The world's most populous nation (1.3 billion) claims the second-highest growing economy, due to overtake the UK by 2005. China has a GDP of dollars 1,080 billion and an annual growth rate averaging 9.6%. The Chinese Communist party proposes replacing its 'go-for-growth' policy with a more sustainable model that promotes private enterprise. Expanding industries include automotives and electronics. China joined the World Trade Organisation in 2001.
ORIGINS OF GDP
There has also been a significant decrease in the relative cost of living in Chinese cities during 2003, owing in part to the increased availability of Western imports. Consumer price inflation is 0.7%, yet there are only 44.6 colour TVs per 100 households and 1.9 computers per 100 people. Average monthly wages range from dollars 60-dollars 121 for a migrant worker and dollars 180-dollars 240 for a skilled state worker, to dollars 1,457 for a graduate professional.