We’ve talked frequently about what we see as the intelligence and vision of the Chinese leadership when it comes to overall economic policy.
Indeed, this past week, we ran a significant Feature Analysis that analyzed ways in which they may be achieving a fundamental re-orientation of the economy:
Airports has become a way of life in today’s fast paced world. China airports assumes considerable significance as the number of travellers to this country has increased rapidly.
The main Chinese airports are listed below:
Beijing Capital Airport (Airport Code PEK): Known as China’s largest and busiest airport, it is controlled by Civil Aviation Administration of China (CAAC). Some facts of Beijing Capital Airport:
As the Chinese government seeks to reduce pollution while increasing energy production, the China gas industry is gaining increasing importance. Gas production reached 76.1 billion cubic metres (bcm) in 2008, and with an increasing number of gas reserves in the nation that figure will only grow.
Chinese Onshore Gas Reserves: Songliao basin, Sichuan basin, Junggar basin, Tarim basin and Ordos basin.
The jobs market in China has been surging since 1978, when the communist regime opened its doors to foreign investment. The continuous arrival of foreign capital boosted the Chinese economy, making it the fastest growing economy in the world. As China embraced globalization, new industries were established and production hubs were created. Gradually, the country became a key contributor to the global economy, which opened the floodgates of employment opportunities.
According to the National Bureau of Statistics, China’s employment stood at 774.80 million persons at the end of 2008. Around 306.54 million were employed in the primary industry, accounting for 39.6% of the workforce. The secondary industry employed 211.09 million individuals, representing 27.2% of the total employed population. The employment figure for the tertiary industry was 257.17 million, accounting for 33.2% of China’s workforce.
According to an International Monetary Fund analysis, the growth rate of the Chinese economy hit a five-year low in 2008. From an impressive double-digit rate of 12.7% in 2007, China’s economic growth plummeted to 9.6%. The IMF also revealed that China’s per capita income in 2008 was equivalent to $3,180.The Gross Domestic Product (GDP) estimates based on Purchasing Power Party totaled $7.8 trillion. Owing to this, China became the second-largest economy in the world.
China’s central budget is prepared annually by the Chinese Ministry of Finance. Provincial budgets are also prepared by the local government. Both the budgets are presented in March, but before revealing the final figure to the public, the budgets are ratified by the National People’s Congress and local people’s congresses. According to the country’s budget law, even the plan of adjustments and final accounts are approved by the Standing Committee of the National People’s Congress and the local congresses before the final presentation.
Inflation in China soared during the 1930s and 1940s, when the country’s economy became highly unstable. The economic scenario worsened due to a civil war in the late 1940s. Food prices soared and hit purchasing power. In the early 1950s, the government implemented a series of recuperative measures, such as currency reforms, nationalization of banking institutions and the strict regulation of product prices and money supply. These policies continued till 1978. Owing to this, China succeeded in achieving record breaking price stability.
