Word: gdp
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Dates: during 2000-2009
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...this transition. In China's heartland, you won't find many factories churning out cheap toys or clothing for overseas markets, the kind of industrial activity that underpinned China's economic miracle and made Shanghai and Shenzhen wealthy. Total international trade represents a mere 18% of Xi'an's GDP, compared with 160% in Shanghai. Xi'an is being built instead on the burgeoning spending power of its own consumers, and on the expansion of Chinese companies churning out products for Chinese. "The domestic market will be the leading reason for China's future development," says Chen Baogen...
...received $230 million of Beijing's $585 billion stimulus package, which helped accelerate the construction of a new subway system, highways and other projects. A similar scenario has been playing out in other western China cities like Chengdu and Chongqing. BofA Merrill Lynch Global Research calculates that the GDP of China's western provinces grew 9.3% in the first half of 2009, compared with 6.5% in the east. This trend is likely to continue. "Growth is shifting to the interior," says Ting Lu, a BofA Merrill Lynch economist...
...investment and development has translated into prosperity for Xi'an residents. The per capita GDP of the city has increased 150% between 2001 and 2008 to $3,800 (though it remains far behind rich coastal cities like Shanghai, where GDP per capita exceeds $10,500). Consumer spending is growing quickly as well. In the first nine months of 2009, retail sales in Xi'an jumped 19% compared to those in the same period a year earlier, well above the 14.8% posted in China's cities nationally. BofA Merrill Lynch estimates that retail sales in the western provinces rose...
...actually happen will take additional reform. The economy is still too dependent on investment and government spending instead of private consumption. Even though consumer spending is increasing, it is not growing quickly enough. Private consumption's role in the economy has actually been declining, to a mere 35% of GDP in 2008 from 46% in 2000. Economists say policymakers need to speed up the development of a better social safety network, encourage small-scale finance and liberalize service industries dominated by big state firms to further raise incomes and encourage Chinese to spend more and save less...
...returns to pressing domestic issues and international flash points such as Iran and Afghanistan, two awkward numbers linger in the background: 3.5 and 8.9. The first is the rate of growth for the U.S. in the third quarter of 2009; the second is how fast China grew. And while GDP statistics are a flawed indicator, the contrast between the two economies remains stark...