L1-China's Economic Conditions

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1、OrderCodeIB98014CRSIssueBriefforCongressReceivedthroughtheCRSWebChina’sEconomicConditionsUpdatedJanuary12,2006WayneM.MorrisonForeignAffairs,Defense,andTradeDivisionCongressionalResearchService˜TheLibraryofCongressCONTENTSSUMMARYMOSTRECENTDEVELOPMENTSBACKGROUNDANDANALYSISAnOverviewofChin

2、a’sEconomicDevelopmentChina’sEconomyPriortoReformsTheIntroductionofEconomicReformsChina’sEconomicGrowthSinceReforms:1979-2005CausesofChina’sEconomicGrowthMeasuringtheSizeofChina’sEconomyForeignDirectInvestmentinChinaChina’sTradePatternsChina’sMajorTradingPartnersMajorChineseTradeCommodi

3、tiesMajorLong-TermChallengesFacingtheChineseEconomyOutlookforChina’sEconomyandImplicationsfortheUnitedStatesIB9801401-12-06China’sEconomicConditionsSUMMARYSincetheinitiationofeconomicreformsManyeconomistscontendthatChina’spolicyin1979,Chinahasbecomeoneoftheworld’sofpeggingitscurrency(th

4、eyuan),whichfastest-growingeconomies.From1979toforcesthegovernmenttotradeyuanfordol-2005China’srealGDPgrewatanaveragelars(tokeepthepegatabout8.3yuantotheannualrateof9.6%.Manyeconomistsspec-dollar),couldboostthelevelofinflationinulatethatChinacouldbecometheworld’sChinaatsomepointinthefut

5、ure.Theyalsolargesteconomyatsomepointinthenearcontendthatthesharpincreaseinthemone-future,providedthatthegovernmentisabletotarysupply(duetothepeg)mayinduceChi-continueanddeepeneconomicreforms,par-nesebankstomakebadloandecisionsandticularlyinregardtoitsinefficientstate-thusincreasethelev

6、elofnon-performingownedenterprises(SOEs)andthestatebank-loans.SecretaryofTreasuryJohnSnowstatedingsystem.Inaddition,ChinafacesseveralthatChina’scurrencypegposedarisktoitsotherdifficultchallenges,suchaspollutioneconomyandthatofitstradingpartners.OnandgrowingincomeinequalitythatthreatenJu

7、ly21,2005,Chinaannouncedthatitwouldsocialstability.appreciateitscurrencytothedollarfrom8.28to8.11andreplaceitsdollarpegwith“aTradecontinuestoplayamajorroleinmanagedfloatexchangerateregime”withChina’sboomingeconomy.In2005,exportsreferencetoabasketofcurrencies.roseby28.4%to$762bi