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{{Stub}}
{{Infobox Country
 
{{Infobox
|Box title = Country summary
|Box title = Country summary
|Row 1 title = Capital
|Row 1 title = Capital
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|Row 3 info = Communist state
|Row 3 info = Communist state
|Row 4 title = Population
|Row 4 title = Population
|Row 4 info = 1,338,612,968 (July 2010 est.)<ref name="CIA_CN">CIA - The World Facebook. [https://www.cia.gov/library/publications/the-world-factbook/geos/countrytemplate_ch.html "China"], from The World Facebook. Referenced 2010-09-30.</ref>
|Row 4 info = 1,338,612,968 (July 2010 est.)<ref name="CIA_CN">CIA - The World Factbook. [https://www.cia.gov/library/publications/the-world-factbook/geos/countrytemplate_ch.html "China"], from The World Factbook. Referenced 2010-09-30.</ref>
|Row 5 title = Population growth
|Row 5 title = Population growth
|Row 5 info = 0.655% (2010 est.)<ref name="CIA_CN" />
|Row 5 info = 0.655% (2010 est.)<ref name="CIA_CN" />
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* '''Quasi money''' (with M1 makes [[Money supply#M2|M2]]): $4.523 trillion (31 December 2008)<ref name="CIA_CN" />
* '''Quasi money''' (with M1 makes [[Money supply#M2|M2]]): $4.523 trillion (31 December 2008)<ref name="CIA_CN" />


===Notable events:===
* [[Banking crisis]]: 1883, 1923-1925, 1931, 1934-1937, 1997-1999<ref name="Reinhart_crisis">Carmen M. Reinhart and Kenneth S. Rogoff. [http://press.princeton.edu/titles/8973.html "This Time is Different"], ''Princeton University Press'', ISBN 978-0-691-14216-6, p. 357. (The list does not claim to be complete.) Referenced 2011-07-19.</ref>
* [[Hyperinflation]]: 1946-1948
* Years in [[inflation]]:  10% (share of years 1850-2009 with annual inflation above 20 per cent per annum)
* [[Public default]]: 1921-1936, 1939-1949 (external), 1921, 1932 (domestic)<ref name="Reinhart_histories">Carmen M. Reinhart. [http://www.princeton.edu/economics/seminar-schedule-by-prog/macro-s10/papers/Reinhardt-Chartbook.pdf "This Time is Different Chartbook: Country Histories on Debt, Default, and Financial Crises"] (pdf), March 3, 2010, p. 33. (The list does not claim to be complete.) Referenced 2011-07-19.</ref>
==Housing bubble==
[[China|China's]] economy is continuing to grow despite the global recession, helped by massive government spending. For years, regional governments across China have been building massive real estate projects that have attracted both private and corporate buyers. As prices have continued to rise (residential values in 70 large and medium-size cities across China soared in 2009, according to real estate consultancy Colliers International), more investors have become speculators, buying brand-new properties with the sole intention of flipping them.
A notable example is the city Ordos in Inner Mongolia, a whole town built with government money that is standing empty. The district was originally designed to house, support and entertain 1 million people.<ref name="Powell_Runaway">Bill Powell. [http://www.time.com/time/magazine/article/0,9171,1975336,00.html "Inside China's Runaway Building Boom"], see also the slideshow [http://www.time.com/time/photogallery/0,29307,1975397_2094492,00.html "Ordos, China: A Modern Ghost Town"]. ''TIME'', April 05, 2010. Referenced 2011-04-06.</ref><ref name="Al_Jazeera_empty">AlJazeeraEnglish. [http://www.youtube.com/watch?v=0h7V3Twb-Qk "China's empty city"] (video), ''Al Jazeera'', November 9, 2009. Referenced 2011-04-06.</ref>


===Statistics===
===Statistics===
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{{Reflist}}
{{Reflist}}


