Due to the introduction of capitalist market principles in 1978, China’s economic market began to show immense change and growth. China’s real GDP growth is expected at 5.8 percent in 2022. China’s per capita GDP is also expected to continue to grow into the 2020s, reaching 11,076 U.S. dollars in 2019. Comparatively, Luxembourg and Switzerland have some of the world’s largest GDP per capita with 107,708 U.S. dollars and 80,837 U.S. dollars, respectively, as of 2017.
China is the largest importer and exporter of goods in the world and is also among the largest manufacturing economies in the world. The country also ranges among the world’s largest agricultural producers and consumers. It relies heavily on intensive agricultural practices and is the world’s largest producer of pigs, chickens, and eggs. Livestock production has been heavily emphasized since the mid-1970s. China’s chemical industry has also seen growth with a heavy focus on fertilizers, plastics, and synthetic fibers. China is projected to use approximately 29.3 million metric tons of fertilizer in 2020 .
Industry and construction account for almost half of China’s GDP. Some of the major industries include mining and ore processing, food processing, coal, machinery, textiles and apparel, and consumer products. Almost half of China’s output is dedicated to investment purposes. However, as the country tends to support gross output, innovation, technological advancement, and even quality are often lacking.