The Economy of China

China is the third largest economy in the world, after the United States of America and Japan, having a nominal GDP of US$3.42 trillion in terms of exchange rate. The International Monetary Fund classifies China’s per capita income at about $7,800, from the point of view of purchasing power parity. It is considered fairly poor by world standards. China’s GDP has grown an average 10 percent a year since free market reforms in 1978.

China’s huge economy is expanding rapidly. It has grown more than ten times over the last thirty years. However, there is an income disparity among the Chinese people, which has increased in the last few years.

In the 1970′s and 1980s there was action taken in terms of economic reforms. The economic reforms have been adopted slowly but in a steady pace. The focus was on organizing the agricultural activities. Economic Chinese leaders were trying at that time to switch the center of agriculture from farming to household activities. Business enterprises owned by the state government were granted more independence. This gave even more authority to government officials at local level and managers of plants. A variety of enterprises, which were privately held, appeared.

Economic reforms took hold in China, as the banking system becomes more diversified and stock markets began to develop. These reforms had many other effects. For example, they influenced the sectors outside state government control, which grew rapidly. China opened itself economically to the rest of the world and direct foreign investment and trading developed.

Agriculture and industry are the most important sectors in the economy of China. Together, the two employ over 70 percent of China’s force of labor, producing over 60 percent of GDP. The Ministry of Commerce and the Bank of China supervise foreign trade. The government still controls the China economy, but the amount of economic activity has restricted the government’s power over the economy. The government governs many of the country’s financial institutions through the People’s Bank of China (which, in 1950, took the place of the Central Bank of China) and the Ministry of Finance, under the State Council’s control.

The People’s Bank of China controls circulation, issues the currency and manages payments, accounts and receipts. It also deals with transactions from over the seas and with international trade in general. Also, economic development is funded by the China Development Bank. ABC, the Agricultural Bank of China, manages the agricultural sector. Common commercial transactions are carried out by ICBC, the Industrial and Commercial Bank of China. Although many such institutions and policies are in place, the Chinese economy is still essentially a command economy.

The Basics of Any Economy

In a traditional economy, how the resources are distributed is predicted by the habits and traditions practised by the society. Here, the Basics of Economy is guided by a pre-determined force and everyone automatically knows where they fit in. Occupations are distributed according to heritage and there is little room for growth and innovation as new ideas are usually scorned and perceived as a threat to a way of life.

In the traditional economy, there is stability and predictability and entrepreneurs are rare thus, the standard of living is significantly low. The government plays a lot of role in the command economy. Instead of allowing tradition and habits to dictate the economy, a central government is elected or appointed to dictate the Basics of Economy. Everybody is then obliged to follow the economic decisions made by the government or their interest groups regardless of their differing or preferred stands.

The Market economy on the other hand is controlled by the forces of demand and supply. What to produce, for whom and needed quantity is all left in the hands of the market, the people. This economy permits growth and change based on the various needs of the consumers. The distribution of wealth in a market economy is often not balanced since it is tallied to the wavering needs of the market forces.

Communism captures the command economy. A central unit owns all and attempts to redistribute the wealth equally to all. The advantages and disadvantages of this approach weigh each other out. Capitalism works well with the market economy, the direction and growth is left to the consumers and business owners. By promoting competitive living, it takes the resources of any society and puts it to good use thereby promoting efficiency and flexibility. A major setback however could be the insensitivity of this type of economy to a balanced distribution of needs.

The Basics of Economy is similar in today’s major economies, most practicing socialism attempt to mix the command and market economies. In this arrangement, a central unit controls essential public demands while non-essential demands are left to compete with the harsh forces of demand and supply. Mixed economies takes the best of all the other economies, combines them in order to meet the demands of any society on a much larger scale.

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