In 2020, China hit 100 trillion yuan ($15.21 trillion), when the United States went down to $20 trillion, and Japan went down to $5 trillion, because of the [[CCP pandemic]]. China had a ''per capita'' income below [[Mexico]] but above the [[Dominican Republic]]. 40% of the population lives on less than $5 per day.
==Post-Deng China==
Deng's health deteriorated in the years prior to his death in 1997. [[Jiang Zemin]] gradually assumed control of the day-to-day functions of government. In November 2002, [[Hu Jintao]] was selected leader. In 1992, he had been designated by Deng Xiaoping as the "core" of the fourth generation leaders. On March 14, 2013 [[Xi Jinping]] was "elected" as new president.<ref>https://www.telegraph.co.uk/news/worldnews/asia/china/9929619/Xi-Jinping-elected-Chinas-president-Telegraph-dispatch.html</ref>
[[File:National Stadium, Beijing.jpg|thumb|300px|National Stadium, Beijing.]]
China's "economic miracle" since it was granted [[Most Favored Nation]] (MFN) status by the U.S. Congress in 2002, and access to the U.S. consumer market, led to unprecedented economic growth and better living conditions for millions of Chinese. It also strengthened the grip of the anti-democratic [[Chinese Communist Party]] over people's everyday lives, and the loss of manufacturing jobs for consumer products in the United States.
China's investment climate changed significantly. In the early 1980s, China restricted foreign investments to export-oriented operations and required foreign investors to form joint-venture partnerships with Chinese firms. Foreign direct investment (FDI) grew quickly during the 1980s, but stalled in late 1989 in the aftermath of Tiananmen. In response, the government introduced legislation and regulations designed to encourage foreigners to invest in high-priority sectors and regions. Since the early 1990s, China has allowed foreign investors to manufacture and sell a wide range of goods on the domestic market, and authorized the establishment of wholly foreign-owned enterprises, now the preferred form of FDI. However, the Chinese Government's emphasis on guiding FDI into manufacturing has led to market saturation in some industries, while leaving China's services sectors underdeveloped. China is now one of the leading recipients of FDI in the world, receiving almost $80 billion in 2005 according to World Bank statistics.
Despite the CCP's human rights abuses in the Tiananmen massacre, no trade sanctions were ever leveled by Western Powers and globalists. China was rewarded for its human rights abuses in 2001, despite the absence of reforms, by being welcomed into the [[World Trade Organization]] with full membership and a year later granted [[Most Favored Nation]] trade status by the [[U.S. Congress]].
China's merchandise exports totaled $969.3 billion and imports totaled $791.8 billion in 2006. Its global trade surplus surged from $32 billion in 2004 to $177.5 billion in 2006. China's primary trading partners include Japan, the EU, the United States, South Korea, Hong Kong, and Taiwan. According to U.S. statistics, China had a trade surplus with the U.S. of $232.6 billion in 2006.
China has taken important steps to open its foreign trading system and integrate itself into the world trading system. In November 1991, China joined the Asia-Pacific Economic Cooperation (APEC) group, which promotes free trade and cooperation in the economic, trade, investment, and technology spheres. China served as APEC chair in 2001, and Shanghai hosted the annual APEC leaders meeting in October of that year.
China formally joined the WTO in December 2001. As part of this far-reaching trade liberalization agreement, China agreed to lower tariffs and abolish market impediments. Chinese and foreign businessmen, for example, gained the right to import and export on their own, and to sell their products without going through a government middleman. By 2005, average tariff rates on key U.S. agricultural exports dropped from 31% to 14% and on industrial products from 25% to 9%. The agreement also opens up new opportunities for U.S. providers of services like banking, insurance, and telecommunications. China has made significant progress implementing its WTO commitments, but serious concerns remain, particularly in the realm of intellectual property rights protection.
While accession does not guarantee smaller trade deficits, full implementation of all WTO commitments would further open China's markets to—and help level the playing field for—U.S. exports. China is now one of the most important markets for U.S. exports: in 2006, U.S. exports to China totaled $55.2 billion, almost triple the $19 billion when China joined the WTO in 2001 and up 32% over 2005. U.S. agricultural exports have increased dramatically, making China our fourth-largest agricultural export market (after Canada, Japan, and Mexico). Over the same period (2001-2006), U.S. imports from China have risen from $102 billion to $287.8 billion.
Export growth continues to be a major driver of China's rapid economic growth. To increase exports, China has pursued policies such as fostering the rapid development of foreign-invested factories, which assemble imported components into consumer goods for export, and liberalizing trading rights. In its eleventh Five-Year Program, adopted in 2005, China placed greater emphasis on developing a consumer demand-driven economy to sustain economic growth and address global imbalances.
The United States is one of China's primary suppliers of power generating equipment, aircraft and parts, computers and industrial machinery, raw materials, and chemical and agricultural products. However, U.S. exporters continue to have concerns about fair market access due to strict testing and standards requirements for some imported products. In addition, a lack of transparency in the regulatory process makes it difficult for businesses to plan for changes in the domestic market structure. The April 11, 2006 U.S.-China Joint Commission on Commerce and Trade (JCCT) produced agreements on key U.S. trade concerns ranging from market access to U.S. beef, medical devices, and telecommunications; to the enforcement of intellectual property rights, including, significantly, software. The JCCT also produced an agreement to establish a U.S.-China High Technology and Strategic Trade Working Group to review export control cooperation and facilitate high technology trade.
By 2017, the imposition of [[tariff]]s by U.S. President [[Donald J. Trump]] began to redress the imbalance. China's economy was developed over those early decades of the 21st century as a coastal, manufacturing economy entirely dependent on exports. Young people left their home villages in the countryside to seek work in coastal factories. The prosperity was all built on access to the U.S. consumer market, and Americans' appetite for cheap manufactured goods. Scant attention was paid to developing a domestic service sector economy, while the vast interior remained impoverished, and increasingly so as young people abandoned rural agricultural work for urban factory work.
==Military developments==