The People's Republic of China is extremely robust and is the world's second largest economy (after the United States). It is growing at incredible speeds with an average growth rates of 10 percent for the past 30 years. Many people believe China will eventually hold the top spot as it continues to develop and embrace modernity.
China is the largest exporter and second largest importer of goods in the world. It is the world's undisputed top manufacturer. For 2010, inbound foreign direct investment into China surpassed $100 billion. The country's per capita GDP (purchasing power parity) is estimated at $9.872 trillion.
These gains come from an opening of the market that began in the late 1970s. There are many state-owned enterprises in sectors considered important to "economic security". The government has kept its currency linked to the US dollar in the past, but in July 2005 made a change by revaluing its currency by 2.1 percent against the US dollar. In June 2010 Beijing allowed resumption of a gradual appreciation.
There are still significant financial challenges.
Beijing is amongst the most developed cities in China. It was the first post industrial city in mainland China. It's contribution to the country's industry accounts for 73.2 percent of the total GDP. In 2010, Beijing's nominal GDP reached 1.37 trillion RMB. Its per capita GDP was 78,194 RMB.
Its major industry is Finance. This sector accounts for 13.8 percent of Beijing's GDP. The city is home to 26 Fortune Global 500 companies, the third most in the world behind Tokyo and Paris. Real estate and automobile sales have also been important financial markets.
Shanghai is considered the true economic center of China, but many companies are headquartered in Beijing. The Beijing Financial Street is located in the Fuxingmen and Fuchengmen area. Major industrial areas include Shijingshan. Specially designated industrial parks in Beijing include: Zhongguancun Science Park, Yongle Economic Development Zone, Beijing Economic-technological Development Area, and Tianzhu Airport Industrial Zone.
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