All you need to know about China
China, officially known as the People’s Republic of China is located in East Asia. It is the most populated country in the world, with over 1.3 billion inhabitants. It also has the second largest economy in the world, second only to the United States, and generated $9 trillion in 2013.
Although China has the second largest economy in the world, it is still a developing country. It is only in the last 30 years that major economic growth has been sustained within the country, primarily due to their equivalent of the industrial revolution, which is still ongoing today. Unsurprisingly, the industry sector is the largest contributor to the economy at 45%. Mining, ore processing, petroleum and electronics are the most popular manufactured and processed goods throughout the country. Two of the world’s largest industry players Sinopec Group and China National Petroleum are both located within the country and are 4th and 5th in the world for generating revenue.
However, the service sector has rapidly caught up in recent years, now contributing to 44% of the country’s economy. With companies including the Industrial and Commercial Bank of China, the Agricultural Bank of China and the Bank of China all falling within the top 10 most profitable banks in the world, it is unsurprising that the service sector has increased so significantly in recent years.
Tourism has greatly expanded in China over recent years and it is now the 3rd most visited country in the world, with almost 60 million tourists having visited in 2013. Along with China’s long cultural and historical value, key events including the Beijing Olympics have helped to consistently bolster this increasing sector. As well as being a tourist hotspot, China has experienced a surge in business travellers. This increase has consistently grown alongside China’s economic growth, with many seeing the potential for foreign investments and business ventures within the country.
China’s serviced apartment industry is well established throughout the country. With the benefits widely known, this can be a highly competitive market, which helps ensure that the end user has a wide variety of choice, paired with highly competitive rates.
Key Facts
Capital: Beijing
Population: 1.3 billion
Currency: Renminbi (¥) (CNY)
Language: Standard Chinese (Mandarin)
Time zone: (UTC + 8)
Main Exports: Electronics, Machinery, Clothing
Internet Domain: .cn
International Dial Code: +86
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