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The
Third Plenary Session of the CPC 11th Central Committee,
held in 1978, made the decision to shift the policy stress
to socialist modernization, and implement the strategic
decision on reform and opening to the outside world.
The reform began in the countryside: The contracted
household responsibility system linking remuneration to
output and the two-layer management system featuring the
integration of centralization and decentralization began
to be implemented; centralized and assigned purchases of
agricultural and sideline products were gradually
eliminated, and controls on the prices of most
agricultural and sideline products were relaxed; the
adjustment of the industrial structure in rural areas, the
development of diversified operations and township
enterprises mobilized the peasants' socialist enthusiasm
for production.
The
Third Plenary Session of the CPC 12th Central Committee,
held in 1984, adopted the Decision on Restructuring the
Economic System, which signaled the elevation of the
reform of China's economic system to an urban-centered
stage.
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The
14th National Congress of the CPC held in
1992 established Deng Xiaoping's theory of
building socialism with Chinese
characteristics as the guiding policy in
China and put forward the goal of China's
economic reform as establishing a
socialist market economy system.
Its principal contents may be summarized
as follows: Adopting a series of
macro-adjustment and control measures to
carry out the reform in depth and in all
aspects, public ownership will continue to
be the main form of ownership as various
types of ownership are jointly developed;
the operation mechanism of state-owned
enterprises will be further transformed to
meet the requirements of the market
economy; the property rights and
responsibilities of enterprises will be
clearly defined, the functions of the
government separated from those of
enterprises, and enterprises
scientifically managed; an open an unified
national market system will be
established, closely integrating urban and
rural markets, providing for reciprocal
flows between domestic and international
markets, and promoting the optimization of
resource allocation; changing the
government's function in economic
management and establishing an optimal
macro-regulatory system chiefly employing
indirect means; an income distribution
system based on distribution according to
work will be established in which
efficiency is given precedence and
fairness in distribution is taken into
account' a multi-tier social security
system will be set up to accelerate the
development of China's economy.
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The 15th National Congress of the CPC,
held in 1997, put forward the viewpoint
that the non-public-ownership sector is an
important component part of China's
socialist economy. Encouraging
essential production factors, such as
capital and technology, to participate in
the distribution of gains enables the
reform of China's economic system to take
bigger steps. By 1998, the reform
had gone smoothly in every aspect, and
important progress had been made in
solving some difficult problems.
For instance, much work had been done to
deepen the reform of the grain circulation
system, the reform of state-owned
enterprises and the reform of the banking
system, and new achievements had been
made. Reforms had been proposed for
the housing and medical insurance systems;
and plans for the reform of the
investment, banking, financial and
taxation systems were being
formulated. The institutional
restructuring of the State Council has
been going smoothly and has achieved
important results.
Now, China's socialist market economy
system is being set up, the basic
functions of the market in resource
allocation have been obviously
strengthened, and the initial framework of
the macro-adjustment and control system
has taken shape. Moreover, the form
of economic growth is changing from the
extensive to the intensive type. By
2010, China will have established a
comparatively sound socialist market
economy, which will be comparatively
mature by 2020.
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Information
provided by the Chinese Embassy
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Current
account balance:
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$297.1
billion (2009 est.)
country
comparison to the world:
1
$426.1
billion (2008 est.)
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Exports:
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$1.204
trillion (2009 est.)
country
comparison to the world:
2
$1.435
trillion (2008 est.)
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Exports -
commodities:
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electrical
and other machinery, including data
processing equipment, apparel, textiles,
iron and steel, optical and medical
equipment
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Exports -
partners:
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US 17.7%,
Hong Kong 13.3%, Japan 8.1%, South Korea
5.2%, Germany 4.1% (2008)
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Imports:
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$954.3
billion (2009 est.)
country
comparison to the world:
4
$1.074
trillion (2008 est.)
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Imports -
commodities:
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electrical
and other machinery, oil and mineral
fuels, optical and medical equipment,
metal ores, plastics, organic chemicals
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Imports -
partners:
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Japan 13.3%,
South Korea 9.9%, Taiwan 9.2%, US 7.2%,
Germany 4.9% (2008)
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Reserves
of foreign exchange and gold:
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$2.422
trillion (31 December 2009 est.)
country
comparison to the world:
1
$1.953
trillion (31 December 2008 est.)
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Debt -
external:
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$347.1
billion (31 December 2009 est.)
country
comparison to the world:
22
$400.6
billion (31 December 2008 est.)
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Stock of
direct foreign investment - at home:
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$456.3
billion (31 December 2009 est.)
country
comparison to the world:
10
$378.1
billion (2007 est.)
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Stock of
direct foreign investment - abroad:
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$191.8
billion (31 December 2009 est.)
country
comparison to the world:
18
$147.9
billion (31 December 2008 est.)
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Exchange
rates:
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Renminbi
yuan (RMB) per US dollar - 6.8249
(2009), 6.9385 (2008), 7.61 (2007), 7.97
(2006), 8.1943 (2005)
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Extra
Information
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Growth Rate
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1999
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2000
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2001
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2002
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China
|
7.1 |
8.0 |
7.3 |
8.0 |
| Korea |
10.9 |
9.3 |
3.1 |
6.3 |
| India |
6.5 |
6.1 |
4.4 |
5.6 |
| Australia |
4.4 |
3.0 |
2.8 |
3.5 |
| Canada |
5.4 |
4.5 |
1.5 |
3.4 |
| U
S |
4.1 |
3.8 |
0.3 |
2.4 |
| Spain |
4.2 |
4.2 |
2.7 |
2.0 |
| U
K |
2.4 |
3.1 |
2.1 |
1.8 |
| France |
3.2 |
4.2 |
1.8 |
1.2 |
| Japan |
1.0 |
2.8 |
0.4 |
0.3 |
| EU |
2.8 |
3.5 |
1.6 |
1.0 |
| Mexico |
3.7 |
6.6 |
-0.3 |
0.9 |
| Italy |
1.7 |
3.1 |
1.8 |
0.4 |
| Germany |
2.0 |
2.9 |
0.6 |
0.2 |
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World
Statistics
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