China Economy

Since 1979, China has reformed and opened its economy. The Chinese leadership has adopted a more pragmatic perspective on many political and socioeconomic problems, and has reduced the role of ideology in economic policy. China’s ongoing economic transformation has had a profound impact not only on China but on the world. The market-oriented reforms China has implemented over the past two decades have unleashed individual initiative and entrepreneurship. The result has been the largest reduction of poverty and one of the fastest increases in income levels ever seen. China today is the sixth-largest economy in the world. It is the fastest growing economy, and in 2004 its $1.65 trillion economy was about 1/7 the size of the U.S. economy. ... [Read More]

Snow Says Move to Flexible Exchange Rate Is in China's Interest - US Department of State

Testifying at a June 23 hearing of the Senate Finance Committee, Snow said China's rigid currency regime has become highly distortional for China's own economy, for the economies of neighboring countries and for the global economy overall.  ...

I appreciate the chance to address the issue of our economic relations with China in the context of this shared responsibility among major economic regions for tackling imbalances in the global economy.  I had the opportunity to address some of these issues when I released my report last month on the foreign exchange practices of America's major trading partners and I look forward to revisiting these issues today.  China's role in the global economy and its impact on this country are receiving a great deal of attention here at home and among traders and investors in financial markets around the world. ... [Read More]

Tips for Travelers to China

Legal Matters Remember: while in China, you are subject to Chinese laws and regulations. Laws in China sometimes differ significantly from those in the United States and do not afford the protections available to the individual under U.S. law. Please exercise caution and carefully obey local laws. Penalties for breaking the law can be more severe than in the United States for similar offenses. Persons violating the law, even unknowingly, may be expelled, arrested or imprisoned. [Read More]

China (includes Tibet, Hong Kong, and Macau)

Hong Kong, with a free market economy, is an international trade, shipping, and finance center and is a principal platform for trade and investment with the PRC. The economy has suffered 5 years of deflation and was stagnant in 2002 with gross domestic product (GDP) growth of approximately 1.5 percent. Per capita GDP was approximately $24,000; the population was approximately 6.8 million. ...

The market-based economy was fueled by textile and garment exports, along with tourism and gambling. The economy grew approximately 5 percent during the year. Per capita gross domestic product (GDP) was approximately $14,300. The population was approximately 450,000. ... [Read More]

Trade and Economics - US Department of State

06 July 2005 - G8 Leaders To Focus on Economy, Climate Change, Africa ... [Read More]

Gutierrez Urges China To Speed Progress on Bilateral Trade Issues- U.S. Department Of State

So there's a powerful connection between America's willingness to trade with any fair-minded partner and our own dynamic economy.  We'd like to think that in the U.S. we look outward with a vision of economic engagement.  We have always been a country of explorers.  We have always been a country of travelers.  We have always been a country of traders.  So, for that reason, free market forces govern our economy.  Our economy, our country was built on someone having an idea and being and having an entrepreneurial spirit and a drive and being able to realize that idea and turn it into a dream and turn it into a business. ... [Read More]

Department of State Washington File: Byliner: U.S. Embassy Official on China's Accession to WTO

China's WTO commitments will facilitate increased competition in every sector of the economy. Chinese consumers will be the direct beneficiaries as competition encourages a larger range of choices, lower prices, and higher quality, not to mention a greater awareness of and appreciation for intellectual property rights and consumer rights. Competition will foster gains in efficiency and productivity, which will strengthen China's economy over time and enhance the ability of Chinese firms to compete with the best multinationals in any market. ... [Read More]

James Zumwalt, U.S. Embassy Beijing - Trade in the Post-Doha Global Economy - Economic Perspectives - January 2002 - U.S. State Department

China's explosive economic expansion over the past 20 years is a well-known success story. Fueled by vigorous reform efforts, growth rates averaging nearly 10 percent annually have created a vast array of new job and investment opportunities, making China more prosperous. The effect of China's transformation from an inward-looking, planned economy to a more market-oriented, trading powerhouse has reverberated throughout the global economy, influencing everything from consumer choice to investment flows. ... [Read More]

China (includes Tibet, Hong Kong, and Macau)

Hong Kong, with a free market economy, is an international trade, shipping, and finance center and is a principal platform for trade and investment with the PRC. The economy has suffered 6 years of deflation. However, despite the Severe Acute Respiratory Syndrome (SARS) outbreak, recovery since May led to an annual gross domestic product (GDP) growth rate of approximately 2.25 percent. Per capita GDP was approximately $24,000; the population was approximately 6.8 million. ... [Read More]