With a population of about 1.4 billion, China is one of the most populated countries in the world and also has one of the largest economies in the world. In 1820, China was the world’s largest economy, but today it has fallen to second behind the United States. Also, more people have been brought out of poverty in China than in any other country. China’s successful economy is relied upon their rapidly growing industries, vital international trade, and sharp, hardworking employees who increase productivity in China. In China, mining and manufacturing make up a significant amount of their GDP. China currently has one of the world’s largest and fastest growing steel industries. China is also the world’s largest producer of coal. It is leading in the production of iron ore. China also beat out other countries in the production of tungsten, and it is a leading in producing antimony, gold, lead, salt, tin, and zinc. Mining for bauxite, manganese, and uranium also occurs in China. Service industries such as trade services, government services, including the military; transportation; communication; finance; insurance; and personal and business services serve as 34 percent of China’s GDP. The people in China rely heavily on railroads as a mean of transportation for people and goods. Another service industry includes communication. Communication in China is under strict control. Most newspapers, radios, and television are dedicated to spread political propaganda. China also has one of the largest fishing industries. In  a year there are about 16.5 million tons of fish, shellfish, and other seafood caught in China. Along with that, fish farms also hold a major role in China’s economy. Fish farms keep fish in large ponds for food and fertilizing uses. The development of China’s economy is very dependent upon the country’s international trade. Machines and other technology are imported into China to help modernize the economy. Sometimes foreign loans are even sought out by the Chinese to finance these imports. China’s main imports are metals and machinery. Other imports include grain, cotton, and fertilizers. In contrast, they export things such as clothing, textiles, tea, and foods including fruits, pork, and vegetables. China began to import a tremendous amount of petroleum that balanced out the money spent on imports. Germany, Japan, and the United States are among the top trading partners of China. Dalian, Guangzhou, Hong Kong, Qingdao and Shanghai are major ports in China. China currently holds the spot as the largest exporter and stands as the second largest importer of merchandise goods.China’s economy has been strengthened by the their hard work and determination to increase productivity. From around 1979-1994, an increase in productivity has made up more than 42 percent of China’s economic growth, and by the beginning of the 1990s China had taken over as the most significant source of that growth. Farmers in China were also encouraged to produce more by a new system that would replace the commune. China has a great amount of female participation in the workforce. Because the One-Child Policy is in effect in China, women do not have to stay home to take care of their children as long as if they had two or three children which allows a larger workforce. The number of people in the workforce are also supplied by a pouring in of rural-urban migrants who need work. About 500,000 million of these migrants are expected to leave the countryside of China to search for work in the next couple of decades. Having an increase in the number of people willing to work allows China to produce more materials. China’s socialist market economy is currently entering an economic slowdown. China has continued to grow by about 10 percent over three decades. In 2012, China became the world’s second largest economy in 2012. Expansionary fiscal and monetary interventions have been increased by the government following the recent slowdown. China’s economy also has continued to remain mostly unfree and is not moving to much of a reform. China’s current GDP, or Gross Domestic Product continues to stand at about $19.4 trillion with a 6.9 percent growth annually. Their unemployment rate sits at 4.6 percent. China’s banks are mostly controlled by China’s central government and there has been an increased number of nonperforming loans. Also, “China’s geographical location has geopolitical significance because of its proximity to consumer markets and trading partners.”China’s rapidly growing economy depends on their growing industries, imperative international trade, and hardworking employees who increase productivity. Although China’s economic growth has started to slow down, their economy is still healthy and still continues to grow, just not as rapidly as it has in the past. China’s industries are growing and many are the leading producers is the materials they provide. The importance of their international trade is evident. China’s use trade to import materials to modernize their country and export materials to other countries to make money. The workers in China also work hard and have increased the production of many materials made in China. China may be entering a period of economic slowdown, but in the words of George Osborne, “Even as China’s growth slows, it will continue to be a powerhouse for the global economy.”

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