Compare China (2008) - China (2007)

Compare China (2008) z China (2007)

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	China (2008)	China (2007)

Budget	revenues: $640.6 billion expenditures: $634.6 billion (2007 est.)	revenues: $482.2 billion expenditures: $515.8 billion (2006 est.)
Debt - external	$363 billion (31 December 2007 est.)	$315 billion (2006 est.)
Economic aid - recipient	$1.641 billion (FY07)	$NA (2005)
Economy - overview	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 has generally implemented reforms in a gradualist or piecemeal fashion, including the sale of minority shares in four of China's largest state banks to foreign investors and refinements in foreign exchange and bond markets in 2005. After keeping its currency tightly linked to the US dollar for years, China in July 2005 revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. Cumulative appreciation of the renminbi against the US dollar since the end of the dollar peg reached 15% in January 2008. 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 2007 stood as the second-largest economy in the world after the US, although in per capita terms the country is still lower middle-income. Annual inflows of foreign direct investment in 2007 rose to $75 billion. By the end of 2007, more than 5,000 domestic Chinese enterprises had established direct investments in 172 countries and regions around the world. The Chinese government faces several economic development challenges: (a) to sustain adequate job growth for tens of millions of workers laid off from state-owned enterprises, migrants, and new entrants to the work force; (b) to reduce corruption and other economic crimes; and (c) to contain environmental damage and social strife related to the economy's rapid transformation. Economic development has been more rapid in coastal provinces than in the interior, and approximately 200 million rural laborers have relocated to urban areas to find work. One demographic consequence of the "one child" policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the north - is another long-term problem. China continues to lose arable land because of erosion and economic development. In 2007 China intensified government efforts to improve environmental conditions, tying the evaluation of local officials to environmental targets, publishing a national climate change policy, and establishing a high level leading group on climate change, headed by Premier WEN Jiabao. The Chinese government seeks to add energy production capacity from sources other than coal and oil as its double-digit economic growth increases demand. Chinese energy officials in 2007 agreed to purchase five third generation nuclear reactors from Western companies. More power generating capacity came on line in 2006 as large scale investments - including the Three Gorges Dam across the Yangtze River - were completed.	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 has generally implemented reforms in a gradualist or piecemeal fashion, including the sale of equity in China's largest state banks to foreign investors and refinements in foreign exchange and bond markets in 2005. 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, although in per capita terms the country is still lower middle-income and 130 million Chinese fall below international poverty lines. 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. The government has struggled to: (a) sustain adequate job growth for tens of millions of workers laid off from state-owned enterprises, migrants, and new entrants to the work force; (b) reduce corruption and other economic crimes; and (c) contain environmental damage and social strife related to the economy's rapid transformation. From 100 million to 150 million surplus rural workers are adrift between the villages and the cities, many subsisting through part-time, low-paying jobs. 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. Thirteen years in construction at a cost of $24 billion, the immense Three Gorges Dam across the Yangtze River was essentially completed in 2006 and will revolutionize electrification and flood control in the area. 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. The plan states that conserving resources and protecting the environment are basic goals, but it lacks details on the policies and reforms necessary to achieve these goals.
Electricity - consumption	2.859 trillion kWh (2006)	2.197 trillion kWh (2005)
Electricity - exports	11.27 billion kWh (2006)	11.19 billion kWh (2005)
Electricity - imports	5.39 billion kWh (2006)	5.011 billion kWh (2005)
Electricity - production	3.256 trillion kWh (2007)	2.372 trillion kWh (2005)
Exchange rates	yuan per US dollar - 7.61 (2007), 7.97 (2006), 8.1943 (2005), 8.2768 (2004), 8.277 (2003)	yuan per US dollar - 7.97 (2006), 8.1943 (2005), 8.2768 (2004), 8.277 (2003), 8.277 (2002)
Exports	79,060 bbl/day (2007)	443,300 bbl/day (2005)
Exports - commodities	machinery, electrical products, data processing equipment, apparel, textile, steel, mobile phones	machinery and equipment, plastics, optical and medical equipment, iron and steel
GDP - composition by sector	agriculture: 11.7% industry: 49.2% services: 39.1% note: industry includes construction (2007 est.)	agriculture: 11.7% industry: 48.9% services: 39.3% note: industry includes construction (2006 est.)
GDP - real growth rate	11.4% (official data) (2007 est.)	11.1% (official data) (2006 est.)
Imports	3.19 million bbl/day (2007)	3.181 million bbl/day (2005)
Imports - commodities	machinery and equipment, oil and mineral fuels, plastics, LED screens, data processing equipment, optical and medical equipment, organic chemicals, steel, copper	machinery and equipment, oil and mineral fuels, plastics, optical and medical equipment, organic chemicals, iron and steel