==External links==
==Links==
* [[Wikipedia:China|China]] on Wikipedia
* [[Wikipedia:People's Republic of China|China]] on Wikipedia
* [http://www.pbc.gov.cn/english Central bank] of China
* [http://www.pbc.gov.cn/publish/english/963/index.html Central bank] of China
* [http://www.enterprisesurveys.org/documents/EnterpriseSurveys/Reports/China-2003.pdf Country profile] (pdf) from the Enterprise Studies page (part of the The World Bank Group)
* [http://www.enterprisesurveys.org/documents/EnterpriseSurveys/Reports/China-2003.pdf Country profile] (pdf) from the Enterprise Studies page (part of the The World Bank Group)
* [http://countrystudies.us/china/ Studies] from the Library of Congress (1986-1998)
* [http://countrystudies.us/china/ Studies] from the Library of Congress (1986-1998)
* BBC [http://news.bbc.co.uk/1/hi/world/asia-pacific/country_profiles/1287798.stm country profile]
* BBC [http://news.bbc.co.uk/1/hi/world/asia-pacific/country_profiles/1287798.stm country profile]
* [http://mises.org/daily/1969 China's Benign Neglect Pays Off] by K.Y. Leong, November 2005
* [http://mises.org/journals/qjae/pdf/qjae10_2_5.pdf Economic Decline and the Failure of Chinese Enterpreneurs] (pdf) by Greg Clydesdale, 2007
* [http://www.moneyweek.com/investments/stock-markets/chinese-equities-even-riskier-than-you-think.aspx Chinese equities: even riskier than you think] by Sean Corrigan, September 2007
* [http://www.politico.com/news/stories/1109/29330.html Is China headed toward collapse?] by Eamon Javers, October 2009
* [http://www.hoover.org/publications/policy-review/article/5469 How China Won and Russia Lost] by Paul R. Gregory and Kate Zhou, December 2009
* [http://mises.org/daily/3903 Libertarianism in Ancient China] by Murray N. Rothbard, from ''[http://mises.org/resources/3985/Economic-Thought-Before-Adam-Smith-An-Austrian-Perspective-on-the-History-of-Economic-Thought-Volume-I Economic Thought Before Adam Smith]''
* {{md|1967|The Ancient Chinese Libertarian Tradition|Murray N. Rothbard|December 2005}}
*[http://mises.org/daily/4464 Pollution and Government Failure in China] by Eric M. Staib, June 2010
* [http://www.nytimes.com/2010/07/13/world/asia/13factory.html?_r=2&src=me Chinese Factories Now Compete to Woo Laborers] by Andrew Jacobs, July 2010
* [http://mises.org/daily/4707 Economic Thought in Ancient Greece] by Jesus Huerta de Soto, September 2010, on Taoism
* [http://www.independent.co.uk/arts-entertainment/books/news/maos-great-leap-forward-killed-45-million-in-four-years-2081630.html Mao's Great Leap Forward 'killed 45 million in four years'] by Arifa Akbar, September 2010
* [http://www.businessinsider.com/china-non-performing-loans-2011-1 The Last Chinese Banking Crisis Actually WAS Painful, And The Next Will Be Worse] by Michael Pettis, January, 2011
* [http://mises.org/daily/5070/Bust-Looms-as-China-Booms Bust Looms as China Booms] by Markus Bergstrom, March 2011
* [http://online.wsj.com/article/SB10001424052748703883504576186252054344030.html?mod=googlenews_wsj China's Debt Burden Limits Policy Leeway] by Tom Orlik, March 2011
* [http://www.canadianbusiness.com/managing/strategy/article.jsp?content=20110314_10024_10024&utm_source=_BNdVMoB8Zgt1M3&utm_content=mwnl1&utm_medium=email China's coming collapse] by Jason Kirby, March 2011
* [http://mises.org/daily/5701/The-China-Bust-Tic-Toc The China Bust: Tic Toc] by Kel Kelly, October 2011
* [http://blog.mises.org/18924/chinas-richest-village-opens-skyscraper/ China’s Richest Village opens Skyscraper], by Mark Thornton, November 2011
* {{md|6513|A Skyscraper Curse with Chinese Characteristics|Mark A. DeWeaver|August 2013}}
* [http://online.wsj.com/article/SB10001424052970203833104577071901186892744.html China's Hard Landing] from the ''Wall Street Journal'', December 2011
* [http://libertarianstandard.com/2012/06/07/this-is-a-face-and-this-is-a-face-project-any-questions/ This is a face and this is a face project, any questions?] by Tim Swanson, June 2012
* [http://www.fee.org/the_freeman/detail/chinas-forgotten-industrial-revolution/ China's Forgotten Industrial Revolution] and [http://www.fee.org/the_freeman/detail/chinas-historic-error China's Historic Error] by Stephen Davies
* [http://www.fee.org/the_freeman/detail/chinas-spontaneous-order/#axzz2Eg1Tpglm China's Spontaneous Order] by James A. Dorn
* [http://www.businessweek.com/news/2013-02-09/china-passes-u-dot-s-dot-to-become-the-world-s-biggest-trading-nation China Passes U.S. to Become World’s Biggest Trading Nation], ''Bloomberg News'', February 2013
* [http://www.businessinsider.com/60-minutes-chinas-ghost-cities-2013-3 This '60 Minutes' Video Of China's Ghost Cities Is More Surreal Than Anything We've Ever Seen] (video) by Mamta Badkar, March 2013
* [http://mises.ca/posts/articles/chinas-looming-bust/ China’s Looming Bust] by David Howden, July 2013
<!-- Couldn't verify video, not available in all countries: [http://video.pbs.org/video/1218530801/ Utopia, Part 3: The World's Largest Shopping Mall] (video), PBS -->
[[Category:Countries]]
[[Category:Countries]]
[[Category:Reading lists]]

