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Today, China’s economy is behaving in a rather similar way to
most other countries. This is true even after the government’s
influence on industry which in some sectors is similar to what we
see in some European countries such as France. China uses the same
measurement yardsticks for GDP, foreign trade, inflation,
industrial output, etc. as almost every other country. As such,
comparisons are possible and called for. The People’s Republic of
China (PRC) is the world’s second largest economy by nominal GDP
and by purchasing power parity after the United States. It is the
world’s fastest-growing major economy, with growth rates
averaging 10%over the past 30 years. China is also the largest
exporter and second largest importer of goods in the world. On a
per capita income basis, China ranked 90th by nominal GDP and 91st
by GDP (PPP) in 2011, according to the International Monetary Fund
(IMF). The provinces in the coastal regions of China tend to be
more industrialized, while regions in the hinterland are less
developed. As China’s economic importance has grown, so has
attention to the structure and health of the economy. Growth in the
People's Republic of China's restructuring economy continued to
decelerate in 2016, but the government ensured stability through
targeted fiscal and monetary support. Inflation started to rise,
and the current account surplus narrowed but remained sizeable.
These trends will continue in 2017 and 2018. Structural reform
needs to be accelerated to boost productivity and sustain growth as
outlined in the current 5-year plan. As the book addresses this
crucial issue quite deftly, it is hoped that it would prove to be a
source of great information for the reader.
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