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Overview of China

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Economic Profiles

The birth of the People's Republic of China in 1949 represents the starting point of new China's economic development. Later, via reform and opening up, planned economic construction on a large-scale took place, helping to lift the country to its current status as one of the economic giants with the greatest potential in the world and lift the entire population's living standards to a well-off level.

From 1953 to 2016, China has consecutively completed 12 Five-Year Plans and produced results that have drawn the world's attention, laying a solid foundation for the national economy's development. Moreover, the reform and opening up beginning in 1979 have seen unprecedented rapid growth of the Chinese economy.

Since stepping into the 21st century, China's economy has continued to maintain steady and rapid growth. In 2016, GDP in China reached 74.4 trillion RMB, representing growth of 6.7% and ranking at the forefront internationally, with a contribution rate of over 30% to global economic growth; consumer prices rose by 2%; industrial enterprises profits grow by 8.5% after a drop last year of 2.3%; energy consumption per unit of GDP fell by 5%, with the quality and efficiency of economic development significantly improved.