The world鈥檚 most populous country recently surpassed Japan as the second-largest economy. Only the US (China鈥檚 top trading partner) still comes out ahead of China鈥檚 gross domestic product, which totaled $4.814 trillion in 2009 and grew at a rate of 8.7 percent.
China鈥檚 economic reforms over the past two decades led to the world鈥檚 most drastic reduction in poverty and a corresponding income increase. However, regulation has often not been able to keep pace with the country鈥檚 economic growth, leading businesses to cut corners in ways that endanger consumer safety.
Agriculture contributes 11 percent of China鈥檚 GDP and industry makes up 48.6 percent in areas such as mining and ore processing, coal, machinery, textiles, and petroleum. Despite its growth, the state-owned sector still makes up about 40 percent of GDP.
Source: US State Department
