China

Population: 1.3Billion

Chinese Communist Party or CCP Hu Jintao Chief of State

Peoples Republic of China

Wen Jiabao
Premier of the State Council

Problems/ Extra Info

There is only one person on the ballot It is not democratic The president is the supreme representative of the republic of china. Using a collective leadership Environment - current issues: Air pollution (greenhouse gases, sulfur dioxide particulates) from reliance on coal produces acid rain water shortages, particularly in the north water pollution from untreated wastes Deforestation estimated loss of one-fifth of agricultural land since 1949 to soil erosion and economic development trade in endangered species

Market Economy

Economy
Central Plan Market Economy Past 30 years: Centrally planned system of international trade Market-oriented economy with rapid growing private sector Major player in global economy China in 2008 stood as the second-largest economy in the world after the US

Economy
Reforms in 1970s Phasing out of collectivized agriculture Gradual liberalization of prices Fiscal decentralization Increased autonomy for state enterprises Foundation of a diversified banking system Development of stock markets Rapid growth of the non-state sector Opening to foreign trade and investment.

Economy
Budget Revenues: $868.6 billion Expenditures: $850.5 billion Gross Domestic Product: $7.8 trillion Gross National Product: $547,780 Inflation rate: 5.4%

Products and Industries

Agricultural Products Rice, wheat, potatoes, corn, peanuts, tea, millet, barley, apples, cotton, oilseed; pork; fish Industries Mining and ore processing Iron, steel, aluminum, and other metals Coal Machine building Armaments Textiles and apparel

Products and Industries

Petroleum; cement Chemicals Fertilizers Consumer products - footwear, toys, and electronics Food processing Transportation equipment - including automobiles, rail cars and locomotives, ships, and aircraft Telecommunications equipment Commercial space launch vehicles Satellites

Labor
Labor Force - 807.7 million Labor force by occupation Agriculture: 43% Industry: 25% Services: 32% Standard of Living: $30,000 per year Unemployment rate - 4% officially in urban areas, but including migrants may be as high as 9%; substantial unemployment and underemployment in rural areas

Economic Challenges
The Chinese government faces numerous economic development challenges Sustaining adequate job growth for tens of millions of migrants Reducing corruption and other economic crimes Containing environmental damage and social strife related to the economy's rapid transformation.

Economic Challenges
Deterioration in the environment as long-term problem Air pollution Soil erosion Steady fall of the water table China continues to lose arable land because of erosion and economic development.

The government vowed to continue reforming the economy and emphasized the need to increase domestic consumption in order to make China less dependent on foreign exports for GDP growth in the future.

A Trade War With China?

Americans are increasingly disturbed by the growing economic clout of China. With Chinese growth rates consistently above nine percent, they accuse it of stealing U.S. jobs, of keeping the yuan undervalued by pegging it to the dollar, of exporting deflation by selling its products abroad at unfair prices, of violating the rights of its workers to keep labor costs low, and of failing to meet its commitments to the World Trade Organization (WTO). Most of these charges have little merit. But the misunderstandings behind them have opened the way to a trade war between the United States and China.

China's economy grew 7 times as fast as America's over the past decade (316% growth vs. 43%)

China's GDP per capita is the 91st-lowest in the world, below Bosnia & Herzegovina

85 % of artificial Christmas trees are made in China. So are 80 % of toys

Credit Suisse: Chinese GDP could overtake the U.S. in less than 15 years.

So what happens if China crashes?