Economy

Anyone taking a look at what has emerged over the past thirty years from China is impressed not only by the increasing international significance the country is taking, but also by what China has achieved through her own efforts. In 2009, China ranked as the second largest economy in the world trailing only the United States.

    The economic growth of China is astonishing. The country has notably raised the living standard for more than 300 million people transforming the landscape of the lives of almost every Chinese. This has created new opportunities, resulting in incredible accomplishments that are unprecedented in human history. Most of this economic development has been more rapid in coastal provinces than in the interior.

    The service industry, particularly in finance, IT, and scientific research and development accounted for about 47% of Beijing's GDP (2002 – 2006). The Olympics also greatly enhanced the city's economy and infrastructure. Reform from collectivized agriculture and centrally planned policies that were relatively closed to international trade to liberalization of prices and opening up to foreign trade and investment has resulted in annual inflows of foreign direct investment at around US$108 billion in 2008.

    The average Beijing resident, in particular, has become much wealthier with 9.57 out of 10 households with a computer and 9.94 out of 10 people with mobile phones. Beijing is China's center for higher education and scientific research, with more than 70 universities and 560 research institutes.