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Since the Reform and Opening Up period, China has evolved into a backbone of the world economy. [2] China has been the fastest growing economy in the world since the 1980s, with an average annual growth rate of 10% from 1978 to 2005, based on government statistics. Its GDP reached US$2.286 trillion in 2005. [3]
China Economic Yearbook (Almanac of China's Economy, 中国经济年鉴) is an annually published economic record that is published by the Development Research Center of the State Council of the People's Republic of China. Founded in 1981, China Economic Yearbook records the development of China's national economy and social progress annually.
The economy of the People's Republic of China is a developing mixed socialist market economy, incorporating industrial policies and strategic five-year plans. [29] China is the world's second largest economy by nominal GDP and since 2016 has been the world's largest economy when measured by purchasing power parity (PPP).
The economic stimulus plan was seen as a success: While China's economic growth fell to almost 6% by the end of 2008, it had recovered to over 10% by in mid-2009. Critics of China's stimulus package have blamed it for causing a surge in Chinese debt since 2009, particularly among local governments and state-owned enterprises .
The National Bureau of Statistics (Chinese: 国家统计局) is a deputy-ministerial level agency directly under the State Council of China. Established in August 1952, the bureau is responsible for collection, investigation, research and publication of statistics concerning the nation's economy, population and other aspects of the society.
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In May 2020, Chinese Premier Li Keqiang announced that, for the first time in history, the central government would not set an economic growth target for 2020, with the economy having contracted by 6.8% compared to 2019 and China facing an "unpredictable" time. However, the government also stated an intention to create 9 million new urban jobs ...
An empty corridor in the mostly vacant New South China Mall. The 2005 Chinese property bubble was a real estate bubble in residential and commercial real estate in China. The New York Times reported that the bubble started to deflate in 2011, [1] while observing increased complaints that members of the middle class were unable to afford homes in large cities. [2]