Industrial production growth rate	12.9% (2007 est.)	22.9% (2006 est.)
Inflation rate (consumer prices)	4.7% (2007 est.)	1.7% (2006 est.)
International organization participation	ADB, AfDB, APEC, APT, Arctic Council (observer), ARF, ASEAN (dialogue partner), BIS, CDB, EAS, FAO, G-24 (observer), G-77, IAEA, IBRD, ICAO, ICC, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM (observer), IPU, ISO, ITSO, ITU, LAIA (observer), MIGA, MINURSO, MONUC, NAM (observer), NSG, OAS (observer), OPCW, PCA, PIF (partner), SAARC (observer), SCO, UN, UN Security Council, UNAMID, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNMEE, UNMIL, UNMIS, UNMIT, UNOCI, UNTSO, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO, ZC	AfDB, APEC, APT, ARF, AsDB, ASEAN (dialogue partner), BCIE, BIS, CDB, EAS, FAO, G-24 (observer), G-77, IAEA, IBRD, ICAO, ICC, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM (observer), IPU, ISO, ITSO, ITU, LAIA (observer), MIGA, MINURSO, MONUC, NAM (observer), NSG, OAS (observer), OPCW, PCA, PIF (partner), SAARC (observer), SCO, UN, UN Security Council, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNITAR, UNMEE, UNMIL, UNMIS, UNMOVIC, UNOCI, UNTSO, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO, ZC
Judicial branch	Supreme People's Court (judges appointed by the National People's Congress); Local People's Courts (comprise higher, intermediate, and basic courts); Special People's Courts (primarily military, maritime, railway transportation, and forestry courts)	Supreme People's Court (judges appointed by the National People's Congress); Local People's Courts (comprise higher, intermediate, and local courts); Special People's Courts (primarily military, maritime, and railway transport courts)
Labor force	803.3 million (2007 est.)	795.3 million (2006 est.)
Labor force - by occupation	agriculture: 43% industry: 25% services: 32% (2006 est.)	agriculture: 45% industry: 24% services: 31% (2005 est.)
Legislative branch	unicameral National People's Congress or Quanguo Renmin Daibiao Dahui (2,987 seats; members elected by municipal, regional, and provincial people's congresses, and People's Liberation Army to serve five-year terms) elections: last held December 2007-February 2008; date of next election - NA election results: percent of vote - NA; seats - 2,987	unicameral National People's Congress or Quanguo Renmin Daibiao Dahui (2,985 seats; members elected by municipal, regional, and provincial people's congresses to serve five-year terms) elections: last held December 2002-February 2003 (next to be held in late 2007-February 2008) election results: percent of vote - NA; seats - NA
Pipelines	gas 26,344 km; oil 17,240 km; refined products 6,106 km (2007)	gas 22,664 km; oil 15,256 km; refined products 6,106 km (2006)
Population below poverty line	8% note: 21.5 million rural population live below the official "absolute poverty" line (approximately $90 per year); and an additional 35.5 million rural population above that but below the official "low income" line (approximately $125 per year) (2006 est.)	10% (2004 est.)
Telephone system	general assessment: domestic and international services are increasingly available for private use; unevenly distributed domestic system serves principal cities, industrial centers, and many towns; China continues to develop its telecommunications infrastructure, and is partnering with foreign providers to expand its global reach; 3 of China's 6 major telecommunications operators are part of an international consortium which, in December 2006, signed an agreement with Verizon Business to build the first next-generation fiber optic submarine cable system directly linking the US mainland and China domestic: interprovincial fiber-optic trunk lines and cellular telephone systems have been installed; mobile-cellular subscribership is increasing rapidly; the number of internet users reached 162 million in 2007; a domestic satellite system with 55 earth stations is in place international: country code - 86; a number of submarine cables provide connectivity to Asia, the Middle East, Europe, and the US; satellite earth stations - 5 Intelsat (4 Pacific Ocean and 1 Indian Ocean), 1 Intersputnik (Indian Ocean region) and 1 Inmarsat (Pacific and Indian Ocean regions) (2007)	general assessment: domestic and international services are increasingly available for private use; unevenly distributed domestic system serves principal cities, industrial centers, and many towns; China continues to develop its telecommunications infrastructure, and is partnering with foreign providers to expand its global reach; 3 of China's 6 major telecommunications operators are part of an international consortium which, in December 2006, signed an agreement with Verizon Business to build the first next-generation optical cable system directly linking the US mainland and China domestic: interprovincial fiber-optic trunk lines and cellular telephone systems have been installed; mobile-cellular subscribership is increasing rapidly; broadband Internet subscribership reached 50 million in 2006; a domestic satellite system with 55 earth stations is in place international: country code - 86; a number of submarine cables provide connectivity to Asia, the Middle East, Europe, and the US; satellite earth stations - 5 Intelsat (4 Pacific Ocean and 1 Indian Ocean), 1 Intersputnik (Indian Ocean region) and 1 Inmarsat (Pacific and Indian Ocean regions) (2007)
Unemployment rate	4% unemployment in urban areas; substantial unemployment and underemployment in rural areas (2007 est.)	4.2% official registered unemployment in urban areas in 2005; substantial unemployment and underemployment in rural areas (2005)

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