Chin The World 's Largest Economy Essay

1098 Words Apr 21st, 2015 5 Pages
China, located in East Asia was formally known as the People’s Republic of China and is an independent country with a population of over 1.35 billion. It is regarded as the world’s most populated country. The China economy is the world’s second largest economy with an estimated GDP of $9.24 trillion as of 2013 and according to the IMF, it is the world’s largest economy by purchasing power parity. (IMF, 2014) China is also one of the world’s fastest growing major economy with growth rates averaging 10% over the past 30 years. The Renminbi is the official currency of China and is acknowledged in either Macau or Hong Kong. China has been the most well-known country for manufacturing as it is the largest manufacturing economy in the world as well as the largest exporter of goods. In the consumer market, China is known to be growing the fastest in the world. (Barnett, 2013)
GDP, which stands for gross domestic product is the monetary value of all the completed goods and services that are produced within a country 's borders in an exact time period. The calculation of GDP is usually used as a comparison to the previous quarter or year and can be measured in three ways; output, expenditure and income.
The graph above shows that the GDP growth rate of China from 2003 to 2013 has been increasing significantly over the years. Economists mostly attribute most of China’s fast economic growth into two main factors: large-scale capital investment (financed by large domestic savings and…

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