China GDP

By: EconomyWatch   Date: 13 October 2010

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About China GDP
As per statistics of 2007, China GDP is fourth largest in world as far as exchange rate is concerned. It is preceded by United States of America, Germany and Japan. Its nominal GDP is $3.251 trillion.

China GDP Details
As per statistics of 2007, GDP of China in regard to purchasing power parity is $7.099 trillion. As per official exchange rate, GDP of China is $3.251 trillion. Real growth rate of China GDP in 2007 was estimated to be 11.9 percent. China GDP as per capita purchasing power parity was $5,400 in 2008.

As per statistics of 2006, GDP (private consumption) has been around 36.4 percent and government consumption has been nearly 13.7 percent. At same time, gross fixed investment hovered around 40.9 percent and exports of goods and services was estimated to be nearly 39.7 percent.

Composition of China GDP
Eleven percent of China GDP comprises agricultural sector and 48.6 percent is made up by industrial sector. 40.1 percent of China GDP is made up by services sector in China. Industrial sector that is owned by government of China contributes 40 percent of China's GDP.

In 2004, manufacturing sector contributed 44.15 percent of China's GDP. Construction industry contributed 53.1 percent of GDP of China in 2005. In 2004, industrial sector comprised 52.9 percent of China's GDP.

Services has been an important part of GDP of China. In 2005, 40.3 percent of China's GDP was contributed to by Chinese service sector. In 2002, tourism industry of China made up 5.44 percent of Chinese economy. In 1999, 1 percent of Chinese GDP was contributed by investments intended for environmental protection.

Growth in China GDP
During 1960s, GDP per capita in China had grown by 17 percent. In 1970s, rate was around 70 percent. During 1978, there were a number of free market reforms effected in China. This contributed to rapid growth in China GDP. Growth rate has been 9.9 percent, on an average, all these years. Economic liberalization policies have contrived to increase GDP of China by 10 times since 1978.

In 1999, China had a GDP of about $3,800 per capita. This made it second biggest economy, preceded only by US. In 2003, growth rate of China GDP was 10 percent and in 2004 growth rate was about 10.1 percent. In 2005, rate of growth of China GDP was 10.4 percent. GDP of China was estimated to be around $1,999,475,203,854.69. As per 11th Five-Year Program that was approved by National People's Congress in March 2006, intended rate of growth of China GDP by 2010 was supposed to be 45 percent.

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