China is one of the world’s fastest-growing countries. It has a large number of dominant industries and has played a great role in reducing poverty in the country.
China’s industries create products and materials for export. The major sectors and industries driving growth in China include the services sector, agriculture, manufacturing, and technology.
China is a major consumer of electronics, data refining technologies, clothing, other textiles, optical equipment, and medical equipment, and it also has the world’s biggest new car market.
China also exports raw materials, particularly steel, which are exported to other countries to be refined. Chinese exports totaled $2.06 trillion in 2016, a decrease of 13% from 2015’s $2.37 trillion. This was the lowest level since 2011.
Machines accounted for over 40% of China’s total exports, with computers at 6.6%, broadcasting equipment at 5.6%, telephones at 4.1%, and textiles at 12%.
China is famous for its strong business ecosystem, low taxes, and duties.
Since 2013, China has become the largest trading nation in the world. It has two main trading partners, Japan, and South Korea, and does a great deal of business with the US. China also has significant trade relations with the EU. The EU was China’s largest trading partner early in the 21st century.
China has played a great role in reducing poverty. Over the past 70 years, it has provided aid to over 160 countries in Asia, Africa, Latin America, Oceania, and Europe, and through global development initiatives like the Belt and Road Initiative.
In 1990, there were more than 750 million people in China living below the international poverty line, about two-thirds of the population.
By 2012, this had fallen to fewer than 90 million, and by 2016, it had fallen to 72 million people, 0.5% of the population.
The poverty ratio of China in 2016 was 34.20% and in 2019 it was 24.70%.
China has worked hard to complete its goals and look where it stands now.
By Sammi Dawood
Great article to read and understand