China (CHN) Exports, Imports, and Trade Partners | The Observatory of Economic Complexity (2024)

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What is the economic complexity of China? ›

Economic Complexity Ranking

During the last 20 years China's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨51st to the 22nd⁩ position in the ECI rank. These economic complexity rankings use 6 digit exports classified according to the HS96 classification.

The great bulk of China's exports consists of manufactured goods, of which electrical and electronic machinery and equipment and clothing, textiles, and footwear are by far the most important. Agricultural products, chemicals, and fuels are also significant exports.

Once companies have hired employees, building a cohesive and productive team can also be challenging. Chinese business culture emphasizes harmony and avoiding confrontation, which can make it difficult to resolve conflicts and build effective teams.

A regulatory crackdown on leading private companies in the e-commerce and online services sectors has sapped the economy of vitality: Total investments by corporate giants such as Alibaba, Tencent, and Baidu plummeted 40 percent in 2023, and employment in the sector has been hit by layoffs, depriving millions of recent ...

However, the economic powerhouse remains a top trading partner to over 120 countries, and is still the largest trading partner to Japan, South Korea, Taiwan and Vietnam, according to U.S. think tank Wilson Center.

The main products that United States exported to China are Soybeans ($18B), Integrated Circuits ($9.61B), and Crude Petroleum ($6.9B). During the last 27 years the exports of United States to China have increased at an annualized rate of 9.58%, from $12.7B in 1995 to $151B in 2022.

China is the largest trading partner to Japan, South Korea, Vietnam, and Taiwan. Given their proximity, those countries are hardly a surprise. But it is also the top trader with Russia—and Ukraine.

Religion in China is diverse and most Chinese people are either non-religious or practice a combination of Buddhism and Taoism with a Confucian worldview, which is collectively termed as Chinese folk religion.

What does the US rely on China for? ›

In 2021, of $506.4 billion in the U.S. imports from China, the top commodity sectors were Machinery and Mechanical Appliances (47.7% of total U.S. imports from China), Furniture, Bedding, Lamps, Toys, Games, Sport Equipment, Paint, and Other Miscellaneous Manufactured Items (13.5%), and Chemicals, Plastics, Rubber, and ...

Despite its domestic production, China has been a net importer [DOC] of agricultural products since 2004. Today, it imports more of these products—including soybeans, corn, wheat, rice, and dairy products—than any other country.

Russia, Saudi Arabia, and Iraq were China's main sources of crude oil imports in 2023. Compared with 2022, China's 2023 crude oil imports increased the most from Russia, Iran, Brazil, and the United States.

China has an upper middle income, developing, mixed, socialist market economy incorporating industrial policies and strategic five-year plans. It is the world's second largest economy by nominal GDP, behind the United States, and the world's largest economy since 2016 when measured by purchasing power parity (PPP).

China has been a socialist country since 1949, and, for nearly all of that time, the government has played a predominant role in the economy. In the industrial sector, for example, the state long owned outright nearly all of the firms producing China's manufacturing output.

Economists at ANZ now see China's economy growing 4.9% this year, up from 4.2% previously, while economists at DBS Bank lifted their 2024 outlook to 5% from 4.5%.