Chinese Economy

• To measure a country's economic development, we can use GDP, GDP per capita, and the value of total exports of goods
• GDP is the total production value of a country during a period of time, usually a year
• GDP per capita is the average production value of people in a country, reflecting their income level
• The formula to calculate GDP per capita is GDP divided by the population size
• The value of total exports of goods is the total value of goods exported by a country or region, reflecting the export scale
• Nominal GDP is the total value of production measured by market prices and is affected by changes in the price level
• Real GDP is the total value of production calculated by the price level of a certain year, providing a more accurate comparison of economic performance over years
• The Human Development Index (HDI) measures socio-economic development in terms of health, education, and economic performance
• HDI ranges between 0 and 1, with higher values indicating better socio-economic development
• China has strong economic power but a low GDP per capita
• Production in China can be divided into primary, secondary, and tertiary industries
• Primary industry involves the direct extraction of natural resources, including agriculture, forestry, animal husbandry, and fishery
• Secondary industry turns resources into semi-finished or finished goods, including manufacturing, construction, and mining
• Tertiary industry includes industries other than primary and secondary, often referred to as the service industry, such as retail, financial, and real estate industries
• The industrial sector in China is a major support of the economy and can be classified into light industry and heavy industry
• China's industrial sector has been rapidly developing, making it one of the world's major exporters of industrial products and earning the nickname 'world factory'
• Exports of a country refers to the income. Imports of a country refers to the spending.
• Products made in primary industries are called primary products. People who work in primary industries are called primary producers. The same goes for secondary industries and tertiary industries.
• To classify whether one is poor or not, one must consider their type of job, spending patterns, leisure, adequacy of resources and access to quality education, food quality and transportation, and finally their living conditions.