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China ’ s Contemporary Political and Economic Issues

China ’ s Contemporary Political and Economic Issues. Eric Hyer Department of Political Science Brigham Young University. Population (2010). Economic Growth Profile. GDP growth averaged 9.8% since 1994 Exports climbed 1,200% since 1990 $2.2 Trillion in Currency Reserves

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China ’ s Contemporary Political and Economic Issues

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  1. China’s Contemporary Political and Economic Issues Eric Hyer Department of Political Science Brigham Young University

  2. Population (2010)

  3. Economic Growth Profile • GDP growth averaged 9.8% since 1994 • Exports climbed 1,200% since 1990 • $2.2 Trillion in Currency Reserves *600 billion US$ in US government securities • Educates twice as many engineers as the US each year • Shanghai real estate prices climbed 74% since 2002 (but plummeted since 2008)

  4. Economic Size in Perspective

  5. US-China Compared

  6. China’s Economic Growth

  7. General Economic IndicatorsMain indicators 2000 2001 2002 2003 2004 2005 2006 2007 Gross Domestic Product (GDP) (Billions of RMB) 9,921.5 10,965.5 12,033.3 13,582.3 15,987.80 18,286.0 21,087.1 24,661.9 Real GDP growth % 8.4 8.3 9.1 10.0 10.1 9.9 10.98 12.08 Urban per capita income (RMB) 6,280.0 6,859.6 7,702.8 8,472.2 9,421.6 10,493.0 16,084 Rural per capita net income (RMB) 2,253.4 2,366.4 2,475.6 2,622.2 2,936.4 3,255.0

  8. China’s Foreign TradeGlobal 2000 2001 2002 2003 2004 2005 2006 2007 Total 474.3 509.8 620.8 851.2 1,154.8 1,422.1 1760.7 2173.3 % change 31.5 7.5 21.8 37.1 35.7 23.2 23.8 23.5 Balance 24.1 22.5 30.4 25.5 31.9 101.8 177.5 262.2 USA Total 123.9 128.6 155.6 191.7 245.2 285.3 343.0 386.7 % change 22.8 3.8 21.0 23.2 27.9 23.3 20.2 12.7 Balance -91.3 -90.2 -111.4 -134.9 -175.8 -201.7 -232.5-256.3 (US$ Billions)

  9. TOP TRADE PARTNERS Imports SuppliersExport Destinations • Japan 1. United States • South Korea 2. Hong Kong • Taiwan 3. Japan • United States 4. South Korea • Germany 5. Germany • Malaysia 6. Netherlands • Singapore 7. United Kingdom • Australia 8. Singapore • Russia 9. Taiwan

  10. US-China Trade Balance (2010)

  11. Chinese Labor Costs?Reliable data don't exist, but the U.S. government is doing some digging, and here's a preview of the findings:A paltry 64 cents an hour average!(wages + employer contributions for benefits and insurance)But Things are Changing Fast

  12. City manufacturing workers average $1.06 an hour Suburban/rural manufacturing workers average 45 cents an hour Since 2004 labor shortages have forced wages up. In 2005 salaries surged 40%, to an average of $160 a month Skilled labor is in short supply and more expensive—average annual increase in wages is 10%

  13. Future Trends • Continuing Economic Growth • Slow Political Reform • Smooth Leadership Transition • Growing Social Instability • U.S.-China Strategic Competition and Cooperation

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