Monday 23 October 2017

Fastest-growing economy is hot on the heels of the US, overtaking Japan

• China is the world's second-largest economy after the US, officially overtaking Japan in February last year.

• It is the world's fastest-growing major economy.

• Its growth rates have averaged 10pc over the past 30 years.

• It is the largest exporter and second-largest importer of goods in the world.

• Last month, official figures indicated city dwellers outnumbered China's rural population for the first time.

• The values of the goods and services it produces is €8.5 trillion a year, of which 47pc is industry, 43pc services industry, and 9.6pc agriculture.

• Its main industries are mining and ore processing, machine building, armaments, textiles and clothing.

• It is the top producer of sex toys, with 70pc of the world's sex toys made there.

• Its main exporting partner is the US, followed by Hong Kong, Japan, South Korea and Germany.

• Its main importer is Japan, followed by South Korea, the US, Germany and Australia.

• It has a labour force of 816 million, of which 38pc are employed in agriculture, 27pc in industry, and 34pc in services.

• Unemployment is around 6.5pc.

• The salaries of workers are much lower than those in Europe or the US. The hourly wage for factory workers in southern China is only about 75 cents an hour.

Irish Independent

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