Latest revision as of 20:41, 29 August 2013

Country summary

Capital

Beijing

Borders

Afghanistan 76 km, Bhutan 470 km, Burma 2,185 km, India 3,380 km, Kazakhstan 1,533 km, North Korea 1,416 km, Kyrgyzstan 858 km, Laos 423 km, Mongolia 4,677 km, Nepal 1,236 km, Pakistan 523 km, Russia (northeast) 3,605 km, Russia (northwest) 40 km, Tajikistan 414 km, Vietnam 1,281 km

Government type

Communist state

Population

1,338,612,968 (July 2010 est.)[1]

Population growth

0.655% (2010 est.)[1]

Life expectancy

73.47 years[1]

Unemployment

4.3% (September 2009 est.)[1]

Index of Economic Freedom

140[2]

Corruption Perceptions Index

79[3]

Doing Business ranking

3[4]


For centuries China stood as a leading civilization, outpacing the rest of the world in the arts and sciences, but in the 19th and early 20th centuries, the country was beset by civil unrest, major famines, military defeats, and foreign occupation. After World War II, the Communists under MAO Zedong established an autocratic socialist system that, while ensuring China's sovereignty, imposed strict controls over everyday life and cost the lives of tens of millions of people. After 1978, MAO's successor DENG Xiaoping and other leaders focused on market-oriented economic development and by 2000 output had quadrupled. For much of the population, living standards have improved dramatically and the room for personal choice has expanded, yet political controls remain tight. China since the early 1990s has increased its global outreach and participation in international organizations.[1]

Economical characteristics

  • Currency: Chinese yuan (renminbi) (¥) (ISO code: CNY)
  • Central bank discount rate: 2.79% (31 December 2008)[1]
  • Commercial banks lending rate: 5.31% (31 December 2008)[1]
  • Stock of money (M1): $2.434 trillion (31 December 2008)[1]
  • Quasi money (with M1 makes M2): $4.523 trillion (31 December 2008)[1]

Notable events:

Housing bubble

China's economy is continuing to grow despite the global recession, helped by massive government spending. For years, regional governments across China have been building massive real estate projects that have attracted both private and corporate buyers. As prices have continued to rise (residential values in 70 large and medium-size cities across China soared in 2009, according to real estate consultancy Colliers International), more investors have become speculators, buying brand-new properties with the sole intention of flipping them.

A notable example is the city Ordos in Inner Mongolia, a whole town built with government money that is standing empty. The district was originally designed to house, support and entertain 1 million people.[7][8]

Statistics

Statistic / Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
GDP (million USD)[9] 1 083 280 1 198 480 1 324 800 1 453 830 1 640 960 1 931 640 2 235 910 2 657 880 3 382 260 4 327 000
Govt. debt (% of GDP)[10] 11.609
Govt. revenue (% of GDP)[11] 6.580 7.093 7.862 8.671 8.760 9.468 9.621 10.264
Govt. expenses (% of GDP)[12] 10.734 10.448 11.124 10.885 11.372
Debt to revenue (years) 1.764

References

Note: statistical data was rounded. Different sources may use different methodologies for their estimates. Debt to revenue is calculated by dividing the two variables from their original ('unrounded') values. It represents how long it would a government take to repay its entire debt if it used its whole revenue for this purpose.

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 CIA - The World Factbook. "China", from The World Factbook. Referenced 2010-09-30.
  2. ↑ Heritage Foundation. "China", Economic Freedom Score. A lower ranking is better; but please be careful when comparing between different countries or years. Referenced 2010-09-30.
  3. ↑ Transparency International. "China", Corruption Perceptions Index 2009. A lower ranking is better; but please note that the numbers cannot be compared between countries or years due to different methodology. Referenced 2010-09-30.
  4. ↑ Doing Business. "China", Doing Business 2010 (part of The World Bank Group). A lower ranking is better; but please be careful when comparing between different countries or years. Referenced 2010-09-30.
  5. ↑ Carmen M. Reinhart and Kenneth S. Rogoff. "This Time is Different", Princeton University Press, ISBN 978-0-691-14216-6, p. 357. (The list does not claim to be complete.) Referenced 2011-07-19.
  6. ↑ Carmen M. Reinhart. "This Time is Different Chartbook: Country Histories on Debt, Default, and Financial Crises" (pdf), March 3, 2010, p. 33. (The list does not claim to be complete.) Referenced 2011-07-19.
  7. ↑ Bill Powell. "Inside China's Runaway Building Boom", see also the slideshow "Ordos, China: A Modern Ghost Town". TIME, April 05, 2010. Referenced 2011-04-06.
  8. ↑ AlJazeeraEnglish. "China's empty city" (video), Al Jazeera, November 9, 2009. Referenced 2011-04-06.
  9. ↑ World Bank. "China: GDP", from World Bank Data. Referenced 2010-09-30.
  10. ↑ World Bank. "China: government debt", from World Bank Data. Referenced 2010-09-30.
  11. ↑ World Bank. "China: government revenue", from World Bank Data. Referenced 2010-09-30.
  12. ↑ World Bank. "China: government expenses", from World Bank Data. Referenced 2010-09-30.

Links

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