China's Economy

The economy in China has become the second largest in the world; second only to that of the United States. Its economy is made up of agriculture, industrial factories and services. It is much higher than it was just a few years ago. China exports about $1.217 trillion in machinery, electrical products, data processing equipment, apparel, textiles, steel, and mobile phones to the United States, Hong Kong, Japan, South Korea, and Germany. China imports oil and mineral fuels, plastics, lead screens, data processing equipment, optical and medical equipment, organic chemicals, steel, and copper. China uses imports from Japan, South Korea, Taiwan, the U.S., and Germany to its advantage by creating products at a cheaper price and selling them higher on the world market. In 2003, the Gross Domestic Product went up 9.3 percent and in 2004 another 9.5 percent; leaving the Gross Domestic Product at 13.65 trillion yen (1.65 trillion U.S. dollars.) In 2007, the Gross Domestic Product went up 11.4 percent.