No country has ever experienced the level of economic growth that China is currently enjoying. After growing about 10% annually for 25 years, China now has the second largest national economy after the U.S. and just ahead of Japan. The economy relies heavily on exports with foreign trade accounting for a third of China’s GDP. Agriculture, industry, and government continue to dominate the economy, but individual consumption is also on the rise. Personal earnings have been increasing and despite Chinese people’s famous penchant for thrift, as seen in their impressive savings rate, domestic consumption is now expanding rapidly. This chapter introduces the reader to major components of the Chinese economy, including the economic ...
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