The Economy of Modern China Essay

388 WordsApr 23, 20132 Pages
-apostier 3107 Topics/Cultural Study - China In the past 21 years since China opened up widely to foreign trade (1992), the United States and China have been having larger trades nearly every year. Back in 1992, China imported 7,419 million dollars of goods and exported 25,728 million, but in 2012 these figures have increased to 110,590 million and 425,643 million. This increase shows that more U.S. companies are showing interest in doing business with China. In 2011, China’s largest imports from the United States were power generation equipment and oil seeds. That same year, China’s largest exports to the U.S. were electrical machines, power generation equipment, and toys/sports equipment. These facts show that electric equipment is the most traded good between these two countries. In 2001, China’s economy was worth $1.3 trillion and the United States economy was at $10 trillion. Then in 2011, China’s economy grew to be $3.5 trillion and the U.S.’s became $11.7 trillion. China’s economy tripled in size in those ten years, and is growing at a faster rate than the U.S.’s. China’s middle class is also on the rise. In 2006, China had 100 million citizens in the middle class category ($4,000 - $12,000 per year). Then in 2011, China’s middle class grew to 175 million citizens. This trend is expected to continue with an estimated 500 million middle class citizens by the year 2020. The United States and China have different economies and different jobs. In 2012, China’s economy was 10 percent agriculture, 47 percent industry, and 43 percent services. The United States economy had only 1 percent agriculture, 19 percent industry, and 80 percent services that same year. This statistic shows that China has much more farming and manufacturing jobs than the U.S. does. China may have more of these types of jobs, but it is a country that is quickly developing and

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