Economy

Economy Scout Real Estate

Industry in the People’s Republic of China

If we would have a look at what has emerged over the past thirty years in China, it is very impressive to realize the international significance the Popular Republic has toke with the efforts of their foreign trade. In 2009, China ranked as the second largest economy in the world trailing only the United States. The country has notably raised the living standard for more than 300 million people transforming the landscape of the lives of almost every Chinese citizen. This has created new opportunities, resulting in incredible accomplishments that are unprecedented in human history. Most of this economic development has been more efficient in cost areas than in rural ones. The service industry, particularly in finance and scientific research & development accounted from 2002-2006 for 47% of Beijing’s GDP.

The Olympic Games of Beijing 2008 also greatly enhanced the city’s economy and infrastructure.

We have seen extreme reforms in agriculture, infrastructures and general policies that were relatively closed to international trade to liberalization of prices. China has been open up to foreign trade and investment and as a result, there was an annual inflow of foreign direct investment at around US$108 billion in 2008. Beijing is China’s center for higher education and scientific research, with more than 70 universities and 560 research institutes who give the country an international and intellectual status. The number of Personal Computers (PC) in worldwide use will reach 2 billion by 2015, with most new users coming from China, Russia, Brazil, and India. By that time and according to the general expectations, China will have the largest market with close to 500 million new users.

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