Author Name: Anurag Bhullar

China’s economy has been ranked as the world\'s fastest growing economy that has succeeded to escalate even after being the most populous nation of the world. The Chinese economy has shown a tremendous and remarkable growth despite the hurdles that restricted it from exhibiting itself as a dynamic and significant part of the world economy. Over the decade, china’s economy is expected to grow at a steady rate of 7 to 9 percent and compete with the other leading economies of the world, namely America, Japan etc. The substantial growth and development of the china’s economy has marked a long lasting impact on the global map.

China’s economy has shown a miraculous growth in the last 30 years. Today, the growth of this economy is estimated to be more than 10 times, which makes the GDP to be 3.42 trillion USD by 2007. Coming to the GDP in terms of PPP, China’s economy has become the second biggest economy in the world. To have a sectoral overview of China’s economy, read on and acquaint yourself with various facts. In the agricultural sector, the main products that contribute to China’s Economy are Potato, Rice, Wheat, Cotton, Tea, Oilseed etc. It can also be said that even though the total cultivable area of China is below 20% of its total land yet, China’s economy ranks first in the overall farm output.

The two most important sectors of the china’s economy are agriculture and industry. Together these sectors produce more than 60 percent of GDP and employ more than 70 percent of the labor. China’s economy is rich in minerals like coal and iron. The largest coal producing country of the world, China has its rich resources situated in the north regions and north-east regions. Also there are many ores of iron in china with the largest mines situated in Benxi and Anshan.