China's Economy Essay

Submitted By FelipeR
Words: 572
Pages: 3

Agriculture is a vital industry in China, employing over 300 million farmers. China ranks first in worldwide farm output, primarily producing rice, wheat, potatoes, sorghum, peanuts, tea, millet, barley, cotton, oilseed, pork, and fish.

China is the world’s largest producer, importer, and consumer of steel The country's steel consumption in 2003 reached a level of 250 million tons and is expected to jump to 280 million tons. The textile industry is one of China's traditional pillar industries. The country commands over more than 15 per cent of the nearly US$400 billion global textile market. In 2003, textile exports registered a rapid growth of 30 percent and reached US$70 billion.
Iron and steel industry
Information technology-The Chinese IT industry contributed significantly to the country's rapid economic growth in recent years. In 2003, China's IT market reached 252 billion yuan (30.47 billion US dollars), an increase of 11 percent over the previous year.
Consumer products-Market liberalization has turned China into the world's largest manufacturing base for consumer goods. Chinese products are highly competitive in quality, variety and price, and the country has become the world's largest exporter of watches, bikes and sewing-machines. In addition China has significantly expanded its export volume of mechanical and electronic products, including cell phones, CD-players, computer screens, optical component parts and electric tools.
Toy industry-In the past ten years, China's toy industry enjoyed significant growth rates and the number of toy manufacturers has increased dramatically. With more than 9,000 plants, the toy industry is now one of the country's major industries employing almost 3 million people. China is the world's largest toy manufacturer, producing 75 percent of the world's toys and exporting toys to more than 100 countries and regions.
Textile industry-The textile industry is one of China's traditional pillar industries. The country commands over more than 15 per cent of the nearly US$400 billion global textile market.
Shipbuilding industry-China has remained the world's third largest shipbuilder for nine consecutive years since 1994, following the Republic of Korea and Japan. In 2003, the country's…