The socialist market economy of China is the world’s second largest after the United States. It is in fact the world’s fastest-growing major economy with growth rates averaging 10% over the past 30 years.
China is the largest exporter of goods and second largest importer in the world. The economy of China is the fastest growing consumer market in the world and takes the largest national share in the global technology exports market.
China’s economic importance has shifted attention to other sectors such as the health sector. The coastal regions of China are experiencing growth as they are more industrialized than the interior. It is the rapid development of these areas that has the greatest impact on the economy as a whole.
China is therefore implementing means to ensure the wealthier regions remain that way. It adopts the “Five-Year plan strategy for economic development. The Twelfth Five-Year plan (2011-2015) is currently being implemented.
In mid 2014, China announced it was taking steps to boost the economy which at the time was running at a rate 7.4% per annum but was dropping. The government in recent years has struggled to control issues such as corruption, economic crimes and others that have been on the rise as a result of the growth of the economy.
Deterioration of the environment as a result of pollution due to rapid industrialization is also a major negative effect. China has also continued to lose arable land because of erosion and infrastructure development.
China has a population of about 1.3 billion people. Its economy grows by the day despite the various problems the country faces.