The world’s most populous country recently surpassed Japan as the second-largest economy. Only the US (China’s top trading partner) still comes out ahead of China’s gross domestic product, which totaled $4.814 trillion in 2009 and grew at a rate of 8.7 percent.
China’s economic reforms over the past two decades led to the world’s most drastic reduction in poverty and a corresponding income increase. However, regulation has often not been able to keep pace with the country’s economic growth, leading businesses to cut corners in ways that endanger consumer safety.
Agriculture contributes 11 percent of China’s GDP and industry makes up 48.6 percent in areas such as mining and ore processing, coal, machinery, textiles, and petroleum. Despite its growth, the state-owned sector still makes up about 40 percent of GDP.
Source: US State Department
