China 's Current Growth Rate

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China is currently the 2nd largest economy in the world, trailing the us and set to overtake the us economy by 2024 according to the IMF. GDP of china has grown extensively over the past three decades and have contributed to large scale growth in exports and imports, technological advancements, health, and more. The acceleration of globalisation was due to two major advancements, the first was the economic reforms of 1978 when china ‘opened the country’ and the joining of the WTO in 2001. China is classified as a socialist economy currently being ruled by a communist government. China’s current growth rate for GDP is recorded as being 7.7% in 2013 and has continued to slowdown over recent years due to a global economic slowdown. Trade By 2013 china had accounted for 15.4% of GWP and 10.5% of exports of goods and services around the world. The expansion of china’s exports and imports from 2005 to 2012 is phenomenal. In 2005 exports were valued at $762 billion and in 2012, it was rated at 2,048.8 Billion. Imports during this time increased from $660 billion in 2005 to 1,818 billion in 2012. However in 2009 china took a small hit as the GFC effected the world economy and the export value from 2008 to 2009 dropped from $US1,430 billion to $US 1,201 Billion. In 2014 the biggest exports from china were electronic equipment, machinery, clothing and accessories and furniture, thus showing the major use of the manufacturing sector in china. The agricultural reform in 1978
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