project in the world, ranks as the key project for
improvement and development of Yangtze River.
China has basically formed a financial system under the
regulation, control and supervision of the central bank, with its state
banks as the mainstay, featuring the separation of policy-related finance
and commercial finance, the cooperation of various financial institutions
with mutually complementary functions. The commercial banks include the
state-owned commercial banks, joint-stock commercial banks, city commercial
banks, rural commercial banks and foreign banks.
The Renminbi (RMB), China's legal currency, is issued and
controlled solely by the People's Bank of China. RMB exchange rates
are decided by the People's Bank of China and issued by the State
Administration of Foreign Exchange, the latter exercising the functions and
powers of exchange control.
In 1990 and 1991, China set up stock exchanges in Shanghai and
Shenzhen. In the past decade, the Chinese stock market has completed a
journey that took many countries over a century to cover; China's stock
market today has capital approaching 3,705.6 billion yuan, 1,377 listed
companies and 72.16 million investors.
With only 7 percent of the world's cultivated land, China has to feed one
fifth of the world's population. Therefore, China's agriculture is an
important issue and draws wide attention of the world. Some foreigners once
raised the question, " Who will feed China?"
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