Chinese Economy. Financial system, China industry, Agriculture, Investing.

Summary:

Since 1996, China has led the world in the production of steel, coal, cement, farm-use chemical fertilizer and television sets.

In 2004, of Chinese enterprises ranking in the world's top 500, 14 enterprises of China's mainland were all state-owned. Of China's own top 500, 74 percent (370) were state-owned and state stock-holding enterprises, with assets of 27, 370 billion yuan and realizing profit of 266.3 billion yuan, representing 96.96 percent and 84.09 percent respectively of the top 500 corresponding values.

Small and medium-sized enterprises and non-public enterprises have become China's main job creators. Private enterprises alone provided 50 percent of employment of the entire society.

A socialist market economic system has now taken shape in China, and the basic role played by the market has been improved in the sphere of resource allocation. The pattern has basically been formed in which the public sector plays the main role alongside non-public sectors such as individual and private companies to achieve common development. According to the plan, China is forecast to have a relatively complete socialist market economy in place by 2010 and this will become comparatively mature by 2020.

The total number of billionaires in China has risen to second place in the world, just behind the United States. The 2007 top 500 Chinese magnates list was recently released in Hong Kong, the combined wealth of the 500 magnates exceeds 4,342.6 billion yuan (US$587 billion). The number of Chinese magnates with more than one billion dollars in assets has reached 146, compared to 85 last year.

China Yangtze Three Gorges Project (TGP), as one of the biggest hydropower-complex project in the world, ranks as the key project for improvement and development of Yangtze River.

China has basically formed a financial system under the regulation, control and supervision of the central bank, with its state banks as the mainstay, featuring the separation of policy-related finance and commercial finance, the cooperation of various financial institutions with mutually complementary functions. The commercial banks include the state-owned commercial banks, joint-stock commercial banks, city commercial banks, rural commercial banks and foreign banks.

The Renminbi (RMB), China's legal currency, is issued and controlled solely by the People's Bank of China. RMB exchange rates are decided by the People's Bank of China and issued by the State Administration of Foreign Exchange, the latter exercising the functions and powers of exchange control.

In 1990 and 1991, China set up stock exchanges in Shanghai and Shenzhen. In the past decade, the Chinese stock market has completed a journey that took many countries over a century to cover; China's stock market today has capital approaching 3,705.6 billion yuan, 1,377 listed companies and 72.16 million investors.

With only 7 percent of the world's cultivated land, China has to feed one fifth of the world's population. Therefore, China's agriculture is an important issue and draws wide attention of the world. Some foreigners once raised the question, " Who will feed China?"

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Chinese, Economy, Financial, system, China, industry, Agriculture, Investing, production, steel, coal, cement, billionaires, Private, enterprises, employment, Master, International Business