China Economy

Work abroad sounds like an adventure to many people. However, job search in China requires more than just the obvious China resume writing and translation - it requires thorough preparation. You will face problems that probably did not even come to your mind when you made a decision to get an overseas employment.

Do not take too lightly the influence a job in China can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

art_warning China EconomyMost visits to China are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

China economy - overview: in late 1978, the China leadership began moving the economy from a sluggish, Soviet-style centrally planned economy to a more market-oriented system. China has generally implemented reforms in a gradualist or piecemeal fashion, including the sale of minority shares in four of China's largest state banks to foreign investors and refinements in foreign exchange and bond markets in 2005.

After keeping its currency tightly linked to the US dollar for years, China in July 2005 revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. Cumulative appreciation of the renminbi against the US dollar since the end of the dollar peg reached 15% in January 2008. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978.

Measured on a purchasing power parity (PPP) basis, China in 2010 stood as the second-largest economy in the world after the US, although in per capita terms the country is still lower middle-income. In 2010 China became the world's largest exporter.

The China government faces several economic development challenges: (a) to sustain adequate job growth for tens of millions of workers laid off from state-owned enterprises, migrants, and new entrants to the work force; (b) to reduce corruption and other economic crimes; and (c) to contain environmental damage and social strife related to the economy's rapid transformation. Economic development has been more rapid in coastal provinces than in the interior, and approximately 250 million rural laborers have relocated to urban areas to find work.

One demographic consequence of the "one child" policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the north - is another long-term problem. China continues to lose arable land because of erosion and economic development.

The China government seeks to add energy production capacity from sources other than coal and oil as its double-digit economic growth increases demand. China in 2007 agreed to purchase five third generation nuclear reactors from Western companies. More power generating capacity came on line in 2006 as large scale investments - including the Three Gorges Dam across the Yangtze River - were completed.

In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth moving into 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently.

The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.

Labor force - by occupation: agriculture 43%, industry 25%, services 32% (2006 est.)

Unemployment rate: 4% unemployment in urban areas; substantial unemployment and underemployment in rural areas (2007 est.), 6.5% (2011 est.)

Natural resources: coal, iron ore, petroleum, natural gas, mercury, tin, tungsten, antimony, manganese, molybdenum, vanadium, magnetite, aluminum, lead, zinc, uranium, hydro-power potential (world's largest)

Industries: iron and steel, coal, machine building, armaments, textiles and apparel, petroleum, cement, chemical fertilizers, footwear, toys, food processing, automobiles, consumer electronics, telecommunications

ChinaCurrency China EconomyCurrency: 1 Renminbi Yuan (CNY; symbol ¥) = 10 chiao/jiao or 100 fen. Notes are in denominations of ¥100, 50, 20, 10, 5 and 1, and 5 and 1 chiao/jiao. Coins are in denominations of ¥1, 5 and 1 chiao/jiao and 5, 2 and 1 fen. Counterfeit ¥50 and ¥100 notes are commonplace.

Credit/Debit Cards and ATMs: American Express, Diners Club, MasterCard and Visa are widely accepted in major provincial cities in designated establishments. ATMs can generally be found in airports, hotels, shopping centers and banks. Credit cards are often unlikely to be accepted away from the major cities.

Traveler's Cheques: To avoid additional exchange rate charges, travelers are advised to take traveler's cheques in US Dollars.

Exchange rates:Renminbi Yuan (RMB) per US dollar - 6.455 (2011 est.), 6.7703 (2010 est.), 6.8314 (2009), 6.9385 (2008), 7.61 (2007), 7.97 (2006), 8.1943 (2005), 8.2768 (2004), 8.277 (2003)

Inflation rate (consumer prices): 4.8% (2007 est.), 5.4% (2011 est.)

Other China Economy Info

We hope that your China job search has been successful and you will get China visa too. So, if your China cover letter and China resume are ready, you may distribute them to your future employers or job recruiters and start preparing for a China job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck the China economy info!

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