STATISTICSIn 2017, China was the largest economy in the world, and for the first time in modern history, the country surpassed 2014 U.S.A. In 2010 China was dubbed the largest exporter in the world, and the largest trading nation in 2013. Notably, between the years 2014-2017 China had the largest growing economy in the world with a raising percentage of 7%. However, China's per capita income remains below the world average. In comparison to the rest of the world, China ranks 21 in GDP real growth rate with an average rise of 6.83%. This country also holds rank 6 in the world for its gross national savings at an average of 46.4%. China's industrial production growth rank sits at around 6% and is 40th in the world. Despite this, China has been facing an economic decline. To combat this the government has been establishing several year-long plans, but not much result has been displayed yet. It's predicted that in the year 2020 not much change will occur in China's economy.
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EXPORTS & IMPORTS
Making up 19.2% of China's exports, the U.S.A. is one of their largest sources of exports. These commodities include products such as:
- machinery / electrical - computers - telecommunication equipment - apparel - textiles |
Among the major importers for China are countries such as: South Korea (9.1%), Japan (8.6%), US (7.3%), Germany (5%), and Australia (4.9%). These countries and more import goods such as:
- machinery / electrical - integrated circuits - mineral fuels - optical / medical equipment - metal ores - motor vehicles - soybeans |
SHANGHAI'S ECONOMY
Shanghai's location and geography puts it at an advantage in terms of agriculture. Its fertile soil, water access, and exposure to sunlight make it infamous for its agricultural yields throughout China. Although there is lots of competition in terms of land usage, Shanghai often produces more than enough food to supply its suburban areas. Some goods are even traded to foreign countries and nearby cities. One thing that elevates Shanghai's agriculture higher than the rest is its many modern agricultural regions. Its advanced technology and transportation allows for swift pathways between city and suburbs, which strengthens its cooperation in industry and agriculture.
This city also prides itself for its advancement in other departments such as biomedicine, which has been said to be one of the six largest industries in Shanghai. Shanghai also develops in communication technology, automobiles, petrochemicals, and steel products. As for other industries, financial market systems and other service industries have become strong candidates for being one of the fastest growing industries. Shanghai especially emphasizes on transportation. This includes its rapidly growing metro system. Many other industries such as: healthcare, culture, real estate, education, tourism, and more are especially detailed in the intention to improve overall life.
Source: CIA Factbook
This city also prides itself for its advancement in other departments such as biomedicine, which has been said to be one of the six largest industries in Shanghai. Shanghai also develops in communication technology, automobiles, petrochemicals, and steel products. As for other industries, financial market systems and other service industries have become strong candidates for being one of the fastest growing industries. Shanghai especially emphasizes on transportation. This includes its rapidly growing metro system. Many other industries such as: healthcare, culture, real estate, education, tourism, and more are especially detailed in the intention to improve overall life.
Source: CIA Factbook
Photos used under Creative Commons from UnitedSoybeanBoard _Franck Michel_