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Economy Overview:
China's economy during the last quarter century has changed from a
centrally planned system that was largely closed to international trade
to a more market-oriented economy that has a rapidly growing private
sector and is a major player in the global economy. Reforms started in
the late 1970s with the phasing out of collectivized agriculture, and
expanded to include the gradual liberalization of prices, fiscal
decentralization, increased autonomy for state enterprises, the
foundation of a diversified banking system, the development of stock
markets, the rapid growth of the non-state sector, and the opening to
foreign trade and investment. China has generally implemented reforms in
a gradualist or piecemeal fashion. The process continues with key moves
in 2005 including the sale of equity in China's largest state banks to
foreign investors and refinements in foreign exchange and bond markets.
The restructuring of the economy and resulting efficiency gains have
contributed to a more than tenfold increase in GDP since 1978. Measured
on a purchasing power parity (PPP) basis, China in 2005 stood as the
second-largest economy in the world after the US, although in per capita
terms the country is still lower middle-income and 150 million Chinese
fall below international poverty lines. Economic development has
generally been more rapid in coastal provinces than in the interior, and
there are large disparities in per capita income between regions.
GCS and Graydon International
Graydon International is a leading provider of business credit information around the world. Their business credit reports are easily read in English and consist of reliable and up to date details like identification and official company specifications, credit recommendations, known directors, protest and non-payments, operational details and financial data (profit and loss, balance and key credit ratios).
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