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| Discover China |
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| Some Figures |
China's national economy maintained fast growth this year. It is estimated that the GDP of the first quarter is RMB 2710.6 billion Yuan, up by 9.7% over the same period of the previous year. Of this total, the added value of the first industry was 202.9 billion Yuan, up by 4.5%, that of the second industry was 1563.4 billion Yuan, up by 11.6% and that of the third industry was 944.3 billion Yuan, up by 7.7%. The economic performance was further improved and the profit of industrial enterprises was being promoted.
The domestic market sales grew steadily. In the first quarter, the total volume of retail sales of social consumables was 1283.1 billion Yuan, up by 10.7% over the same period of the previous year, with a real growth of 9.2% allowing for the influence of price changes. Of this total, the retail sales of consumer goods in urban areas reached 852.5 billion Yuan, up by 12.3% and that in county and below areas were 430.5 billion Yuan, up by 7.6%. The sales of the wholesale and retail trades and the food industry were up by 10.2% and 16.6% respectively.
The market price kept on rising. In the first quarter, the general level of consumer price was up by 2.8% over the previous year and the growth rate was 2.3% higher than the same period of the previous year. Of this total that in urban areas rose by 2.1% and that in rural areas rose by 4.0%. In terms of different categories, the price of food rose by 7.1%, driving the general price level up by 2.4%, and that of service items was up by 2%, driving the general price level up by 0.48%. In the first quarter, the retail price of commodities was up by 1.4%, the ex-factory price of industrial goods was up by 3.7% over the previous year, and the fixed investment cost index was up by 7.5%.
Foreign trade maintained high growth. In the first quarter, the total export-import volume was US$ 239.8 billion, up by 38.2% over the same period of the previous year. Of this total, the export volume was US$ 115.7 billion, up by 34.1% and the import volume was US$ 124.1 billion, up by 42.3%, resulting in a trade deficit of US$ 8.4 billion. Utilization of foreign capital kept on expanding. In the first quarter, the contracted value of direct investment of foreigners was US$ 34.3 billion, up by 49.2% over the same period of the previous year and the real amount of foreign investment utilization was US$ 14.1 billion, up by 7.5%. The implementation of the closer economic relationship between the mainland and Hong Kong and Macao went well. The foreign exchange reserve kept on growing. By the end of March, the state foreign exchange reserve reached US$ 439.8 billion, up by 36.6 billion over the end of the previous year.
Source : China National Bureau Of Statistics |
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| Discover China |
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| Economic Overview |
China is waking up!
For the last 10 years China is one of the driving forces behind Asia’s economy, with a growth rate superior to 9% a year, China offers numerous business opportunities. China's economy, the sixth largest in the world, is growing more than twice as fast as the five biggest -- the U.S., Japan, Germany, the UK and France. According to Experts, China could maintain such a high growth rate (more than 8% per year) till 2005 as far as the country respects all the measures imposed by the World Trade Organization. Then, China could put up a 9% to 10% yearly growth rate between 2006 and 2015. With 1,414 billion USD in year 2003, China is already the sixth world’s economic power. Already half the size of the American economy, China will be the world’s largest within 20 years if it maintains such an annual growth. The foreign trade expanded more quickly, to reach 851 billion USD in 2003 (compared to 21 billion USD in year 1978), ranked fourth in the global economy, up from the fifth position in 2002. Today, China is in the Headlines: Beijing Olympic Games in 2008, Universal Exposition in Shanghai in 2010...such events that are great opportunities.
An opening market
China’s economy is actually in a phase of triple transition from a state-controlled economy to a free market economy, from an agricultural rural economy to an industrial, urban and service’s economy, and above all from a close to an open economy. In 2001 China decided to join the World Trade Organization. Such a decision is a milestone for China Modernization: wider international opening, increased transparency, and more economic efficiency.
China : the New Eldorado ?
With 1,3 billion inhabitants including 350 million people living in urban area and within steadily increasing incomes, China is definitely becoming the most significant Market of the world. By 2010, the middle class will represent more than 500 million consumers in China. A growing city middle class, constant economic reforms and WTO membership make this huge market more and more attractive for foreign companies. But, obviously, the 1.3 billion people can not be considered as a homogeneous Market. Almost 1 billion people live with less than $270 a month and the average income by inhabitant is about $1000 a year. Nevertheless, the improvement of the standard of living has already favored the emergence of a well-to-do class, which represents about 40 million people. Today, 1% percent of the population can be consider as very rich people, that is to say more than 10 million people.
China is definitely seducing more and more foreign Companies. Nowadays, China ranks first for the foreign direct investment. Foreign direct investment in China rose 12 percent to $40.2 billion in the first nine months of this year. This directly accounts for about 5 percent of the nation's gross domestic product and the factories built with these funds produce half China's exports. Besides, many companies are trying to conquer the market and many examples of successful business development show the potential of this opening market. The business opportunities recover a wide range of sector: Luxury, Fashion, Franchise, Education, Telecommunication, Car industry... After entering the market, the biggest challenge that foreign companies will have to face is to manage to run and develop their business for years. |
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Import/Export – Distribution Case Study |
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China Franchise Association 