Imports The top imports of China are Crude Petroleum ($208B), Integrated Circuits ($171B), Iron Ore ($146B), Petroleum Gas ($56.6B), and Copper Ore ($52.4B), importing mostly from South Korea ($158B), Japan ($153B), United States ($151B), Australia ($138B), and Chinese Taipei ($126B).
Manufacturing, services and agriculture are the largest sectors of the Chinese economy – employing the majority of the population and making the largest contributions to GDP.
Despite its domestic production, China has been a net importer [DOC] of agricultural products since 2004. Today, it imports more of these products—including soybeans, corn, wheat, rice, and dairy products—than any other country.
At the price of being fully dependent on foreign soybean imports, China is able to ensure enough land resources to be self-sufficient in the production of rice and wheat, two major staple crops. China is already the world's largest importer of food.
Saudi Arabia is China's main crude oil supplier. In 2021, China imported nearly 81 million metric tons worth of crude oil from the Middle Eastern producing giant. In fact, the majority of China's oil imports originated from countries in the Middle East.
At the end of 2021, of the 98 countries for whom data was available, Pakistan ($27.4 billion of external debt to China), Angola (22.0 billion), Ethiopia (7.4 billion), Kenya (7.4 billion) and Sri Lanka (7.2 billion) held the biggest debts to China.
Driven by industrial production and manufacturing exports, China's GDP is actually now the largest in terms of purchasing power parity (PPP) equivalence. Despite this growth, China's economy remains strictly controlled by its government where there are accusations of corruption, unfair dealings, and falsified data.
The United States, China and Germany are the leading import countries worldwide, and also the leading export countries worldwide, albeit in a different order. The top traded goods and commodities are oil and fuel, electronic equipment and machinery.
China is the largest trading partner to Japan, South Korea, Vietnam, and Taiwan.
Most of China's imports consist of machinery and apparatus (including semiconductors, computers, and office machines), chemicals, and fuels.
BEIJING, April 1, 2022— Over the past 40 years, the number of people in China with incomes below $1.90 per day – the International Poverty Line as defined by the World Bank to track global extreme poverty– has fallen by close to 800 million.
China's economic growth in 2023 will be led by several key industries that are forecast to flourish due to the lifting of COVID restrictions, as well as government support and incentives. These include tourism, new energy vehicles, online shopping, software development, and healthcare.
In this line, data acquired by Finbold indicates that as of April 12, China's national debt amounted to $14.34 trillion, ranking second globally. This value reflects a year-on-year (YoY) increase of $3.81 trillion, or 36.18%, compared to the $10.53 trillion recorded in 2022.
The most common methods of moving money out of China include: International wire transfer to a banking institution abroad using a bank which falls under Chinese banking regulations.
Some consensus has concluded that China has reached the qualifications of superpower status, citing China's growing political clout and leadership in the economic sectors has given the country renewed standings in the International Community.
China defines extreme poverty as earning less than $2.30 a day at purchasing power parity. The World Bank's figure is a $1.90 a day, but that's generally for low-income countries. In the upper-middle income category, where China sits, the bank suggests a poverty line of $5.50 a day.
Meanwhile, it owed China $23 billion. Out of which, around $10 billion it owed to “commercial banks” were also owed to state-owned Chinese lenders operating as official financing arms for China's Belt and Road Initiative. Between July 2021 and March 2022, over 80% of Pakistan's bilateral debt service. went to Beijing.
An Associated Press analysis of a dozen countries most indebted to China — including Pakistan, Kenya, Zambia, Laos and Mongolia — found paying back that debt is consuming an ever-greater amount of the tax revenue needed to keep schools open, provide electricity and pay for food and fuel.
According to data published by London-based investment fintech Invezz, Japan, Greece, Italy, Portugal, and the US are the top five nations with the highest level of government debt.
Supply. China's fresh water resources include 2500 cubic kilometers of mean annual run-off in its rivers and 828.8 cubic kilometers of groundwater recharge.
China, the world's top metals consumer, imported a combined $5.1 billion worth of aluminium, refined copper and refined nickel from Russia in 2022, up 16% from 2021 with import volumes heading higher so far this year.
United States. Number one on this list of the top 10 oil-producing countries is the US. Its output increased by 266,000 bpd from its 2020 level to reach 18,875,000 bpd in 2021. The US has been described as a swing producer because its production fluctuates alongside market prices.
According to China's National Bureau of Statistics, national gross domestic product per capita reached 85,698 yuan in 2022, or about US$12,741 based on the yuan's average exchange rate last year. That puts the country just slightly below the World Bank's high-income threshold of US$13,205, as of July 2022.