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• GDP: US$2.7 trillion (2006 estimate).
• Main exports: Machinery and equipment, plastics, optical and medical equipment, iron and steel.
• Main imports: Machinery and equipment, oil, mineral fuels, plastics, organic chemicals, optical and medical equipment, iron and steel.
• Main trade partners: USA, Hong Kong (SAR), Japan, Korea (Rep) and Germany.
• Main exports: Machinery and equipment, plastics, optical and medical equipment, iron and steel.
• Main imports: Machinery and equipment, oil, mineral fuels, plastics, organic chemicals, optical and medical equipment, iron and steel.
• Main trade partners: USA, Hong Kong (SAR), Japan, Korea (Rep) and Germany.
Economy
China's economy has seen rapid and consistent growth since economic reforms in the 1980s, with current growth exceeding 10% per year. There is a significant industrial base with pockets of advanced manufacturing and high-technology enterprises, concentrated on the eastern coast and the Pearl River Delta, including Special Administrative/Economic Zones such as Hong Kong and Macau.
With huge disparities between the prosperous coastal cities and Special Zones and socially and economically-deprived inland areas, there has been a major population shift from the countryside to cities. Massive engineering schemes include the Three Gorges Dam hydro-electric project, due for completion in 2009.
China is the world's largest rice producer and a major producer of cereals and grain. Large mineral deposits, particularly coal and iron ore, underpin an extensive steel industry. Self-sufficient in oil, China has its own petrochemicals industry. Under the ‘socialist market economy', foreign companies are encouraged to establish joint ventures with Chinese partners.
China joined the World Trade Organization in 2001. In 2005, its central bank allowed a modest revaluation of the Yuan against the US Dollar, tying it instead to a basket of international currencies. There are demands to further relax currency controls with China enjoying a US$180 billion current account surplus in 2006.
With huge disparities between the prosperous coastal cities and Special Zones and socially and economically-deprived inland areas, there has been a major population shift from the countryside to cities. Massive engineering schemes include the Three Gorges Dam hydro-electric project, due for completion in 2009.
China is the world's largest rice producer and a major producer of cereals and grain. Large mineral deposits, particularly coal and iron ore, underpin an extensive steel industry. Self-sufficient in oil, China has its own petrochemicals industry. Under the ‘socialist market economy', foreign companies are encouraged to establish joint ventures with Chinese partners.
China joined the World Trade Organization in 2001. In 2005, its central bank allowed a modest revaluation of the Yuan against the US Dollar, tying it instead to a basket of international currencies. There are demands to further relax currency controls with China enjoying a US$180 billion current account surplus in 2006.
Business Etiquette
Suits should be worn for business visits. Appointments should be made in advance and punctuality is expected. Business cards should be printed with a Chinese translation on the reverse and should be presented with both hands, while cards received should be studied and perhaps commented on. It is rude to put a business card directly into a pocket without giving it due attention, and a cardinal sin to put it in a back pocket. Business visitors are usually entertained in restaurants where it is customary to arrive a little early and the host will toast the visitor. Guests should always wait for their host to assign their seat. It is customary to invite the host or hostess to a return dinner. Business travellers in particular should bear in mind that the United Nations recognises the Government of the People's Republic of China as being the only government of China. Best months for business visits are April to June and September to October.
Office hours: Mon-Fri 0800-1700, midday break of one to two hours.
Office hours: Mon-Fri 0800-1700, midday break of one to two hours.
Conferences & Conventions
China hosts numerous international conventions each year, hosting them in extensive facilities in Beijing, Shanghai and other major cities including Guangzhou, Xiamen and Kunming.
Business Contacts
China Council for the Promotion of International Trade (CCPIT)
London office: 40-41 Pall Mall, London SW1Y 5JQ, UK
Tel: (020) 7321 2044.
Website: http://english.ccpit.org
Beijing office: 1 Fuxingmenwai Street, Beijing 100860, People's Republic of China
Tel: (10) 8807 5617.
Website: www.ccpit.org
London office: 40-41 Pall Mall, London SW1Y 5JQ, UK
Tel: (020) 7321 2044.
Website: http://english.ccpit.org
Beijing office: 1 Fuxingmenwai Street, Beijing 100860, People's Republic of China
Tel: (10) 8807 5617.
Website: www.ccpit.org
